Company set to go live with UPI-based service with ICICI Bank; move big win for RBI.
Committee says Psbloansin59minutes should cater to new entrepreneurs, including those applying for loans under the Pradhan Mantri Mudra Loan Yojana and Stand-Up India.
Paytm Postpaid is a credit offering through which customers can buy goods and services and make settlements later, similar to how credit cards and other Pay Later products work.
FnO intends to use the funds to launch the product in India and take it to other geographies.
The existing investors have participated in this round to retain their respective shareholdings.
NPCI has said that these small merchants will have a ₹50,000 per month limit and the acquirer is not allowed to charge anything to the merchant onboarded under this category.
Postman plans to utilise the fresh funding to accelerate its product development roadmap and sign up more enterprise customers.
Online transactions rise to 31.34 billion compared to 20.7 billion in FY18; Yes Bank, IndusInd, ICICI Bank lead the charge.
The cost of KYC for each customer can be as high as Rs 250, since an agent has to physically reach out to the customer.
Investors are increasingly looking at getting the fundamental metrics right like profitability, unit level of economics, customer acquisition cost, and are only then willing to pump capital
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