After demonetisation, the government’s efforts to digitise payments have been severely handicapped by the prickly issue of cost of transaction.
New-age fintech disrupters gain traction with innovative lending products
The aim of the policy would be to develop the state as a major fintech hub and create an environment where fintech startups could be nurtured an allowed to grow.
Services through Chat on the app is made seamless & interactive, which makes the process quite simple.
To promote digital transactions, the government in December said that for two years it would bear some of the fees, known as MDR that merchants have to pay banks and other entities on payments made to them electronically.
Agarwal's role at Mobikwik would involve creating lending policies, risk models and portfolio management strategies to help acquire the right set of customers for the Gurugram based startup.
The company plans to use the funds to strengthen its technology platform and expand to cities like Pune, Hyderabad and Delhi-NCR in the next six months, said Vijay Arisetty, CEO & co-founder of myGate.
MobiKwik reported 10% rise in its revenues for 2016-17 atRs 44 crore against Rs 40 crore in the previous year when it posted a loss of Rs 114 crore.
WhatsApp in India is at various stages of integrating its UPI- based payments platform with State Bank of India, ICICI Bank, HDFC Bank and Axis Bank.
A clutch of small payment entities like Trupay and Benow are trying to take retail cash payments digital.
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