UPI 2.0 will be a major upgrade, especially the doubling of the payment limit to Rs 2 lakh will bring in a host of new use cases, one banker said.
The round also saw the participation of Mumbai-based private investment firm Tuscan Ventures and Ashish Goenka, owner of Suashish Diamonds who invested in his personal capacity. Existing investors India Quotient and Kae Capital also participated.
The company, which disbursed 20 million loans in China last year, expects to reach $6 billion in annual loan disbursals in India in four years.
As per data shared by the NPCI, which launched UPI in December 2016, the instant bank-to-bank fund settlement mechanism clocked 246.3 million transactions in June compared with 189.4 million in May.
The move has been welcomed by stakeholders as it will allow Aadhaar-enabled payment system (AEPS) transactions to continue for two more months.
In a blog post published by chief executive Bipin Preet Singh, Mobikwik raised its voice against a government-sponsored cashback-scheme on the BHIM-UPI application.
NPCI has not replied to specific queries raised by the ministry of electronics and information technology early this month.
With this launch, sellers will not have to pay any fee or charge for doing online transactions through NEFT through Instamojo platform.
This will enable customers to make the payments swiftly and in a timely manner, thus helping them enhance their credit worthiness.
The company, which recently concluded a fund raising, intends to ramp it up its card-swiping terminals to 30,000 in the next six months from 5,000 at present.
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