Spice Money: Industry Monitoring 19 to 22 April 2019I
- Priyanka Kanodia
- Apr 22, 2019
- 4 min read
Spice Money
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Distributed Technologies Research launches a globally scalable decentralized payments network
Publication- Money Control
Edition- Online
Date- 19 April, 2019
Distributed Technologies Research that funds innovative research and development of distributed technologies, announced the launch of the Alpha Testnet for its first project, Unit-e, a globally scalable decentralized payments network. Thirdhash, the dedicated development team for Unit-e, consists of open-source and distributed systems engineers who worked to build the Unit-e protocol from the ground up to address the scalability issues of blockchains.
The Unit-e Alpha Testnet is the engineering achievement born out of the research manifesto, "Decentralized Payment Systems: Principles and Design," introduced in January by DTR's team of academics from top U.S. universities such as MIT, Stanford, University of Illinois Urbana-Champaign and Berkeley. The manifesto detailed the academic's vision for a new globally scalable blockchain and introduced the architecture of Unit-e.
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With 54 Mn transactions, RuPay records 2X growth in e-comm payments
Publication- EN Tracker
Edition- Online
Date- 19 April, 2019
RuPay, the country-owned payment card payment system, has grown more popular among online shoppers and consolidated its market share in a year time. According to NPCI latest data, RuPay cards e-commerce transactions shot up to double, 54 million in March from 25 million transactions last year April. Most of the contributors to the growth are reported to be public-sector bank account holders living in smaller towns. The number of merchants accepting these cards has also increased to over 40 per cent. The RuPay Card is used both at the Point of Sale (PoS) as well as for e-commerce payments.
As per payment gateway firm Razorpay top five banks namely Punjab National Bank, State Bank of India, Union Bank of India, Central Bank of India and Indian Bank, are driving the growth. Besides, NPCI is running campaigns to promote RuPay cards for merchant payments. Amazon Pay offers a cashback of 10 per cent up to Rs 100 for new cards and 10 per cent up to Rs 25 for existing customers for the first transaction, said ET report quoting an NPCI spokesperson. A payment firm Innoviti, which installs payment terminals at merchant outlets, claimed to witness overall card payments jump to 24 per cent in January from less than 14 per cent in May last year.
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Paytm Payments Bank appoints Sairee Chahal to board of directors
Publication- Livemint
Edition- Online
Date- 20 April, 2019
Paytm Payments Bank Ltd (PPB) Saturday said it has appointed entrepreneur Sairee Chahal to its board of directors. Sairee Chahal is the founder and CEO of Sheroes — a community platform for women. We are delighted to have Sairee Chahal on our board. She has comprehensive experience of customer service ecosystem. We will benefit from her knowledge and expertise," PPB Managing Director and CEO Satish Gupta said in a statement.
PPB, which was incorporated in August 2016, formally began its operations in 2017. Paytm Founder Vijay Shekhar Sharma holds 51 per cent stake in PPB, while the rest is held by One97 Communications. Gupta had recently stated that PPB has 4.4 crore savings bank accounts with deposits of over ₹400 crore as well as 26 crore wallet accounts.
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Duo wants every firm to become a fintech
Publication- The Times of India
Edition- Online
Date- 20 April, 2019
Don’t mine gold when you can sell shovels, the famous saying goes. A new startup called Setu, founded by 33-year-old Sahil Kini and 29-year-old Nikhil Kumar, aims to just do that. The two were a key part of the team which helped establish the pillars of the current financial technology revolution — Unified Payment Interface (UPI), Goods and Services Tax Network (GSTN) and Aadhaar. Setu, a nine-month-old startup, is working with large banks, mutual funds, insurance companies, payment services and billers to help any company start an integration with them and offer a more customised product suited to their customers and vendors. The objective here is to make offering financial services for any company as simple as plug-andplay, through application programming interfaces (APIs) that Setu is developing.
“The banking systems were built in the mid-1990s and the technical infrastructure that runs our economy has not been upgraded much.
We see ourselves as a network for financial products and services,” says Setu CEO Kini. An engineer from IIT Madras, he started his career as a McKinsey consultant and was an early member of the team that set up Aadhaar. He has since then been working as a venture capital investor at Aspada and as a volunteer at iSpirt, a nonprofit which has been pushing for use of Aadhaar for digitising payments. Kumar, an engineer from VIT with experience from Exotel and Tally, is the chief evangelist at Setu.
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Why India needs digital payments to become an economic superpower?
Publication- The Financial Express
Edition- Online
Date- 21 April, 2019
When you are browsing the Internet and come across an item that you would like to gift your friend or a family member, you do not need to think whether you have enough cash in your wallet or not. Thanks to cashless digital payments on cards, Internet banking and wallets, now we have access to multiple electronic payment options when it comes to shopping for the best items here in India or across the world. With digital payments, the world is our oyster and at every step, cashless payments are helping us save time and money. One does not need to withdraw cash to book a cab or pay the neighborhood merchant, many of whom now accept cards. Every time you run out of cash, digital payments make it possible to finish your chores at the market or go home at your convenience without withdrawing cash from the ATM.
While digital payments are yet to dominate India’s financial transactions completely, they have found their way into the Indian psyche following demonetization. This shift has become evident in some of the data that shows a significant increase in acceptance locations in the country from 1.2 million in December 2015 to over 5 million by end 2018, almost three times growth in less than 3 years.
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While digital payments are yet to dominate India’s financial transactions completely, they have found their way into the Indian psyche following demonetization. This shift has become evident in some of the data that shows a significant increase in acceptance locations in the country from 1.2 million in December 2015 to over 5 million by end 2018, almost three times growth in less than 3 years.
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