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News on Medial
Amazon Pay UPI usage grows 16% YoY amid festive sales
YourStory
·
9m ago
Medial
During the first 48 hours of the Amazon Great Indian Festival 2024, Amazon Pay UPI saw a 16% year-on-year growth. To leverage this momentum, Amazon introduced the "Bumper Rewards" program, offering users rewards of up to Rs 10,000 for completing UPI transactions. This initiative aims to incentivize users to make payments both on and off Amazon.in, with rewards given after certain transaction milestones. Amazon Pay has gained over 100 million UPI users since its launch in 2019 and processed transactions worth Rs 7,845.04 crore in September 2024.
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Flipkart consolidates fintech offerings into single vertical ahead of festive sales
Economic Times
·
1y ago
Medial
Flipkart has consolidated its fintech offerings into a single vertical called Flipkart Pay, ahead of the festive season sales. The company will provide various services under the Pay vertical on its shopping app, including UPI, bill payments, insurance, financing, co-branded credit cards, and buy now pay later services. This move aims to improve customer engagement and provide a seamless payment experience. Flipkart's expansion into fintech comes as rival Amazon continues to invest in its Indian fintech arm, Amazon Pay India, amid growing competition in the payments market.
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Premium Apple, Samsung devices driving smartphone sales growth during festive season
Economic Times
·
1y ago
Medial
During the flagship events, the Great Indian Festival and Big Billion Days, premium smartphone sales on Amazon and Flipkart showed significant growth. Apple and Samsung led this surge in the premium segment. Data from Counterpoint Research indicates that the segment saw a 50% YoY increase on Flipkart and nearly 200% YoY growth on Amazon, driven by sales of iPhone 14 and Galaxy S21 FE. The festive season smartphone sales this year are expected to grow 7% YoY in terms of volumes, with a 15% YoY growth in average selling price.
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UPI reigns supreme in digital payments kingdom
Economic Times
·
8m ago
Medial
During the festive season in India, unified payment interface (UPI) emerged as the most preferred digital payment mode for merchants, surpassing cards and mobile wallets. In October, UPI recorded 10 billion merchant transactions, a significant 53% YoY increase. UPI's popularity continued as it processed a total of 16.5 billion transactions that month. In contrast, credit cards saw a 35% increase in transactions, while debit cards experienced a 24% decline. Mobile wallets also saw a decrease in usage. UPI has become the go-to payment method for Indians, particularly for account-based transactions.
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India scrambles to curb PhonePe and Google's dominance in mobile payments
TechCrunch
·
1y ago
Medial
The National Payments Corporation of India (NPCI) will engage with various fintech startups to address the market dominance of PhonePe and Google Pay in India's Unified Payments Interface (UPI) ecosystem. NPCI executives will meet with companies like CRED, Flipkart, Fampay, and Amazon to discuss initiatives to boost UPI transactions on their apps. The move comes amid concerns over the concentration of UPI transactions by PhonePe and Google Pay, which account for 86% of the volume. The RBI is considering an incentive plan to promote competition in the UPI space.
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New PoS deployment grows at slowest pace since demonetisation: RBI data
Economic Times
·
1y ago
Medial
The deployment of new point-of-sale (PoS) terminals for cashless transactions in India has slowed down, with merchants and businesses favoring QR code-based UPI transactions over debit card swipes. While new PoS deployment rose by only 14% in fiscal year 2023-24, the deployment of QR codes for UPI payments has doubled in the last two years. The convenience of QR code-based UPI transactions and zero merchant discount rate (MDR) have led to a decline in debit card usage. However, credit card usage has seen exponential growth, compensating for the decline in debit card swipes.
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BOBCARD’s EMI option on RuPay-UPI cards: Should you opt for this facility for festive spends?
Money Control
·
10m ago
Medial
RuPay credit card users can now link their cards to popular UPI apps like Amazon Pay, BHIM, CRED, Google Pay, Paytm, and PhonePe. Additionally, RuPay BOBCARD credit card holders can convert their purchases into Equated Monthly Installments (EMIs) by scanning a QR code through UPI apps. This new feature offers users greater flexibility and control over their finances, allowing them to spread high-value purchases over manageable installments. The aim is to drive the adoption of digital credit solutions in India, especially in Tier 2 and 3 cities, and meet the demand for flexible payment options during the festive season.
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Amazon Pay UPI Crosses 100 Mn User Mark
Inc42
·
11m ago
Medial
Amazon Pay Unified Payments Interface (UPI) has achieved over 100 million users in India, thanks to increased user interest in states like Maharashtra, Uttar Pradesh, Bihar, West Bengal, and Karnataka. The adoption of Amazon Pay UPI is also growing in tier II and III cities, particularly among users aged 18-24. Amazon is now considering launching a standalone app for Amazon Pay to further engage users and expand its market reach.
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WhatsApp UPI: NPCI removes user onboarding restriction limits, company aims to hike user base | Company Business News
Livemint
·
7m ago
Medial
The National Payments Corporation of India (NPCI) has lifted the onboarding limit for WhatsApp Pay, allowing it to offer UPI services without restrictions to its entire user base in India. This move is expected to facilitate greater adoption of UPI on the platform, enhancing accessibility for daily transactions. WhatsApp Pay will adhere to existing UPI guidelines and ensure user privacy and security. Key factors for usage include having an updated app, a bank account, and an active debit card.
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ET Explainer: Behind UPI-first digital payment apps’ latest plan to revamp their mobile wallet operations
Economic Times
·
2m ago
Medial
Fintech giants like Paytm, PhonePe, and Amazon Pay are revamping mobile wallets amid UPI's rise, aiming for revenue via merchant discount rates, unlike non-profitable core UPI payments. Paytm is regaining its wallet business, lost due to regulatory changes, to enhance revenue and Fastag operations. Wallets offer features like full KYC, high transaction limits, and interoperability with UPI, making them attractive. These moves allow fintechs to offer comprehensive services, capitalizing on consumer trends and regulatory opportunities.
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Festive sales hit $6.5 billion in a week on ecommerce street: report
Economic Times
·
10m ago
Medial
- Online marketplaces recorded a 26% increase in sales, reaching $6.5 billion in one week of festive sales. - Mobile phones, electronics, consumer durables, home, and general merchandise accounted for three-fourths of the total sales. - Sales in the first week made up for about 55% of the total expected ecommerce sales during the festive season this year. - Ecommerce giants Flipkart and Amazon India started their annual festive season sales on September 27, with a strong demand observed from tier-II and beyond cities. - Supply chain issues pose a significant challenge for brands during the festive rush, with demand exceeding expectations in some cases. - Quick-commerce platforms are also witnessing growth during the festive season, particularly in categories like wearables and audio products.
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