DIGITAL WALLET APP
ETtech In-depth | Bhim promised the moon but failed to deliver. Can NPCI turn it around?
NPCI plans to rejuvenate its Bhim app by creating a separate subsidiary and appointing a new CEO. The aim is to challenge dominant players like PhonePe and Google Pay, and enable smaller banks to adopt Bhim's UPI solution. PhonePe, Google Pay and Paytm grabbed market share with cashbacks, engaging payment experience and gamification of the payment process. BHIM kept on losing users to eventually land up with 0.17% market share as of July 2024.
Flipkart-backed SuperMoney launches UPI app
Super.Money, the fintech wing of Flipkart, debuted its credit-first UPI app post a beta phase with 10 million transactions. The venture plans to introduce new financial products, targeting a significant position in India's UPI sector.
UPI market share cap delay likely to keep online payments pie unchanged
The 30% market share cap in the UPI segment was considered improbable with only a few months left until the deadline. Newcomers revised their plans as PhonePe and Google Pay retained dominance. The government had not yet provided an official stance to the NPCI on this matter. On the other hand, NPCI has been allowing multiple consumer internet platforms with a large user base to become third-party application providers and launch their own UPI offerings.
Status quo on UPI market share cap; P2P lenders in focus
Happy Tuesday! The market share cap on Unified Payments Interface (UPI) apps may not be implemented before the deadline. Details on this and more in today’s ETtech Morning Dispatch.
How to cancel local train ticket, get refund on Indian Railway's Unreserved Ticketing System (UTS) app
Indian railway UTS ticket cancel: Indian railways have a app- UTS for booking unreserved sub-urban and non-suburban tickets- Mumbai local, etc. However if you want to cancel any purchased ticket using the UTS app it is chargeable at Rs 30 for paper ticket. Paperless tickets cannot be cancelled on the UTS app.
ED arrests 4 in Chinese-linked online betting app 'fraud' worth Rs 400 crore
The Enforcement Directorate detained four individuals for a Rs 400 crore fraud via the Fiewin online betting app. The app, linked to Chinese nationals, defrauded online gamers and laundered funds through cryptocurrency. The accused were brought before a special PMLA court in Kolkata and remanded to 14 days of ED custody.
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Mobile wallets sink; IT talent in hinterlands
Happy Tuesday! As UPI becomes the default payment mode in India, mobile wallets are suffering. This and more in today’s ETtech Morning Dispatch.
Apple asks US judge to toss antitrust lawsuit
The Justice Department, 19 states and Washington, D.C., accuse Apple of an illegal monopoly on smartphones maintained by imposing contractual restrictions on, and withholding critical access from, developers.
UPI One World wallet service extends to all inbound international travellers
The National Payments Corporation of India (NPCI) launched the ‘UPI One World’ wallet for international travelers visiting India, expanding on its initial introduction during the G20 summit. This initiative enables seamless digital payments using Indian technology, eliminating the need for cash and simplifying foreign exchange transactions.
First Bitcoin and now ETH ETFs: Where is the market headed next?
Kaiko projects Ethereum's spot ETFs to surpass Bitcoin, aiming for $5,000 by 2024 with ETH trading near $4,000. The TVL, led by Arbitrum, is $47 billion. The Pectra upgrade and EIP-3074 will enhance wallet recovery. VanEck foresees a $1 trillion Layer 2 valuation. January's Bitcoin ETFs attracted $50 billion, boosting Ethereum investments and legitimacy.
MobiKwik claims to be largest digital wallet player in terms of transaction value
MobiKwik, leading in digital financial services by PPI Wallet transactions for April and May, grew market share to 23%. Co-founder Upasana Taku credits the Pocket UPI feature.
Spain launches the ‘porn passport’: All about the initiative taken to curb teen addiction to adult content
In an effort to protect adolescents from pornography addiction, the Spanish government has implemented strict measures to regulate access to adult content online. They are preparing to release an app aimed at preventing children from accessing R-rated digital content. Known as the 'porn passport,' this application allows adults to access pornographic material anonymously while effectively blocking minors from viewing it.
Rise of Telegram-friendly chain spurs talk of crypto super app
The Open Network (TON) blockchain has seized the crypto spotlight even amid a broader rally in the sector that saw Bitcoin hit new heights before a recent selloff.
No more licensed biz, Paytm to focus on distribution model
Digital payments major Paytm wants to stay away from getting into any regulated businesses and would rather focus on building distribution heft. The senior leadership have taken a conscious call to not go after regulatory licenses but rather work with licenced entities and distribute products better.
New RuPay UPI credit card rules: NeuCoins you will earn from UPI transactions on Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024
Here is a look at changes that will come into effect for the Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024, as per FAQs posted on the bank’s website.
Neobanking startup Jupiter gets RBI nod for mobile wallet licence
Neobanking startup Jupiter, backed by Tiger Global and Peak XV Partners, secures a prepaid payments instrument licence from the RBI to offer digital wallets for UPI payments, fund transfers, and bill payments.
Google Wallet in India partners with Pine Labs to offer gift cards
Google Wallet users can store and manage Gift Cards within the app and will receive reminders to use them at checkout. Google had launched the Google Wallet app for Android users in India earlier this month.
Fraud, crypto & wallet: A virtual hold for a real crime
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
Google Wallet launched in India: Step-by-step guide on how to use it; how it is different from Google Pay explained
Google Wallet: This article is about how to use Google Wallet and how different is it from Google Pay. As per Google, this wallet can be used for various utility functions like storing Air India, Indigo Airlines flight boarding pass, PVR and INOX cinema tickets. Read here to know more.
Google Wallet is now available for Android users in India
It is different from Google Pay app which helps manage money and finances.
ED seizes Rs 90 crore funds kept in Binance, ZebPay, WazirX wallets
Enforcement Directorate seized Rs 90 crore from cryptocurrency wallets in a money laundering probe connected to the 'E-Nugget' online gaming scam, involving high returns and multiple arrests with assets worth Rs 163 crore seized or frozen.
End of Paytm’s existing wallet biz; Tribe Capital’s India play
Happy Tuesday! Regulatory actions have crippled Paytm Payments Bank's mobile wallet business. This and more in today’s ETtech Morning Dispatch.
UPI rule change: Soon use money in PhonePe, Amazon Pay, any wallet to pay via Paytm, other UPI apps; check RBI new rule
UPI rule change for PPIs: Currently, money in your prepaid wallet (like PhonePe) can only be used for UPI transactions through the app offered by the wallet issuer itself. This limits your options — you can't use PhonePe money on Paytm or BHIM, for example. To address this, the Reserve Bank of India (RBI) has proposed allowing users to link their prepaid payment instrument such as wallets with any third-party UPI app. This means greater flexibility. What changes for UPI customers? How is this move going to help you?
New UPI rules for access for prepaid instruments: Now you can transfer funds from prepaid wallets using third party apps
Reserve Bank of India UPI: Now individuals don't need to depend upon third party prepaid payment instrument (PPI) wallets in order to make UPI payments. "To provide more flexibility to PPI holders, it is now proposed to permit linking of PPIs through third-party UPI applications," said RBI Governor Shaktikanta Das.
Paytm bank RBI Ban: Indian fintech is fast, furious — and fraudulent?
The Reserve Bank of India has taken regulatory action against Paytm and Visa Inc., and more nonbank intermediaries may be targeted. The growth of neo-banking in India has increased the risk of fraud. KYC regulations and digital payments face challenges, and nodal accounts are used for real-time processing.
What next for Paytm's banking arm after India central bank clampdown?
Paytm: The Reserve Bank of India (RBI) has instructed Paytm's payments bank subsidiary to cease accepting new deposits, signaling a potential cancellation of its license. Paytm Payments Bank, which operates as a specialized banking entity, cannot offer credit services or facilitate fund transfers after February 29. Paytm has stated it will comply with the RBI's directions and expects an impact of up to INR 5 billion ($36 million) on its annual earnings. The move adds to regulatory concerns surrounding Paytm's business, but liquidity should not be an issue as the bank's deposits are held in government bonds and other banks.
Google removes Binance, other offshore crypto apps from Play Store
Less than 24 hours after access to web platforms of crypto wallets such as Binance was cut off for Indian users, theirapps were also taken down from Google Play Store..
Big Tech rebuffs US consumer watchdog plans to supervise digital wallets
The proposal, which has yet to be finalised, would subject such companies to the same kind of supervision currently imposed on banks, with agency examiners inspecting compliance with laws on unfair or deceptive practices and privacy protections, as well as scrutinising executives' conduct.
2024: How the fintech industry will learn to live a regulated life
For Razorpay and Cashfree, Christmas came a week early, as after a year of being under embargo from the RBI, which halted new merchant onboarding, the startups finally managed to restart business.
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