UNITED PAYMENTS INTERFACE
Transforming multi unit retail operations with No Code
The retail industry in India is subject to the vagaries of the economy and operates in a competitive market. It needs a relentless focus on operational efficiency to gain any edge.
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.
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.
Jupiter Money launches new savings feature for millennial users
Magic Spends allows investment of a predetermined amount every time a user of the company’s eponymous mobile app makes a transaction. The investment goes into digital gold and mutual funds.
You can use PhonePe on your next trip to Sri Lanka
Indian fintech giant PhonePe has launched its UPI services in Sri Lanka, enhancing cross-border fintech connectivity. The event was attended by dignitaries including the Central Bank Governor and India's High Commissioner. This milestone partnership with LankaPay enables Indian visitors to make secure UPI payments in Sri Lanka, promoting digital transactions and financial integration between the two nations.
Downsides of coalition govt are as exaggerated as virtues of single-party rule
Most people equate a government by a single party that enjoys a majority in Parliament with political stability, efficient decision-making and living happily ever after. In this view, coalitions carry the risk of instability, erratic policy and economic woes. India's own recent history shows that such views are unfounded.
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Zeta launches new stack for banks to power credit transactions on UPI
Zeta, led by Bhavin Turakhia, aims for $1 trillion UPI credit disbursals by 2030. The fintech startup launches a new tech stack for UPI transactions, targeting global break-even and strategic partnerships.
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.
Old guard is out as Tata Digital’s new CEO revamps deck
Tata Digital undergoes significant senior management changes under CEO Naveen Tahilyani, impacting the team behind Tata Neu superapp. Several executives from the original team that launched supperapp have now left.
People+ai partners with 24 tech organisations to enable open cloud compute infra
AMD, Oracle, and various technology providers collaborate to address the increasing compute requirements. The partnership aims to enhance the compute ecosystem in India through the creation of a network of providers for accessible and tailored compute resources.
Paytm market cap nears $2.5 billion; state-run banks turn to GenAI
Paytm’s market capitalisation is down to nearly $2.5 billion after a ninth straight session of declines on the BSE.
Brazilian payment company Ebanx set to start India operations with Yes Bank
Ebanx helps nearly 300 brands process payments in multiple countries across Latin America and Africa. It now wants to enter India, which will be its first market in Asia. It will offer payments infrastructure for global brands looking to sell to Indian consumers, who can use Ebanx to pay through the local currency and by using local payment methods.
Kotak Bank reveals how Indian banks fail to keep up with Modi's ambitions
Kotak Mahindra Bank Credit Card & Mobile Banking Curbs: Prime Minister Narendra Modi aims to export India's digital payments system worldwide, but faces obstacles as Indian banks struggle with outdated technology. Despite massive investments in tech to boost financial inclusion, banks are grappling with system glitches and cyber threats. The government urges modernization to safeguard the financial system and customer data.
PhonePe poured bulk of Rs 800 crore investments into insurance business
The infusion of Rs 426 crore to PhonePe Insurance Broking Services points to the payment company's bullish bet on the segment. PhonePe has infused more than Rs 1,000 crore as equity investment in its insurance unit since it was licensed, according to information sourced from the Registrar of Companies.
Paytm gets third-party app license from NPCI, letting Paytm users access UPI after March 15
The license will allow customers to continue using the Paytm app for payments through the unified payment interface, after Paytm Payments Bank ceases operations by March 15, as ordered by the Reserve Bank of India. Paytm's troubles began following regulatory action due to non-compliance with certain norms set by the country's central bank.
Paytm Payments Bank to cut about 20% of staff as business halt looms
Paytm, formally known as One 97 Communications, owns a 49% stake in the bank which was ordered by the Reserve Bank of India (RBI) at the end of January to stop accepting credit transactions or deposits across products such as savings accounts, prepaid cards and digital wallets by March 15, following persistent compliance breaches.
NPCI to approve Paytm request for third-party application license this week
The central bank is unlikely to extend the deadline of March 15 set for Paytm's banking unit, Paytm Payments Bank, to wind down its operations, one of the above sources and a fourth source aware of the central bank's thinking said.
Paytm likely to partner with four banks for enabling UPI transactions, sources say
Paytm, India's third-largest UPI app, is set to partner with Axis Bank and other banks for UPI transactions. However, Paytm faces disruption as it must wind down its banking unit by March 15, as ordered by RBI.
DPI platform in works to find closest EV charging spot, more
Called the Unified Energy Interface (UEI), the initiative is powered by Beckn Protocol, and it will allow a user to search for EV charging stations nearby and settle payments across service providers. Beckn Protocol is an open-source initiative created by the Foundation for Interoperability in Digital Economy (FIDE).
PM Modi describes UPI as ‘Uniting partners with India’ as UPI services launched in Sri Lanka & Mauritius
India extends its Unified Payment Interface (UPI) and RuPay card services to Sri Lanka and Mauritius, showcasing its leadership in the Indian Ocean Region. Prime Minister Narendra Modi emphasized the modern digital connectivity's significance in strengthening historical relations. Highlighting India's "neighbourhood first" policy and maritime vision "SAGAR," Modi emphasized peace, security, and development. The move aims to boost tourism and deepen economic ties, reflecting success in Global South cooperation. This expansion benefits Indian nationals traveling to Sri Lanka and Mauritius and vice versa, enhancing financial connectivity and people-to-people linkages.
PM Modi- Emmanuel Macron summit to focus on fintech
UPI, an instant payments system, introduced by the National Payments Corporation of India (NPCI) in 2016. It has since become a game changer in India's payments ecosystem, easing payments and transfers, and playing a major role in accelerating digital adoption in the country.
What Google's multibillion payment to Apple says about privacy and power in tech
A valuation of default settings became clear in the current Google antitrust trial. During the trial, Google revealed that it paid $26.3 billion in 2021 to be the default search engine on various platforms, with a substantial portion of the money going to Apple.
Any act of terrorism regardless of motivation unjustifiable: NSA Doval
India has offered fully-funded capacity building programs to central Asian countries to combat terrorism and drug trafficking. National Security Advisor Ajit Doval made the offer at a security conclave in Kazakhstan, emphasizing that terrorism is a serious threat to international peace and security. Doval also highlighted the importance of dialogue and diplomacy in resolving conflicts, and India's commitment to deep and meaningful engagement with central Asian countries. Additionally, India expressed willingness to provide technology related to digital payments and highlighted the need for consultative and transparent connectivity initiatives. The remarks were seen as indirect criticism of China's Belt and Road Initiative.
ETtech Opinion: Is India ready to walk the tech talk on the world stage?
According to the National Payments Corporation of India (NPCI), 7.7 billion transactions were carried out through UPI in July 2023, translating into more than 250 million transactions, on average, per day — remarkable for a country that used cash for 90 per cent of transactions a few years ago.
Tata Digital sets sights on revenue growth after reworking its app
The app, which completed a year on April 7, was given a new design as well as improved navigation and payment systems, resulting in its best growth phase on all counts, including revenue, said Pal, who was appointed Tata Digital CEO in 2019. He was with TCS before that for more than 27 years in leadership positions.
India's digital public infra central to its goal of becoming $5 trillion economy: Emphasis Ventures CEO
Digital public infrastructure (DPI) refers to blocks or platforms such as digital identification, payment infrastructure and data exchange solutions that help countries deliver essential services to their people, empowering citizens and improving lives by enabling digital inclusion.
Private cryptocurrencies will never replace fiat currency: Nandan Nilekani
Nilekani said incidents like the “fall of cryptocurrency exchange FTX in the United States” have shown that private cryptocurrencies aren’t a big threat.
Microsoft is now building global products in India: CEO Satya Nadella
Nadella who was conferred with the Padma Bhushan, India’s third-highest civilian award, in October last year said that historically, the company has built products elsewhere and sold them in India. This has changed and the company is now making global products here.
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