The digital lending NBFC has disrupted the status quo with its focus on technology, completing the entire disbursement process within 2 working days.
Banks will now display Bhim as a prefix to their own UPI applications in a bid to erase confusion among users.
The festive week throughout Diwali, Dhanteras and Bhai Dooj this month saw a jump of three-four times in peer-to-peer payments through digital wallets.
The company had raised a pre-Series A of Rs 4 crore in April 2017. In August last year, it had raised Rs 2 crore from Growx Ventures in a seed round.
In an interaction with ET, Dipak Gupta, Kotak Mahindra Bank’s joint managing director, talks about the pain and the gains that the economy may see in the next few years.
Digital payment companies are looking to hire hands and set aside funds to meet the RBI-mandated full KYC norms for prepaid payment instrument licence holders within a year.
Under this partnership, it is believed that common customers will also get the benefit of UPI for purchases at Mobikwik merchants and peer to peer transfers
Through this partnership Oxigen aims to deploy these terminals across 1 lakh agents who are also referred to as the advisors of the credit cooperative society who in turn will become a business correspondent of Oxigen
To acquire merchants, the lender has tied up with wholesale players like Amazon Business and Metro Cash and Carry from where a large number of merchants source their products.
Cashfree currently works with Yes Bank, ICICI Bank and Axis Bank for the settlement part and has 1,100 merchants using its solutions.
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