PAYMENT MARKET
Koo calls it a day; Paytm Bank, auditor lock horns
Once touted as India’s response to Twitter, it’s curtains for homegrown microblogging app Koo. Details on this and more in today’s ETtech Top 5.
Raselle Capital VCC pays Rs 1.23 cr to settle FPI violation case with Sebi
Foreign portfolio investor Raselle Capital VCC has settled a case related to the alleged violation of FPI rules with capital markets regulator Sebi after paying Rs 1.23 crore as settlement charges.
SBI Card shares down 1.85% as Nifty drops
A total of 86,036 shares changed hands on the counter till 01:19PM (IST).
Amfi stock classification: BHEL, 6 more stocks to become largecaps in H2CY2024. Check m-cap cut-off
Based on average market capitalization from January to June 2024, seven stocks are poised to join the large-cap category. The list includes two-wheeler giant Hero MotoCorp, state-run companies BHEL and NHPC, along with Zydus Lifesciences, JSW Energy, Bosch, and Cummins India.
CAMS aims to be both payment aggregator & gateway, expand into education: MD
CAMS looking to now expand into education as one potential, extra niche that could scale up the business. They are moving forward to be both a payment aggregator and payment gateway and there will be some build-out of opportunity in the education space as well, says MD & CEO Anuj Kumar.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
- Go To Page 1
India most attractive consumer market across the globe: Fibonacci X report
India is emerging as the most attractive consumer market globally, with consumption trends merging with large cities. The services sector is expected to drive strong economic growth, and India is poised to be a global hotspot for economic growth. Manufacturing growth has remained stagnant, but future growth depends on new policy initiatives.
A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago
India has seen the fastest jump in alternative payment share for ecommerce payments in the Asia Pacific region from 20.4% in 2018 to 58.1% in 2023 says a report by GlobalData, a data and analytics company. The report showed that such alternative payments are already popular in countries like China and India and are gaining traction in other APAC markets.
SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara
SBI Chairman Dinesh Kumar Khara stated that the bank plans to wait for its subsidiaries like SBI General Insurance and SBI Payment to enhance their operations before considering monetisation through the capital market to boost valuation and returns for SBI. With loans worth Rs 5 trillion in the pipeline from the corporate sector, Khara indicated a shift towards credit-seeking behavior for working capital and expansion, signaling potential for private sector growth and value creation by SBI.
How banks are cornering market share from Paytm Bank’s Fastag business
Paytm Payments Bank lost market share in Fastag toll payments, now taken by commercial banks post regulatory action. Market share dropped to 2% in May from 16% in January, as per NPCI data.
Buy SBI Cards and Payment Services, target price Rs 855: Anand Rathi
SBI Cards and Payment Services Ltd. key Products/Revenue Segments include Fees & Commission Income, Interest, Other Services, Sale of services and Commission for the year ending 31-Mar-2023.
RBI using forex market tools to ease liquidity tightness
RBI uses forex tools to inject cash into banking system ahead of large outflows due to advance tax payments, keeping borrowing costs low and increasing reserves without impacting inflation-fighting stance.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Should you buy a house now or rent it? Key factors that will help you to decide
While property market dynamics play a big role in effecting this decision, equally important is your personal financial situation and lifestage. There are other factors to consider. If you are thinking of buying a house, here the key things you need to check.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
Buy-the-dip didn't work for mutual fund investors on election result day due to 'tech glitch'
Mutual fund investors faced disappointment as a technical glitch led to delayed NAV allotment amid a stock market crash. Many investors demanded compensation for losses incurred due to the glitch.
Paytm reports almost flat growth in UPI payments in May
After RBI restricted Paytm Payments Bank, the UPI transactions on the Paytm app fell. This is the first month the fall has been arrested since February. In terms of the share of UPI payments by volume, Paytm stood at around 8.1% in May — almost at the same level as the previous month.
IATA boss warns foreign airlines may quit India if taxation issues are not sorted
The chief of the International Air Transport Association (IATA), Wille Walsh, warned that airlines may withdraw from the Indian market if concerns over taxation are not addressed. Several global airline groups including Emirates, British Airways, Lufthansa, Singapore Airlines, and others have received tax evasion notices from the Directorate General of GST Intelligence (DGGI). The notices were related to non-payment of tax on services provided by the airlines to their Indian entities.
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.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
Stripe pulls back from India; Oxyzo FY24 results
Citing stricter regulatory requirements, US payments major Stripe has shifted to an ‘invite only’ mode in India. This and more in today’s ETtech Top 5.
Why does India have the first mover advantage in Web3 technology?
While regulatory clarity remains a work in progress, India's embrace of the Financial Intelligence Unit (FIU) registration requirement is a positive step, creating a safer trading environment for all.
Adani Group plans ecommerce, payments ventures: FT report
Adani Group is considering applying for a license to operate on India's public digital payments network and planning a co-branded credit card with banks, aiming to enter the booming digital payments market.
360 ONE Prime to raise Rs 500 crore through NCD, effective yields may go up to 9.8%
360 One Prime on Friday opened its second tranche of fund raising of Rs 500 crore through the issue of non-convertible debentures (NCD) which might effectively yield 9.2% to 9.86% p.a. The issue will be closed on June 6.
The tech mahadasha: Stars align for India's online astrology market
Astrology, once a traditional practice, has transformed into a booming online business. With astrologers now accessible online, the industry is experiencing rapid growth. The pandemic further accelerated this trend, leading to a surge in consultations and subscriptions. The online astrology market in India is projected to grow significantly, driven by tech advancements and changing consumer behavior.
Paying off your home loan vs investing: What's best in a bull market?
Decide between home loan prepayment and equity investments in a bull market by evaluating risk, financial stability, and personal goals. Balance debt reduction with potential returns for a decision aligned with your financial well-being.
NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay
India delays market share caps for digital payments, benefiting PhonePe and Google Pay. NPCI extends UPI market share cap deadline. PhonePe's UPI share increases to 48.3%, while Google Pay's decreases. Total transactions volume reaches 11.5 billion.
Load More
