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News on Medial
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
Economic Times
·
1y ago
Medial
Fintech startups, including Cred, PhonePe, BillDesk, and Infibeam Avenues, are expected to face disruption as a new regulation mandates credit card bill payments to be processed through a centralized billing network starting July 1. However, major card issuers in India, like HDFC Bank, ICICI Bank, and Axis Bank, have not yet activated the Bharat Bill Payment System (BBPS), potentially causing further complications in the industry.
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Public sector banks eye fintech tie-ups for MSME loans
Economic Times
·
4m ago
Medial
Large public sector banks are partnering with fintech startups to boost lending to micro, small, and medium enterprises (MSMEs), following government efforts to accelerate credit flow to this sector. The partnerships aim to overcome traditional lending challenges and leverage fintechs' digital capabilities for more efficient loan management. These co-lending arrangements involve banks taking 80% of a loan, while fintechs, sourcing and underwriting the customer, take the remaining 20%. The focus is on supply chain finance and trade financing.
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Fintechs queue up for card distribution business to lift topline
Economic Times
·
1y ago
Medial
Fintech companies Cred and PhonePe are partnering with banks to distribute their credit cards and expand their product offerings. Cred has already started distributing Axis Bank credit cards, while PhonePe is in the process of partnering with Axis Bank. These partnerships allow the fintech companies access to a large user base and offer potential for increased user engagement and revenues. The challenge for fintechs is to source creditworthy customers while keeping acquisition costs in check.
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Industry expects around Rs 600 crore loss as government nixes RuPay subsidy
Economic Times
·
3m ago
Medial
The Indian digital payments industry faces a potential Rs 500-600 crore loss due to the government's withdrawal of subsidy support on RuPay debit cards, as reported by Economic Times. Previously, subsidies helped offset losses from the zero-MDR mandate. With the subsidy for UPI payments reduced to Rs 1,500 crore for FY25, down from expectations of Rs 5,500 crore, fintechs and banks face sustainability challenges. Industry representatives are contemplating advocating for MDR revival to sustain RuPay's competitiveness.
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Zoho Rolls Out Zoho Payments To Streamline B2B Transactions
Inc42
·
10m ago
Medial
Zoho Payments, a new offering from the company, enables businesses to accept payments through different methods like UPI, net banking, and cards. The B2B payments capabilities of Zoho Payments are powered by NPCI's Bharat Bill Payment System (BBPS). Zoho obtained a payment aggregator license from the RBI earlier this year.
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Indians with ticket to travel give credit card spends a boost
Economic Times
·
22d ago
Medial
In May, holiday travel boosted the credit card market in India, resulting in a 3% month-on-month and 15% year-on-year increase in spending, reaching ₹1.9 lakh crore. New credit card issuances also hit a four-month high with 760,000 new cards added. Despite some banks like ICICI and RBL losing card numbers, others like HDFC and SBI experienced growth. Analysts expect stable card spending and cautious customer acquisition strategies in the future.
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Is your credit card application getting rejected? Try an FD-backed card
Money Control
·
1y ago
Medial
Individuals with poor credit scores or irregular income may struggle to obtain a regular credit card. In such cases, banks may offer an FD-backed credit card, which requires customers to maintain a fixed deposit as collateral. This assures banks that any dues can be offset by the FD money. FD-backed credit cards offer benefits such as rewards and brand offers while earning interest on the deposited amount. They are suitable for first-time borrowers and those seeking to improve their credit score. However, these cards may have lower credit limits and fewer benefits compared to unsecured cards.
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UPI integration gives a fillip to RuPay credit cards distribution
Economic Times
·
1y ago
Medial
Around 30% of new credit cards in India are now issued on the RuPay network, following the linking of Unified Payments Interface (UPI) with RuPay credit cards. Prior to this integration, RuPay cards accounted for only 5% of new credit card issuances. Large banks are actively issuing RuPay credit cards to meet customer demand, including co-branded cards running on the RuPay platform. However, transaction growth has not kept pace with card issuance. Some banks are concerned about losing credit card customers to popular UPI payment applications, which may cross-sell additional financial products to customers.
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Fintech companies caught up in tariff turmoil
Economic Times
·
3m ago
Medial
Fintech companies like Robinhood and Affirm are experiencing significant share declines amid fears of a potential global recession triggered by President Trump’s new tariffs. These tariffs may lead to higher prices and weakened consumer demand, impacting fintechs reliant on consumer repayments and spending. While traditional banks might withstand economic shocks better, fintechs are more vulnerable. However, some analysts are optimistic that lower Treasury yields could reduce borrowing costs, potentially benefiting these companies.
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How interoperability oiled the wheels of an M-pay revolution
Economic Times
·
1y ago
Medial
The Reserve Bank of India's recent decision to make netbanking interoperable in the country has helped achieve a key target of fintech policymakers. Interoperability has benefited various payment ecosystems, including cards, UPI, and wallets, making them interoperable. This has resulted in expanded merchant payments and reduced costs for acquiring consumers and merchants. Interoperability has also led to increased innovation in payment products, while fintechs and banks have focused on distribution and user interface. Next steps include the use of Central Bank Digital Currencies (CBDCs) for large ticket transactions, as well as the integration of smaller banks into the digital payments ecosystem.
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Rupay credit card payments through UPI hits the MDR speedbreaker
Money Control
·
1y ago
Medial
Rupay credit card transactions on UPI have increased from Rs 50-60 crore daily in May to Rs 100 crore daily in October, with Rupay's share of new credit card issuances growing to 25%. However, around 15-20% of merchants have requested their banks to disable Rupay credit card payments on UPI due to the higher merchant discount rate (MDR). The fear of lower or zero MDR for Rupay credit cards on UPI has led to a scramble among banks to distribute more Rupay credit cards to safeguard their interchange fees.
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