All stories by Ajinkya Kawale
Flipkart-backed super.money aims to be among top five on UPI leaderboard
Rediff.com7 days agoFlipkart-backed fintech firm super.money is aiming to be among the top five players on the Unified Payments Interface (UPI) leaderboard by the end of this year, a senior company executive has said. The company, which rolled out its beta version in June this year, has processed about 10 million transactions till date. "We have a target of 100 million transactions for the end of the year.
RBI releases draft rules on AePS to counter frauds on payments system
Rediff.com1 Aug 2024The Reserve Bank of India (RBI) on Wednesday released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem. Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines.
WazirX Breach: 'Recovering Stolen Crypto Is Hard'
Rediff.com22 Jul 2024'A lot of them are converted to other tokens, and since crypto is dealt with internationally, it can go to any exchange in any country.'
'Banks must be prepared for providing UPI credit'
Rediff.com19 Jul 2024'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
WazirX Loses $234 Million In Security Breach
Rediff.com19 Jul 2024The swindled amount is nearly half of WazirX's total assets.
Zomato withdraws NBFC application, says no plans to pursue lending
Rediff.com3 Jul 2024Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future. "There is no material impact on the revenue/operations of the company and this disclosure is being made voluntarily," the Gurgaon-based company said in a regulatory filing on Tuesday.
Credit Card Payments Will Be Blocked On Apps
Rediff.com1 Jul 2024Some of the fintechs that will get impacted include Cred, Paytm, Phonepe and Amazon Pay, among others.
Back to basics: Paytm's focus is payments and distribution
Rediff.com14 Jun 2024Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders. Also, the company's founder and chief executive officer (CEO) Vijay Shekhar Sharma has decided to oversee the day-to-day operations with all the major verticals reporting directly to him now. "The thing on top of everyone's agenda is getting the core businesses back on track," a person in the know said.
Valuations, access to capital spur fintechs' homecoming
Rediff.com4 Jun 2024Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?
BharatPe, PhonePe amicably settle trademark disputes over 'Pe' suffix
Rediff.com27 May 2024Financial technology (fintech) firms PhonePe and BharatPe announced on Sunday that they have settled long-standing legal disputes regarding the use of the trademark with the suffix 'Pe' in their brand names. The settlement concludes five-year-long legal disputes across multiple courts. Both companies have decided to withdraw all opposition against each other in the Trade Marks Registry.
Crypto firms bank on fair play as Binance logs into FIU-IND
Rediff.com20 May 2024The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.
Who Will Taste Grapes Of Wrath In Nashik?
Rediff.com19 May 2024'During times of adversity, a brick becomes better than a stone. That is how I look at the election season.'
UPI credit line: NPCI may go easy on interchange fee
Rediff.com8 May 2024To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
Fintechs Push For Easier KYC
Rediff.com3 May 2024'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'
RBI restrains commercial card payments by a network
Rediff.com16 Feb 2024The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.
Paytm shock: Fintech cos wary as frequent regulatory actions hurt sentiment
Rediff.com13 Feb 2024Following the Reserve Bank of India's (RBI's) action against Paytm Payments Bank, participants in the fintech ecosystem have turned their attention to giving priority to compliance with regulatory norms. Fintech industry players say the episode will ensure adherence to such measures. Executives Business Standard spoke to said companies should have clarity on their requirements.
Fintechs boost hiring, strengthen leadership
Rediff.com8 Feb 2024In the backdrop of the crisis brewing at Paytm Payments Bank, major fintech companies are ramping up their workforce and inducting new faces in their leadership teams, industry sources said on Wednesday. Users will not be able to add funds to their Paytm Payments Bank Wallet after February 29, though they will still be able to use the services and the existing balance in the wallets, according to the Reserve Bank of India (RBI) diktat. Industry sources said that competitors to Paytm are investing heavily in offline payments while doubling their salesforce.
Paytm: What's working and what's next?
Rediff.com7 Feb 2024The Reserve Bank of India (RBI) has barred Paytm Payments Bank from most operations, including taking deposits and fund transfers with effect from March 1, 2024. The curbs on the bank come amid several alleged failures such as violations of know-your-customer (KYC) norms. Under such a scenario, here's what works for customers using Paytm Payments Bank, according to the company.
Paytm denies any Enforcement Directorate probe into money laundering
Rediff.com5 Feb 2024One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
Why Fog Grounds Flights?
Rediff.com16 Jan 2024The phenomenon of fog is largely Delhi-centric. 'Airlines may think that we only have conditions of extreme fog on a few days every year, and spending a pilot's time and the airline's money on training can add up to its expenses.' 'So, they may prefer holding it for a few days.'