14th December- Industry Monitoring (Spice Money)
- Priyanka Kanodia
- Dec 28, 2018
- 5 min read
Spice Money
Industry News
Paytm Payment Bank posts revenue of ₹720 crore
Publication- The Hindu Business Line
Edition- Online
Date- 14 December, 2018
Paytm Payment Bank Limited, an unit of SoftBank-led One97 Communications Ltd, has posted a revenue of ₹720 crore for the fiscal year 2018 with a loss of ₹20 crore. This is also the bank’s first financial reporting after it started operations in 2017. Vijay Shekhar Sharma, the founder of One97 Communication, owns 51 per cent stake in the bank and the rest is held by One97 Communications.
The total income of the bank, which is about ₹650 crore, is earned from commissions, exchanges and brokerage, and those earned on wallletutilisation. Paytm Payment Bank’s parent One97 owns and operates a mobile wallet called Paytm.According to the reporting on Registrar of Companies, which was sourced from business intelligence platform Tofler, Paytm Payment Bank’s total expenses for the fiscal stood at ₹740 crore and has not been clearly explained and been clubbed as other expenditure, according to Tofler’s explanation.
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Paytm Money enables ‘UPI Payment’ facility for Mutual Fund Investments
Publication-IndianTelevision
Edition- Online
Date- 14 December, 2018
India's largest online only platform for Mutual Fund investments & the wholly owned subsidiary of One97 Communications Limited which owns the brand Paytm, today announced that its investors can now make mutual fund investments using UPI based payment mode on the app. With every UPI payment authenticated against the user’s veried bank account, UPI based investments on Paytm Money offer the highest levels of trust and safety.
Along with UPI, investors on Paytm Money can still continue investing in SIPs and 1-tap investments through Auto-Pay with over 190 banks via automated e-mandates & Net Banking “As UPI based payments continue to witness massive adoption across all forms of online transactions, we are very excited to offer the same convenience of UPI to the mutual fund investors via Paytm Money,” said PravinJadhav, Whole-time Director of Paytm Money.
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We have not seen any change in rural credit growth: Chandra ShekharGhosh, Bandhan Bank
Publication-The Economic Times
Edition- Online
Date- 14 December, 2018
Non-micro credit portfolio is showing a good trend. New customers are asking for business loan and there is a good demand for housing loans as well, Chandra ShekharGhosh, Founder & MD, Bandhan Bank, tells ET Now. Edited excerpts: What are your expectations from the new RBI governor in terms of regulatory forbearance for small finance banks? We know this governor has a good background in banking and finance.
He worked on that. The Reserve Bank of India is very competent and whatever their guidance for the sector, it will help the economy and Bandhan Bank also would like RBI follow on that. The last time when we spoke with you, the management was examining options to reduce NOFHC stake to 40%. What is the progress on that? We are working very closely and when the time comes, we will share it with you. I would like to come back shortly.
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Now, buy mutual funds on Paytm Money using UPI payments; check details
Publication-The Financial Express
Edition- Online
Date- 14 December, 2018
Paytm Money has come out with a new facility for investors. Now, they can buy mutual funds by just using Unified Payments Interface (UPI) based payment mode on the on Paytm Money app. “As UPI based payments continue to witness massive adoption across all forms of online transactions, we are very excited to offer the same convenience of UPI to the mutual fund investors via Paytm Money,” said PravinJadhav, Whole-time Director, Paytm Money.However, the investors can still continue to invest in SIPs and other investments through Auto-Pay facility which links 190 banks through automated e-mandates and net banking, Paytm Money said in a statement. Paytm Money offers only direct plans of mutual funds.Meanwhile, last month, Paytm said that it would settle payment with merchants either immediately or at a time desired by them.
“Earlier, we offered next-day settlement to our partner merchants. They can now enjoy instant and on-demand settlement into their bank accounts via Paytm,” Paytm Chief Operating Officer KiranVasireddy had then said in a statement.The company introduced an ‘instant bank settlement’ option in ‘Paytm for Business’ app in which the merchants can choose their preferred time to settle the payment collected or can also do an instant settlement as and when they want, directly into their bank accounts. The merchants can also track all their payments and settlements on a real-time basis, Paytm had said.
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MobiKwik appoints new business head for payment gateway
Publication-Livemint
Edition- Online
Date- 14 December, 2018
Mobile wallet company MobiKwik on Thursday announced the appointment of SushantKashyap as business head for payment gateway and international business.MobiKwik Payment Gateway is the third-largest payment gateway in the country today and the company is targeting a 400% growth in business in the next one year, MobiKwik said in a statement on Thursday.
In his current role, Kashyap will lead MobiKwik’s payment gateway vertical and also head the company’s international expansion plans. Earlier, Kashyap was associated with Delhivery as senior vice-president, sales, for over four years.
“MobiKwik payment gateway is one of our fastest growing verticals and will play an instrumental role in our path to profitability. Sushant’s cross-cultural experience and global expertise will be handy as we script our global growth story,” MobiKwik co-founder and director UpasanaTaku said.
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Opera Launches Blockchain-Powered Browser, Cryptocurrency Wallet
Publication-Crypto News
Edition- Online
Date- 14 December, 2018
Opera launched its first blockchain browser and embedded cryptocurrency wallet for android devices on Thursday. The announcement was made at the Hard Fork Decentralized London and the new features include cryptocurrency wallet integration and Web 3 support, an official press release said.
Talking on the development, KrystianKolondra, EVP Browsers at Opera said, “We are empowering Android smartphone users with an innovative browser that gives them the opportunity to experience Web 3 in a seamless way. would like to invite all tech enthusiast who may have heard of blockchain but haven’t yet experienced it to simply give our new browser and Web 3 a try.
We have made it extremely easy. Our hope is that this step will accelerate the transition of cryptocurrencies from speculation and investment to being used for actual payments and transactions in our users’ daily lives.”
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Blockchain Network And Payments Mark Beginning Of Hi-Tech Development In China
Publication-Owlt Market
Edition- Online
Date- 14 December, 2018
Blockchain network and payment systems have gained immense popularity in China. In fact, the Chinese government has come up with WeChat payment platform which will facilitate blockchain invoice function for the small and medium-sized micro-enterprise. It has been done by the State Administration of Taxation Shenzhen Municipal Taxation Bureau and Tencent Co. The Zhi Tax Lab as they have successfully linked the blockchain enabled invoice system with WeChat.
WeChat payment invoices have made the entire process simple and user-friendly as there is no need for the vendors to visit tax bureaus for purchasing invoices. The system is now very efficient as it solves the problem of insufficient tickets and slow invoicing.
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