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PhonePe Partners ICICI Bank To Offer Credit Line On UPI

Inc42Inc42 · 9m ago
PhonePe Partners ICICI Bank To Offer Credit Line On UPI
Medial

- ICICI Bank introduces a credit line service for select customers, allowing them to make UPI payments of up to INR 2 Lakh with a 45-day repayment period. - The collaboration between ICICI Bank and select fintech companies aims to expand their offerings and tap into new customers, generating additional revenue streams. - The RBI's decision to include pre-approved credit lines in UPI has paved the way for this collaboration, enabling customers to make high-value purchases. - ICICI Bank's credit line service aims to provide convenience and flexibility to customers, allowing them to make payments without worrying about immediate cash availability. - This partnership will also contribute to the growth and adoption of digital payment solutions in the Indian market.

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Flipkart launches UPI app Super.Money to offer financial services

EntrackrEntrackr · 1y ago
Flipkart launches UPI app Super.Money to offer financial services
Medial

E-commerce major Flipkart has launched a unified payments interface (UPI) app Super.Money to offer payments, credit, deposits and other digital financial services. As a part of the beta version, the app will be available for initial 100,000 users. The app is live in partnership with Axis Bank while it will also offer credit through Utkarsh Small Finance Bank. As per the company’s website, DMI Finance and Credit Saison are other financial partners of Super.Money. The app is also offering coupons, scratch cards or coins for making UPI payments. “Super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion,” said Prakash Sikaria, CEO of Super.Money. The development comes 18 months after the separation of Flipkart and PhonePe, which is the leading UPI app in India with nearly 50% market share. It’s worth highlighting that Flipkart also has its own UPI handle within the shopping app. Super.Money was reportedly in talks to raise $20 million from Flipkart. In March, Flipkart launched its own UPI services which will allow its users to set up their own UPI handle for online and offline merchant transactions. As per NPCI data, the app registered 4.44 million transactions worth Rs 251 crore in May. Its arch rival Amazon Pay did 68.34 million transactions in the last month. With 48.6% market share, PhonePe is the leader among UPI apps followed by Google Pay and Paytm with 37% and 8% market share respectively.

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

EntrackrEntrackr · 7d ago
Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru
Medial

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru According to the company, the Slice UPI credit card comes with no joining or annual charges. Users can scan QR codes or make UPI payments to access their credit lines. Fintech company Slice has launched a UPI credit card and opened a UPI-powered physical bank branch in Bengaluru, following its merger with North East Small Finance Bank. The Slice UPI credit card offers up to 3% cashback on all spends and includes a feature called Slice in 3, allowing customers to convert purchases into three interest-free instalments. The newly opened branch in Koramangala includes UPI-integrated services, self-service kiosks, and a UPI-enabled ATM supporting deposits and withdrawals. Customers can also open accounts and access other banking products at the branch. Slice aims to integrate credit more closely with UPI and expand access to users outside the traditional credit ecosystem. Unlike most fintech companies that rely on third-party banking partners, Slice operates as a bank, controlling its infrastructure, including core banking systems and credit underwriting. Slice recently passed a resolution to rebrand North East Small Finance Bank as Slice Small Finance Bank. The merger was completed in October last year. In a media interview, Slice founder Rajan Bajaj said the bank has turned profitable on a monthly basis and the group aims to go public in the next three to four years. The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners. Tiger Global is the largest stakeholder, followed by Insight Partners.

Paytm holds steady UPI market share for two consecutive months

EntrackrEntrackr · 12m ago
Paytm holds steady UPI market share for two consecutive months
Medial

Showing signs of recovery, Paytm’s QR-based payments, and Soundbox, have retained their market share for two consecutive months in Unified Payments Interface (UPI) ecosystem despite facing restrictions on onboarding new users. Paytm secured over 8% of the overall UPI transaction market in both May and June 2024. In June, the total transactions on the Paytm platform stabilized at 1.1 billion, in line with May’s figures, according to a document seen by Entrackr. Since becoming a Third-Party Application Provider (TPAP) in March, Paytm has managed to maintain its position as the third-largest player by UPI market share after PhonePe and Google Pay, as per the document. In terms of transaction value, Paytm processed Rs 1.2 trillion (Rs 1.2 lakh crore) worth of UPI transactions in June, repeating its performance in May. The company remains amongst the leading players in the peer-to-merchant (P2M) segment due to its extensive merchant network. Despite a slight dip in overall UPI transactions, Paytm has stayed in the fray as the market continues to be dominated by PhonePe and Google. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. The latest volume and value break up for PhonePe and Google Pay are yet to be disclosed by NPCI. In May, the duo accounted for 48.6% and 37% market share by volume, respectively. Paytm’s UPI is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. The company also has UPI Lite and Rupay credit card on UPI. As per reports, NPCI is also likely to review the 30% cap on the market share of third party UPI apps such as PhonePe and Google Pay.

RBI allows Paytm to migrate UPI payment business to other banks

Economic TimesEconomic Times · 1y ago
RBI allows Paytm to migrate UPI payment business to other banks
Medial

The Reserve Bank of India (RBI) has approved the transfer of Paytm's UPI-based payments business from Paytm Payments Bank to four to five other banks. Paytm has been asked to stop onboarding new users until the migration is complete. The RBI has also asked Paytm to create settlement accounts with one or two banks to ensure merchant payments continue uninterrupted. Paytm is in the process of migrating accounts to Axis Bank. The National Payments Corporation of India (NPCI) has been asked to consider Paytm's request to become a Third-Party Application Provider (TPAP) for UPI operations. Several major banks, including HDFC Bank, Axis Bank, Yes Bank, and ICICI Bank, are expected to become payment service provider banks for Paytm. The clarification from the RBI will allow banks to enter the Paytm business. Additionally, banks may require fresh Know Your Customer (KYC) details from merchants to prevent fraudulent activities. The RBI directive puts Paytm on the same footing as competitors such as Google Pay, Amazon Pay, and PhonePe, who offer UPI-based payment services.

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