Wallet Interoperability to be enabled via UPI: RBI
Prepaid payment instruments (PPI), which are in the form of digital wallets, as provided by the likes of Paytm, Freecharge, PhonePe and MobiKwik will have to enable interoperability of wallet balances via the unified payment interface (UPI), said the Reserve Bank Of India (RBI) in a notification.
Expert View
“Mandating Wallet interoperability through UPI is a welcome move by RBI. It gives enhanced convenience for users of various wallet operators. It allows users to access the ever growing acceptance points as well as ensure cost synergies for all operators.”
- Shailendra Naidu, CEO, Obopay
India launches Account Aggregator system
India's big banks have taken the open banking plunge, launching an Account Aggregator (AA) data sharing system.
Large fintechs help revamp P2P lending
Peer-to-peer (P2P) lending is going through a revamp as larger fintechs, including BharatPe and Cred, have launched offerings around the risky asset class for their customers, allowing them to earn and borrow at competitive market rates.
Fintechs got $2 bn in investments in Jan-Jun 2021
India’s fintech sector saw investments worth $2 billion in the first half of 2021, almost matching the total investments garnered in 2020, according to KPMG.
FinX Labs opens start-up accelerator at IFSC, GIFT city
The first of its kind start-up accelerator in the fintech space at GIFT City, FinX Labs is a joint venture between DevX Co-working & Accelerator, Flexworx by Collated and Ahmedabad-based developer Savvy Infrastructure’s Jaxay Shah.
Google ties up with fintech to let its users open FDs on GPay
Google has teamed up with Setu, a fintech specialising in providing application programming interfaces (APIs), to allow its users to book fixed deposits (FDs) through Google Pay.
India-based PhonePe, a leading Fintech platform that now claims 300 million users, reveals that it has introduced PhonePe Pulse, which is an interactive website with data, insights and key trends in virtual payments. The PhonePe Pulse website reportedly features millions of transactions made by clients on an interactive map of India. With more than 45% market share, PhonePe’s data aims to accurately reflect the increasing usage of digital payment options, especially after the COVID outbreak. PhonePe also introduced the Pulse Report, an extensive study covering the rise of virtual payments during the last five years. The report shares important insights about how digital or online payments adoption across the country has matured since 2016, and includes geographical and category-specific trends.
