Spice Money: Industry Monitoring 08 March 2019
- Priyanka Kanodia
- Mar 18, 2019
- 5 min read
Spice Money
Competitors
Fintech Network PayNearby collaborates with NITI Aayog and IFMR LEAD to harness womanpower for ‘Digital Sashaktikaran’ of India
Publication- Tech Story
Edition- Online
Date- 08 March, 2019
FinTech network PayNearby has collaborated with NITI Aayog and IFMR LEAD to harness womanpower and bring it to the forefront while striving to further its visionof ‘Digital Sashaktikaran (empowerment)’. IFMR LEAD signed the MoU to become PayNearby Knowledge Partner during the IFI Summit on December 11, 2018 in Delh.Anand Kumar Bajaj, Founder andCEO, PayNearby said, “Woman force is the GDP reserve of India and we believe that the country will leapfrog in terms of productivity with proactive participation of our families. Nearby Technologies has been formed essentially on the theme of harnessing and connecting the resources nearby. The belief and vision of our team is that most of the resources are nearby and it just needs to be augmented and connected through simple to use technology.”
Anand Kumar Bajaj added, “For instance, with our application BuyNearby, we can easily help our retailer-next-door to sell to the digital savvy customer segment. This will help them in getting orders from customers living in the vicinity without losing to online platforms. Ms. Sharon is very passionate about thispossibility and has signed the MOU to be our Knowledge Partner in this significant drive. It is a matter of honour to launch this program in partnership with IFMR LEAD at the world recognised university of Banasthali Vidyapith,wheremy mother pursued her education.”
Please click on the link below:
https://techstory.in/paynearby-collaborates-with-niti-aayog-and-ifmr-lead-to-harness-womanpower-for-digital-sashaktikaran-of-india-2019/
Bajaj Finserv, Merck, Bandhan Bank likely to be in limelight today
Publication- DNA India
Edition- Online
Date- 08 March, 2019
As mobile wallets grapple with regulatory constraints, startups working around the buy-now-paylater model sense fresh opportunity by leveraging the ease of transaction they offer. Industry insiders said mobile wallets, which were originally positioned as a single-click checkout process for online commerce, can slowly give way to a tab system where consumers can make purchases in one go and pay in bulk later. They might not be as mass market as wallets, but from a checkout convenience factor, they could be better than wallets. Success rate for transactions on this mode are as high as 99%, which is one of the major selling points for ecommerce companies, according to the insiders. Nityanand Sharma, who cofounded Simpl, said that his product leverages the age-old ‘khata’ system, where the local grocer or the merchant maintained a notebook and the consumer would pay in bulk at the end of the month.
“The practice of keeping a ‘tab’ is an old tradition in India and permeates from large cities to small towns and villages. We want to build Simpl as a massmarket product in that fashion based on people’s trust,” he said. Sharma said that mobile wallets could hardly offer a single click checkout option because in more than 80% cases a consumer would need money to be added to the wallet during the purchase. A product like Simpl, on the other hand, offers the true single-click checkout option.
Please click on the link below:
https://www.dnaindia.com/business/report-bajaj-finserv-merck-bandhan-bank-likely-to-be-in-limelight-today-2727419
Industry News
State Bank of India to join SWIFT's global payment Interface
Publication- The Economic Times
Edition- Online
Date- 08 March, 2019
State Bank of India NSE 0.50 % will soon sign up with the Society for Worldwide Interbank Financial Transactions’ (SWIFT NSE -3.70 % ) Global Payment Interface (gpi), adding to the list of Indian banks that have subscribed to the interbank communication channel’s new payment interface which is set to make cross-border transactions much more secure and transparent, a top official said. “We are in the final stages of approval with SBI and we hope to announce the partnership soon,” said Kiran Shetty, CEO Swift India. India’s largest lender will join 11 of its counterpart banks that will have subscribed to this payments platform which comes with features such as such as end-to-end payment tracking, access to unaltered remittance information, faster and more transparent transactions.
These banks are ICICI Bank, Axis Bank, Punjab National Bank NSE -1.46 % , Yes Bank, City Union Bank, HDFC Bank, Bank of India, Federal Bank Limited, Union Bank of India, Indian Bank and IndusInd Bank NSE -1.17 % . SWIFT said that they want to make gpi a universal payments interface by partnering with all major global banks by 2020. “We want to make each bank gpi-compatible. We are also looking to integrate with different domestic real-time payment platforms across the globe such as FAST in Singapore, NPP in Australia, TIPS in Europe and UPI in India such that gpi becomes the lowest common denominator in all global transactions,” said Alain Raes, Chief Executive, EMEA and Asia Pacific SWIFT.
Please click on the link below:
Kunal Shah's Cred may go live on UPI in a month
Publication- ET Tech
Edition- Online
Date- 08 March, 2019
Cred, which is trying to disrupt the way consumers pay their credit card bills, could go live on Unified Payments Interface within a month. According to two people in the know of the matter, it is being tested in a closed user group currently as per the guidelines of the National Payments Corporation of India which runs UPI. ET has learnt that while the testing is being done in partnership with Axis Bank, it could go live with multiple banks as well, issuing handles to its users through the application.
Cred was founded by Kunal Shah, who launched the mobile wallet startup Freecharge. With Cred, Shah is targeting the users of 44 million credit cards in the country offering them gift points for credit card bills settled through the platform that are redeemable across merchant outlets. “The reason why Cred wants to be on UPI is that it wants to bring in a one click check out experience for consumers who are paying their credit card bills on Cred,” said one of the persons in the know of the matter. “This could make the payment experience for users really smooth.”
Please click on the link below:
vhttps://tech.economictimes.indiatimes.com/news/startups/kunal-shahs-cred-could-go-live-on-upi-within-a-month/68309706
Startups look to cash in on ‘buy now & pay later’
Publication- Gadgets Now
Edition- Online
Date- 08 March, 2019
As mobile wallets grapple with regulatory constraints, working around the buy-now-pay-later model sense fresh opportunity by leveraging the ease of transaction they offer. Industry insiders said mobile wallets, which were originally positioned as a single-click checkout process for online commerce, can slowly give way to a where consumers can make purchases in one go and pay in bulk later. They might not be as mass market as wallets, but from a checkout convenience factor, they could be better than wallets. Success rate for transactions on this mode are as high as 99%, which is one of the major selling points for ecommerce companies, according to the insiders. Nityanand Sharma, who cofounded , said that his product leverages the age-old ‘khata’ system, where the local grocer or the merchant maintained a notebook and the consumer would pay in bulk at the end of the month.
“The practice of keeping a ‘tab’ is an old tradition in India and permeates from large cities to small towns and villages. We want to build Simpl as a massmarket product in that fashion based on people’s trust,” he said. Sharma said that mobile wallets could hardly offer a single click checkout option because in more than 80% cases a consumer would need money to be added to the wallet during the purchase. A product like Simpl, on the other hand, offers the true single-click checkout option.
Please click on the link below:
https://www.gadgetsnow.com/tech-news/startups-look-to-cash-in-on-buy-now-pay-later/articleshow/68298482.cms
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