Page 14 - Fintech Sector

Paytm UPI: Transactions decline to continue till new customers added

The Reserve Bank of India had mandated Paytm to shift existing users to a new handle after the Paytm Payments Bank was asked to stop transactions after 15 March

Growing fast, fintech needs a way to keep watch on itself

Global banking generated $6.5 trn as revenue in 2022: Fintech had 5% of the same. But by 2028, fintech revenues are expected to grow three times faster

Cashfree Payments launches product solution to cut fraudulent transactions

Cashfree's 'RiskShield' enables customers to add limits on the frequency and cumulative sum of transactions that an individual customer is permitted to pay on a periodic basis

Loan distribution by FACE members rise by 12.2% to 24.8 mn in Q3FY24

The report added that 12 per cent of loans distributed between April and December 2023 went to women

Startup Mahakumbh: Fintechs must abide by regulations, say investors

The advice comes at a time when the Reserve Bank of India has cracked its whip to get erring fintech's to comply to the existing rules

Fintechs lead small-ticket loans' volume with 77% market share: Study

On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023)

Paytm gets nod to continue UPI via State Bank of India, three others

Four banks-- Axis Bank, HDFC Bank, State Bank of India, YES Bank will act as Payment Service Providers (PSPs) to Paytm

Paytm receives third-party application provider licence from NPCI

Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm

Paytm Payments Bank plans to cut about 20% of staff as business halt looms

Paytm Payments Bank has decided to lay-off staff in certain divisions, including operations, the sources with direct knowledge of the matter said

Fintechs lead small-ticket loans' volume with 77% market share: Report

Fintechs accounted for 50% of the loan volumes disbursed with a ticket size less than Rs 1,00,000 in FY18

As regulatory regime tightens in country, fintech has a long march

Pressure is mounting on companies to get cracking on corporate governance with top-class independent directors on their boards

85% of Paytm wallet users unaffected, rest to link apps to banks: RBI Guv

As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. The deadline for linking the wallet attached with PPBL with other banks has been fixed for March 15, the governor said, ruling out any further extension. The time given up to March 15 is sufficient and there is no need for further extension, he said, adding that 80-85 per cent Paytm wallets are linked to other banks, and the remaining 15 per cent have been advised to move on to other banks. He said that the RBI has taken action against a regulated entity, which in this case is PPBL and has nothing against Fintech companies. Instead, Das stressed that the RBI favours innovation in the financial ...

Paytm PB failed to use mechanism for detecting suspicious transactions: FIU

Paytm Payments Bank failed to put in place an internal mechanism to "detect and report" suspicious transactions as stipulated under the anti-money laundering law and was unsuccessful in conducting due diligence of its payout service, the FIU said in its order that imposed a fine of Rs 5.49 crore on the digital entity. The federal financial intelligence gathering and dissemination agency said in its March 1 order that these charges against the bank, a registered reporting entity with the FIU under the PMLA, were "substantiated" after more than four years of investigation and a show cause notice that was issued against it on February 14, 2022. After the Union finance ministry issued a press statement on the FIU action, a Paytm Payments Bank spokesperson had said that the penalty pertains to issues within a business segment that was discontinued two years ago. "Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit ...

Paytm will overcome regulatory setbacks, says Vijay Shekhar Sharma

Despite the setbacks, Sharma said he values the role regulators play in creating a healthy environment for startups in India

Visa, Western Union expand their partnership to more than 40 nations

Past iterations of the partnership focused on serving consumers in North America and Europe, said Chris Newkirk, Visa's head of commercial and money-movement solutions

Fintech, age and central banking

Innovations in the fintech sector will continue, but will the innovators in their 40s have the freedom to ignore the regulations set by the central bankers in their 60s?

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman

The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions

Fintech compliances have to be simplified, made user friendly: Sitharaman

She said that the emphasis of the government has been on system reforms to throw out unnecessary laws that may become an instrument in the hands of rent-seekers

RBI revises timeline for completion of Regulatory Sandbox process

The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023

Opt for loan apps that have partnered reputable regulated entities

The app must be featured on that entity's website and in RBI's whitelist