Spice Money: Industry Monitoring 02 May 2019
- Priyanka Kanodia
- May 9, 2019
- 4 min read
Spice Money
Industry News
Big, bigger, fintech
Publication- DNA India
Edition- Online
Date- 02 May, 2019
A report by Zone Startups and fintech insights platform Medici states that over 1,300 fintech ventures were added to the Indian ecosystem from 2015 to 2018. The sector has also been abuzz with investments into existing ventures. Earlier this year, Open, which offers online banking services to small and medium enterprises (SMEs), bagged $5 million in a round led by BeeNext Ventures, Speedinvest and others. Mumbai-based Cashcow raised a seed amount in a round led by Astarc Ventures.
Fintech, one of the top sectors in the start-up ecosystem, had collectively raised $1.5 billion in 2018 across 175 deals, as per data by Tracxn. Entrepreneurs believe fintech is witnessing quick growth, providing start-ups with the necessary impetus to attain scale. “The state of banking is sub-par and India still has a vast majority of its population under-banked. Thus, the demand for fintech, which leverages technology to cater to the banking requirements, is huge,” says Anand Kumar Bajaj, founder, PayNearby. As per a report by the International Monetary Fund (IMF) on financial access in the world, India has only 14.7 bank branches per 1 lakh people.
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Transactions via UPI slows down in April
Publication- Elets Online
Edition- Online
Date- 02 May, 2019
Unified Payments Interface (UPI)-based transactions witnessed a slight dip, clocking 781.79 million transactions in April, National Payments Corp. of India (NPCI) data showed on Tuesday. The transactions for April were worth ₹1.42 trillion. According to the NPCI data, transaction volumes witnessed 2.2% decline in April compared with March, which recorded a high of 799.54 million transactions worth ₹1.33 trillion—a significant jump from the 93,000 transactions in August, 2016, when it was launched. On a year-on-year basis, UPI-based payments witnessed a 4.1 times, or 311%, increase. Currently, 144 banks are live on UPI, compared with 21 banks at the time of its launch.
The near 800 million transactions in March can be attributed to the rise in activity in the run up to the financial year-end, when typically monetary transactions increase, Vivek Belgavi, partner, PwC India, said. “Despite a slight dip in the volume of transactions in April, the interesting trend to note is that the value per transaction has risen and has been showing a constant increase. This means that people are using UPI for larger value transactions, and these learnings will help in fine tuning UPIuse cases," he added.
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https://www.livemint.com/politics/policy/number-of-upi-transactions-dips-in-april-1556715497774.html
From travel to e-commerce, India's digital payment journey is on fast-track
Publication- Business Standard
Edition- Online
Date- 02 May, 2019
As it was widely anticipated, FY19 was the year of digital payments in India with cash transactions giving way to non-cash transaction. According to a report by payments solution company Razorpay, digital payments got a major boost post demonetisation while the launch of united payments interface (UPI) further added to it.
While digital transactions saw a growth of 70 per cent in 2019, at this rate digital transactions are expected to overtake cash transactions by 2023. The report also said that almost 50 per cent of internet users will begin to use digital payments by 2022 while ...
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Sabre Ties Up With Visa To Expand B2B Virtual Payments
Publication- Travel Trends Today
Edition- Online
Date- 02 May, 2019
Sabre Corporation has announced a partnership to support the growth of business-to-business (B2B) virtual payments in the travel industry. Under this agreement, travel buyers and suppliers will be able to pay and get paid with virtual Visa commercial cards, through the Sabre Virtual Payments solution. Sabre’s work with Visa combines Sabre Virtual Payments with the world’s leader in digital payments. Through this partnership, Sabre and Visa’s mutual customers can access Visa’s virtual B2B payment solutions, enabling faster, more secure payment options as well as more control and visibility into individual B2B travel-industry payments. Wade Jones, President, Sabre Travel Network said, “Bringing together Visa’s leadership position in digital B2B payments with Sabre’s virtual payment technology and global network of customers represents a tremendous opportunity to increase the adoption of B2B virtual payments in the travel industry. Sabre’s investment in virtual payments and its integration into existing agency processes makes it quick and easy for our customers to adopt and use.”
Kevin Phalen, Global Head, Visa Business Solutions Visa said, “Supporting the expansion of electronic B2B payments in the travel industry is one of our core focus areas. By bringing together Visa and Sabre’s travel-industry capabilities and solutions, we will help further streamline cash flow and overall finance management practices for suppliers and buyers, helping remove barriers to transparency in business payments created by paper-based processes.”
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Apple iCard And Its Implication On The Indian Fintech Industry
Publication- The Quint
Edition- Online
Date- 02 May, 2019
On 25th March tech giant, Apple made its groundbreaking entry in the arena of digitalized financial services. Apple in partnership with Goldman Sachs Group Inc. and MasterCard has broadened its product line with the new "Apple Digital Credit Card" payment system. This credit card takes advantage of everything that Apple products offer to set a new kind of credit based service via its Wallet App by setting up Apple Pay feature, which allow users to maintain a digital account balance and spend it for making store purchases, online payment as well as Peer-to-Peer lending through digital wallet system, scanning QR codes etc. This card network will benefit every sector where Apple Pay is accepted and will allow users to track their privacy.
It is a type of interoperable instant real time payment system that is linked to the customer's bank account and allows sending and receiving money. Developed by National Payment Corporation of India(NPCI) and regulated by RBI, the interface allows transferring of funds between two bank accounts on the mobile based UPI App. Almost all digital payments apps in India are linked via UPI based service. Some of these are PaytM, BHIM APP, Mobikwik, PhonePe, Jio Money, Amazon Pay, Google Tez, Citrus Wallet, Citi Master Pass etc.
These are virtual wallets /e- wallets available on the mobile phone and can be accessed by downloading the payment app. These e-wallets are nothing but an intangible form of the physical debit/credit card in hand. The e-wallet or mobile wallet can be easily accessed by keying in some basic personal information and payment details of debit/ credit card information and the user can simply make the payment with the help of such app. Some of the commonly used mobile wallet apps in the market are M-PESA by Vodafone and ICICI Bank, Flipkart's e-wallet and Amazon Pay, Paytm, Mobiwik etc.
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