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India's mobile payments dilemma | TechCrunch
TechCrunch
·
6m ago
Medial
India's payments regulator is considering capping the market share of Walmart's PhonePe and Google Pay on the UPI platform, which dominates India's mobile payments scene. The proposal limits each firm's UPI transactions to 30%, affecting their growth and market plans. Currently, PhonePe and Google Pay handle 47.8% and 37.1% of UPI transactions, respectively. The decision could benefit other fintech startups and marks significant regulatory intervention in India's booming technology sector.
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India stumped on how to cut PhonePe and Google dominance in payments | TechCrunch
TechCrunch
·
1y ago
Medial
India's National Payments Corporation (NPCI) is struggling to enforce rules to limit the market share of PhonePe and Google Pay in the country's UPI payments network. The NPCI wants to restrict individual companies' market share to 30% in the popular Unified Payments Interface (UPI) system, but is facing challenges in achieving this goal. The NPCI has reached out to industry players for ideas, but faces a technical barrier. The dilemma has come to the fore after a parliamentary panel called for support for domestic fintech firms to counter the dominance of PhonePe and Google Pay.
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Mobile wallet transactions on slippery slope as UPI rises
Economic Times
·
11m ago
Medial
Mobile wallets in India are losing relevance as the Unified Payments Interface (UPI) becomes the preferred digital payment mode. In June, there were 403 million mobile wallet payments, a 24% decline from the previous year. The number of transactions has been consistently falling since January. UPI's popularity can be attributed to its larger acceptance infrastructure, nil fee model, and convenience for customers with bank accounts. Fintech giants like PhonePe, Google Pay, Paytm, and Amazon Pay are all focused on UPI. Interoperability and simplified KYC requirements could potentially revive the relevance of mobile wallets in India's digital payments ecosystem.
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Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown | TechCrunch
TechCrunch
·
1y ago
Medial
An Indian parliamentary panel has recommended that the government support domestic fintech players to provide alternatives to PhonePe and Google Pay, which currently dominate the country's digital payments market. The report comes as Paytm, another leading payments firm, faces challenges in its payments bank business. PhonePe holds 46.91% of the UPI market share, while Google Pay controls 36.39%. The report highlights the need for local entities to be promoted in the fintech sector and addresses concerns about the duopoly in the mobile payments market. The National Payments Corporation of India has proposed enforcing a market share check.
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Info Edge founder bats for 'Indian app store' after Google action on Indian apps
Livemint
·
1y ago
Medial
Info Edge founder Sanjeev Bikhchandani has called for the creation of an Indian mobile application store as part of the country's 'Digital Public Infrastructure', following Google India's takedown of mobile apps from 10 Indian companies. The dispute stems from Google's imposition of a service fee for in-app payments, with Indian startups resisting the fee. Bikhchandani clarified that there were no pending invoices and payments had been made promptly. He suggested India needs an App Store/Play Store as part of its public infrastructure, similar to UPI and ONDC, to strategically address the issue.
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PPBL Tops Chart On Highest Complaints Per Branch In FY22-23
Inc42
·
1y ago
Medial
Paytm Payments Bank Ltd (PPBL) received the highest number of complaints per branch among payments banks, according to the Reserve Bank of India's annual report. PPBL recorded an average of 501.86 complaints per branch, with a total of 3,513 complaints between April 2022 and March 2023. This figure surpassed the number of complaints received by other payments banks such as NSDL Payments Bank and Airtel Payments Bank. The complaints primarily focused on mobile/electronic banking and non-adherence to fair practices code. The restrictions imposed by the RBI on PPBL are expected to impact only a small percentage of Paytm app users.
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Paytm launches ‘Card Soundbox’ for payments
Economic Times
·
1y ago
Medial
Paytm has introduced the 'Card Soundbox,' a device that enables merchants to accept both mobile and card payments across various networks, including Visa, Mastercard, American Express, and RuPay. The device has a built-in 'tap and pay' feature for card payments up to Rs 5,000 and supports NFC-enabled smartphones for mobile payments. It operates on a 4G network with a five-day battery life and offers multilingual alerts. The Card Soundbox aims to provide a seamless payment experience for both merchants and customers, merging card and mobile payments.
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Jio Financial says not in talks to acquire Paytm's wallet business | TechCrunch
TechCrunch
·
1y ago
Medial
Reliance Industries' subsidiary, Jio Financial Services, has denied reports that it is in talks to acquire Paytm's wallet business following the Reserve Bank of India's crackdown on the fintech firm's payments bank. Last week, the central bank prohibited Paytm Payments Bank from offering several services, prompting speculation that a deal with Jio Financial Services was on the cards. Paytm shares rose 5.5% on the back of the news.
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IPO-bound PhonePe announces UPI payments on feature phones
Economic Times
·
1m ago
Medial
PhonePe has announced the rollout of UPI payments for feature phones by purchasing GSPay from Gupshup. Built on UPI 123PAY by NPCI, this technology will be adapted into a new mobile app for feature phones. Offering basic UPI features like P2P transfers and offline QR payments, PhonePe aims to serve India's underrepresented feature phone users, which numbered around 24 crore in 2024. Additionally, Zarin Daruwala joins PhonePe's board as the company plans a public listing in April 2025.
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India's MobiKwik surges 82% in market debut | TechCrunch
TechCrunch
·
7m ago
Medial
Digital payments firm MobiKwik's shares surged 82% on its first day of trading following a $69 million IPO. This pushed its market value to $464 million, exceeding its initial target of $250 million but lower than its $924 million valuation in 2021. MobiKwik faces competition from larger rivals and challenges from the widespread adoption of UPI, India's state-backed payments system. The company has raised over $268 million in funding and serves 161 million users and 4.26 million merchant partners. MobiKwik is one of many Indian startups planning to go public in the country's thriving IPO market.
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India to introduce UPI payment service in Maldives
Economic Times
·
11m ago
Medial
India and Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the Maldives, which is expected to have a positive impact on its tourism sector. The UPI, developed by the National Payments Corporation of India, is an instant real-time payment system through mobile phones. India's External Affairs Minister, S Jaishankar, expressed his hopes of bringing this digital innovation to the Maldives, emphasizing the potential benefits it will bring to the tourism industry. The visit aims to strengthen the bilateral relationship and explore areas of cooperation between the two countries.
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