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Fintech firm Pop hits monthly run rate of 1 million UPI transactions in two months
Economic Times
·
11m ago
Medial
Fintech firm Pop, founded by former Flipkart employees, has achieved a monthly run rate of one million transactions in its second month since launch and aims to be among the top ten UPI apps by year-end. Pop offers UPI rewards in the form of Popcoins that can be redeemed to purchase products from D2C brands within the app. The company aims to leverage UPI usage to attract a user base interested in buying new-age brands. Popcoins earned via UPI transactions are driving over 20,000 monthly e-commerce orders and the company expects this to reach one million monthly orders by year-end.
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Startup news and updates: daily roundup (August 26, 2024)
YourStory
·
11m ago
Medial
Velocity, a financing platform, has set aside Rs 400 crore to provide funding for direct-to-consumer (D2C) and ecommerce brands during the festive season sales. This allocation is an increase of over 60% compared to the previous year, indicating higher expectations for this year's festive season. The financing will support brands on various ecommerce platforms, allowing them to expand their product range, improve delivery times, and take advantage of emerging trends. Additionally, InsuranceDekho has launched Heph, a SaaS platform designed to streamline operations for insurance distributors. Fintech startup POP has achieved a monthly run rate of one million UPI transactions.
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Flipkart’s UPI Hits Record 5 Mn Transactions In March
Inc42
·
1y ago
Medial
In March, Google Pay and PhonePe, two of the leading UPI transaction platforms in India, processed 5 billion transactions worth INR 7 lakh crore and 6.5 billion transactions worth INR 10 lakh crore respectively. Flipkart, backed by Walmart, saw 5 million UPI transactions worth INR 197.24 crore in its first month of launching UPI services. Flipkart's UPI transactions were higher than those of Jio Payments Bank apps and other banking apps, according to NPCI data. The total UPI transactions volume for March was around 13 billion. Google Pay, PhonePe, Paytm, CRED, and Amazon Pay continue to dominate the UPI landscape.
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PhonePe dominates UPI ecosystem with 49% market share in April
Entrackr
·
1y ago
Medial
Digital payments platform PhonePe has continued to be the number one player in the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions. PhonePe has maintained the leadership position in the overall UPI transactions for more than 40 months (since November 2020). As per the data issued by the National Payments Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions via UPI out of the total transactions of 13.3 billion in the last month. This roughly translates to 48.87% market share in the UPI ecosystem which also includes players like Google Pay and Paytm, among many others. UPI transactions declined in volume in April by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion in March. While PhonePe and Google Pay registered 6.5 billion and 5 billion transactions respectively in March as well as in April, Paytm’s transactions slipped to 1.11 billion from 1.21 billion during the last two months. As of April, Google Pay and Paytm controlled 37.5% and 8.3% market share in the overall (P2M and P2P transactions) UPI ecosystem. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. For Paytm, this is the third consecutive decline in terms of monthly transactions in 2024. The trend can be seen below: In January, RBI had imposed restrictions on Paytm due to compliance concerns. This appears to be the primary reason behind the fall in UPI transactions for the Vijay Shekhar Sharma-led fintech major. The firm also saw a sharp fall in active users after January this year. Entrackr exclusively reported the development in April. Paytm later received permission from NPCI to participate in UPI through the third-party application provider (TPAP) under the multibank model. In April, CRED became the fourth largest UPI-enabled app which processed 138 million transactions. This was followed by Amazon Pay and Fampay with 64.33 and 46.64 million transactions, respectively. Government- promoted BHIM recorded 25 million transactions while WhatsApp reported over 34 million transactions in the last month. Significantly, NPCI is reportedly planning to review its decision to implement a 30% cap on the market share of UPI apps by the end of 2024.
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BT Banking & Economy Summit: SBI sees 19.5 crore UPI transactions per day, says deputy MD Nitin Chugh
Business Today
·
5m ago
Medial
SBI's Deputy MD, Nitin Chugh, highlighted at the BT Banking & Economy Summit that the bank sees 195 crore UPI transactions daily. He emphasized the exponential growth of UPI transactions, noting that current monthly volumes consistently exceed those of previous months, indicating the evolving nature of digital payments. This surge reflects increased user adoption and trust in UPI as a preferred payment method in India's rapidly advancing digital economy.
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Fintech firm Pop eyes $10-15 million round from Razorpay, others
Economic Times
·
5m ago
Medial
Fintech firm Pop, based in Bengaluru, is seeking $10-15 million in funding, with Razorpay considering investment through its venture arm, Razorpay Ventures. Pop, known for its payments and rewards platform on the UPI network, attracts interest due to its B2C potential. The startup, valued at $15 million, may also consider acquisition offers valued at $50 million. Razorpay aims to expand its consumer reach, with Pop among potential early investments.
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Razorpay acquires majority stake in POP with $30 Mn investment
Entrackr
·
1m ago
Medial
Razorpay acquires majority stake in POP with $30 Mn investment Rewards-first UPI payments app POP has raised $30 million from Razorpay to grow its payments and commerce platform. With this, Razorpay has acquired a majority stake in the Bengaluru-based startup. While POP did not share further transaction details, it will operate as a separate entity. Earlier in June last year, POP had raised $2.4 million in its seed funding round led by India Quotient and a few prominent angel investors. The fresh proceeds will be used to improve its products, grow its merchant base, and enhance its rewards program. POP started its UPI platform in June 2024. It claims to have crossed 6 lakh daily transactions and 1 million unique monthly transactions within the first year. According to the company, it fulfilled 2 lakh orders and issued over 40,000 RuPay credit cards in collaboration with Yes Bank. POP’s main feature is POPcoins, a multi-brand rewards currency that consumers earn when making payments or shopping on the platform. These POPcoins can be redeemed across POP’s extensive merchant network, offering users flexible and valuable incentives. Razorpay’s investment in POP expands its services into loyalty, engagement, and commerce. POP’s payments and rewards ecosystem lets merchants reward transactions and payments directly. Previously in September 2022, Razorpay acquired PoshVine to add loyalty and rewards to its payments stack. POP will help Razorpay serve merchants by offering payments, loyalty, and engagement services in a single platform. The development follows Razorpay’s recent announcement to shift its domicile back to India from the US. While the company has no immediate plans for a public listing, it has completed key regulatory steps, including its transition into a public limited company and securing approval for the merger of Razorpay Inc. with Razorpay India. Razorpay stands out as one of the few profitable unicorns in the fintech space, having reported revenue of Rs 2,068 crore and a profit of Rs 35 crore in FY24. The company is yet to announce its FY25 results.
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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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UPI transactions surge 13.6% in March
Entrackr
·
4m ago
Medial
UPI transactions surge 13.6% in March Unified Payments Interface (UPI) recorded 18.30 billion transactions in March, compared to 16.11 billion in February. This represents a 13.6% month-on-month growth and a 36% year-on-year increase, according to data published by NPCI. For the first time, UPI crossed the 18 billion transaction volume mark on a monthly basis. The total transaction amount in March rose by approximately 12.80% to Rs 24.77 lakh crore, compared to Rs 21.96 lakh crore in February. The average daily transaction count in March stood at 590 million, compared to 575 million in February. The average daily transaction amount also saw an increase to Rs 79,910 crore in March from Rs 78,446 crore in the previous month. Several factors have contributed to this growth, including the widespread adoption of UPI by merchants across sectors, government initiatives promoting digital transactions, and increased consumer awareness and convenience. For context, the Indian government recently approved a new scheme to encourage small merchants to use digital payments through the BHIM-UPI platform. The 'Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (P2M)' will run from April 1, 2024, to March 31, 2025, with a budget of Rs 1,500 crore. While the top three UPI apps—PhonePe, Google Pay, and Paytm—continued to dominate the market as of February, Flipkart’s Super.money entered the top five for the first time.
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PhonePe crosses 2 billion transanctions on app
Entrackr
·
1y ago
Medial
Digital Payment major PhonePe claims that they have crossed 2 billion digital transactions on the mobile application and has achieved annual run-rate of $70 billion on transactions from its platform. PhonePe is now accepted across more than 3 million merchants and has crossed 50 million monthly active users now. According to the company, 75 percent of transactions on PhonePe are from tier 2-3 cities. It had crossed one billion transaction mark in November 2018.
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PhonePe crosses 2 billion transanctions on app
Entrackr
·
1y ago
Medial
Digital Payment major PhonePe claims that they have crossed 2 billion digital transactions on the mobile application and has achieved annual run-rate of $70 billion on transactions from its platform. PhonePe is now accepted across more than 3 million merchants and has crossed 50 million monthly active users now. According to the company, 75 percent of transactions on PhonePe are from tier 2-3 cities. It had crossed one billion transaction mark in November 2018.
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