If round one in digital payments belonged to fintech startups, round two belongs to the banks.
PhonePe is pushing its offline payment systems hard, specifically through its Bluetooth physical point of sales (PoS) terminals.
The company plans to use the funds raised to reach out to more borrowers and expand operations to newer locations in the country.
“We’re teaming up with Temasek and PayPal at a time when the Indian payments market is at an inflexion point,” said Lokvir Kapoor, Founder of Pine Labs.
Mobikwik chief executive officer Bipin Preet Singh said that within seven days of its launch the company has created 5 million ‘ikwik’ handles for its consumers, enabling them to move from pure play wallet payments to UPI-based payments as well.
Regulator’s stand that data be stored “only” in India is the biggest challenge with majority of industry bodies asking it to review or withdraw this condition
The payments business, which generates 55% of the revenue for the company at present, however, continued to show losses for the 2017 financial year as well.
"Having disbursed 60,000 loans amounting to over Rs 700 crore since then, Aye is now poised as a leader in the space of MSME lending,” said Sanjay Sharma, MD & Co-Founder of Aye Finance.
The startup which helps users file their tax returns said that in case of errors in the data imported, ClearTax would help users to resolve the error.
Data shared by banks for the previous financial year shows that payments across cards, smartphones and QR code-based transactions have jumped consistently.
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