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Venmo announced early Thursday that an issue impacting the payment service had been fixed and it was back up and running, after users reported trouble sending and receiving money for hours. We're sorry for the inconvenience and appreciate you bearing with us while our team addressed this, the company said in a post on the social platform X. Downdetector, a website that tracks online outages, showed reports that problems began spiking at about 6:30 p.m. Eastern Standard Time on Wednesday. Many people posted on social media about experiencing problems with the service, including some who said they were unable to pay for medication or buy dinner. Venmo had said Wednesday night on X that it was working on a fix. The company didn't provide any additional details about what caused the problem or how it was fixed. Peer-to-peer payment apps have exploded in popularity in the last decade. Venmo had 92 million active users as of last year.
Majority of Indians now pay for accessing content online with gaming dominating the pie in wallet share for payment size of over Rs 1,000, a survey has found, said a top official of the gaming and interactive content focused venture capital firm Lumikai. Lumikai Founder and Managing Partner Salone Sehgal told PTI that the survey covered around 3,000 mobile phone users across the country between September 2024 and September 2025. The report found that 80 per cent of those consumer bases use UPI for payments, and at least 40 per cent maintain three or four active subscriptions. She said the trend reveals that India's digitally native audience is young, data-hungry, and highly willing to pay. "We did a deep dive into where people are spending that time and what is the attention share and how does it slice. of course, social media platforms Facebook, Instagram, YouTube are a very dominant part of that but I think what was more interesting was that gaming attention share stands at about
Fuelled by festive buying, the transaction through the popular Unified Payments Interface (UPI) touched a record high of Rs 27.28 lakh crore and 20.7 billion in value and volume terms, respectively, in October, according to data released by the National Payments Corporation of India (NPCI). In terms of value, the last highest recorded was Rs 25.14 lakh crore in May, while in terms of volume, the last high was 19.47 billion in July. NPCI said the value of transactions was at Rs 27.28 lakh crore in October against Rs 23.49 lakh crore in the same month a year ago, registering a 16 per cent growth on an annual basis. On a month-on-month basis, the growth was 9.5 per cent in terms of value. The UPI transaction in value terms was Rs 24.90 lakh crore, while volume was 19.63 billion. The average daily transaction in October was 668 million with an average value of Rs 87,993 crore during the festival month. "The steady rise in UPI volumes, particularly during high-traffic periods like Diwa
BharatPe will raise funds before the initial public offer, but the listing will take place only when market conditions are favourable, a top official of the unicorn fintech firm said. BharatPe, last week, announced that it had achieved operational profitability after excluding the employee stock ownership plan. "Whatever goals we set for ourselves, we have gone ahead and achieved them...profitability has to remain intact, and thereafter, once the market conditions are right, we will definitely go for an IPO. There will be a pre-IPO funding round, while an IPO is not on the cards for this financial year. Anything beyond that is a fair game, once the market conditions are right," BharatPe CEO Nalin Negi told PTI. The company closed FY25 with a Rs 6 crore adjusted profit before tax (excluding ESOP expense), recovering strongly from a loss of Rs 342 crore in FY24. "We have always believed that demonstrating consistent performance is key to building investor confidence ahead of a potent
Digital payments across the country registered a 10.7 per cent year-on-year rise as on March 2025, according to the RBI's index that measures the adoption of online transactions. The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India - Digital Payments Index (RBI-DPI) since January 1, 2021, with March 2018 as the base year to capture the extent of digitisation of payments across the country. The index for March 2025 stands at 493.22 as against 465.33 for September 2024 and 445.5 for March 2024, the RBI said in a statement. "The increase in RBI-DPI index was driven by significant growth in parameters viz. Payment Infrastructure - Supply-side factors and Payment Performance across the country over the period," according to the semi-annual data. The RBI-DPI comprises five broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are Payment Enablers (weight 25 p
Global terror financing watchdog FATF on Tuesday cited the February 2019 Pulwama terror attack, which killed 40 CRPF personnel, and the 2022 Gorakhnath Temple incident to say that e-commerce platforms and online payment services are being misused for terror financing. In its 'Comprehensive Update on Terrorist Financing Risks', the FATF also flagged 'state sponsorship of terrorism' and said a variety of publicly available sources of information and delegations' inputs to this report indicate that "certain terrorist organisations have been and continue to receive financial and other forms of support from several national governments". "Delegations reported on this trend by referring to the use of state sponsorship for TF (terror financing) either as fundraising technique or as part of the financial management strategy of the certain organisations engaging in terrorist acts. Several forms of support have been reported, including direct financial support, logistical and material support,
Nearly one-third of all domestic digital payment transactions in 2024 were credit-driven, facilitated through credit cards or interest-bearing EMIs, according to a report. According to a report by digital payments fintech Phi Commerce, UPI has become a transformational product in digital payments responsible for 65 per cent of total transactions. While UPI dominates small and mid-value transactions, credit cards and EMIs (equated monthly instalments) are increasingly used for big-ticket purchases, with education, healthcare, and auto ancillary sectors seeing strong growth in digital credit adoption, the report said. Festive shopping, school admissions, and seasonal trends drive spikes in credit usage, showing that consumers rely on short-term credit for high-spend periods, it said. The report is based on analysed transaction data from over 20,000 merchants across the country. As UPI and flexible credit options become mainstream, the future belongs to those who leverage these tools