FLIPKART UPI
Flipkart launches beta version of its new fintech venture, Super.Money
Ecommerce major Flipkart launched a beta version of their financial app, Super .Money, on the Google Play Store. This app aims to be a one-stop shop for digital financial needs, offering features like payments, credit, and deposits.
Ecommerce firm Pop raises $2.4 million funding from India Quotient, others
Ecommerce firm POP closed a $2.4 million seed funding round led by India Quotient. They received approval as a Third-Party Application Provider from NPCI for UPI payments via the POPclub app. The funding will expedite initiatives including the POP UPI service for earning POPcoins. Bhargav Errangi aims to make POP the go-to platform for payments and shopping for young Indians.
Flipkart's path to profitability will decide IPO timing, says Walmart CFO
Walmart sees financial services as a growth opportunity, with PhonePe and Flipkart driving monetisation prospects. A report by Bernstein Research suggests India's ecommerce market could double by 2025.
IPOs of Flipkart, PhonePe could take couple of years: Walmart executive
Walmart's Flipkart marketplace and PhonePe digital payments platform could have IPOs in the next couple of years, as stated by Walmart's executive, Dan Bartlett.
UPI transactions set new record, scale 14 billion peak in May
The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.
UPI transactions scale 14 billion peak in May
The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country.
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Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
Quickening pace of quick-commerce; and other top tech, startup stories this week
It’s no surprise, given quick-commerce platforms are betting big on advertising revenues to contribute substantially to their toplines. HSBC Global Research expects Blinkit’s ad revenues to grow fourfold from $60 million in FY24 to $240 million in FY27.
NPCI pushing new UPI players to offer incentives to expand market share
NPCI encourages new UPI apps to invest for user growth. Uncertainty looms over market share deadline extensions, hindering significant capital investment by smaller players like Cred amid concerns about reducing market leaders' share.
NPCI’s nudge to new UPI players; govt’s Nvidia deal
Happy Wednesday! The National Payments Corporation of India (NPCI) is pushing new payments apps on UPI to drive more incentives to consumers to help increase their market share. This and more in today’s ETtech Morning Dispatch.
Building AI compute capacity via marketplace model; Paytm’s UPI share dips
In early March, the union cabinet approved a Rs 10,371.92-crore India AI Mission that aims to build AI computing infrastructure of at least 10,000 graphics processing unit (GPUs) through public-private partnerships in five years.
Paytm Payments Bank CEO quits; Invesco hikes Swiggy’s valuation
Paytm Payments Bank managing director and chief executive officer Surinder Chawla has tendered his resignation. This and more in today’s ETtech Top 5.
P2P lenders to stop liquid funds; and other top tech, startup stories this week
Peer-to-peer (P2P) lending platforms have decided to halt one of their most attractive products from March 31 following increased regulatory scrutiny by the Reserve Bank of India, we reported on March 22.
Ecommerce firm POP to launch marketplace for D2C brands with its own UPI
The company said it aims to build this D2C marketplace via a no-frills approach, enabling brands to benefit from deeper data and insights as well as POPcoins.
Decoding the digital competition law; Perfios turns unicorn
India’s consumer internet firms have expressed reservations about the ex-ante framework in the proposed digital competition law. This and more in today’s ETtech Top 5.
Sachin Bansal's Navi to hire up to 100 people in tech team this year
Navi, backed by the erstwhile founder of Flipkart, Sachin Bansal, said that the expansion will enable the team to enhance its lending, health insurance, UPI, and mutual funds services, and explore new product lines. "As a part of this mandate, a batch of engineers hired through Navi's campus recruitment program will join the company in June 2024, with further hiring via multiple channels planned throughout the year," the statement said.
NPCI eyes a more evenly sliced UPI pie
As of now, Walmart-backed PhonePe and Google Pay already control more than 80% of the UPI market between them, while Paytm has under 12%. However, last month’s regulatory crackdown on Paytm Payments Bank could see the number three player ceding user volume to the frontrunners.
Flipkart launches UPI service in partnership with Axis Bank
Flipkart UPI will only be available for Android users as of now. Customers can register for UPI with @fkaxis handle and do fund transfers and checkout payments using the Flipkart app.
Flipkart CEO confirms top-deck exits; Paytm stock on upswing
Flipkart group CEO Kalyan Krishnamurthy on Tuesday informed staff about senior-level exits in the ecommerce major, confirming ET’s scoop. More on this in today’s ETtech Top 5.
Flipkart’s top deck under pressure; shake-up in senior ranks underway
Ecommerce major Flipkart is seeing senior vice presidents (SVPs) leaving, including leaders from Cleartrip and those from verticals such as marketplace and categories, fintech and payments. The company is addressing its top-heavy structure and improving agility. Performance-based layoffs are happening across all verticals. Overall, 5-7% of the company’s employees will be impacted by the layoffs, as ET first reported on January 8.
Paytm crisis brings 30% market share cap plan back in focus
Following the RBI's order barring Paytm Payments Bank from offering banking services after February, a debate over implementing a 30% market share cap for unified payments interface platforms has been reignited.
RBI’s tokenisation push for digital currency; Flipkart chief on profitability
Happy 75th Republic Day! To widen the use cases of central bank-backed digital currency (CBDC), the RBI is exploring tokenisation of government bonds and securities. This and more in today’s ETtech Morning Dispatch.
Flipkart close to profitability: CEO Kalyan Krishnamurthy tells staff
While Flipkart has been working to reduce its costs for the past two years, this is the first time Krishnamurthy has spoken publicly to employees about profitability.
PhonePe among top fintech companies with $1.3 trillion total payment value: Walmart
Walmart, the world's biggest retailer, said its digital payments firm PhonePe has a total payment value (TPV) of $1.3 trillion, equalling some of the largest fintech players in its home market of the US, indicating the Indian firm’s market cap potential when it lists.
Govt plans stricter rules to deter betting apps; Indian cricket jerseys fly off ecommerce shelves
To curtail the spread of illegal online gambling and betting via offshore platforms in the country, the Centre is planning to tighten the rules, especially on UPI payments. This and more in today’s ETtech Top 5.
Flipkart lining up $20 million for in-house credit marketplace
The investment will be done gradually as the team is working on several products, and the platform is expected to be ready by end-2023 or early next year.
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