Page 17 - Phonepe
RBI levies over Rs 5.8 cr fine on 6 entities including PNB, Sodexo, PhonePe
The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on six entities, including PNB, Sodexo and PhonePe, for violating regulatory guidelines. In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed monetary penalty on these entities for non-compliance of regulatory guidelines, it said in a release. Except Punjab National Bank (PNB), the remaining five entities are non-bank prepaid payment instrument (PPI) issuers. RBI imposes the penalty on Sodexo SVC India Pvt Ltd, Muthoot Vehicle & Asset Finance Ltd, QwikCilver Solutions Pvt Ltd, Phonepe Pvt Ltd, Delhi Metro Rail Corporation Ltd, and Punjab National Bank, said the release. Sodexo is slapped with the highest fine of Rs 2 crore; PNB and QwikCilver Solutions Rs 1 crore each; PhonePe Rs 1.39 crore; Muthoot Vehicle & Asset Finance Rs 34.55 lakh; and Delhi Metro Rail Corporation Rs 5 lakh.
 "RBI levies over Rs 5.8 cr fine on 6 entities including PNB, Sodexo, PhonePe")
PhonePe becomes largest platform for buying digital gold with 35% mkt share
With over 35%market share, the Walmart-owned firm which competes with Google Pay, Amazon Pay and Paytm has seen a more than 6X jump in the volume of Gold sold in the festival season
 "PhonePe becomes largest platform for buying digital gold with 35% mkt share")
Flipkart, PhonePe monthly active customers at 'all time high': Walmart
Walmart International CEO Doug McMillon says group committed to high-value markets like India.
 "Flipkart, PhonePe monthly active customers at 'all time high': Walmart")
Google, Walmart hit by India's move to limit some digital payments players
More than 2.07 billion UPI transactions were processed in October, according to NPCI, with Walmart's PhonePe accounting for just over 40% of those transactions
 "Google, Walmart hit by India's move to limit some digital payments players")
PhonePe breaches 250-mn user mark; logs 925 mn transactions in October
Walmart-owned digital payments firm hits $277-billion annual TPV run-rate
 "PhonePe breaches 250-mn user mark; logs 925 mn transactions in October")
PhonePe hits 250 mn-user mark, registers 925 mn transactions in October
Flipkart-owned fintech platform PhonePe said it has crossed the 250 million-registered users milestone
WhatsApp Pay gears up to take on rivals Google Pay, PhonePe and Paytm
Messenger app has an average monthly download of 30.8 mn
 "WhatsApp Pay gears up to take on rivals Google Pay, PhonePe and Paytm")
Walmart-backed payments firm PhonePe launches vehicle insurance service
Firm says users don't need to upload documents before making a purchase and they can view their policy documents instantly
Financial services becomes next battleground for PhonePe, Amazon and Google
Walmart-owned PhonePe has become the fastest-growing insure-tech distributor in India within just 9 months of the insurance category going live on the digital payments app
 "Financial services becomes next battleground for PhonePe, Amazon and Google")
PhonePe to expand business, digitise 25 mn small merchants, create 10K jobs
The company plans to reach 5,500 talukas via its merchant acquisition team that will lead to over 10,000 jobs being created in semi-urban and rural areas
Pvt banks charging fee on more than 20 P2P UPI transfers in a month: Report
Defending the move, bankers said that the charges have been introduced in a bid to prevent frivolous transactions from putting a load on the system
 "Pvt banks charging fee on more than 20 P2P UPI transfers in a month: Report")
PhonePe gears up for IPO by 2023, eyes a valuation of $7-10 billion
The company's foray into financial services is going to play a key role in the firm becoming profitable and going public
 "PhonePe gears up for IPO by 2023, eyes a valuation of $7-10 billion")
Unlock BFSI 2.0: Covid-19 a bigger boost for fintech than demonetisation
While top fintech experts agree that there are more opportunities than challenges for the sector, they underline the importance of digital literacy and customer awareness in rural India
 "Unlock BFSI 2.0: Covid-19 a bigger boost for fintech than demonetisation")
Walmart's PhonePe assures employees there will be no layoffs, salary cuts
The Walmart-owned company says it continues to hire and has plans to add about 600 people across areas such as engineering and marketing over the next few months
Expect slippages to rise to 9% post lockdown: YES Bank's Prashant Kumar
The plan to raise up to Rs 15,000 crore is very much on. We have identified six merchant bankers for the process and are waiting for the Q4 results to be out, YES Bank's MD said
 "Expect slippages to rise to 9% post lockdown: YES Bank's Prashant Kumar")
PhonePe launches Super Funds to help users in long-term wealth creation
The Super Fund identifies and invests in top funds across various categories and asset management companies
 "PhonePe launches Super Funds to help users in long-term wealth creation")
PhonePe launches coronavirus hospitalisation insurance policy 'Corona Care'
For this, it has partnered with Bajaj Allianz General Insurance, one of the country's largest general insurance companies
Covid-19: Support pours in for PM-CARES Fund as India gears up for battle
Flipkart-owned PhonePe has launched a donation drive and said it aims to contribute up to Rs 100 crore to the Fund
 "Covid-19: Support pours in for PM-CARES Fund as India gears up for battle")
PhonePe extends 'work from home' to offline sales, customer service agents
All PhonePe employees, including over 8,500 offline sales agents and more than 1500 customer service agents including third-party contract workers, have been mandated to work from home
PhonePe integrates food delivery app Swiggy on its 'Switch' platform
With this partnership, PhonePe's 200 million registered users can now access the Swiggy app and order the food from within the PhonePe app itself
