GOOGLE WALLET
New UPI fraud trend: Fraudsters spamming UPI IDs with multiple collect requests; one careless approval means money gone from bank a/c
UPI scam: Fraudsters are decoding your UPI ID to send spam UPI collect money and autopay requests. These requests are all genuine, however the request is being initiated by fraudsters. So instead of paying for Netflix subscription for your account, you may end up paying it for the fraudster's account. Be careful about this new UPI scam.
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.
WazirX laptops not compromised in $230 million hack, says Google subsidiary; Liminal questions audit
Mandiant Solutions, a Google subsidiary and cybersecurity expert, confirmed that cryptocurrency exchange WazirX's laptops were secure amidst a cyberattack that stole over $230 million. Investigations to recover assets and identify culprits continue.
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.
Mobile wallet transactions on slippery slope as UPI rises
Even before the Unified Payments Interface (UPI) was born, India’s retail payments story had gone digital, riding on mobile wallets. These were prepaid payment instruments that needed to be loaded and could be used to pay each other and scan QR codes. But these wallets are dying with reduced adoption.
Google cuts Maps prices by 70% after Bhavish Aggarwal's free Ola Maps offering
Google joins the price war over a week after Bhavish Aggarwal announced that Ola was exiting Google Maps, shifting to an in-house navigation system, Ola Maps. He said the move saved the company about Rs 100 crore in costs. Google said it is working with ONDC to offer developers on the platform up to 90% off on select Google Maps APIs.
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Over 1.5 million developers use Gemini globally, India among the largest: Google Deepmind
Tech giant Google has now unveiled Gemma2, the next generation of its open models for AI innovation, released to all developers. It features improvements in performance along with built-in safety advancements. It's available in both 9 billion and 27 billion parameter sizes, optimised by Nvidia to run on next-gen GPUs.
With Trump VP pick JD Vance, Silicon Valley conservatives land a 'tech bro' on the ticket
Author of the bestselling memoir "Hillbilly Elegy," a graduate of Yale Law School and later a venture capitalist in San Francisco, Vance has had a rapid ascent for American politics. At 39, he has served but two years in the U.S. Senate representing the state of Ohio.
British regulators look into Big Tech and digital wallets
The Financial Conduct Authority and Payments Systems Regulator is seeking views on the benefits and risks, and will assess the impact digital wallets, such as Apple Pay, Google Pay and PayPal, have on competition and choice of payment options at checkout, among other things.
Hyperscalers host EkStep digital public goods, build AI bot
Tech giants Amazon Web Services (AWS) and Google Cloud are providing cloud storage and services to make the digital public goods (DPGs) created by non-profit EkStep Foundation available online. They are also collaborating to develop an AI-based virtual assistant for the foundation.
Paytm ties up with Skyscanner, Google Flights, Wego
Paytm co posted 19% y-o-y rise in total flight bookings in March quarter. International flight bookings on the platform rose 15% y-o-y in April. Recently the fintech firm also partnered with Samsung to offer flight, movies and event ticket booking through Samsung wallet. According to a company spokesperson, Paytm aim to deliver exceptional value and best travel experience to its customers.
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.
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.
Paytm focuses on UPI Lite wallet for low-value transactions
Paytm promotes UPI Lite for small transactions, collaborating with top banks. The on-device wallet allows quick, PIN-free payments up to Rs 500, enhancing the user experience for everyday purchases.
Atlan’s valuation nearly doubles; decoding PB Fintech’s FY24 financials
Data collaboration software startup Atlan has raised $105 million at nearly double the valuation since its last round. Details on this and more in today’s ETtech Top 5.
Google Wallet is now available for Android users in India
It is different from Google Pay app which helps manage money and finances.
Paytm stock slides after COO exit; India’s first microcontroller chip
Shares of Paytm parent One 97 Communications fell 5% on Monday after its president and chief operating officer Bhavesh Gupta resigned. More on this in today’s ETtech Top 5.
US antitrust case against Google is just the start
Under the Trump administration, the Justice Department and the Federal Trade Commission started investigating Amazon, Apple, Google and Meta, the parent company of Instagram and WhatsApp, for monopolistic behavior. The government has since sued all four companies -- Google twice -- in what it says is an effort to rein in their power and promote more competition.
Political ad blitz on Google; new use cases for digital currency
Data from Google Ads Transparency Centre shows that parties are shelling out nearly Rs 117 crore on the search giant alone. This is against the Rs 10 crore spent on political ads in the runup to the 2019 general elections.
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?
PhonePe anticipates increased market share: CEO Sameer Nigam on RBI action against Paytm
PhonePe CEO Sameer Nigam expects to gain from potential decline in Paytm's user base. PhonePe witnessed an increase in user base due to regulatory challenges faced by Paytm Payments Bank. PhonePe holds a 46% share in UPI volumes.
Why Pranav Gundlapalle finds Paytm's current valuation attractive
Now, there could be further downside if you see this action spreading to other parts of the business and there is no reason to believe that is indeed the case at this point in time.
Jio Financial Services shares drop over 7% on denying Paytm wallet acquisition talks
Jio Financial shares ended 14% higher on BSE on Monday following a media report stating that Jio has been in talks to buy the Paytm wallet business since November. Citing sources, the report had said as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank.
Paytm Payments Bank: India's startup rockstar, Paytm CEO Sharma, battles regulatory crisis
Vijay Shekhar Sharma, India's startup king, faces a crisis as investors plunder Paytm's valuation due to regulatory action by the central bank, threatening significant business disruptions. Sharma aims to restore investor confidence and keep operations running. Paytm's valuation has crashed after its IPO, and analysts say the company needs to restore credibility. Sharma's ambitions and the demonetisation move in 2016 transformed Paytm into India's premier digital payments platform. Despite the challenges, Sharma remains undeterred and committed to serving the nation. The future of Paytm's expansion plans and customer retention are uncertain due to the regulatory roadblock.
RBI’s major blow to Paytm; IT fresher hiring at record low
The Reserve Bank of India dealt Patym a severe blow, barring the listed fintech’s payment bank from offering banking services after February. This and more in today’s ETtech Morning Dispatch.
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..
Australia to amend law to regulate digital payments like Apple, Google Pay
The legislation, first flagged last month, will broaden the legislation that empowers the Reserve Bank of Australia to regulate payments so that it applies to new and emerging technology.
India’s banks are making $64 billion from a freebie
India saw over 10 billion cashless transactions in August, with most of them being online and cost-free. However, customers using mobile-phone wallets to pay bills over 2,000 rupees are subject to a 1.1% fee. Despite concerns about the lack of profit motive, India's payment revenue reached $64bn last year, making it the fourth highest globally.
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