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Popular messaging app <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> has announced a new feature that will help users who have multiple accounts. One can soon have two <keyword id="6950081" type="General" weightage="20" keywordseo="whatsapp-accounts" source="Orion">WhatsApp accounts</keyword> logged in at the same time. Yes, you read it right. <keyword id="6354630" type="General" weightage="80" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> recently announced that the particular feature will be rolled out to Android users in the coming weeks and months, TechCrunch reported. "Helpful for switching between accounts - such as your work and personal - now you no longer need to log out each time, carry two phones or worry about messaging from the wrong place," the company said in a blog post. To set up a second account, you will need a second phone number and SIM card, or a phone that accepts multi-SIM or eSIM. Simply open your WhatsApp settings, click on the arrow next to your name, and click "Add account". This will allow you to manage two separate accounts within the app. While setting up, you will need your second phone with SIM or a phone with physical or eSIM facility for multi-SIM as you will have to authenticate your account while logging in. The company said that you will be able to manage separate notifications and privacy settings for each account. It is available on both WhatsApp beta and stable versions. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-open-vs-samsung-galaxy-z-fold-5-battle-of-the-foldable-smartphones/slidelist/104581006.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-open-vs-samsung-galaxy-z-fold-5-battle-of-the-foldable-smartphones/slidelist/104581006.cms" target="_blank">OnePlus Open vs Samsung Galaxy Z Fold 5 – battle of the foldable smartphones</a><a href="https://www.businessinsider.in/tech/news/google-pay-everything-you-need-to-know-about-googles-new-credit-offerings/articleshow/104573817.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-pay-everything-you-need-to-know-about-googles-new-credit-offerings/articleshow/104573817.cms" target="_blank">Google for India – Sachet loans to credit on UPI, tech giant bets on lending</a><a href="https://www.businessinsider.in/business/news/elon-musk-says-x-to-soon-launch-a-premium-subscription-to-remove-ads/articleshow/104576727.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/elon-musk-says-x-to-soon-launch-a-premium-subscription-to-remove-ads/articleshow/104576727.cms" target="_blank">Pay to post on X soon? Musk says two new subscription plans in the works</a>

WhatsApp now allows users to have two accounts on one phone within the app

<ul><li>WhatsApp finally received the approval to operate <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword> from the National Payments Council of India.</li><li>WhatsApp’s payments feature has been rolled out in ten Indian regional language versions of WhatsApp. </li><li><keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword>’s entry in payments also comes with a major blow to two of its biggest competitors – <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> and <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> as NPCI has doled out a 30% cap for third party payment operators.</li><li>Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be Mukesh Ambani’s JioMart.</li></ul>After a long wait, WhatsApp finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI). With this, WhatsApp Pay is set to roll out initially with a cap of 20 million users, to make payments ‘as easy as sending a message’. A day after securing the approval, WhatsApp is launching the payments feature in ten Indian regional languages. WhatsApp’s UPI entry begins with a partnership with five banks – ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. “With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India,” said Facebook CEO Mark Zuckerberg in a statement. But WhatsApp Pay’s entry in payments that was touted to be a <a href="https://www.businessinsider.in/business/news/google-pay-has-a-solid-lead-over-phonepe-paytm-and-amazon-pay-in-india-but-its-biggest-challenge-is-yet-to-come/articleshow/76542701.cms">death card</a> for many others has been accompanied by a major blow to two of its biggest competitors – Google Pay and Walmart-owned PhonePe. NPCI setback for Google Pay, Phone Pe According to the NPCI’s official statement, <keyword id="4052276" type="PERSON" weightage="20" keywordseo="UPI-transactions">UPI transactions</keyword> on third party payment apps cannot exceed 30% of the overall volume of transactions processed in UPI during the preceding three months. Both Google Pay and PhonePe which are third-party apps will be hit as they currently together hold 40% market share in the UPI segment which has recently crossed the 2 billion transaction count. <div type="image" title="UPI transactions final." msid="79076877" hostid="261"></div> " Digital payments in India is still in its infancy and any interventions at this point should be made with a view to accelerate consumer choice and innovation. A choice based and open model is key to drive this momentum. This announcement has come as a surprise and has implications for hundreds of millions of users who use UPI for their daily payments and could impact the further adoption of UPI and the end goal of financial inclusion," said Sajith Sivanandan, Business Head, Google Pay and Next Billion User initiatives, India on the NPCI cap issue. UPI transactions on PhonePe and Google Pay in October 2020 <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PhonePe </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">835 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Google Pay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">820 million </td></tr></tbody></table>Source: <a href="https://economictimes.indiatimes.com/tech/technology/whatsapp-pay-gets-green-light-to-go-live-on-upi/articleshow/79066734.cms">media reports</a> While the cap will be effective from January 1, 2021, existing third party operators like Google Pay and PhonePe have been given until 2022 to comply with the new rules. UPI’s growth in India and its interoperability has left behind other players who focussed on mobile payments alone. “PPI’s (pre-paid instruments like mobile wallets) which were once expected to scale up rapidly in the retail digital payments industry have clearly not achieved the success that they were expected to achieve. While there could be several explanations for this, one of the main reasons we believe is due to strong competition from UPI,” said a report by JM Financial from September 2020. However, players like Paytm which isn’t a big shareholder in UPI, won’t be affected by the new capping as it is a PSP (Payment service provider). WhatsApp Pay’s potential India is the first country where Facebook had begun its tryst with payments back in 2018 when WhatsApp began beta testing payments in the country. Since then, the company had met with several regulatory hurdles relating to data localisation, which was followed by a promise of storing data locally and WhatsApp Pay submitting revised data localization compliance this year. However, even while it hadn’t officially rolled out, experts have been betting on its popularity because of its existing 400 million user base in India. Analysts at Bernstein (from a June 2020 report) expected WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. Abhijit Bose, WhatsApp India head, had also shared plans for the company’s foray into financial services in India in July 2020. WhatsApp will soon be driving its financial inclusion push in India with its foray into lending, micro-insurance, and micro-pension products. WhatsApp is currently running pilot programs for the same. “Based on the results, we will co-invest and scale. Even a small conversion of the demand will translate into an infusion of significant savings into the financial system,” <a href="https://techcrunch.com/2020/07/22/whatsapp-to-pilot-projects-to-deliver-credit-insurance-and-pension-to-users-in-india/">said Bose</a> then. JioMart – the silent winner Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be India’s richest man’s e-commerce bet – Mukesh Ambani’s JioMart. “Payments remains the missing link, the tie up could be a potential game changer with WhatsApp Pay integration with JioMart,” said the report by Bernstein. WhatsApp Pay’s UPI approval and potential tie-up with JioMart after Facebook pumped $5.7 billion in Reliance earlier this year, will see JioMart gain by offering easy ordering and payment facility to its users through WhatsApp. “RIL’s foray into the space leveraging its large ofﬂine distribution capabilities, and integration of ability to order groceries through WhatsApp, a platform with &gt;400 mn MAUs in India,” said a Goldman Sachs report. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms">WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner</a>

WhatsApp Pay UPI is now live while Google Pay, PhonePe have already got the first sting

<div class="KonaFilter image-container display-table"><div><div class="image on-image">KKW / Kylie Cosmetics / InstagramInstagram recently rolled out a new checkout button&#xa0;that allows customers to easily buy products in its feed without leaving the app.</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/facebook">Facebook</a> CEO Mark Zuckerberg said Wednesday that its shopping and payment services across Facebook, Instagram, and WhatsApp would become leading revenue drivers in the future. </li><li>The company plans to build more commerce-related features and add additional tools that allow people to buy products directly through its platforms.</li><li>It also plans to expand the ways in which customers can pay businesses via its messaging apps.</li></ul>Facebook is betting on its shopping and payment services to drive growth in the future.In a call with investors on Wednesday, after reporting first-quarter 2019 earnings that beat Wall Street's expectations, CEO Mark Zuckerberg laid out the company's plans to drive growth in the future. Zuckerberg was quizzed by analysts on whether Facebook, which also owns Instagram and WhatsApp, would look to its shopping and payment features to do so.Read more: <a href="https://www.businessinsider.com/deutsche-bank-shopping-on-instagram-worth-10-billion-in-2021-2019-4?r=US&amp;IR=T&amp;utm_content=bufferf8516&amp;utm_medium=social&amp;utm_source=facebook.com&amp;utm_campaign=buffer-bi&amp;fbclid=IwAR2v3jZz3pSLX_M1wAetCftEp4SnONDnM1cX2ELdmM-zRtNiwe_W-jOyJkc">Instagram's big bet on shopping could be worth $10 billion in 2021</a>Zuckerberg explained that while <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> will continue to be its leading revenue driver, this will be boosted by its plans for e-commerce and payment."It's really a continuous spectrum and they're not two different things," he said. Facebook will build more commerce-related features on Instagram, Facebook, and Facebook Marketplace and tools that allow people to buy products directly through these platforms. As more users make in-app purchases, brands and businesses are likely to purchase more ads. These apps will also become more valuable to these businesses, which gives Facebook better leverage to charger higher advertising fees.Instagram recently rolled out a new <a href="https://business.instagram.com/blog/new-to-instagram-shopping-checkout">checkout button</a>, which allows customers to easily buy products in its feed without leaving the app. A <a href="https://www.businessinsider.com/deutsche-bank-shopping-on-instagram-worth-10-billion-in-2021-2019-4?r=US&amp;IR=T">group of analysts from Deutsche Bank estimated</a> that this new feature could draw in $10 billion in revenue in 2021 alone.<h2>Zuckerberg is building the West's version of WeChat</h2>Zuckerberg also announced his plans to expand the ways in which customers can pay businesses.That will involve paying companies directly through Facebook's <a href="https://www.facebook.com/notes/mark-zuckerberg/a-privacy-focused-vision-for-social-networking/10156700570096634/">upcoming, giant messaging</a> platform, <a href="https://www.businessinsider.com/facebook-big-terrifying-dream-wechat-communication-backbone-western-world-2019-3">a little like China's messaging service WeChat</a>.'I think what we're going to end up seeing is building out Payments...The goal would be to have something where you can do discovery through the broader town square-like platforms in Instagram and Facebook. And then you can complete the transactions and follow up with businesses individually and have an ongoing relationship through Messenger and WhatsApp," he said.Zuckerberg said that these apps lend themselves well to these transactions. "Everything there is very intimate and private [on messenger platforms] so it feels like a more natural space to be interacting with a business in a private way for doing transactions."In the near-term, Facebook plans to keep fees on payments low or free, he said, but this could change long-term. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-boring-company-tunnel-projects-biggest-challenge-2019-4">Elon Musk's biggest challenge won't be Tesla or SpaceX - here's why</a></h3> <div> </div> </div>

Mark Zuckerberg says Facebook's future involves making billions from shopping, not just ads

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="6355975" type="DOMAIN" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> on Wednesday announced its <keyword id="63068" type="PERSON" weightage="20" keywordseo="partnership">partnership</keyword> with <keyword id="1377378" type="COMPANY" weightage="20" keywordseo="Hyundai-Motor-India-Limited">Hyundai Motor India Limited</keyword> (HMIL) to offer the auto retail financing solutions to its <keyword id="6359672" type="UNKNOWN" weightage="20" keywordseo="Customers">customers</keyword> through the car makers end-to-end online automotive retail platform 'Click to Buy' (<keyword id="655143" type="COMPANY" weightage="20" keywordseo="CTB">CTB</keyword>). The partnership will allow customers to view process and avail auto loan sanction directly on <keyword id="596" type="COMPANY" weightage="20" keywordseo="Hyundai">Hyundai</keyword>'s CTB platform, a company statement said. This solution provides customers with the convenience of acquiring requisite funding for their desired Hyundai car through a 'one-stop-shop' platform catering to all their vehicle purchase needs, the state team added. Speaking on the partnership, <keyword id="244004" type="PERSON" weightage="20" keywordseo="Sumit-Bali">Sumit Bali</keyword>, President &amp; Head Retail Lending &amp; Payments, Axis Bank said, "In the current pandemic situation, this initiative will ensure that customized finance products are digitally available to all customers, bringing them one step closer to owning their dream car." Since the launch of 'Click to Buy', the company has received over seven million visitors and have recorded over 47,000 registrations. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/boat-raises-over-100-million-from-warburg-pincus-analysts-expect-the-headphone-brand-to-double-its-revenue-to-10-billion-this-financial-year/articleshow/80126200.cms">boAt raises over $100 million from Warburg Pincus — analysts expect the headphone brand to double its revenue to ₹10 billion this financial year</a> <a href="https://www.businessinsider.in/tech/news/oneplus-fitness-band-india-launch-date-price-and-everything-you-need-to-know/articleshow/80129498.cms">OnePlus Band India launch date, price and everything you need to know</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-will-stop-working-if-you-do-not-agree-to-its-new-terms-and-privacy-policies/articleshow/80127866.cms">WhatsApp will stop working if you do not agree to its new terms and privacy policies</a> <a href="https://www.businessinsider.in/business/auto/news/toyota-fortuner-suv-2021-launched-in-india-with-new-price-design-and-features-check-details-here/articleshow/80129932.cms">Toyota Fortuner 2021 launched at a starting price of ₹29.98 lakh — here’s all you need to know from looks to specification and features</a>

Axis Bank joins hands with Hyundai to offer auto retail financing solutions

Cautioning the consumers against online frauds, the Reserve Bank of India has issued a latest warning against a <keyword id="6379723" type="UNKNOWN" weightage="20" keywordseo="mobile-application">mobile application</keyword> that claims to be the apex bank’s app. 
	 “It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on WhatsApp purportedly to facilitate checking of balance in customers' bank accounts. The application has an <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> logo with the title '<keyword id="2816300" type="UNKNOWN" weightage="20" keywordseo="All-Bank-Balance-Enquiry-No">All Bank Balance Enquiry No</keyword>' and has listed several banks with either a mobile number or call centre number,” RBI issued a statement on its website. 
	 
	It added, “The Reserve Bank wishes to clarify that it has not developed any such application. Members of public are, therefore, advised to use the application, if at all, at their own risk.” 
	 
	It is not the first time that fraudulent communications in the name of RBI have been made. “The Reserve Bank issues regular warnings to the public that the fraudsters send attractive offers to gullible public through letters, e-mails, mobile phones, SMSs and other such means. To lend credence to such offers, the communication is often sent on or from letterheads or websites that appear to be like that of some public authorities like the Reserve Bank of India,” said a senior official at RBI requesting anonymity. 
	 
	He further added that the offers are supposedly signed by senior officials of the bank. “The names of the officials is in the public domain so they are used in such mails but their signatures are fake. The offer document would contain contact details of a so-called RBI officer working in some department in the Reserve Bank or public authorities”. 
	 
	The apex bank has received several such complaints of wherein people have deposited some funds under a scheme, which is run in the name of RBI.

You are
probably a victim of online fraud if you have used this app

Hi, Aaron Weinman here! Today, <a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022">I want to chat WhatsApp</a>. It's easily my most-used app, and the simplest way to communicate with family and friends abroad.I also talk to Wall Streeters on WhatsApp, but the US government's investigation into record-keeping at banks might nix my chances of getting folks to spill the tea.Before we dive in, the <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-fed-rate-hike-inflation-futures-ecb-meeting-2022-6">Federal Reserve is making a crucial policy decision today</a>, and is expected to take aggressive action on interest rates to tackle inflation. <a href="https://www.cbsnews.com/video/fed-likely-to-hike-interest-rates-amid-soaring-inflation/#x" target="_blank" rel="noopener noreferrer">I stopped by CBS News</a> to discuss the impact of an interest rate hike. Here we go. If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022"></a>1. Bankers are getting more jittery about using encrypted chat apps. Credit Suisse "removed" its global head of equity capital markets syndicate because he used unapproved chat apps with clients, the <a href="https://www.ft.com/content/0caa0690-1020-40b8-83bf-1db27afe9ed6?accessToken=zwAAAYFilYMckc8MqgaQECBAuNODvx2yev6e1g.MEUCIE0WzILgunEGc2Bkc9XsrPmS6Eu9jWJTHNKVWqWopeCkAiEAySYJpM8bQmuSNllierqK8UnY_bossv-tbXY7irfYJlE&amp;sharetype=gift?token=98828f56-a2e3-47c0-90b6-6e1822189b8b">Financial Times reported</a>.Anthony Kontoleon, or "AK," is one of the "most-respected" folks in the ECM space, and bankers were surprised at his removal.The thought that unapproved messaging apps like WhatsApp or Signal could lead to such a senior departure has some bankers worried that similar removals are forthcoming.The US SEC's <a href="https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/sec-record-keeping-violations/">investigation into record-keeping practices at banks</a> — and banks' subsequent requests to review staffers' phones — forces dealmakers to rethink how they communicate with clients. Bankers told me they can schedule a meeting via WhatsApp, but business must be conducted through approved communication channels like email.But one banker reckoned scheduling a meeting could be construed as business, so he's contemplating ditching WhatsApp. Another said he'll delete all our communication because talking to reporters is grounds for dismissal.Importantly, bankers and clients regularly communicate via encrypted apps. Investment banking is a relationship business. Bankers spend years nurturing client ties, which inevitably leads to informal conversations. Parsing through these chats is a cumbersome process, and bankers will be loathe to ask clients to restrict their conversations.What started as <a href="https://www.businessinsider.com/wall-street-bankers-livid-over-sec-probe-private-messages-whatsapp-2022-5">feelings of frustration</a> is morphing into concern for bankers, as the SEC cracks the whip, and banks incorporate ways to ensure their communication methods comply with regulatory requests.Here's a report from Rebecca Ungarino, Hayley Cuccinello, and myself on <a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022">how Wall Street reacted to AK's departure and what this might mean for future communication efforts</a>.In other news:<a href="https://www.businessinsider.com/coinbase-layoffs-1100-employees-amid-crypto-bloodbath-2022-6"></a><div type="image" title="Coinbase man shadow" height="3326" width="4435" msid="92231849" hostid="261"></div>2. Coinbase has laid off 18% of its full-time workforce. The crypto exchange's CEO Brian Armstrong said the company grew "too quickly" during the good times, but now <a href="https://www.businessinsider.com/coinbase-layoffs-1100-employees-amid-crypto-bloodbath-2022-6">needs to cut costs and brace for a possible recession</a>.3. Goldman Sachs-backed Slync hasn't paid its staff in over a month. The Wall Street bank's growth-equity arm led a $60 million funding round for the supply-chain startup in February last year. Management <a href="https://www.businessinsider.com/goldman-backed-startup-slyncio-hasnt-paid-staff-in-a-month-2022-6">blamed the payment debacle on software issues</a>.4. Celsius hires restructuring lawyers. The crypto lending firm hopes the lawyers will help it <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcrypto-lender-celsius-hires-restructuring-lawyers-after-account-freeze-11655250575">navigate its sticky financial situation</a>, after it recently froze account withdrawals. Customers now have thousands of dollars trapped in the platform, <a href="https://www.businessinsider.com/celsius-crypto-lending-customers-frozen-withdrawals-liquidity-defi-2022-6">and no idea what's going to happen to their money</a>. 5. BlackRock, Invesco, and BankUnited dealmakers are tallying a $300 million fund. The Wall Street trio are launching a <a href="https://www.businessinsider.com/blackrock-invesco-bankunited-private-equity-credit-o15-2022-6">firm to back underrepresented entrepreneurs</a>.6. Vista Equity Partners' CEO is teaming up with Base10, the largest Black-led VC firm. The pair are coming together to support HBCUs. These college endowments have often been <a href="https://www.businessinsider.com/base10-partners-vista-equity-support-hbcu-endowments-venture-capital-2022-6">barred from investing in venture capital and private equity</a>.7. Twitter insiders fret that Musk will use a "firehose" of data to revise his $44 billion deal for the company. Musk's requests for more information around user data have been granted, and some suspect he'll leverage the knowledge to <a href="https://www.businessinsider.com/elon-musk-twitter-bots-data-renegotiate-acquisition-deal-2022-6">bolster his claim of fake accounts</a>.8. Deutsche Bank ignored "obvious red flags" when vetting the über-rich. US shareholders can now sue the German bank over <a href="https://www.businessinsider.com/deutsche-bank-us-shareholders-lawsuit-over-russian-oligarchs-jeffrey-epstein-2022-6">alleged compliance failures, a New York judge has ruled</a>.9. An upscale, New York-based restaurant went vegan. Eleven Madison Park — where many a banker bonus has been spent — changed the menu, and <a href="https://www.businessinsider.com/eleven-madison-park-vegan-labor-shortage-chaos-2022-6">it's been a chaotic mess of a year</a>.10. Billionaire investor Leon Cooperman reckons US stocks will plunge 40%. The founder of Omega Advisors, who's net worth is estimated at $2.5 billion, predicted that <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crash-us-recession-leon-cooperman-fed-rates-2022-6">the US would fall into a recession next year</a>.Moves on the Street:<ul><li>Citi made three new hires in its technology and communications team, hiring three experienced software bankers, according to an internal memo from Citi viewed by Insider:</li><ul><li>Dan McDow is joining as its global head of software after 16 years at Credit Suisse, where he was last its global head of software investment banking.</li><li>San Francisco-based Steve Anderson will join Citi as a managing director in software. He comes to the US bank from Barclays, where he spent 12 years covering software companies.</li><li>Andrew Delia is also joining as a MD in software. He previously worked at Credit Suisse for 10 years, also covering software names.</li></ul></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: WhoopsApp

<ul><li>Last month, ED sleuths raided <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>'s parent company <keyword id="14679518" type="General" weightage="80" keywordseo="zanmai-lab" source="Orion">Zanmai Lab</keyword> and froze assets worth Rs 64.67 crore. </li><li>The ED has been conducting an investigation of 16 fintech companies and Instant loan apps.</li><li>WazirX is India's largest crypto exchange and has over 12 million users.</li></ul> Crypto exchange WazirX on Monday said the <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) has allowed it to use its bank accounts after it cooperated with the investigators by providing them all the necessary details, information and documents of the alleged accused companies who used the WazirX platform. The company said in a statement that due to the active cooperation extended by WazirX and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, "ED has unfreezed the bank accounts of WazirX". "WazirX is now in a position to continue its banking operations as usual," said the crypto exchange. Last month, ED sleuths raided WazirX's parent company Zanmai Lab. It searched the premises and froze its bank assets worth ₹ 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". The ED has been conducting an investigation of 16 fintech companies and Instant loan apps, some of them happened to use WazirX platform. The company clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and "is carrying out the <keyword id="12656622" type="General" weightage="20" keywordseo="kyc/aml" source="Orion">KYC/AML</keyword> checks despite having no legal obligation to do so". "WazirX is like any other intermediary whose platform may have been misused. After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021," said the company. WazirX is India's largest crypto exchange and has over 12 million users. Several crypto exchanges are under the ED radar for their alleged involvement in money laundering of around ₹ 10 billion. Late last month, crypto exchange <keyword id="10245463" type="General" weightage="80" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>'s CEO Ashish Singhal said that the company fully cooperated with the ED officials in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, after reports surfaced that ED raided its premises over alleged money laundering under the Prevention of Money Laundering Act (PMLA), 2002. Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he had said in a tweet thread. ED recently froze crypto lending platform Vauld's bank assets worth ₹ 370 crore over its "predatory lending practices". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-will-the-search-message-by-date-work-on-whatsapp/articleshow/94145465.cms">WhatsApp may soon allow users to search messages by date — here’s how it will work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mensa-brands-acquires-myfitness-aims-to-turn-it-into-a-1000-crore-brand/articleshow/94146270.cms">Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a>

ED allows WazirX to use bank accounts frozen after raids

New Delhi, June 16 (IANS) Mobile payments in India initiated by payment apps comprising account-to-account transfers and payments made from stored-value accounts rose 163 per cent to $287 billion in 2019, said a report on Tuesday. By comparison, point-of-sale transactions completed using debit and credit cards, including online and in apps, rose 24 per cent to $204 billion, according to the S&amp;P Global Market Intelligence's 2020 India Mobile Payments Market Report. Card and mobile payments as a percentage of India's GDP rose to 20 per cent in the quarter ended December 31, 2019, the results showed. In fact, card and mobile payments exceeded ATM withdrawals for the first time in 2019, according to the report. "High growth rates in cashless payments seen in recent years are unlikely to repeat amid an economic slowdown due to the novel coronavirus pandemic," Sampath Sharma Nariyanuri, Fintech Analyst at S&amp;P Global Market Intelligence, said in a statement. "However, we expect mobile payments to be more resilient and will gain a bigger lead over card payments, as their uptake will accelerate due to ongoing social distancing measures and concerns over usage of cash and plastic." S&amp;P Global Market Intelligence estimates that card purchases and Unified Payments Interface (UPI) mobile payments represented only 21 per cent of $781 billion in in-store transactions in 2019. Google Pay and PhonePe led UPI payment apps as the two apps handled over seven billion transactions in total, representing more than two-thirds of UPI transactions in 2019. As banks are expected to reduce their exposure to unsecured lending amid the ongoing pandemic, payment apps will have an opportunity to play a mainstream role in providing loans and insurance. Google and Amazon are already offering a far greater breadth of payments in India than in other large markets such as the US, Germany, the UK and Japan, said the report, adding that with the expected entry of Facebook's WhatsApp, US technology companies will extend their dominance in India. --IANS gb/na

Mobile payments in India jumped 163% in 2019: Report

Payment gateways are easy enough to install on your website. Most often, web hosts will provide gateways as additional services. But what do you do when companies have never encountered the digital route? Bangalore-based startup, <keyword id="1898251" type="PERSON" weightage="20" keywordseo="Instamojo">Instamojo</keyword>, is trying to solve that problem. It targets small and medium enterprises (<keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword>) by selling what is primarily a payments platform. But unlike regular payments gateways or platforms, Instamojo doesn't have to explain the specifics of its service to them. All it tells these SMEs is that they'll get a link to share with prospective buyers, and get payments directly in their bank accounts. The platform will take a 2%+₹3 cut from each payment. At its core, there's nothing innovative about Instamojo as far as its technology is concerned. But it's presentation is tailored to the target audience, making it simple enough for the non-tech savvy audience to adopt. Having started operations in 2013, Instamojo now has over 4,00,000 SMEs on board. Interestingly, while its sellers come from Tier I and II cities, the buyers are mostly from Tier I metros in the country. How it works Technically, Instamojo can be used by anyone. You sign up on the company's website, fill in pan card, GST and other details are you're good to go. A dashboard is presented to you, that tracks the money you receive. You can push this out to your bank account at any time. The dashboard also has a "Create payment link" button. This is where you create the link, which can be shared through various channels. If you're doing this from a desktop PC, you can use <keyword id="6354576" type="ORGANIZATION" weightage="20" keywordseo="facebook">Facebook</keyword>, email and Twitter. You can share it via WhatsApp and SMS if you're using the Instamojo app on your phone. Doing business After starting with payments, Instamojo also offers a shop option for sellers now. This, again, is basic. It allows sellers to put photos of products they sell, offer discounts, choose sizes (when relevant) etc. It's not a full-fledged e-commerce solution like <keyword id="1715801" type="PERSON" weightage="20" keywordseo="Shopify">Shopify</keyword> but allows just enough for sellers to go digital. This though means that these same sellers may move to more established platforms if Instamojo helps them succeed. And Swain says he recognises that. Yet, he says moving money from <keyword id="58103" type="LOCATION" weightage="20" keywordseo="Itanagar">Itanagar</keyword> to <keyword id="6356654" type="LOCATION" weightage="20" keywordseo="bombay">Bombay</keyword> is no easy task. While he agrees that he's partly in competition with every payments platform in the country, including other payments gateways, he feels his primary competition is with cheques and bank transfers. SMEs in Tier II and III cities do not depend on digital modes very often, and they do not want to pay for services without knowing how they'll help. Instamojo asks for payment only when a sale is made through its platform. Sign-ups are free, as is browsing around and sharing links. You pay money when you make money. After introducing the "shop" feature earlier, Swain is moving to lending next. With this, Instamojo will extend loans to businesses, albeit in smallish amounts. Logistics is another service that's soon to start. Essentially, Instamojo now wants to become a full-service e-commerce solution for SMEs. And all this to achieve its target of getting a million SMEs on the platform by end of 2019. Tough ask. Future Yet, Swain is bullish. Like Google, Microsoft, Amazon and pretty much every technology company, he sees the SME space as an untapped market. While bigger companies could just as easily start the service Instamojo offers, Swain says he’s not worried. He says it’s about getting to a place where “you’re the one to beat if others decide to enter this space”. For him, SMEs represent “middle India”, something between the unregistered businesses and big companies. He says the giants aren’t doing payments platforms or e-commerce solutions with these companies in mind. As a result, he sees the space wide open and says competition will only lead to faster growth. In fact, while he agrees that WhatsApp’s recent entry into payments, and the WhatsApp business platform, will probably take away some of his users, he also expects it to raise awareness. As a result, a full-service platform like Instamojo might start making more sense to SMEs. Lastly, Instamojo also sees data as a possible opportunity. While it is not a consumer-facing company, it still has buyer data, which Swain says can be leveraged in future for better services. Similarly, the current customer base of SMEs can be leveraged in future to create a sort of LinkedIn for this industry.

This Indian startup wants to give small and medium sized businesses all the e-commerce tools they need

New Delhi, <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital">Reliance Capital</keyword> (RCAP) debenture holders at their meeting held on January 5, passed the resolution with overwhelming majority for <keyword id="1187112" type="PERSON" weightage="20" keywordseo="monetisation">monetisation</keyword> of its <keyword id="41933" type="ORGANIZATION" weightage="20" keywordseo="assets">assets</keyword>. This comes on the back of shareholders having already approved RCAP monetisation. Reliance Capital had commenced its asset monetisation process - to unlock value of its underlying businesses which targets to make RCAP debt free. JM Financial Services Limited and SBI Capital Markets Limited ran an independent and transparent asset monetizsation process. Expression of interest for nine key assets was launched on October 31, 2020. EOI process received massive response for the nine key assets as multiple players have placed interest for each asset with some of them also expressing interest in all the assets. EOI applicants would now perform due diligence on each asset and submit binding bids for the nine key assets. Asset monetisation process is being run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd, which represents 93% of total outstanding debt of Reliance Capital. EOIs invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof: 1. 100 per cent stake in <keyword id="157626" type="COMPANY" weightage="20" keywordseo="Reliance-General-Insurance">Reliance General Insurance</keyword> Company Limited (RGI). Paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the fifth largest Private General Insurance Company with a market share of 4.5% as of March 20 in the Private General Insurance category. Consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. Performed its best even during Covid times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20-21. Strong distribution network of 134 branches with amongst one of the largest agency force of 46,742 as of September 30, 2020 across the country. 2. 51% stake in Reliance Nippon Life Insurance Company Limited (RNLI). Paid up capital of Reliance Nippon LifeInsurance is ₹1,196 crore as of September 30, 2020. RNLI is a joint <keyword id="6388493" type="COMPANY" weightage="20" keywordseo="venture">Venture</keyword> with Japan's largest life insurer - Nippon Life which holds 49% shareholding. It is the 10th largest Private Sector Insurer (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. Witnessed sharp turnaround in performance during FY19-20 with a profit after tax of Rs 35 crore and 75 per cent growth (12% CAGR) in Embedded Value over last four years. Impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore. and an Individual Premium Market Share of 2.20% amongst private insurers. 3. 100% stake in Reliance Securities Limited - Broking and distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. 4. 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities. 5. 49% stake in Reliance Asset Reconstruction Limited:  Manages portfolio of ₹1,996 crore as on September 30, 2020. Over 3.3 lakh customers across retail and SME segment, with dominant retail presence in South and West region. 6. 20 per cent stake in Indian Commodity Exchange. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. 7. 100 per cent stake in Reliance Health Insurance Limited. 8. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. Resolution of Lending businesses of RCAP - <keyword id="857313" type="COMPANY" weightage="20" keywordseo="Reliance-Home-Finance">Reliance Home Finance</keyword> and <keyword id="3646337" type="COMPANY" weightage="20" keywordseo="Reliance-Commercial-Finance">Reliance Commercial Finance</keyword>. Reliance Home Finance (RHF) and Reliance Commercial Finance (RCF) are undergoing resolution under RBI circular dated June 7, 2019. Bank of Baroda is the lead banker under the ICA resolution process of both the lending entities. The transactions for both RCF and RHF are expected to be closed by March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-may-be-considering-a-covid-cess-on-high-income-earners-aside-from-more-levy-on-fuel/articleshow/80208520.cms">India may be considering a COVID cess on high income earners — aside from more levy on fuel</a> <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a> <a href="https://www.businessinsider.in/business/startups/news/2021-will-be-a-watershed-moment-for-india-tech-ecosystem-here-are-the-startup-sectors-that-vcs-are-betting-on/articleshow/80208631.cms">‘2021 will be a watershed moment for India’s tech ecosystem’ — here are the startup sectors that VCs are betting on</a> <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-band-with-24-hour-heart-rate-monitoring-14-days-battery-life-launched-in-india/articleshow/80209025.cms">OnePlus Band with 24-hour heart rate monitoring, 14 days battery life launched in India</a>

Reliance Capital debenture holders pave the way for asset monetisation

<ul class="summary-list"><li>I quit <a href="https://www.businessinsider.com/category/texting">texting</a> and <a href="https://www.businessinsider.com/category/messaging">messaging</a> on all <a href="https://www.businessinsider.com/category/social-media">social media</a> platforms for a week and it was harder than I expected. </li><li>I didn't use <a href="https://www.businessinsider.com/category/facebook-messenger">Facebook Messenger</a>, <a href="https://www.businessinsider.com/category/instagram-direct">Instagram Direct</a>, <a href="https://www.businessinsider.com/category/whatsapp">WhatsApp</a>, <a href="https://www.businessinsider.com/category/google-hangouts">Google Hangouts</a>, or <a href="https://www.businessinsider.com/category/twitter">Twitter</a> Messenger.</li><li>I wanted to see what it would be like to replace text conversations with phone calls. </li></ul>Alyssa Pagano: Over the weekend I sent about 128 text messages and I received 153. We use texting so much to just make a plan, ask someone a quick question. And in some ways, it feels like it actually takes longer, and it's a step backwards in communication. You know, I'm standing there in my kitchen typing and then waiting for the response when I could have just made a quick phone call and figured it all out in, like, one conversation.Another issue I have with texting is I feel like it kind of lends itself to miscommunication. When you're texting with someone, they can't always hear your tone of voice. Or if you're doing it quickly, you might not use punctuation correctly and the meaning can be misconstrued.So I decided I'm gonna try quitting texting for an entire week. I'm also not gonna use Facebook Messenger, Instagram DM, WhatsApp, any sort of messaging system. And I'm gonna use Slack on my computer because I need it for work, but I'm not gonna use it on my phone. So anytime someone texts me, I'll just call them if I need to respond. So the goal is to eliminate these quick back-and-forth conversations that happen through messaging platforms and to replace those with real conversations, which doesn't even sound like it should be that hard, but I've already received one text message while doing this interview.So this is my third day without texting, and I think that I've talked to about six of my friends on the phone.Are you at work?Your voicemail box is full.Can I call you later?Um.Okay, bye.I can text again! It's been a whole week, and it was actually really difficult and pretty inconvenient. I ended up spending a lot of time on the phone, which was nice in some ways, but also kind of annoying.There's just this expectation that's hard to get rid of. When someone sends you a text, they expect you to respond within a certain amount of time, and I just couldn't do that. So I was keeping a list on my phone of people who texted me so, at the end of the day, I would call them back.Remind me to call Adam at 7 p.m.Phone: Okay, I'll remind you.Pagano: And then, you know, that meant that some portion of my evening was me making a bunch of phone calls just to respond to people's text messages.Phone: Call has been forwarded to an automatic voice message system.Pagano: Hey Eliza, it's Alyssa. I'm just calling to respond to your text message. Anyway, I'm excited to spend the weekend with you too. One person, I had never spoken to on the phone in my life. We've never had a phone conversation, so it's like a new thing.Person on phone: That's kind of scary.Pagano: Yeah, yeah.Some of my friends responded differently than others. Like, the friends that I see all the time and communicate with all the time were just sort of annoyed by it, because it made their lives more inconvenient, and they had to wait longer for me to respond to a question. But then friends that I don't see as much or I don't talk to as much were touched by it. They really liked it. I ended up catching up a little bit with some people who maybe were just asking me a question, but I actually got to have a little conversation with them.I think texting can be more convenient for certain things, but calling someone is nice sometimes. And sometimes it makes plans happen faster. So this week without texting just makes me wanna be more thoughtful about when I use texts and when I use the phone. I think texting works better for some things and the phone works better for other things. But I just don't want texting to be the default.Phone: Two, zero, is not available. The mailbox is full and cannot accept any messages at this time, goodbye.Pagano: Goodbye.<a href="https://www.businessinsider.com/intelligence/stories-slide-deck?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=dmedia_ctgr_leadgen&amp;utm_campaign=dmedia_ctgr_leadgen_stories_deck"></a>

You Searched For "WhatsApp lending" and got 11 results

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This Indian startup wants to give small and medium sized businesses all the e-commerce tools they need

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Reliance Capital debenture holders pave the way for asset monetisation

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I quit texting for a week and it was harder than I expected

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