UPI ECOSYSTEM
UPI integration gives a fillip to RuPay credit cards distribution
RuPay credit cards are seeing a growth in usage after linking with UPI, with its issuance at 30%, up from a mere 5% in 2022-23. The shift towards UPI-based credit cards on third-party apps like Google Pay and PhonePe poses a challenge for banks, raising concerns about customer retention and cross-selling. Fintech startup Fibe, led by Ashish Goyal, foresees a potential share struggle among top UPI apps.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
RBI strikes against UPI, digital payment fraud, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
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.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
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.
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Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
To AI or not to AI? Why artificial intelligence deciding your loan application makes regulators nervous
AI & ML are now ubiquitous in banks and financial institutions as it helps the companies improve credit assessment and reduce frauds. Though these models have some risks — and the regulators are rightfully concerned — the good news is these can be resolved without much trouble.
DGFT conducting study to identify and align best global practices in trade finance
The Directorate General of Foreign Trade (DGFT) is exploring global trade finance practices to align with India's future needs. Over 2.5 lakh bank realisation certificates (BRCs) have been self-generated under the revamped eBRC system, boosting ease of doing business. Stakeholders emphasize the importance of data flow in export credit and aim to enhance the trade finance ecosystem in India.
UPI growth 2.0: Efforts on to crack DBT code
UPI user base has been hovering around 300 million for some time; RBI, banks are trying to push up this number.
UPI’s rural push; India as software IPO destination
Happy Wednesday! The country’s central bank wants more rural users to log into Unified Payments Interface (UPI). This and more in today’s ETtech Morning Dispatch.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
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.
RBI Guv Shaktikanta Das discusses ways to scale up UPI ecosystem with stakeholders
Reserve Bank Governor Shaktikanta Das held a meeting with banks, NPCI, third-party application providers, and technology service providers to discuss strategies for expanding the UPI ecosystem. The discussions covered strategies for scaling up UPI infrastructure, expanding product portfolio, and addressing challenges in the ecosystem. The central bank will examine suggestions and take appropriate action. The meeting was attended by RBI Deputy Governor T Rabi Sankar and other senior officials.
ICICI Bank introduces UPI for NRIs through international mobile numbers
ICICI Bank has launched UPI for NRIs in ten countries, enabling global mobile number use without switching to Indian numbers. iMobile Pay facilitates utility, merchant transactions, and QR code payments, enhancing convenience and promoting UPI adoption across borders.
NPCI inks pact with Bank of Namibia for developing UPI-like instant payment system
This strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation.
Cash in circulation more than doubles since FY17 on consumption demand
The currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 lakh crore in end March 2024. Significantly the currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023 which resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back to the banking system.
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.
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.
Prepaid payment instruments can now make payments and deposit cash via UPI
The Reserve Bank of India (RBI) has introduced a new system allowing users to make payments from prepaid payment instruments through third-party applications and deposit cash at ATMs using UPI. This move will enhance customer convenience and make the currency handling process at banks more efficient.
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.
Rahul Jain on what NPCI approval will mean for Paytm users & shareholders
Rahul Jain discusses the implications of NPCI approval for Paytm, emphasizing the positive changes for shareholders and users. With new partnerships in place, the company is poised for growth and stock recovery in the coming quarters. Jain further says Paytm is back by three to four quarters in terms of whatever business they used to do.
Rupeek’s steep down round; Paytm to become third-party UPI app
Gold loan startup Rupeek may soon be tying up a new funding round, albeit at a lower valuation. This and more in today’s ETtech Morning Dispatch.
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.
RBI move against Paytm likely to disrupt retail payments; rivals spring into action
The Reserve Bank of India’s decision Wednesday to terminate the nodal accounts of One 97 Communications Ltd and Paytm Payments Services Ltd could have far reaching implications on India's digital payments ecosystem, multiple industry executives said.
Cross-border norms bring ePay companies directly under RBI watch
With regulatory clarity comes an opportunity to attract more venture money to tap into the burgeoning export-import market of a growing economy.
PM Modi, CEO Sundar Pichai discuss Google's plans of participating in country's manufacturing ecosystem
During the interaction on Monday, Pichai also informed PM Modi of Google’s plans to improve financial inclusion in India by leveraging the strength and reach of the unified payments interface (UPI) and the company’s UPI-based payment app GPay.
India's UPI 'incredibly painful' experience for ecosystem participants: Mastercard CFO
Speaking at the recent UBS conference, Sachin Mehra said that "it is an incredibly painful experience for ecosystem participants who all end up losing money as part of that proposition".
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