Spice Money
Competitors
PayNearby crosses daily 1 million transactions mark
Publication- Zee Business
Edition- Online
Date- 04 June, 2019
Digitalisation in India is growing in full pace after introduction of various fintech platforms. Both sellers and buyers find it easier to do a transaction that involves no cash and is convenient to use. One such fintech network platform PayNearby, which enables local retail stores to provide basic digital financial and non-financial services, has gone past daily 1 million transactions on its platform. The company provides digital financial and non-financial services such as Aadhaar ATM, SMS Payment, EMI Collection, Khata Service, Prepaid Cards to kiranastore owners, termed as ‘Digital Pradhans’, as per the company.
Anand Kumar Bajaj, Founder and CEO, PayNearby said, “We are delighted to have crossed the mark of 1 million transactions. This is a proud moment for us at PayNearby. It has been our aim to empower local retailers across the country, especially in Tier 2 and Tier 3 cities, to leverage technology for a smoother and simpler rendition of banking and financial services to the tech oblivious segment.''
Please click on the link below:
Industry News
Google Pay edges ahead in UPI sweepstakes
Publication- The Economic Times
Edition- Online
Date- 04 June, 2019
Google Pay, the payments offering from technology giant Google has consolidated its lead in the Unified Payments Interface (UPI) sweepstake having recorded more than 240 million transactions in May, according to two bankers in the know of the matter. The Flipkartowned PhonePe which clocked around 230 million UPI payments last month was followed by digital payments major Paytm at 200 million. Together these applications, along with Bharat Interface for Money (BHIM), cornered more than 93% of the UPI market. As reported last week, overall transactions made through UPI fell 6% month on month, as per data shared by the National Payments Corporation of India which manages the payment railroad. It stood at 733.5 million in May against 781 million in April. While NPCI shares transaction numbers, it does not split company-wise data.
Among the top non-banking payment applications, the government-promoted payment app BHIM has recorded only 15.7 million transactions. The app has been consistently losing market share over the last few months with the other tech companies pushing UPI through large scale promotions and cashbacks. BHIM came off with only 2% share out of the total UPI pie, down from more than 7% in May 2018 and 42% in the year before period. UPI gathered steam by the end of 2017, when transactions started showing tremendous jump. Google, Paytm and PhonePe have been the major contributors for the widespread adoption of this payment mode.
Please click on the link below:
UPI transaction numbers drop as value hits a high
Publication- The New Indian Express
Edition- Online
Date- 04 June, 2019
The value of Unified Payments Interface (UPI) transactions has registered a high of Rs 1.53 lakh crore in May 3019, up 7.3 per cent from Rs 1.42 lakh crore in April. In terms of numbers, however, transactions have fallen 6 per cent to 733.54 million in May 2019 from 781.79 million in April 2019. The transaction count had hit its highest-ever mark of 799.54 million in March, according to data shared by the National Payments Corporation of India (NPCI).
While digital transactions tend to fluctuate every month, UPI has been growing consistently over the last one year. From around 189 million transactions in May 2018, it jumped 287 per cent over the last one year. The growing popularity of UPI can be attributed to its simple, safe, cost-effective and mobile-based payment system. Among the major players driving transactions are Paytm, PhonePe, Google Pay and MobiKwik, along with 143 banks.
Please click on the link below:
Five key steps to make money transactions on the UPI safe
Publication- Money Control
Edition- Online
Date- 04 June, 2019
Maya Venkat, a 28-year-old Bengaluru-based yoga trainer, saved herself from a fraudulent transaction of Rs 14,000 while using the Unified Payments Interface (UPI) application. She was trying to sell her bed on OLX, a platform for buying and selling goods. The UPI enables bank account holders (of banks participating in the UPI) to send and receive money using a Virtual Payment Address (VPA), a unique ID, without requiring additional bank information. Fraudsters tend to ask for the Virtual Payment Address (VPA) on a phone call or while engaging you in a chat.
Beware of engaging with fraudsters
On 21 May, 2019, a person (fraudster) messaged Maya on OLX, inquiring about the product and negotiated on the price. After nominal bargaining, she decided to sell the bed to this person for Rs 28,000. Later, the person asked if half the amount as deposit is acceptable to freeze this deal and whether he could transfer this amount using any of the UPI apps.
Please click on the link below:
How fintech startups are reshaping the financial landscape of India
Publication- CIO
Edition- Online
Date- 04 June, 2019
India’s fintech hub has seen exponential growth since it was created five years ago. Several startups joined the space to number about 700 in 2014 and their numbers have grown to over 2000 in 2019. Buoyed by supportive government policy, a conducive regulatory environment and the opportunity to address the unmet financial needs of scores of consumers, companies in this space have been using technology to break new ground in the Indian financial services industry.
Paying it forward with digital payments
The one area that has attracted a large number of players, as well as proportionately high volumes of funding, is the domain of payments. While an estimated USD 2 billion is reported to have been raised by the Indian fintech industry in 2018 across 165 deals, a whopping USD 72 million of this sum is said to have been pumped into the payments domain in the same year. Enabled by the widespread adoption of mobile wallets, several fintech companies including PayTm, OlaMoney and Airtel Money have chosen to specialise in prepaid instruments, bill payments, peer-to-peer payments and payment gateways. These cashless solutions and platforms effectively address the yawning gap that exists across the country for affordable, “24/7 on” digital payment options that only require a smartphone and mobile Internet.
Please click on the link below: