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Finance Minister urges fintech startups to tackle digital fraud, emphasizing innovation and global market opportunities, with a call to support MSMEs.

Fintech Urged to Combat Digital Fraud: Sitharaman

Finance Minister Sitharaman urges fintech startups to develop anti-fraud measures, focusing on innovation and global opportunities, while supporting finance growth.

Nirmala Sitharaman urges fintech startups to innovate against digital fraud, highlighting growth and global opportunities.

Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds.
Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country.
Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don't take away their money.
Another major threat, she pointed out, is 'deep fake', which is causing a lot of damage to the public in large.
"Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising," Sitharaman said.
She also called upon the fintech sector to further expand the digital lending facilities to the key MSME sector.
Sitharaman further said Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for our firms.
International merchant payments through UPI are now accepted at select merchant outlets in seven countries, including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE.
"Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions," she said.
This, she said, will open up new markets for domestic firms.
Indian fintech market is projected to grow to over USD 400 billion by 2028-29.
"That's not too far away. Just three years. Reflecting on an anticipated annual growth of 30 per cent. The scale of opportunity is immense. I firmly believe its best chapters are yet to be written.
"Together, let us &lsquo;Innovate, Include, and Inspire&rsquo;. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve," she said.
Noting that India now actually accounts for almost half of all real-time digital transactions in the world, she said direct benefit transfer (DBT) has saved a lot money by plugging leakages.
About Rs 44 lakh crore have been transferred through DBT since 2014 and Rs 3.48 lakh crore have been saved.
The Minister said the speed at which innovation is happening in India is just a dream for many other countries.
"Several advanced countries are nowhere close to the kind of momentum our fintech companies have achieved, not just in terms of progress in their respective areas, but also in creating entirely new paradigms. This is something which is very unique of the Indian fintech sector," she said.
A World Bank study noted that through Digital Public Infrastructure (DPI), India achieved an 80 per cent financial inclusion rate in just six years.
Some observers who have gone through this report have said that this feat would have otherwise taken nearly 50 years, Sitharaman said.

Domestic Fintech companies rush to procure licence for offering international payment services, the application for which ends on April 30

Indian fintech players rush to get licence for offering international payment services

<h2>Domestic Fintech companies rush to procure licence for offering international payment services, the application for which ends on April 30</h2>

Domestic payment aggregators including Razorpay and Cashfree along with newer fintech firms like PayGlocal and Skydo are rushing to get a licence for offering international payment services, reported The Economic Times.&nbsp;
The deadline for applying for the payment aggregator-cross border (PA-CB) licence with the Reserve Bank of India is April 30.
&ldquo;We have applied to RBI for the cross-border licence. We are focused on the software and services export segment majorly, but we have some goods exporters among our clientele too,&rdquo; Movin Jain, cofounder of Skydo told The Economic Times. Skydo manages all formalities of international payments, with settlement within one day of the transaction.
Similarly PayGlocal is planning to apply for the PA-CB licence soon.
<h3>Cross-border payment</h3>
The Economic Times quoted Industry experts and said that the margins are at 2.5-4% per card transaction internationally compared to the 1% in India. The report further mentioned that apart from the intense competition, the move will help justify such local startups&rsquo; sky-high valuations. The average ticket size for B2B cross-border payments is estimated around $5,000.
Also Read: <a href="https://www.editorji.com/business-news/markets/lic-chairman-explores-establishment-of-fintech-division-1701061518048">LIC Chairman explores establishment of fintech division</a>
Since the volume of international consumer payments too is growing steadily, there is a huge opportunity in big-ticket cross-border merchant tickets.&nbsp;
&ldquo;Razorpay is building a solution for cross-border business payments,&rdquo; a senior industry executive told The Economic Times. &ldquo;They (Razorpay) eventually want to expand from cross-border consumer payments to large ticket vendor payments for account-based fund transfers,&rdquo; the executive added.
Similarly Cashfree has also applied for a PA-CB licence. Cofounder Akash Sinha said the focus will be on business to consumer (B2C) transactions initially.
&ldquo;We already have a domestic payments business, we can bundle international payments as an offering for our existing merchants,&rdquo; he told The Economic Times
<h3>Fintech transaction</h3>
The report quoted industry estimates and said that fintechs currently process approximately $10 billion of transactions, part of over $250 billion of exports by India&rsquo;s small and medium businesses.
<h3>PA-CB guidelines</h3>
The RBI introduced the PA-CB guidelines to formalise the emerging international payments business and bring such fintech operators directly under its ambit in october 2023. Earlier, fintech firms were given an online payment gateway service provider licence. This identified them as a technology service provider to banks.
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Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game, governor Shaktikanta Das said on Tuesday.
Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or bank's behalf the money was being disbursed.
Why the RBI has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said.
“The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer.

RBI's firm warning for digital lending apps

As recent incidences wherein a few people who borrowed through loan apps have been forced to commit suicide, RBI wants lending apps to follow the rules of game 

RBI: not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game

Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game.&nbsp;
Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar.
Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or bank's behalf the money was being disbursed.
Why the RBI has not introduced the first loss default guarantee in the recently introduced guidelines for the lending apps, the governor said, our intention is not to penalize anybody or stifle anyone else activity. All that we are saying is that please follow the traffic rules, Das said.
&ldquo;The Reserve Bank will continue to be supportive of it (digital lending) and will welcome it. We will, in fact, go two steps forward to discuss with you if you just take one step forward. But having said that, these innovations also must be responsible and should enhance the efficiency and resiliency of the financial system while benefiting the consumer.

Come, be part of the India growth story. This was Union Finance Minister Nirmala Sitharaman's message to investors in Silicon Valley, as she wrapped up her trip to the United States.
Speaking at a round table hosted by the CII and the US Chamber of Commerce’s US-India Business Council (USIBC), Nirmala Sitharaman pitched for collaboration with the US in financial services and emerging technologies.
Also watch | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?
She said fintech represents a unique opportunity for sustainable and inclusive growth.
"India has the largest start up ecosystem...1 in 4 start-ups belong to fintech and increasingly becoming unicorns. 20 unicorns belonging to fintech in last 2-3 years. Digital adoption rate in India as of 2019 was 85% whereas globally it was 64%," said the Finance Minister.
There's a fintech revolution happening in India, and as a country that runs the largest financial inclusion programme in the world, and has highest fintech adoption rate globally, India has a lot to offer.
Also watch | Finance Minister Nirmala Sitharaman at IMF: India is a leader in digital adoption
India is home to one of the fastest growing fintech markets. At $31 billion in 2021, it's the 3rd largest in world, after the US and China. India's fintech market size is estimated to grow at a CAGR of 20% to reach $138 billion by 2023. 
Global leaders from the fintech sector, from the USIBC and the CII member companies also feel fintech can power a free and prosperous Indo-Pacific.
Ambassador Atul Keshap, former diplomat and President of USIBC says, innovation around fintech will be a critical to reach $500 billion in annual trade between the US and India. The fintech sector also offers the chance to meet the needs of Generation Z and Millennials, who are tech-savvy in financial management across all economic categories, including insurance, loan repayment, and purchase or sale or investment of financial assets.
Also watch | Money laundering, terror financing - biggest risk of crypto: FM Sitharaman
Another big area of focus for the Finance Minister the US semiconductor players. Some call it the ‘brain’ of modern electronics, while others call it the ‘heart.’ Nirmala Sitharaman met representatives of the semiconductor industry in the US urging them to invest in India. 
Last year, the govt also approved a $10bn production-linked incentive scheme to boost semiconductor manufacturing in the country, in a bid to position India as a global hub for hi-tech production. The move is starting to show results. The govt has received five proposals for setting up of semiconductor fabrication and display fabrication units worth Rs 1.53 lakh crore. Not just that, the semiconductor market of India is estimated to touch $63 billion by 2026, as per reports.
Also watch | The US-India 2+2 dialogue amid Russia-Ukraine crisis: What next for India-US ties?
With a growth forecast of almost 8% in FY 2023, India is likely to remain the world’s fastest growing major economy over the next few years. With healthy FDI inflows, and the macroeconomic outlook looking stable, the Indian economy is showing steady recovery, post the pandemic.
At a critical time for geo-strategic and geo-economic convergence, the govt hopes that the India-US trade partnership, can make the case for democracy through shared prosperity.

Decoded | FM Nirmala Sitharaman's outreach at Silicon Valley: Be part of India's growth story

Finance Minister Nirmala Sitharaman pitched for collaboration with the US in financial services and emerging technologies, saying that fintech represents a unique opportunity for sustainable and inclusive growth.


Speaking at a round table hosted by the CII and the USIBC,&nbsp;Nirmala&nbsp;Sitharaman pitched for collaboration with the US in financial services and emerging technologies.

Come, be part of the India growth story.&nbsp;This was Union Finance Minister&nbsp;Nirmala&nbsp;Sitharaman's message to investors in Silicon Valley, as she wrapped up her trip to the United States.
Speaking at a round table hosted by the CII and the US Chamber of Commerce&rsquo;s US-India Business Council (USIBC),&nbsp;Nirmala&nbsp;Sitharaman pitched for collaboration with the US in financial services and emerging technologies.
Also watch |&nbsp;<a href="https://www.editorji.com/editorji-specials/the-india-story/decoded-nirmala-sitharaman-s-visit-in-washington-bid-to-boost-india-us-trade-ties-1650637495202" target="_blank">Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?</a>
She said fintech represents a unique opportunity for sustainable and inclusive growth.
"India has the largest start up ecosystem...1 in 4 start-ups belong to fintech and increasingly becoming unicorns. 20 unicorns belonging to fintech in last 2-3 years. Digital adoption rate in India as of 2019 was 85% whereas globally it was 64%," said the Finance Minister.
There's a fintech revolution happening in India, and as a country that runs the largest financial inclusion programme in the world, and has highest fintech adoption rate globally, India has a lot to offer.
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/fm-at-imf-india-a-leader-in-digital-adoption-1650346597961" target="_blank">Finance Minister Nirmala Sitharaman at IMF: India is a leader in digital adoption</a>
India is home to one of the fastest growing fintech markets.&nbsp;At $31 billion in 2021, it's the 3rd&nbsp;largest in world, after the US and China.&nbsp;India's fintech market size is estimated to grow at a CAGR of 20% to reach $138 billion by 2023.&nbsp;
Global leaders from the fintech sector, from the USIBC and the CII member companies also feel fintech can power a free and prosperous Indo-Pacific.
Ambassador Atul Keshap, former diplomat and President of USIBC says, innovation around fintech will be a critical to reach $500 billion in annual trade between the US and India.&nbsp;The fintech sector also offers the chance to meet the needs of Generation Z and Millennials, who are tech-savvy in financial management across all economic categories, including insurance, loan repayment, and purchase or sale or investment of financial assets.
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/money-laundering-terror-financing-biggest-risk-of-crypto-fm-sitharaman-1650342258379" target="_blank">Money laundering, terror financing - biggest risk of crypto: FM Sitharaman</a>
Another big area of focus for the Finance Minister the US semiconductor players. Some call it the &lsquo;brain&rsquo; of modern electronics, while others call it the &lsquo;heart.&rsquo;&nbsp;Nirmala&nbsp;Sitharaman met representatives of the semiconductor industry in the US urging them to invest in India.&nbsp;
Last year, the govt also approved a $10bn production-linked incentive scheme to boost semiconductor manufacturing in the country, in a bid to position India as a global hub for hi-tech production. The move is starting to show results. The govt has received five proposals for setting up of semiconductor fabrication and display fabrication units worth Rs 1.53 lakh crore.&nbsp;Not just that, the semiconductor market of India is estimated to touch $63 billion by 2026, as per reports.
Also watch |&nbsp;<a href="https://www.editorji.com/editorji-specials/the-india-story/the-india-story-us-india-2-2-dialogue-amid-russia-ukraine-crisis-what-next-for-india-us-ties-1649854668499" target="_blank">The US-India 2+2 dialogue amid Russia-Ukraine crisis: What next for India-US ties?</a>
With a growth forecast of almost 8% in FY 2023, India is likely to remain the world&rsquo;s fastest growing major economy over the next few years. With healthy FDI inflows, and the macroeconomic outlook looking stable, the Indian economy is showing steady recovery, post the pandemic.
At a critical time for geo-strategic and geo-economic convergence, the govt hopes that the India-US trade partnership, can make the case for democracy through shared prosperity.

Better.com CEO Vishal Garg fired 900 of his employees over a 3-minute Zoom call
The Indian-American CEO said market efficiency, performance and productivity were the reasons behind the mass lay-off in which almost 15 percent of the employees were fired.
"This isn't news that you're going to want to hear...If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately," Vishal Garg, told employees of the New York-based mortgage company during the Zoom call.
He also mentioned that he was doing this for the second time in his career.

Watch: Indian-American CEO fires 900 of his employees over Zoom call

He also mentioned that he was doing this for the second time in his career.

Better.com CEO Vishal Garg fired 900 of his employees over a 3-minute Zoom call
The Indian-American CEO said market efficiency, performance and productivity were the reasons behind the mass lay-off in which almost 15 percent of the employees were fired.
Also watch |&nbsp;<a title="Kotak banks on crypto, shakes hands with WazirX" href="https://www.editorji.com/business-news/cryptocurrency/kotak-banks-on-crypto-shakes-hands-with-wazirx-1638773519696">Kotak banks on crypto, shakes hands with WazirX</a> "This isn't news that you're going to want to hear...If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately," Vishal Garg, told employees of the New York-based mortgage company during the Zoom call.
He also mentioned that he was doing this for the second time in his career.

India is known for its start-ups and techies and an Indian-origin CEO of Alphabet and Google, Sundar Pichai has some words of praise for it
Speaking at the Hindustan Times Leadership Summit (HTLS) 2021, Pichai said that it’s “heartening” to see start-up culture in India 
The tech wizard added that Google is willing to provide technological support in the form of Artificial intelligence (AI) to help startups in India 'scale up'.
Pichai's words came after Parag Agrawal was promoted from Twitter's Chief Technology Officer to its CEO this week.
Heaping praises Sundar Pichai said that India is a place where people build things and take them globally.
 

Google's Sundar Pichai praises India startups, check out what he has to say  

India is known for its start-ups and techies and an Indian-origin CEO of Alphabet and Google, Sundar Pichai has some words of praise for it

Check what he has to say:  

Google's Sundar Pichai praises India startups
'Heartening' to see start-up culture in&nbsp;India
Pichai: Google willing to to help startups in India
Pichai's&nbsp;words after Parag Agrawal&nbsp;became&nbsp;Twitter's CEO&nbsp;this week

Google is willing to provide technological support in the form of Artificial intelligence (AI) to help startups in India 'scale up'

India is known for its startups&nbsp;and techies and an Indian-origin&nbsp;CEO of Alphabet and Google, Sundar Pichai has words of praise for it
Speaking at the Hindustan Times Leadership Summit (HTLS) 2021, Pichai said that&nbsp;it&rsquo;s &ldquo;heartening&rdquo; to see start-up culture in&nbsp;India.&nbsp;
Also watch |&nbsp;<a title="Mukesh Ambani backs Blockchain tech; 'can change financial world'" href="https://www.editorji.com/business-news/mukesh-ambani-backs-blockchain-tech-can-change-financial-world-1638598901893">Mukesh Ambani backs Blockchain tech; 'can change financial world'</a>&nbsp;
The tech wizard added that Google is willing to provide technological support in the form of Artificial intelligence (AI) to help startups in India 'scale up'.
Pichai's&nbsp;words came after Indian origin&nbsp;Parag Agrawal was promoted from Twitter's Chief Technology Officer to its CEO&nbsp;this week.
Heaping praise,&nbsp;Sundar Pichai&nbsp;said that India is a place&nbsp;where people build things and take them globally.

Imagine three-days off in a week! Yes, a UK bank has adopted a four-day work week for all its employees without cutting pay
Atom Bank announced that it had also reduced the weekly hours of its 430 staff to 34 from 37.5 and expected most workers to take either Monday or Friday off.
The change is voluntary and would mean staff working slightly longer days.
The policy, which took effect on November 1, was introduced to support Atom’s employees’ “mental and physical well-being,” and improve productivity, the company said.

This UK bank moves to four-day work week without cutting pay

4-day week work! This company just made it's 400 employees very happy



Four day work week for some

The policy, which took effect on November 1, was introduced to support employees&rsquo; &ldquo;mental and physical well-being,&rdquo; and improve productivity, the company said.

Imagine three-days off in a week! Yes, a UK bank has adopted a&nbsp;four-day work week&nbsp;for all its employees without cutting pay
Atom Bank announced that it had also reduced the weekly hours of its 430 staff to 34 from 37.5 and expected most workers to take either Monday or Friday off.
Also watch |&nbsp;<a title="Fabulous 40! Upstox gets unicorn status, 40th startup this year&nbsp;" href="https://www.editorji.com/business-news/fabulous-40-upstox-gets-unicorn-status-40th-startup-this-year-1637907575974">Fabulous 40! Upstox gets unicorn status, 40th startup this year&nbsp;</a>
The change is voluntary and would mean staff working slightly longer days.
The policy, which took effect on November 1, was introduced to support Atom&rsquo;s employees&rsquo; &ldquo;mental and physical well-being,&rdquo; and improve productivity, the company said.

Paytm's dream of an 'overvaluation' has led to problems for others. The disappointed listing has caused a significant correction in the valuation of other fintech startups as well.
Mobikwik, which was looking to open its IPO in November, could delay it to the next financial year, as reported by Economic Times.
The report said that the company finds it difficult to get institutional investors and moreover, its valuation has seen a dip of 30-40%. This as Paytm's listing has created a lot of skepticism around the fintech business in India.
A report by The Morning Context said that two investors who had committed to investing in Mobikwik's public issue have pulled out. These two investors are Nomura and Eastspring Investments.
Paytm has eroded Rs 50,000 crore in its valuation in just two trading sessions after listing. Ironically, the listing was aimed at raising Rs 18,000 crore.

Paytm's listing creates havoc for fintechs; Mobikwik delays IPO

Paytm's beleaguered listing caused Mobikwik's investors backing off. IPO delyed to next financial year as the valuation dropped by 30-40% as per reports. 

Mobikwik IPO delayed

Mobikwik's valuation has seen a dip of 30-40% after&nbsp;Paytm's&nbsp;debut disappointment

Paytm's&nbsp; debut disappointment is spreading to the rest of the fintech&nbsp;startup ecosystem looking to step into Dalal&nbsp;Street.&nbsp;&nbsp;Mobikwik, which was looking to open its IPO&nbsp;in November, could delay it to the next financial year, as reported by Economic Times.
The report said that the company finds it difficult to get institutional investors and moreover, its valuation has seen a dip of 30-40%. This as&nbsp;Paytm's&nbsp;listing has created a lot of skepticism around the fintech&nbsp;business in India.
A report by The Morning Context said that two investors who had committed to investing in Mobikwik's&nbsp;public issue have pulled out. These two investors are Nomura&nbsp;and Eastspring&nbsp;Investments.
Paytm&nbsp;has eroded Rs 50,000 crore&nbsp;in its valuation in&nbsp;just two trading sessions after listing. Ironically,&nbsp;the listing was aimed at raising Rs 18,000 crore.
Also read/watch:<a href="https://www.editorji.com/business-news/markets/paytm-lacks-focus-and-direction-expect-more-downside-says-macquarie-1637566259446" target="_blank">&nbsp;Paytm lacks focus and direction, expect more downside says Macquarie</a>

Buy now Pay Later(BNPL) options apply only to a specific purchase from a specific merchant, credit cards can generally be used anywhere to make many types of purchases.

EJ Explains: Buy now Pay Later(BNPL), is it really a good offer?

Buy Now Pay Later (BNPL) has become a prominent financing form but is it really a good offer? 

Buy Now Pay Later, Is the BNPL offer booming or a bubble?

Redseer estimates India's Buy Now Pay Later(BNPL) market will rocket to $45-50 billion by 2026 from $3-3.5 billion now.

Buy now Pay Later(BNPL): Imagine this situation: You&rsquo;re craving to proceed from your shopping cart, but you know don&rsquo;t have enough money to cover the cost of your items. You could wait until you get your next paycheck or you could use a &lsquo;buy now, pay later&rsquo; loan to pay for your shopping list?
<h2>What is 'Buy Now Pay Later(BNPL)'?</h2>
As consumer expectations have shifted away from traditional lending and payment products toward low-cost or free services with convenient, Buy Now Pay Later as it reads allows the customers to buy the product they need on loan and can pay the amount later.
BNPL has emerged as a more convenient payment method essentially decreasing the financial burden on borrowers by offering no-cost EMIs. The options can be found on food delivery, travel booking, grocery and other essential delivery platforms too.
<h2>Who is offering this Buy Now Pay Later(BNPL) option?</h2>
Given the tons of BNPL apps in the market, it may get difficult for you to decide which one to opt for. Several startups such as LazyPay, Simpl, ZestMoney, and&nbsp;ePayLater, Felxmoney operating in this space have changed the way credit works in India.
Apart from these, traditional banks have also forayed into the segment such as HDFC Bank&rsquo;s FlexiPay and ICICI Bank&rsquo;s&nbsp;ICICI PayLater offerings.
<h2>Credit cards vs Buy Now Pay Later(BNPL): The better choice</h2>
While BNPL options apply only to a specific purchase from a specific merchant, credit cards can generally be used anywhere to make many types of purchases.
If you have a credit card, you have to pay at least the minimum amount due at the end of the month. However, with buy now, pay later, you might have a three-, five- or 12-month option. This means that while BNPL can offer more flexible terms, credit cards generally will offer more flexible acceptance.&nbsp;
<h2>But is it a good option?</h2>
Even with all the benefits and attractive features, there are things to Know Before using lay later offers-:&nbsp;
&nbsp;&bull;&nbsp;Buy Now&nbsp;Pay Later&nbsp;should be&nbsp;used only when you can repay in time, not for free money.
&nbsp;&bull;&nbsp;Your eligibility to get a credit line is based on your credit score, relationship with these apps, and other factors.
&nbsp;&bull;&nbsp;Delaying the repayment can cost you a hefty late payment fee and unwanted charges, including an exorbitantly high-interest rate.
&nbsp;&bull;&nbsp;Missing even a single payment can reduce your credit score, impacting your future ability to take loans.

Policybazaar IPO: Policybazaar and Paisabazaar owner PB Fintech is hoping for a crackling initial public offer ahead of Diwali. 

Policybazaar IPO Open Today: Top points to consider before investing

Market-leader yet loss-making insurance aggregator PB Fintech's IPO has analysts sitting on the fence. Here is what you need to know before investing. 

Policybazaar IPO: Is its safe bet for retail investors, do you know these risks?

What's exciting about this IPO? PB Fintech&nbsp;offers a pie of India's largest online platform for insurance (Policybazaar) and lending products (Paisabazaar). Holds 65.3 percent market share in all digital insurance sales in India by number of policies sold. Marketshare is great but does it make profit?&nbsp; The company posted a consolidated loss of Rs 150.24 crore for the financial year FY21, but the bright side is that is was much lower compared to a loss of Rs 304.03 crore&nbsp;the year before. Revenue however have seen a big jump to Rs 886.66 crore&nbsp;from Rs 771.3 crore&nbsp;over the last two years.&nbsp; What are my risks?&nbsp; Online insurance or fintech&nbsp;as a whole has become a highly competitive market in India with a host of startups&nbsp;establishing themselves as serious competition like recent unicorn Acko and Virat&nbsp;Kohli&nbsp;backed Digit Insurance. Analysts fear with competition rising and a history of losses, the company may not be able to sustain growth in a cost effective manner.&nbsp;It also warned in its DRHP&nbsp;that the company expects its costs to increase over time and losses will continue given the investments expected towards growing its business.&nbsp;
&nbsp;

Policybazaar IPO: PB Fintech, the operator of Policybazaar, has mopped up Rs 2,569&nbsp;crore from 155 anchor investors on October 29.

<a href="https://www.editorji.com/story/policybazaar-ipo-aims-to-raise-rs-6-500-crore-likely-to-fie-drhp-in-a-week-1626834795938">Policybazaar</a> and Paisabazaar&nbsp;owner PB Fintech&nbsp;is hoping for a crackling initial public offer ahead of Diwali.&nbsp;The IPO&nbsp;price band has been set at Rs 940 to 980 and the issue is open from November&nbsp;1-3. Here are the things you must know before investing:
<h3>What's exciting about this IPO?</h3>
PB Fintech&nbsp;offers a pie of India's largest online platform for insurance (Policybazaar) and lending products (Paisabazaar). Holds 65.3 percent market share in all digital insurance sales in India by number of policies sold.
<h3>Marketshare is great but does it make profit?&nbsp;</h3>
The company posted a consolidated loss of Rs 150.24 crore for the financial year FY21, but the bright side is that is was much lower compared to a loss of Rs 304.03 crore&nbsp;the year before. Revenue however have seen a big jump to Rs 886.66 crore&nbsp;from Rs 771.3 crore&nbsp;over the last two years.&nbsp;
<h3>What are my risks?&nbsp;</h3>
Online insurance or fintech&nbsp;as a whole has become a highly competitive market in India with a host of startups&nbsp;establishing themselves as serious competition like recent unicorn Acko and Virat&nbsp;Kohli&nbsp;backed Digit Insurance. Analysts fear with competition rising and a history of losses, the company may not be able to sustain growth in a cost effective manner as it has also warned of the same in it's DRHP.&nbsp;
<h3>Gauging sentiment vs grey market premium </h3>
Policybazaar operator PB Fintech&nbsp;is available at Rs 1,100-1,150 per share in the grey market, a premium of Rs 120-170 or 12-17 percent over upper price band of Rs 980.
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/nykaa-ipo-time-to-glam-up-your-portfolio-1635390009005">Nykaa IPO: time to glam up your portfolio!</a>

Major UPI players such as BHIM, PhonePe, Amazon are making our lives easier after RBI's new rule for auto-debit facility kicks in 
With the RBI&rsquo;s new auto-debit rule on AFA has been made applicable since 1 October, here&rsquo;s an explanation of the process of setting up an e-mandate in the UPI app to maximise the benefits of using autopay option.

A UPI-enabled application would have a &lsquo;Mandate&rsquo; section, through which customers can create, modify, pause as well as revoke auto-debit mandate.
Customers can set mandates for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly time periods.
Customers will be required to authenticate their account through UPI PIN one-time and subsequent monthly payments would be debited automatically
Next users should add name of the merchant and select auto debit date and then finally click on &lsquo;Proceed&rsquo;.


New auto-debit rule causing chaos? UPI to the rescue for all your auto-debit woes 

Users can set up an e-mandate using UPI Autopay for recurring payments: 

How to setup UPI autopay for your recurring payments, check here

The Reserve Bank of India's on Additional Factor of Authentication (AFA) coming into effect from October 1.

With the RBI's&nbsp;new norms kicking in from October 1, customer had to redesign the way they made regular payments. But giving a big relief is the&nbsp;UPI&nbsp;system&nbsp;which are now providing&nbsp;Auto-Pay facility as well for payments upto&nbsp;Rs 5000 after which a UPI&nbsp;Pin will be required to.&nbsp; As per details shared by the National Payments Corporation of India (NPCI), here's a step-by-step guide on how to setup BHIM UPI Auto-Pay facility to make recurring payments-
<ul>
<li>A UPI-enabled application would have a &lsquo;Mandate&rsquo; section, through which customers can create, modify, pause as well as revoke auto-debit mandate.</li>
<li>Customers can set mandates for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly time periods.</li>
<li>Customers will be required to authenticate their account through UPI PIN one-time and subsequent monthly payments would be debited automatically</li>
<li>Next users should add name of the merchant and select auto debit date and then finally click on &lsquo;Proceed&rsquo;.</li>
</ul>
Under the facility, the users of this UPI app will be able make recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance premium, school fee, mutual funds/SIPs &nbsp;etc. Most major banks, merchants, aggregators are live with the UPI&nbsp;Auto-Pay Facility.&nbsp;

In a big boost for fintech&nbsp;Paytm&nbsp;has become the country&rsquo;s first platform to accept international remittances directly into a digital wallet.&nbsp;
"We are now offering direct transfer of international remittances into the Paytm wallet, a first in India," Satish Kumar Gupta, managing director of Paytm Payments Bank said.
Paytm Payments Bank has tied up with Ria Money Transfer, a cross-border money transfer firm to facilitate users to receive&nbsp;money from their relatives abroad.&nbsp;Ria Money has 490,000 retail outlets worldwide. Ria's customers can transfer cash through app or website as well.


Paytm wallet to accept international remittances

EJBiz| You can now wire money from abroad straight to your Paytm wallet, a big first for a digital platform in India. 

Money Matters| You can now wire money from abroad straight to your Paytm

Paytm becomes first digital wallet in India to accept deposits from&nbsp;international remittances

In a big boost for fintech&nbsp;Paytm&nbsp;has become the country&rsquo;s first platform to accept international remittances directly into a digital wallet.&nbsp;
"We are now offering direct transfer of international remittances into the Paytm wallet, a first in India," Satish Kumar Gupta, managing director of Paytm Payments Bank said.
Paytm Payments Bank has tied up with Ria Money Transfer, a cross-border money transfer firm to facilitate users to receive&nbsp;money from their relatives abroad.&nbsp;Ria Money has 490,000 retail outlets worldwide. Ria's customers can transfer cash through app or website as well.

Razorpay&nbsp;gets a big boost investment as Salesforce&nbsp;Ventures invests in the&nbsp;digital payments, and business banking platform.It was not disclosed how much investment Salesforce has put into Bengaluru-based Razorpay&nbsp;but reports indicate that the deal values the digital payments&nbsp;startup&nbsp;at over $3 billion.&nbsp;Sequoia Capital India-backed startup said the deal will &ldquo;make an impactful contribution to the industry and drive adoption and financial growth for under-served small businesses in the next twelve months.&rdquo;Salesforce India&rsquo;s Chairperson and CEO Arundhati Bhattacharya,&nbsp;said, &ldquo;&nbsp;We are excited to support Razorpay in their journey to revolutionise digital finance not only in India but globally as well.&rdquo;
Harshil Mathur, co-founder and chief executive of&nbsp;Razorpay&nbsp;stated, "We also hope to expand, build new products and deliver this experience to businesses in South East Asian countries too."The Indian startup, which became a unicorn a year ago, said it has witnessed a 40-45% month-on-month growth in recent months.&nbsp;Razorpay&nbsp;accepts, processes and disburses money online for small businesses and enterprises,&nbsp;has also launched a neobanking platform&nbsp;to issue corporate credit cards, and offers businesses working capital.

Salesforce Ventures invests in Razorpay

Salesforce backs Indian payments startup Razorpay

Razorpay gets big boost from Salesforce

Salesforce&nbsp;deal values&nbsp;Razorpay at more than $3 billion as per unconfirmed reports

Razorpay&nbsp;gets a big boost investment as Salesforce&nbsp;Ventures invests in the&nbsp;digital payments, and business banking platform. It was not disclosed how much investment Salesforce has put into Bengaluru-based Razorpay&nbsp;but reports indicate that the deal values the digital payments&nbsp;startup&nbsp;at over $3 billion.&nbsp; Sequoia Capital India-backed startup said the deal will &ldquo;make an impactful contribution to the industry and drive adoption and financial growth for under-served small businesses in the next twelve months.&rdquo; Salesforce India&rsquo;s Chairperson and CEO Arundhati Bhattacharya,&nbsp;said, &ldquo;&nbsp;We are excited to support Razorpay in their journey to revolutionise digital finance not only in India but globally as well.&rdquo;
Harshil Mathur, co-founder and chief executive of&nbsp;Razorpay&nbsp;stated, "We also hope to expand, build new products and deliver this experience to businesses in South East Asian countries too." The Indian startup, which became a unicorn a year ago, said it has witnessed a 40-45% month-on-month growth in recent months.&nbsp;Razorpay&nbsp;accepts, processes and disburses money online for small businesses and enterprises,&nbsp;has also launched a neobanking platform&nbsp;to issue corporate credit cards, and offers businesses working capital.

Amazon is set to be not just your personal shopper but also your wealth advisor. The tech giant's arm Amazon Pay has tied up with Indian startup&nbsp;Kuvera&nbsp;to offer wealth management services.
Amazon Pay commenting on the tie up that gives them access to over 50 million customers said that Kuvera&nbsp;with their unique offering can help customers grow while making decisions on their own wealth management. &nbsp;
Kuvera is a robo advisory platform for personal financial planning and investing that wants consumers to be their own wealth managers. It uses technology to technology to steer users towards actions that were needed based on their specified financial goals.&nbsp;Amazon's fintech move comes days after Google Pay's&nbsp;offering of FDs&nbsp;for customers.While Amazon's money arm ties up with Kuvera&nbsp;it's investment arm is also betting big on Smallcase a new age investment platform backed by Zerodha&nbsp;founders.&nbsp;

Amazon can be your wealth manager now, ties up with startup Kuvera

Amazon can now be your wealth manager! The next big move for the tech giant in India.&nbsp;

Amazon Steps into Wealth management

Amazon's fintech move comes days after Google Pay's&nbsp;offering of FDs&nbsp;for customers.

Amazon is set to be not just your personal shopper but also your wealth advisor. The tech giant's arm Amazon Pay has tied up with Indian startup&nbsp;Kuvera&nbsp;to offer wealth management services.
Amazon Pay commenting on the tie up that gives them access to over 50 million customers said that Kuvera&nbsp;with their unique offering can help customers grow while making decisions on their own wealth management. &nbsp;
Kuvera is a robo advisory platform for personal financial planning and investing that wants consumers to be their own wealth managers. It uses technology to technology to steer users towards actions that were needed based on their specified financial goals.&nbsp;Amazon's fintech move comes days after Google Pay's&nbsp;offering of FDs&nbsp;for customers. While Amazon's money arm ties up with Kuvera&nbsp;it's investment arm is also betting big on Smallcase a new age investment platform backed by Zerodha&nbsp;founders.&nbsp;

In the biggest fintech deal India has ever seen global payment merchant PayU will acquire Indian payments gateway firm BillDesk for $4.7 billion. This is the biggest eve

Startup Digest: Mega Fintech deal; PayU acquires BillDesk for $4.7 billion

In the biggest ever exit-sale by an Indian startup, Mumbao based payment aggregrator&nbsp;BillDesk&nbsp;has been acquired by PayU&nbsp;for $4.7 billion

Startup Digest: Mega Fintech deal

This is the biggest ever exit-sale by an Indian startup, topping the&nbsp;billion dollar&nbsp;sale of Aakash Institute to Byju&rsquo;s.

In the biggest fintech deal India has ever seen global payment merchant PayU will acquire Indian payments gateway firm&nbsp;BillDesk&nbsp;for $4.7 billion.&nbsp;This is the biggest ever exit-sale by an Indian startup. Topping the&nbsp;billion dollar&nbsp;sale of Aakash Institute to Byju&rsquo;s. The sale also gave an exit to existing investors of the payment&nbsp;aggregrator&nbsp;which has marquee names such as&nbsp;Genreal&nbsp;Atlantic, Visa, Temasek.&nbsp;&nbsp; &nbsp; So,&nbsp;what does PayU get with&nbsp;BillDesk?&nbsp;&nbsp; Mumbai-based&nbsp;BillDesk&nbsp;is one of the biggest payment aggregator gateway platforms in India.&nbsp;&nbsp; Despite having first mover advantage with&nbsp;PayTm&nbsp;the fintech has been facing competition from&nbsp;&nbsp;Infibeam&nbsp;CCAvenues, PayU,&nbsp;Razorpay, etc.&nbsp;Prosus-backed fintech firm&nbsp;PayU&nbsp;already operates in more than 20 markets. This acquisition gives them a strong foothold into India where fintech is booming. According to the FY21 annual report of the Reserve Bank of India (RBI), the number of transactions for digital retail payments has grown by more than 80% from 24 billion in 2018-19 to 44 billion to 2020-21.&nbsp;

Tech giant Google may be teaming up with a host of small banks such as&nbsp;Equitas Small Finance Bank,&nbsp;Ujjivan Small Finance Bankand&nbsp;AU Small Finance Bank for deposits to finally be able to offer FD investment options from the Google Pay app as per reports.&nbsp;For the actual investment platform reports indicate that search giant Google is set to partner up with startup Setu.&nbsp;Setu&nbsp;a fintech startup&nbsp;has reportedly already readied a&nbsp;test version with Google that offers deposits of various time periods.

You can soon open a FD through your Google Pay

You can soon open a FD through your Google Pay, Search giant partners with fintech startup&nbsp;Setu and host of small banks as per reports.&nbsp;

Tech giant Google may be teaming up with a host of small banks such as&nbsp;Equitas Small Finance Bank,&nbsp;Ujjivan Small Finance Bank and&nbsp;AU Small Finance Bank for deposits to finally be able to offer FD investment options from the Google Pay app as per reports.&nbsp;
For the actual investment platform reports indicate that search giant Google is set to partner up with startup Setu.&nbsp;
Setu&nbsp;a fintech startup&nbsp;has reportedly already readied a&nbsp;test version with Google that offers deposits of various time periods.

Reports suggest that tech giant will partner with&nbsp;Equitas Small Finance Bank for the deposits. 
<div>&nbsp;</div>

Tech giant Google may be teaming up with a host of small banks such as&nbsp;Equitas Small Finance Bank,&nbsp;Ujjivan Small Finance Bank and&nbsp;AU Small Finance Bank for deposits to finally be able to offer FD investment options from Google Pay app as per reports.&nbsp; For the actual investment platform reports indicate that search giant Google is set to partner up with startup Setu.&nbsp; Setu&nbsp;a fintech startup&nbsp;has reportedly already readied a&nbsp;test version with Google that offers deposits of various time periods.

In a big move towards global acceptance for cryptocurrency PayPal will let British customers buy, hold and sell digital currencies, starting this week. 

Crypto Corner: PayPal launches its cryptocurrency service in the UK

A cypto&nbsp;assets soar in value globally,&nbsp;PayPal will let British customers buy, hold and sell digital currencies, starting this week.

Paypal pushed crypto expansion to UK

PayPal will let British customers buy, hold and sell digital currencies, starting this week.

In a big move towards global acceptance for cryptocurrency&nbsp;PayPal will let British customers buy, hold and sell digital currencies, starting this week.&nbsp; This marks the the first international expansion of &nbsp;U.S. online payments giant&nbsp;PayPal&rsquo;s crypto product, which&nbsp;first launched in the U.S.&nbsp;in October last year. PayPal&rsquo;s crypto feature lets customers buy or sell&nbsp;bitcoin,&nbsp;<a href="https://www.editorji.com/story/why-more-indians-are-buying-bitcoin-despite-govt-concerns-over-cryptocurrency-1625129128597" target="_blank">bitcoin </a>cash,&nbsp;ethereum&nbsp;or&nbsp;litecoin&nbsp;with as little as one pound. Users can not however move their crypto&nbsp;assets out of the app.&nbsp;
Also Watch:&nbsp;<a href="https://www.editorji.com/story/cryptocurrency-explained-bitcoin-to-blockchain-10-words-you-need-to-know-1623841223834" target="_blank">Cryptocurrency Explained: Bitcoin to blockchain, 10 words you need to know</a> This comes at a time when&nbsp;&nbsp;U.K.&rsquo;s Financial Conduct Authority, or FCA, is increasingly cracking down on <a href="https://www.editorji.com/story/big-boost-for-cryptocurrency-on-the-anvil-is-amazon-gearing-to-accept-bitcoin-1627271217677" target="_blank">cryptocurrency </a>exchanges that do not meet its registration requirements.&nbsp;

Fintech major Paytm and the country’s largest private bank HDFC Bank have teamed up to provide  financial solutions to digital payment users across India. 


HDFC Bank, Paytm connect for digital payments

HDFC Bank, Paytm connect for digital payments, enter strategic partnership ahead of the mega fintech&nbsp;IPO

HDFC Bank, Paytm connect for digital payments, 

India's largest private bank and digital payment leader Paytm&nbsp;entered into a strategic partnership

Fintech major Paytm and the country&rsquo;s largest private bank HDFC Bank have teamed up to provide&nbsp;&nbsp;financial solutions to digital payment users across India.&nbsp; Paytm and HDFC Bank will build comprehensive solutions across payment gateways, POS machines and credit products, including Paytm Postpaid, which is a Buy Now Pay Later (BNPL) solution, Eazy EMI and Flexi Pay, the companies said.
Also watch:&nbsp;<a href="https://www.edtr.ai/a1g5" target="_blank">PayTm Job Alert! 20,000 jobs with salaries upto Rs 30,000 as the fintech looks to expand sales</a> Talking about the partnership, Bhavesh Gupta, CEO, <a href="https://www.editorji.com/story/this-alleged-fraud-is-haunting-and-stalling-the-paytm-ipo-1628825623977" target="_blank">Paytm</a> Lending said, &ldquo;&nbsp;This partnership will further strengthen financial services ecosystem by bringing together our technology and digital solutions and HDFC Bank&rsquo;s retail and credit prowess.&rdquo;
Parag Rao, Group Head &ndash; Payments, Consumer Finance, Digital Banking &amp; IT, HDFC Bank also stated, "&nbsp;Through this partnership we will also be jointly delivering enhanced SmartHub solutions to the market" The strategic partnership comes ahead of the proposed&nbsp;₹16,600 crore initial public offering (IPO) of Paytm.
Also watch:&nbsp;<a href="https://www.edtr.ai/9w85" target="_blank">Paytm says 'IPO Karo' DRHP filed, $2.2 billion Diwali IPO planned</a>

It has been almost a month since fintech giant Paytm filed it's DRHP for it's initial public offer (IPO) and yet there was no movement towards the much awaited IPO. 

This fraud is haunting and stalling the PayTm IPO

What is haunting and stalling the $2.2 billion&nbsp;PayTm IPO, who is this myster&nbsp;'co-founder' and why did he wait for 17 years to surface

Paytm IPO faces hurdle

Ex-director alleges that he invested $27,500 two decades ago but never got shares.

It has been almost a month since fintech&nbsp;giant Paytm&nbsp;filed it's DRHP&nbsp;for it's initial public offer (IPO) and yet there was no movement towards the much awaited IPO. Reports then surface that there is a mysterious 'co-founder' that has emerged and is threatening a suit against the fintech&nbsp;giant just ahead of the IPO.&nbsp; Reuters reported that a 71-year-old former director named Ashok Kumar Saxena has reached out to SEBI to stall the <a href="https://www.editorji.com/story/you-can-now-pre-book-ipo-via-paytm-money-just-in-time-for-the-zomato-order-1626080452176" target="_blank">IPO&nbsp;</a>plans, as he is alleging he is a co-founder who invested $27,500 two decades ago but never got shares. These are allegations Paytm&nbsp;and the parent company refute aggressively stating Saxena&nbsp;was repayed&nbsp;the Rs 13 lakhs he had put in.&nbsp; As per filings&nbsp;Paytm's incorporation documents in the government database show Saxena as a director of the company between 2000 and 2004. However due to non appearance for board meetings Saxena&nbsp;was removed from the board and the company in 2004 as per sources.&nbsp;
The matter has reached a New Delhi court, where Saxena in July urged a judge to press the city police to register a case on his complaint. The court order shows police have been asked to respond and the case will be heard on Aug. 23.
The validity of the claims however raises many questions. Why did this 'co-founder' wait till&nbsp; the IPO&nbsp;filing to seek a place at the table? Why were these discrepancies if actually true not raise red flags during repeated due diligences&nbsp;done by Alibaba, Berkshire Hathway before investing? If it is not a nuisance suit then why did the accuser not approach the civil court for a resolution?&nbsp;&nbsp; Paytm&nbsp;filed for a Rs 16,600 cr&nbsp;IPO&nbsp;with SEBI&nbsp;on July 15.&nbsp;According to the draft document, the company plans to raise Rs 8,300 crore through fresh equity issuance and another Rs 8,300 crore through an offer-for-sale.

Online payment startup, BharatPe&nbsp;has become India's latest unicorn club&nbsp;after it raised $370 million in a fresh funding round led by Tiger Global Management, taking its total valuation to $2.85 billion.&nbsp;
The company in its statement said&nbsp;Dragoneer Investor Group and Steadfast Capital also participated in the new round, which brings the startup&rsquo;s to-date raise to over $580 million against equity.
The New Delhi based had raised $108 million in February this year at a valuation of $900 million.
The fundraising, which pushes BharatPe into the ​unicorn club, gives the fintech startup capital as it takes over distressed lender PMC Bank with Centrum Financial Services to create a small finance bank
BharatPe is the 18th startup to have achieved the unicorn status in 2021 and fifth fintech startup to cross the $1 Bn valuation mark this year, following the entry of Digit Insurance, Cred, Groww and Zeta in the unicorn club.&nbsp;

BharatPe enters unicorn club, Triples valuation to $2.8 bn with Tiger Global fund raising

BharatPe&nbsp;triples valuations to $2.8 bn as the bets on digital payments get louder.&nbsp;

BharatPe enters unicorn club after raising $370 mn funding from Tiger Global

<article id="article_11628011207871">
<div id="summary_11628011207871">
Payments startup raises $370 million as part of a Series E funding round led by Tiger Global
</div>
</article>
<div class="clearfix socialHolder Gplus">&nbsp;</div>

Online payment startup, BharatPe&nbsp;has become India's latest unicorn club&nbsp;after it raised $370 million in a fresh funding round led by Tiger Global Management, taking its total valuation to $2.85 billion.&nbsp;
The New Delhi based digital payment merchant had raised $108 million in February this year at a valuation of $900 million.
The fundraising, which pushes BharatPe into the ​unicorn club, gives the fintech startup capital as it takes over distressed lender PMC Bank with Centrum Financial Services to create a small finance bank
BharatPe is the 19th startup to have achieved unicorn status in 2021 and fifth fintech startup to cross the $1 bn valuation mark this year. Read/Watch Also: <a href="https://www.edtr.ai/a16d">Why WazirX is not betting on crypto as a digital payment asset</a>

fintech

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