Spice Money: Industry Monitoring 11 June 2019
- Priyanka Kanodia
- Jul 8, 2019
- 4 min read
Spice Money
Competitors
No Fintech company meets every single privacy requirement under IT Act: CIS report
Publication- The News Minute
Edition- Online
Date- 11 June, 2019
A study by the Centre for Internet and Society on privacy and security policies of Fintech companies in India has shown that no company met every single requirements under the Section 43A Rules of the IT Act. A study of privacy policies of 48 companies has also shown that privacy policies of major entities such as Paytm, Jio Payments Bank, Airtel Payments Bank, Amazon Pay, Bhim are not accessible from the main website of the company. The privacy policies were assessed based on the privacy policy requirements mandated by the Sensitive Personal Data or Information (SPD/I) Rules.
The study found that 38 companies have a privacy policy accessible on the main website of the company, 38 also have the privacy policy included in terms and conditions of all documents of the company that collects personal information. However, policies of only 20 companies can be understood by someone without legal and technical knowledge and 16 can be partially understood. Privacy policies of RazorPay, Oxigen, Airtel Payments Bank, Capital Float, Freecharge, BHIM couldn’t be understood by someone without legal and technical knowledge.
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Industry News
Paytm dominates UPI merchant payment segment with 60% share
Publication- Livemint
Edition- Online
Date- 11 June, 2019
Digital payments firm Paytm on Monday said it enabled seven crore UPI-based merchant transactions out of the total 12 crore transactions in the country in May 2019. The firm has also enabled its 1.2 crore partner merchants so far to accept payments through Paytm BHIM UPI. "The platform clocked over 70 million (seven crore) of the estimated 120 million (12 crore) UPI-based merchant transactions in May 2019 and has been witnessing a 10% MoM growth in this segment at present. This development has made Paytm a leader in UPI-based merchant payments with around 60% of the market share," Paytm said in a statement.
Commenting on the development, Deepak Abbot, Senior Vice President, Paytm said: "We have enabled over 12 million offline merchant partners with Paytm QR which allows them to accept payments through Paytm BHIM UPI as well. Our teams have been continuously educating them about the benefits and convenience of UPI."
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Paytm dominates UPI merchant payment with 60% share
Publication- The Statesman
Edition- Online
Date- 11 June, 2019
Digital payments firm Paytm on Monday said it enabled seven crore UPI-based merchant transactions out of the total 12 crore transactions in the country in May 2019. The firm has also enabled its 1.2 crore partner merchants so far to accept payments through Paytm BHIM UPI. “The platform clocked over 70 million (seven crore) of the estimated 120 million (12 crore) UPI-based merchant transactions in May 2019 and has been witnessing a 10 per cent MoM growth in this segment at present. This development has made Paytm a leader in UPI-based merchant payments with around 60 per cent of the market share,” Paytm said in a statement.
Commenting on the development, Deepak Abbot, Senior Vice President, Paytm said: “We have enabled over 12 million offline merchant partners with Paytm QR which allows them to accept payments through Paytm BHIM UPI as well. Our teams have been continuously educating them about the benefits and convenience of UPI.” UPI payments have fallen six per cent month-on-month (MoM) in May against April, the second consecutive decline in terms of the number of transactions.
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Digital payments: MobiKwik registers 400% growth in fund transfer
Publication- Zee Business
Edition- Online
Date- 11 June, 2019
MobiKwik, a FinTech company, has witnessed a 400 percent growth in its Funds Transfer Business in the last one year with gross transaction value (GTV) of Rs 4,344 crore, the company said in a statement. In May 2019, the company has clocked Rs 362 crore in GTV In the IMPS fund transfer category. MobiKwik said it targets Rs 10,000 crore in GTV and more than 20 million users for IMPS in FY20.
According to NPCI (National Payments Corporation of India) data, MobiKwik commands over 26 percent market share and has clocked Rs 362 crore in terms of the value of total funds transferred from its wallet to bank. The company has also recorded the highest average value per transaction Rs 5,363, it said. Consumer Payments in India is driven by four large use cases: Bill Payments, Merchant Payments, Funds Transfer and UPI. Funds Transfer is an important category because it commands the highest average transaction value.
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Fintech startup MobiKwik records ₹326 cr fund transfer in May
Publication- The Indian Wire
Edition- Online
Date- 11 June, 2019
MobiKwik, mobile phone based payment system and digital wallet startup, based out of Gurugram, has recorded ₹326 crore in Gross Transaction Value (GTV) in IMPS fund transfer for May 2019 reported ET. The company has seen a 400% growth in its funds transfer business in the last one year with GTV of Rs 4,344 crores, according to a release with ET.“We are thrilled to see our leadership position in the IMPS funds transfer business. We are now targeting Rs 10,000 crores in IMPS (Immediate Payment Service) GTV and 20+ million users to use our IMPS service in FY20″ Upasana Taku, co-founder at MobiKwik, said.
MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps.
The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites. MobiKwik has a feature called ‘wallet to bank’ that allows users to instantly transfer money to any bank account through the digital wallet. The service is used by small merchants who accept payments via MobiKwik as well as by users who have taken digital loans in their wallets. It has launched and enrolled customers under its full stack of financial services digital wallet, lending, insurance, investments in mutual funds and gold and payment gateway. According to NPCI (National Payments Corporation of India) data, MobiKwik commands over 26% market share and has clocked Rs 362 crore in terms of value of total funds transferred from its wallet to bank.
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