While the finer details are still being evaluated, payments firms are looking at fresh business opportunities in the government’s push towards penalising cash payments.
Finance minister Nirmala Sitharaman said 100% FDI will be allowed for insurance intermediaries. The move is expected to benefit insurance aggregators and insurance broking startups.
Quoting the multiple transaction modes available like NEFT, IMPS, RTGS and UPI, the minister said that there is an urgent need to adopt these payment modes instead of cash.
A few banks and lending firms have already started preparing for the implementation.
Share of merchant payments doubles in June over April ’18, firms cut incentives for individual deals.
In the next 12 months, mfine intends to bring in India's top 250 hospitals from 10 cities with more than 2500 doctors onto its virtual hospital platform.
Amount transferred in June falls slightly to Rs 1.4 lakh cr from Rs 1.5 lakh cr in May.
From speech recognition tech to insurance, fintech and payment reminders, investors are finding new ideas to fund and grow.
Paytm has found that more than 70% of its users play these games daily.
These directives were applicable not only to payment entities but also to all banks operating in India.
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