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News on Medial
India has issued 560 million tokens in the last one year: Visa
Economic Times
·
1y ago
Medial
India has issued around 560 million card tokens since October 2022, according to a report by Visa. The Reserve Bank of India mandated the tokenization of cards for e-commerce transactions, in an effort to protect consumers from fraud attacks. The report predicts that the gross transaction value of digital payments in India will reach $5.2 trillion by 2030. However, it also highlights a surge in cyberattacks, which emphasizes the importance of tokenization in keeping customer card details safe.
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Mastercard Rolls Out Tokenisation Platform For Banks In India
Inc42
·
1y ago
Medial
Mastercard has launched the MDES Token Connect platform in India, allowing users to tokenize their cards through internet and mobile banking. The platform enables card-on-file (CoF) and device-based tokenization for debit and credit cards. It offers a single integration for issuer banks and eliminates the need for multiple proprietary APIs, increasing security and accessibility for cardholders. This development comes after the Reserve Bank of India expanded the scope of card tokenization for online and mobile banking two months ago. Since then, India has issued approximately 560 million card tokens.
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upGrad Achieves 30% YoY revenue growth; EBITDA & PAT loss drops by 50%
YourStory
·
7m ago
Medial
Ind-AS EBITDA loss (excluding one-time costs) came in at Rs 202 Cr vs Rs 558 Cr the previous year and post one-time costs EBITDA loss closed at Rs 285 Cr, 50% less than the previous year. Ind-AS negative PAT came in at Rs 560 Cr vs negative Rs 1,142 Cr the previous year.
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Exclusive: Peak XV in talks to lead new round in visa startup Atlys
Entrackr
·
1y ago
Medial
Online visa application platform Atlys is in talks to raise a new round to the tune of $15-18 million, sources aware of the development told Entrackr. The Mumbai and San Francisco-based firm is raising its Series B round within a year of Series A fundraise. “Atlys has initiated talks with existing backer Peak XV and others to raise Series B round. The talks are early and may take a couple of months to materialize,” said a source who requested anonymity. In September last year, Atlys scooped up $12 million in a Series A round led by Elevation Capital and Peak XV Partners with participation from existing investors Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, Pinterest Founders and other investors. To date, it has raised over $17 million. “The round will be led by Peak XV and value Atlys anywhere at around $70 million or even more,” said another source. Launched in 2021, Atlys makes visa process visa-related processes easier in a quick time. It has built a tech which aims to reduce visa rejection rates. The platform covers more than 150 destinations and with an average time of just over 4-10 minutes spent to apply for a visa. As per sources, Atlys facilitates around 30,000 visa applications per month and India contributes more than 60% (20,000) visa applications. Earlier this year, the firm launched a new refund feature aimed at providing financial security to its users if their visa gets rejected. In a response to Entrackr’s queries, Atlys founder and CEO Mohak Nahta said, “We would like to clarify that we are currently not engaging in any fundraising activities, and reports or rumours indicating otherwise are inaccurate.” Queries sent to Peak XV did not elicit any response. Atlys competes with Gurugram-based Visa2Fly and Mumbai-based StampThePassport. While Visa2Fly raised $414K in its pre-seed round from ODX (On Deck), MarsShot VC (Razorpay Founders) and others in July 2022, StampThePassport raised $500K in September last year.
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Visa processing startup Atlys raises $20 Mn led by Peak XV and Elevation
Entrackr
·
10m ago
Medial
Visa processing platform Atlys has raised $20 million in its Series B funding round, co-led by Peak XV Partners and Elevation Capital. The round saw participation from existing investors, alongside new investors such as DST Global and Headline. The fresh capital will fuel Atlys’ expansion plans as well as enhance product and engineering capabilities, enter new markets, and scale operations globally, the company said in a press release. In May, Entrackr exclusively reported about the upcoming funding at Atlys. Previously, it raised $12 million in a Series A round in September 2023 and $4.25 million in seed funding in October 2021. The three-year-old startup aims to make visa-related processes easier. Its tech, the company claims, can reduce visa rejection rates, and streamline processing times to as quick as 55 seconds. The platform covers more than 150 destinations and with an average time of just over 4-10 minutes spent to apply for a visa. Atlys has expanded its footprints in key global markets, including the US, UAE, and the UK. It has also bolstered its leadership across product, engineering, and marketing departments. As per sources, Atlys facilitates around 30,000 visa applications per month and India contributes more than 60% (20,000) visa applications. While Atlys did not disclose its revenue and other metrics, it claims to have grown 20x over the past year. Atlys’ competitor Visa2Fly raised $414K in its pre-seed round in July 2022 whereas StampThePassport raised $500K in September last year. As per a report by UNWTO, India saw 30 million travellers venturing abroad in 2023, marking a 20% year-on-year increase. The report added that a significant portion of this growth came from tier II and tier III cities, which contributed to 43% of the country’s outbound travel.
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Unicorn India Ventures backs B2B Visa platform StampMyVisa
Entrackr
·
8m ago
Medial
Business-to-business (B2B) visa platform, StampMyVisa, has secured Rs 6.6 crore in a pre-Series A funding round led by Unicorn India Ventures. The fresh funds will be used to support rapid expansion, enhance AI capabilities, and enable the company to introduce innovative services that redefine how businesses manage international travel and visa processes for Indians traveling abroad, according to a press release from StampMyVisa. Launched by Rahul Borude and Pravin Wadekar, StampMyVisa is an AI-powered platform that simplifies the complex visa application process for businesses. Specializing in B2B travel, the platform assists corporates, travel agents, MICE companies, and OTAs in streamlining and automating visa processing, ensuring faster approvals, reduced errors, and enhanced global compliance. With its scalable and user-friendly technology, StampMyVisa aims to transform how businesses manage international travel documentation, empowering them to scale globally with ease. According to market research, the global e-Visa market is projected to grow at a CAGR of 11.1%, from $1,030.5 million in 2024 to $2,395.2 million by 2032. StampMyVisa claims to have grown more than sevenfold, handling hundreds of visas daily while ensuring complete compliance with global regulations over the last 12 months. The company also plans to introduce new offerings that will enhance the customer experience, positioning it as a one-stop solution for all international travel needs, from visa processing to travel insurance and eSIMs. StampMyVisa aims to reach one million visas processed annually within the next 12–18 months. Unicorn India Ventures has previously backed companies such as SmartCoin, Open Bank, Sequretek, and Pharmarack. Its current Rs 1,000 crore Fund III aims to support the next generation of innovative digital platforms.
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B2B startup StampMyVisa raises Rs 6.6 crore from Unicorn India Ventures
Economic Times
·
8m ago
Medial
StampMyVisa, a B2B visa processing platform based in Mumbai, has raised INR 6.6 crore ($882,000) in a pre-series A funding round led by Unicorn India Ventures. The funds will be used to expand its geographical reach, enhance its AI capabilities, and introduce new services to assist Indian businesses with managing international travel and visa processes. StampMyVisa plans to offer additional products such as insurance for visa fee refunds and travel eSIMs. The company aims to process one million visas annually within the next 12 to 18 months. The global e-visa market is expected to reach $2.4 billion by 2032.
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How Visa and Mastercard can survive the stablecoin threat
Livemint
·
1m ago
Medial
Visa and Mastercard are facing challenges as stablecoins, digital tokens representing fiat currencies, threaten to disrupt traditional payment systems. Investors see stablecoins as potential competitors capable of transforming consumer payments by collaborating with existing financial entities. The volatility in Visa and Mastercard's shares reflects concerns about this emerging competition. To adapt, these companies may need to integrate or partner with stablecoin technologies to maintain their market positions in the evolving financial landscape.
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RBI fines Visa, Ola Financial and Manappuram for contravention of PPI, KYC rules
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has imposed monetary penalties on Ola Financial Services, Manappuram Finance, and Visa Worldwide for non-compliance with KYC norms and regulatory directions. Ola Financial Services was fined Rs 33.40 lakhs and Rs 54.15 lakh for KYC non-compliance and regulatory deficiencies respectively. Manappuram Finance was fined Rs 41.50 lakh for non-compliance. Visa was fined Rs 2.4 crore for implementing a payment authentication solution without RBI clearance. Compounding orders were also issued to Ola Financial Services and Visa for contravening provisions related to prepaid payment instruments and card not present transactions.
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Tata Neu-HDFC Bank credit card crosses 2M issuances
YourStory
·
4m ago
Medial
Tata Neu and HDFC Bank's co-branded credit card has surpassed 2 million issuances, representing over 13% of new credit cards issued in Q3 FY25. The card's integration with UPI has led to significant engagement, with over 12 million monthly transactions totaling around Rs 800 crore in spending. Available in RuPay and Visa, it offers rewards and benefits. Launched in April 2022, Tata Neu is a multi-purpose super-app developed by Tata Digital.
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Techies’ American dream fast turning into desi nightmare
Economic Times
·
3m ago
Medial
Indian engineers in the US, particularly on H-1B visas, face growing uncertainty due to tech sector layoffs and immigration challenges. Layoffs, termed "Liberation Days," have hit US startups and hardware firms. Experts warn of potential future workforce reductions. Indian H-1B holders, comprising 72.3% of issued visas, are significantly impacted. Legal and staffing experts advise upskilling and adapting, noting remote work opportunities in India amid visa and economic shifts. Despite challenges, immediate visa policy changes seem unlikely.
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