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Google bets on digital payments, to tap into the SME sector in India
Livemint
·
1y ago
Medial
Google is focusing on digital payments to target the SME sector in India. Sanjay Gupta, Country Head and VP of Google India, discussed the company's future plans and revenue models. Gupta highlighted the growth potential of India's consumer internet economy, which is expected to reach $1 trillion by 2030. He also emphasized the importance of enabling credit accessibility for Indian SMEs and Google's commitment to supporting open media. Additionally, the article mentioned Google's investments in technology and talent in India.
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Mastercard plans to launch contactless smartphone payment tech for merchants
Entrackr
·
1y ago
Medial
To use smartphones as a point-of-sale machine in India, Mastercard may soon launch a new payment technology ‘Tap & Go’ to enable small businesses accepting contactless payments. The new technology will turn an NFC-enabled smartphone into a PoS machine that doesn’t require a PIN. Mastercard is investing heavily in the contactless PoS for SME sector. The feature is working in US and other markets which is cost-effective and has a quicker check-out facility.
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Razorpay bets on offline, overseas business ahead of IPO
Livemint
·
11m ago
Medial
Payment aggregator Razorpay is prioritizing its offline and international business ahead of its upcoming IPO. The company aims to tap into the larger Indian offline payments market, as well as expand its presence in Southeast Asia and the Middle East. Razorpay expects offline payments to constitute about 30% of its revenue in the next three years, up from 15% currently. The company is also focusing on real-time payments in emerging markets like Malaysia and plans to leverage its success in India to replicate that in other countries.
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'Standard Chartered is betting on SMEs in India to help grow wealth management business'
Economic Times
·
2m ago
Medial
Standard Chartered is expanding its small and medium enterprises (SME) business in India to boost its wealth management segment. The bank views SMEs as a vital driver for wealth creation in Asia, allowing for cross-selling opportunities. With double-digit growth in India’s SME sector, the bank aims to tap into the growing middle-class and regional opportunities, particularly in Asia and Africa. CEO Bill Winters plans to double investments in wealth management to develop future affluent clients.
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PhonePe eyes South East Asia, Middle East for its global forays
Economic Times
·
1y ago
Medial
PhonePe, a digital payments company, is reportedly planning to expand its retail payment operations into new regions, including Southeast Asia and the Gulf region. The company intends to apply for payment licenses in countries like Singapore and the Gulf region and establish consumer-facing payment systems for local residents. PhonePe aims to leverage its expertise in scaling up business in India to tap into the opportunities presented by digitized payments in these regions. The move comes as the National Payments Corporation of India seeks to promote the adoption of Unified Payments Interface outside of India.
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NPCI introduces credit, NFC-based payments to scale UPI service
Economic Times
·
1y ago
Medial
The National Payments Corporation of India (NPCI) has introduced several new products and features for its Unified Payments Interface (UPI) network to enhance digital inclusivity. These offerings include a credit line on UPI, UPI Lite X for offline payments, a near-field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI, and conversational bill payments with BillPay Connect. The move comes as NPCI aims to scale the UPI infrastructure to handle 100 billion monthly transactions. The credit line on UPI feature will be initially launched by Paytm, Google Pay, and HDFC PayZapp.
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Google Expands Payment Offerings With UPI Circle, eRupi & ClickPay QR
Inc42
·
11m ago
Medial
Google is introducing a new feature called UPI Circle that allows users to make payments through trusted contacts without linking their own bank accounts. The integration of UPI vouchers or eRupi into the Google Pay app will also enable users to make payments using prepaid vouchers linked to their mobile numbers. Furthermore, Google is enabling the 'tap and pay' functionality for RuPay cards on the Google Pay app.
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BHIM looks to bulk up with ONDC to take on digital payment heavyweights
Economic Times
·
1y ago
Medial
Payments app BHIM, developed by the National Payments Corporation of India (NPCI), is set to be available on the Open Network for Digital Commerce (ONDC) in an effort to compete with Google Pay and PhonePe in India's digital payments market. By entering the ecommerce sector through ONDC, BHIM aims to increase its adoption and challenge the dominance of its competitors. BHIM, which operates on the Unified Payments Interface (UPI), has seen lower adoption compared to Google Pay and PhonePe, but recent regulatory curbs on Paytm have led to increased downloads of BHIM. NPCI is also working on a BHIM 2.0 project to enhance user experience on the app.
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Value of fintech-led businesses to rise to $400 billion by 2030: report
Economic Times
·
1y ago
Medial
A report by Elevation Capital projects the creation of about $400 billion worth of businesses in India's fintech sector over the next seven years, growing four times from current levels. The sector is expected to tap into a revenue pool of around $70 billion out of the overall financial services revenue pool of $620 billion by FY2030. The report highlights that India now has the world's third-largest fintech ecosystem, with over 9,000 fintech startups, following the US and UK. SME lending, retail lending, and fintech SaaS are identified as key innovation opportunities.
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Value of fintech-led businesses to rise to $400 billion by 2030: report
Economic Times
·
1y ago
Medial
A report by Elevation Capital projects the creation of about $400 billion worth of businesses in India's fintech sector over the next seven years, growing four times from current levels. The sector is expected to tap into a revenue pool of around $70 billion out of the overall financial services revenue pool of $620 billion by FY2030. The report highlights that India now has the world's third-largest fintech ecosystem, with over 9,000 fintech startups, following the US and UK. SME lending, retail lending, and fintech SaaS are identified as key innovation opportunities.
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Airtel scouts for potential acquisitions in B2B space; eyes deep strategic alliances with top companies
Money Control
·
1y ago
Medial
Bharti Airtel is seeking potential acquisitions in the B2B sector to expand its enterprise business. The company aims to establish deep strategic alliances with top firms, akin to its recent partnership with Google Cloud. Airtel Business witnessed a 14.1% YoY revenue growth in Q1, driven by adjacencies in the large B2B market. Gopal Vittal, Managing Director, revealed that the company is exploring opportunities to strengthen its portfolio and further tap into the growing SME segment. Airtel also mentioned operating private 5G networks and stated that its fixed wireless access service will complement its fiber broadband offerings.
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