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Temple and Panchayat payments go digital in next fintech wave
Economic Times
·
1y ago
Medial
The Indian government is pushing for the digitization of payments, extending beyond traffic challans to include village-level payments such as Panchayat tax and municipal corporation payments. The National Informatics Centre (NIC) is developing applications that can accept digital payments, make settlements and generate invoices for different government departments. NIC is also piloting the digitization of temple donations in Tamil Nadu, partnering with payment major Worldline to develop apps integrated into point-of-sales (PoS) terminals. This move aims to streamline person-to-government payments and reduce cash transactions.
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Programmable, offline CBDC to drive next fintech wave, says NPCI MD
Economic Times
·
1y ago
Medial
The Reserve Bank of India's push for programmability and offline functionality in its central bank digital currency (CBDC) will drive the next wave in fintech, according to Dilip Asbe, MD of the National Payments Corporation of India (NPCI). The RBI's recent monetary policy meeting introduced the concept of programmable money and offline functionality in CBDCs, with potential benefits for government agencies and businesses alike. Asbe also highlighted the importance of Mumbai in the development of the Unified Payments Interface (UPI), which has seen over 100 billion transactions in 2023.
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Malaysian fintech major TNG Digital eyes IPO in next 2-3 years
Economic Times
·
10m ago
Medial
Malaysian fintech company TNG Digital is considering an IPO within the next few years that could raise over $300 million. The company, which owns Touch 'n Go eWallet and offers various financial services products, raised $179.3 million in equity funding last year. TNG Digital is backed by investors including Lazada, Ant Financial, and AIA. The potential IPO proceeds would be used for business expansion in Malaysia and Southeast Asia. TNG Digital currently has more than 20 million verified users and facilitates payments for over two million merchants.
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Mobikwik eyes profitability, IPO in FY25
Economic Times
·
1y ago
Medial
Mobikwik, an Indian fintech company, is aiming to achieve profitability and plans to go public with an IPO in FY25. Mobikwik's CEO, Bipin Preet Singh, said the company's strategies for turning profitable, including a focus on expanding its user base, increasing revenue, and reducing costs. The article also mentions Mobikwik's partnerships with companies like Samsung and Zomato to offer digital payments services.
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Which investors are underwater as MobiKwik floats IPO with deep valuation cut?
VCCircle
·
7m ago
Medial
MobiKwik, a digital payments company, is set to launch its initial public offering (IPO) next week at a significantly lower valuation than its previous worth. This has resulted in losses for several top private market investors. Founded in 2006, MobiKwik is a fintech company based in Gurugram, India.
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NPCI In Talks With Banks, Fintechs To Implement Interoperable Payment System for Net Banking
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has approved the launch of an interoperable payment system for net banking, NPCI Bharat Billpay (NBBL), which is expected to enable transactions as early as next month. The move is part of RBI's Payments Vision 2025, aiming to increase digital payment transactions by over 3 times and reduce cheque-based payments to less than 0.25% of total retail payments. Various banks and fintech firms are now discussing the implementation of NBBL, which will facilitate quicker settlement of funds for merchants. Digital transactions in India have seen significant growth in recent years.
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RBI Allows Banks And Non-Banks To Issue PPIs For Public Transport, Industry Welcomes Move
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has allowed both banks and non-bank prepaid payment instrument (PPI) issuers to offer PPIs for public transport services. The move aims to provide convenience, speed, affordability, and safety in digital payments for commuters using transit services. The amendments come as a welcome step for the fintech sector, fostering the growth of India's digital payments infrastructure. The decision is expected to benefit allied startups in offering digital wallets and other services for transit payments. The move follows recent regulatory actions by the RBI in the fintech sector.
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How interoperability oiled the wheels of an M-pay revolution
Economic Times
·
1y ago
Medial
The Reserve Bank of India's recent decision to make netbanking interoperable in the country has helped achieve a key target of fintech policymakers. Interoperability has benefited various payment ecosystems, including cards, UPI, and wallets, making them interoperable. This has resulted in expanded merchant payments and reduced costs for acquiring consumers and merchants. Interoperability has also led to increased innovation in payment products, while fintechs and banks have focused on distribution and user interface. Next steps include the use of Central Bank Digital Currencies (CBDCs) for large ticket transactions, as well as the integration of smaller banks into the digital payments ecosystem.
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Infibeam Avenues UAE Subsidiary to Raise USD 25 Million in Avenues World FZ-LLC from Pre-IPO Funding, Eyes Major UAE Expansion
VCCircle
·
1y ago
Medial
Infibeam Avenues, an AI-powered fintech company, is planning to expand its operations in the UAE market. Its UAE-based subsidiary, Avenues World FZ LLC, will raise $25 million in a pre-IPO round for this purpose. The funding will dilute up to 25% equity and Infibeam Avenues will retain a 75% stake. The company aims to replicate its success in digital payments achieved in the UAE across its international markets. The subsidiary, which currently processes digital payments for over 5,000 merchants in the UAE, plans to launch an IPO within the next 8-14 months.
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Prosus eyes PayU IPO in 2025 after stellar Swiggy listing
TechCrunch
·
8m ago
Medial
Dutch investor Prosus plans to list fintech firm PayU in 2025, shifting its focus to India. PayU, wholly owned by Prosus, had intended to go public this year with a valuation of $5-7 billion. However, the listing is now expected to take place in 2025. PayU recently obtained approval to operate as a payment aggregator after a 15-month regulatory ban. With a valuation of $4.2 billion, PayU competes with Razorpay and PhonePe in India's digital payments market. Prosus is an investor in Indian startups such as Meesho and Urban Company, and more portfolio companies may go public within 18 months.
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Whatever is not written in regulation, means a ‘No’: NPCI chief Dilip Asbe
Economic Times
·
1y ago
Medial
National Payments Corporation of India (NPCI) chief Dilip Asbe highlighted the importance of compliance in the fintech industry, stating that founders cannot build a sustainable business without adhering to regulations. He emphasized that there are no grey areas in the Indian fintech landscape. Asbe's comments come in the wake of regulatory actions taken against Paytm Payments Bank by the Reserve Bank of India. Asbe also discussed the growth potential in digital payments, including the conversion of cash to Central Bank Digital Currency, recurring payments, and international payments. Additionally, he mentioned the role of artificial intelligence in data generation and its use in fraud prevention and personalization within the payment sector.
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