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BofA payments app for businesses handled record $500 billion by mid-year

Economic Times

Economic Times · 1y ago

BofA payments app for businesses handled record $500 billion by mid-year

Bank of America reported that its corporate clients have approved a record $500 billion in payments through its CashPro app by mid-year, a 40% increase from the same period last year. The bank projects that payments on the app will surpass $1 trillion this year, up from $802 billion in 2022. This surge in usage reflects the growing trend of banks investing in apps that allow corporations to manage their finances on mobile devices. The global payments industry has seen a significant increase in revenues, reaching over $2.2 trillion in 2022, with commercial accounts contributing 53% of the total. Bank of America's broader payments business processes nearly $2 trillion in transactions daily.

Related News

BofA Pegs Jio Platforms’ Valuation At $107 Bn, Sees Robust Growth In 2024

Startup News FYI

Startup News FYI · 1y ago

BofA Pegs Jio Platforms’ Valuation At $107 Bn, Sees Robust Growth In 2024

Mukesh Ambani's Jio Platforms has been estimated to be valued at $107 billion by brokerage BofA. The platform, which includes Reliance Jio Infocomm and other digital businesses of Reliance Industries, is expected to continue adding subscribers and expand its enterprise business. BofA sees potential growth opportunities in government contracts, SMEs, and corporates for Jio Platforms. This valuation is a 64.6% increase from the company's $65 billion valuation after its $20 billion fundraising round in 2020. Jio Platforms has been expanding its business with the launch of advanced feature phone JioBharat and wireless broadband device JioAirFiber.

BofA pegs Jio Platforms’ valuation at $107 Bn, sees robust growth in 2024

Inc42 · 1y ago

BofA pegs Jio Platforms’ valuation at $107 Bn, sees robust growth in 2024

According to a note from BofA, brokerage firm, Mukesh Ambani's Jio Platforms is valued at $107 billion and is expected to experience robust growth in the coming years. Jio Platforms, which includes Reliance Jio Infocomm and other digital businesses of Reliance Industries Ltd, is anticipated to add more subscribers and expand in the enterprise business space. BofA highlighted the potential for Jio Platforms to tap into government contracts, SMEs, and corporates.

UPI sets new record with more than 15 Bn transactions in Sept

Entrackr

Entrackr · 10m ago

UPI sets new record with more than 15 Bn transactions in Sept

Unified Payments Interface (UPI) has achieved a significant milestone by processing over 15 billion transactions in a month for the first time in September. Data published by the National Payments Corporation of India (NPCI) indicates that UPI recorded 15.04 billion transactions valued at Rs 20.64 lakh crore or Rs 20.64 trillion. In August, the number of transactions stood at 14.96 billion, amounting to Rs 20,60,735.57 crore. This reflects a 0.5% month-on-month growth and a 42% year-on-year increase. Notably, UPI surpassed the 10 billion transaction mark for the first time in August of last year. As a result, average daily transactions have also exceeded 500 million. According to UPI data analyzed by Entrackr, UPI reached 500 million daily transactions for the first time on July 2, 2024. While the app-wise breakdown data is yet to be published by NPCI, PhonePe held a 48.36% market share by volume in August, followed by Google Pay with 37.3% and Paytm with 7.21%. CRED has emerged as the fourth largest player in UPI transactions, with new entrants like Flipkart, NAVI, and BharatPe also making strides in the consumer-facing payments sector. Sources from Entrackr indicate that Infibeam Avenues is set to enter the UPI market with its new payment app, RediffPay. In addition to its growth in India, NPCI has launched instant payment services in various countries, including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE.

Flipkart Group’s new payments app—super.money—eyes first-time borrowers

Livemint

Livemint · 11m ago

Flipkart Group’s new payments app—super.money—eyes first-time borrowers

Flipkart has launched a new payments app called super.money, which allows users to make payments via Unified Payments Interface (UPI) and earn cashback. The app has already handled 10 million transactions and 1 million downloads since its beta launch in June. It offers up to 5% cashback on merchant transactions and special offers on partner platforms like Myntra and Flipkart. The company also plans to introduce a credit on UPI offering in partnership with the National Payments Corporation of India's UPI infrastructure. Super.money aims to target first-time borrowers and become one of the top 5 UPI players by December.

The App Store economy is under siege

Livemint

Livemint · 1y ago

The App Store economy is under siege

Monday's court ruling that Google created an antitrust market with its app store threatens the $500-billion-a-year app store economy dominated by Apple and Google. The ruling came as Epic Games won a lawsuit against Google, declaring the company's monopoly harmful to the videogame maker. Regulators and legal challenges around the world are gradually eroding the control of Apple and Google over third-party software. Despite potential financial threats, analysts are divided on the impact these challenges may have on Apple and Google's businesses.

Kriya Secures £50M Funding Facility

Finsmes · 1y ago

Kriya Secures £50M Funding Facility

London-based fintech platform provider, Kriya, has secured a $50 million funding facility from Viola Group. The company plans to use the funds to expand its embedded B2B payments offering to mid-market and enterprise merchants in the UK and Europe. Kriya's platform enables businesses to access B2B payments and credit through integrations and instant credit decisions. It has facilitated over £27 billion in B2B payments and advanced over £3.5 billion in credit to suppliers and buyers. Kriya is supported by strategic distribution partners, including Barclays Bank, and various equity investors, including Northzone and Santander Bank's Mouro Capital.

Tax treatment of delayed payments to micro, small businesses in for a tweak

Livemint

Livemint · 1y ago

Tax treatment of delayed payments to micro, small businesses in for a tweak

The Indian government is considering modifying a tax provision introduced last year to ensure that large corporations do not avoid paying micro and small enterprise vendors by sidestepping them altogether. The government is responding to concerns that the provision could backfire on the intended beneficiaries. The modification could be part of the Union budget proposals for 2024-25. The tax provision, effective from 2023-24, requires companies to record delayed payments to micro and small enterprises as an expenditure deductible only in the year of the transaction, encouraging timely payments to small businesses.

UPI transactions touch record high of Rs 24.77 lakh crore in March

YourStory

YourStory · 4m ago

UPI transactions touch record high of Rs 24.77 lakh crore in March

Unified Payments Interface (UPI) transactions reached a record high of Rs 24.77 lakh crore in March, marking a 12.7% increase from February and a significant 25% year-on-year rise. Daily transactions averaged Rs 79,903 crore, reflecting increased adoption of digital payments in India. The National Payments Corporation of India (NPCI) attributes this to growing trust in digital financial solutions. For the fiscal year 2023-24, UPI transaction volumes exceeded 131 billion, with values surpassing Rs 200 lakh crore.

Crypto ransom attack payments hit record $1 billion in 2023

Reuters · 1y ago

Crypto ransom attack payments hit record $1 billion in 2023

Crypto-related ransom attack payments reached a record $1 billion in 2023, almost doubling from the previous year, according to blockchain analytics firm Chainalysis. Scammers targeted institutions for ransom, accumulating $1.1 billion compared to $567 million in 2022. However, losses from other crypto-based crimes, including scamming and hacking, decreased. The rise in payments can be attributed to new players entering the market, attracted by high profits and low barriers to entry. "Big game hunting" has become a dominant strategy, with a majority of ransom revenue coming from payments of $1 million or more.

UPI services restored after brief outage caused by bank-side technical issues says NPCI - The Economic Times

Economic Times

Economic Times · 1d ago

UPI services restored after brief outage caused by bank-side technical issues says NPCI - The Economic Times

UPI services faced a significant nationwide disruption due to technical issues at some participating banks, causing widespread transaction failures. The outage led to problems with payments, fund transfers, and app access for many users. Despite this temporary setback, UPI continues to grow, with July transactions hitting a record high of 19.47 billion. The National Payments Corporation of India (NPCI) worked quickly with banks to resolve the issue and restore services.

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