Spice Money: Industry Monitoring 20 to 22 July 2019
- Priyanka Kanodia
- Jul 26, 2019
- 3 min read
Spice Money
Competitors
Industry News
Digital innovations and disruptions- a panacea for today's evolving fintech landscape
Publication- Business Today
Edition- Online
Date- 20 July, 2019
In today's evolving fintech landscape, emerging technologies are not just nice to have but imperative for companies to remain relevant. To ensure frictionless and secure transactions of large volumes, one can't rely solely on human intervention. To effectively mitigate risk, one has to build and work with newer technologies on a real-time basis to serve customers better.
"This is especially true for a company such as PayPal where we work with 267 million consumers and merchants across 200 geographies. Over the course of 2 decades of experience, we have built advanced machine learning and deep learning algorithms with dual networks as well as deep learning with thousands of features that will enable the system to take informed decisions on whether a transaction is good or bad," says Kishore Konakanchi, Head of Product & Engineering, PayPal India, a US-based worldwide online payments system.
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MobiKwik aims to clock Rs 500 crore revenue from its payment gateway business
Publication- The Financial Express
Edition- Online
Date- 21 July, 2019
Digital payments major MobiKwik Sunday said it aims to facilitate USD 20 billion worth of transactions through its payments gateway business in the next 12-18 months, a vertical that has been profitable for the company since April this year. The company, which competes with the likes of BillDesk and PayU in this space, is also confident of registering Rs 500 crore in revenue from its payments gateway (PG) business (operated as a MobiKwik subsidiary – Zaakpay) over the next 12 months.
“We are already among the top three payment gateways in the country and we have seen the total payment volume (TPV) and gross revenues triple in last 12 months… This is because we have the best tech stack for payments in mobile apps clocking 94 per cent success rate,” MobiKwik co-founder Upasana Taku told PTI.
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HDFC Bank net rises 21% on higher income
Publication- The Financial Express
Edition- Online
Date- 21 July, 2019
HDFC Bank on Saturday reported a 21% year-on-year (y-o-y) growth in net profit for the quarter ended June to Rs 5,568 crore on the back of a 23% y-o-y rise in total income to `32,362 crore. However, the bank’s provisions shot up 60% y-o-y to Rs 2,614 crore and its current account savings account (CASA) ratio slipped below 40% to 39.7% from 42.4% at the end of March.
In a statement, HDFC Bank said the key components for provisions for the quarter were specific loan loss and contingent provisions of Rs 2,413.5 crore, as against `1,432 crore for the corresponding quarter of the previous year, and general provisions worth Rs 200 crore, as against `183 crore for Q1FY19. “General provisions include additional provisions of `85.9 crore for standard advances to the NBFC (non-banking financial company)/HFC (housing finance company) sector,” the lender said.
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How an in-house e-commerce platform has revolutionised government procurement
Publication- The Economic Times
Edition- Online
Date- 22 July, 2019
Few notions among those who do business in India are perhaps as pervasive and deeply held as the one about doing business with the government. It’s a bit like a visit to the dentist — best avoided, but if you must, then pain and unpleasantness can’t be escaped. Complex procurement norms, bureaucratic hurdles, nepotism and delayed payments make it an affair that requires grit. Entrepreneur Shweta Sharma, 27, harboured similar notions, too. Started by three college friends in 2016, her startup Leaf Era sells moringa leaf tea and extracts.
They started retailing on Amazon and Flipkartand now exports to Hong Kong. Late last year, her entrepreneur father, who runs a sanitary fittings business, suggested something that made her raise her eyebrows. Start selling on GeM, or the Government eMarketplace (gem.gov.in), he said. Doing business with the government has become easier and safer, with timely payment and few logistical hassles. Sharma was sceptical.
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