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ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
Cashfree Payments appoints Abhaya Hota as independent director
Abhaya Hota has previously served as an Independent Director at Federal Bank, NSE Clearing, Protean e-Gov Technologies and RBI Innovation Hub. Cashfree Payments plans to leverage Hota's experience and expertise to develop innovative products and services.
FirstCry refiles IPO papers; Groww secures payment aggregator licence
FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today’s ETtech Top 5.
RBI tells online payments firms to track fishy transactions amid Lok Sabha elections
The central bank has also asked payment companies to monitor and report high-value merchant payments during ongoing general elections. In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent likely misuse of e-fund transfer systems to influence voters or indirectly fund poll candidates.
Track fishy transactions, RBI tells payment firms
In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent any potential misuse of electronic fund transfer mechanisms to influence voters or indirectly fund candidates who are participating in the elections.
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Wipro Q4 results; RBI nod for Cred’s payment aggregator biz
IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today’s ETtech Top 5.
Cred receives in-principle approval from RBI for payment aggregator business
Fintech firm Cred, supported by Peak XV, secures RBI's approval for PA business. Post final nod, it'll expand merchant payments, focusing on credit card bills. Cred collaborates with payment companies, plans QR payments and offline business, aiming for comprehensive user transactions.
RBI’s stricter KYC rules may slow merchant onboarding 90%: experts
The new rules will be applicable to existing payment aggregators such as Razorpay, Cashfree, and PayU, card payment companies, such as Pine Labs, Innoviti Payments, and MSwipe, and QR code deployers, such as PhonePe, BharatPe and Google Pay.
Fintechs push for cross-border payments; Chiratae’s $70 million portfolio sale
Happy Wednesday! Razorpay, Cashfree, PayGlocal and other fintech startups are seeking a licence for facilitating cross-border payments from the RBI. This and more in today’s ETtech Morning Dispatch.
Fintech is making global payments its business
Razorpay, Cashfree, PayGlocal, and new entrants rush for RBI's PA-CB licence to tap into lucrative B2B cross-border payments market. Fintechs eye big share of $250B SME exports, focusing on high margins and expanding services.
Cashfree Payments launches new payment solution for software platforms
The solution aims to revolutionise the way software platforms like ERPs, CRMs, SaaS or billing platforms, provide payment experience to their end users.
Payment firms and KYC compliance; Cabinet nod for Tata chip unit
Despite the regulator’s insistence on adhering to prescribed norms, many payment firms seem to be lax in conducting bank-grade KYCs. This and more in today’s ETtech Morning Dispatch.
On KYC compliance front, payment aggregators may be second to some
As fintech startups try to onboard merchants faster than competition, they’re mostly conducting only the basic checks prescribed by the RBI and skipping enhanced due diligence which could help keep fraudsters away. Large payment companies are approaching KYC more as a security checklist — perhaps for cost considerations — than a monitorable mandate by the RBI.
Tax payout for domiciling to India is high but we have accounted for it: Razorpay CEO
“We are at least two years from an IPO... Before that we want other parts of our business to break even and be profitable on all fronts. Our (online) payments business is break-even,” said cofounder and chief executive Harshil Mathur.
Juspay, others secure payment aggregator nod; Paytm shares rebound
Zoho is the first enterprise Saas player to get the payment aggregator nod from the RBI, joining the likes of Razorpay, Cashfree, Zomato and others.
MobiKwik strengthens leadership team for payments business
Fintech firm MobiKwik has announced key appointments to its leadership team to drive the growth of its payment business. Mohit Narain has been promoted to the position of Chief Operating Officer - Consumer Payments, leveraging his five years of experience with MobiKwik to focus on operational efficiencies across various payment channels.
SoftBank-backed fintech startup Juspay acquires LotusPay in all-cash deal
The acquisition strengthens Juspay’s offerings to the BFSI segment and merchants, with a focus on enhancing its recurring payment capabilities, the company said.
ED, GST authority flagged several violations by Paytm earlier
The ED and DGGI have investigated Paytm for alleged money laundering and illegal betting. The agencies have raised concerns about Indian payment gateways being used for trade-based money laundering, illegal betting, and diversion of funds to crypto wallets. Paytm has faced scrutiny for KYC-related lapses and freezing suspicious accounts.
Zomato, Stripe secure final RBI nod for online payment aggregator
Zomato, in a stock exchange filing, said it will operate the online payment aggregator through its wholly-owned subsidiary Zomato Payments Private Limited.
IT firms to face-off for $16 billion of deals; Zomato pauses Blinkit integration
Indian IT firms are expected to put up a tough fight for these contracts, many of which are now serviced by global multinationals. Experts attribute this competition to technology clients turning more cost-conscious in a turbulent macro-economic environment.
Payments firm Cashfree posts 75% jump in FY23 revenue, losses bloat to Rs 133 crore
Total expenses for Cashfree more than doubled to Rs 750 crore during the year, mainly on account of employee costs jumping to Rs 198 crore from Rs 96 crore in the previous fiscal.
Razorpay, Cashfree eye lost market share, ShareChat’s third round of layoffs
With the PA license in place, both Razorpay and Cashfree have set up "war rooms" with executives from across teams. The aim is to reach out to as many waitlisted merchants as possible and convert them into clients.
RBI grants payment aggregator licences to Razorpay, Cashfree, others; FirstCry’s IPO details
While the payment aggregator licence was thought to be routine initially, for the likes of Razorpay and Cashfree, it makes a big impact as they step out of the ban on bringing in new customers.
RBI ban makes online payment aggregators seek alternative business lines
Razorpay, Cashfree, Paytm and PayU cannot add merchants for their online payments business, this has allowed their rivals to grab market share
KYC Simplified: Cashfree Payments launches no-code verification solution ‘KYC Link’
The process, which can be automated or done manually, allows merchants to send verification links via SMS, email, or WhatsApp.
RBI lens on payment firms seeking aggregator tag
In the payments business, access to sensitive data needs to be monitored and many payment companies do not have such access controls, or do not maintain proper audit checks. The regulator wants fintechs to be serious about these aspects of business before they are issued a licence.
Cashfree Payments appoints Chetan Yadav as senior VP of HR
Chetan Yadav brings over 20 years of industry experience in handling key aspects of HR functions like talent acquisition, talent management, key talent retention, performance management, attrition planning and prevention, performance management, compensation and benefits, compliance, learning and development, and strategic workforce planning.
Razorpay FY22 net profit up 19% to Rs 7.37 crore
Revenue from operations for FY22 stood at Rs 1,481.1 crore.
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