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Empowering India’s Fintech Future: A Compelling Glimpse Into 2024

StartupTalkyStartupTalky · 1y ago
Empowering India’s Fintech Future: A Compelling Glimpse Into 2024
Medial

India's fintech industry is poised for significant growth and transformation in 2024. With a projected market value of $150 billion by 2025, there are abundant opportunities for investments, collaborations, and partnerships. Fintech startups in India are leveraging technology to bridge the gap between traditional banking systems and new payment methods, enabling financial inclusion and revolutionizing how individuals conduct financial transactions. The rise of digital payments has led to a cashless revolution, with digital transactions witnessing a significant increase. Fintech startups are driving innovation and reshaping the industry through the use of artificial intelligence and machine learning. AI is expected to play a crucial role in the future of fintech, enhancing operational efficiency and providing customer-oriented solutions.

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CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 6m ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

PhonePe founders donate $1 Mn to alma mater SPIT

EntrackrEntrackr · 7m ago
PhonePe founders donate $1 Mn to alma mater SPIT
Medial

Mumbai-based Sardar Patel Institute of Technology (SPIT) celebrated its Annual Alumni Reunion on December 21, 2024, where PhonePe co-founders Sameer Nigam and Rahul Chari announced a $1 million grant for their alma mater. The event, held at SP Jain Auditorium, Bhavan’s Campus, marked the 25th anniversary of the 1999 graduating batch. The reunion saw the participation of 300 alumni, including key figures from the tech and business sectors. The grant aims to boost SPIT’s infrastructure, drive innovation, and nurture an entrepreneurial spirit among students, empowering them to develop impactful solutions. Nigam, CEO of PhonePe, and Chari, CTO, were recognized with the Distinguished Alumni Award for their contributions to India’s fintech landscape and society. Under their leadership, PhonePe has become one of the leading fintech companies with a $12 billion valuation. The firm also surpassed the Rs 5,000 crore revenue mark in the last fiscal year (FY24). The institute also presented the SP-Changemakers Awards to honor alumni for their achievements.

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