GOOGLE WALLET
Hyperscalers host EkStep digital public goods, build AI bot
Tech giants Amazon Web Services (AWS) and Google Cloud are providing cloud storage and services to make the digital public goods (DPGs) created by non-profit EkStep Foundation available online. They are also collaborating to develop an AI-based virtual assistant for the foundation.
Paytm ties up with Skyscanner, Google Flights, Wego
Paytm co posted 19% y-o-y rise in total flight bookings in March quarter. International flight bookings on the platform rose 15% y-o-y in April. Recently the fintech firm also partnered with Samsung to offer flight, movies and event ticket booking through Samsung wallet. According to a company spokesperson, Paytm aim to deliver exceptional value and best travel experience to its customers.
Google Wallet in India partners with Pine Labs to offer gift cards
Google Wallet users can store and manage Gift Cards within the app and will receive reminders to use them at checkout. Google had launched the Google Wallet app for Android users in India earlier this month.
Google Wallet Launched in India: Features, how to pay, difference with Google Pay
Google has unveiled Google Wallet in India, a standalone app designed for Android devices, offering users a convenient platform to store and access digital documents such as boarding passes, loyalty cards, and movie tickets.
Google Wallet launched in India: Step-by-step guide on how to use it; how it is different from Google Pay explained
Google Wallet: This article is about how to use Google Wallet and how different is it from Google Pay. As per Google, this wallet can be used for various utility functions like storing Air India, Indigo Airlines flight boarding pass, PVR and INOX cinema tickets. Read here to know more.
Paytm focuses on UPI Lite wallet for low-value transactions
Paytm promotes UPI Lite for small transactions, collaborating with top banks. The on-device wallet allows quick, PIN-free payments up to Rs 500, enhancing the user experience for everyday purchases.
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Atlan’s valuation nearly doubles; decoding PB Fintech’s FY24 financials
Data collaboration software startup Atlan has raised $105 million at nearly double the valuation since its last round. Details on this and more in today’s ETtech Top 5.
Google Wallet is now available for Android users in India
It is different from Google Pay app which helps manage money and finances.
Paytm stock slides after COO exit; India’s first microcontroller chip
Shares of Paytm parent One 97 Communications fell 5% on Monday after its president and chief operating officer Bhavesh Gupta resigned. More on this in today’s ETtech Top 5.
US antitrust case against Google is just the start
Under the Trump administration, the Justice Department and the Federal Trade Commission started investigating Amazon, Apple, Google and Meta, the parent company of Instagram and WhatsApp, for monopolistic behavior. The government has since sued all four companies -- Google twice -- in what it says is an effort to rein in their power and promote more competition.
Political ad blitz on Google; new use cases for digital currency
Data from Google Ads Transparency Centre shows that parties are shelling out nearly Rs 117 crore on the search giant alone. This is against the Rs 10 crore spent on political ads in the runup to the 2019 general elections.
UPI rule change: Soon use money in PhonePe, Amazon Pay, any wallet to pay via Paytm, other UPI apps; check RBI new rule
UPI rule change for PPIs: Currently, money in your prepaid wallet (like PhonePe) can only be used for UPI transactions through the app offered by the wallet issuer itself. This limits your options — you can't use PhonePe money on Paytm or BHIM, for example. To address this, the Reserve Bank of India (RBI) has proposed allowing users to link their prepaid payment instrument such as wallets with any third-party UPI app. This means greater flexibility. What changes for UPI customers? How is this move going to help you?
New UPI rules for access for prepaid instruments: Now you can transfer funds from prepaid wallets using third party apps
Reserve Bank of India UPI: Now individuals don't need to depend upon third party prepaid payment instrument (PPI) wallets in order to make UPI payments. "To provide more flexibility to PPI holders, it is now proposed to permit linking of PPIs through third-party UPI applications," said RBI Governor Shaktikanta Das.
SC stays govt’s fact-check unit; no CCI relief for Indian internet firms
The apex court has put on hold the Centre's notification on setting up a fact-checking unit. Details on this and more in today’s ETtech Top 5.
ETtech In-depth: Decoding the UPI growth story through the eyes of a duopoly
If the third largest UPI payment app further loses market share, there is a high chance that the likes of PhonePe and Google Pay will benefit, skewing the market share dynamics even more, industry insiders said.
RBI governor on fintechs; Google, Indian apps in temporary truce
The banking regulator's recent actions are not directed against any fintech but against a regulated entity, the Governor underlined in a reference to the Paytm case that has caused major ripples in India's fintech industry.
Google vs Indian startups: Apps back in Play Store; search on for long-term fix
On Monday, Google reinstated the apps that chose one of the three payment options it provides to developers. However, Indian firms are of the view that not having in-app purchases affects their business.
Google delists Indian apps; Paytm distances itself from banking arm
The tussle between Google and Indian internet companies over Play Store policies intensified on Friday with the US tech major delisting some local apps. Details on this and more in today’s ETtech Top 5.
Alphabet to shut Google Pay in US; India ops unaffected
Google Pay will be shut down in the US on June 4, 2024, and users will be migrated to Google Wallet. It's payment services remain unaffected in India.
PhonePe anticipates increased market share: CEO Sameer Nigam on RBI action against Paytm
PhonePe CEO Sameer Nigam expects to gain from potential decline in Paytm's user base. PhonePe witnessed an increase in user base due to regulatory challenges faced by Paytm Payments Bank. PhonePe holds a 46% share in UPI volumes.
Why Pranav Gundlapalle finds Paytm's current valuation attractive
Now, there could be further downside if you see this action spreading to other parts of the business and there is no reason to believe that is indeed the case at this point in time.
Jio Financial Services shares drop over 7% on denying Paytm wallet acquisition talks
Jio Financial shares ended 14% higher on BSE on Monday following a media report stating that Jio has been in talks to buy the Paytm wallet business since November. Citing sources, the report had said as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank.
Paytm Payments Bank: India's startup rockstar, Paytm CEO Sharma, battles regulatory crisis
Vijay Shekhar Sharma, India's startup king, faces a crisis as investors plunder Paytm's valuation due to regulatory action by the central bank, threatening significant business disruptions. Sharma aims to restore investor confidence and keep operations running. Paytm's valuation has crashed after its IPO, and analysts say the company needs to restore credibility. Sharma's ambitions and the demonetisation move in 2016 transformed Paytm into India's premier digital payments platform. Despite the challenges, Sharma remains undeterred and committed to serving the nation. The future of Paytm's expansion plans and customer retention are uncertain due to the regulatory roadblock.
RBI’s major blow to Paytm; IT fresher hiring at record low
The Reserve Bank of India dealt Patym a severe blow, barring the listed fintech’s payment bank from offering banking services after February. This and more in today’s ETtech Morning Dispatch.
Google removes Binance, other offshore crypto apps from Play Store
Less than 24 hours after access to web platforms of crypto wallets such as Binance was cut off for Indian users, theirapps were also taken down from Google Play Store..
Big Tech rebuffs US consumer watchdog plans to supervise digital wallets
The proposal, which has yet to be finalised, would subject such companies to the same kind of supervision currently imposed on banks, with agency examiners inspecting compliance with laws on unfair or deceptive practices and privacy protections, as well as scrutinising executives' conduct.
Australia to amend law to regulate digital payments like Apple, Google Pay
The legislation, first flagged last month, will broaden the legislation that empowers the Reserve Bank of Australia to regulate payments so that it applies to new and emerging technology.
View: It’s time for a single QR code for all the world’s payments
The major economies of the Association of Southeast Asian Nations — Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines — are linking their QRs for the 18 million intra-regional tourists who spend around $19 billion annually. Assuming that it is able to capture 15% to 20% of transactions, ASEAN QR would facilitate $4 billion in consumer expenditure and inspire the rest of the world, according to the Boston Consulting Group.
India’s banks are making $64 billion from a freebie
India saw over 10 billion cashless transactions in August, with most of them being online and cost-free. However, customers using mobile-phone wallets to pay bills over 2,000 rupees are subject to a 1.1% fee. Despite concerns about the lack of profit motive, India's payment revenue reached $64bn last year, making it the fourth highest globally.
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