As per the report, the total amount of payments made cumulatively on Fridays for 2017 stood at $2.3 billion, significantly higher than the rest of the days, when it added to less than $2 billion.
The fund infusion comes at a time when global players Google and Whatsapp have forayed into the digital payment space and bigger rival Paytm has entered the UPI space.
The company aims to breach the Rs 200-crore mark by the end of the 2018-19 financial year.
The new Lifestyle gift card can be redeemed not only at all Lifestyle stores but across lifestylestores.com, select Max Fashion stores, maxfashion.in, Home Centre stores, homecentre.in & Melange brand stores.
Multiple industry insiders said that for a company like Paytm, the move to lending is the next logical step.
Industry groupings say they fear Indian consumers using these platforms could be at risk of getting their transaction data used for profit making purposes.
UPI has been at the centre of many controversies with big bang players like WhatsApp, Paytm, PhonePe, Google Tez all vying for a larger share of the retail payments pie.
Paytm is also said to be on track to register one billion transactions every quarter, based on the number of transactions the platform recorded in February.
The integrated product uses robotics process automation and helps in eliminating the requirement of documents submission for import and export payments.
Along with Bank of Baroda’s 5,500 branches, 5X Rewards range of credit cards will now also be available online on Paisabazaar.com, said the company in a press release.
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