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<ul><li>The Indian government has banned 232 applications over “data storage” issues and “money laundering.”</li><li>Out of 232 apps banned, 138 are betting apps, and 94 are quick-loan apps.</li><li>The banned apps include credit applications such as <keyword id="6591942" type="General" weightage="20" keywordseo="lazypay" source="Orion">LazyPay</keyword> and Kissht.</li></ul> The Indian government recently banned 232 betting and loan applications linked to China and other countries, cracking down on gambling and quick loan apps over “improper data storage” and “money laundering” concerns. In addition to Chinese apps, the ban included Indian ‘Buy Now Pay Later’ (BNPL) apps such as LazyPay and Kissht. Out of the 232 apps banned by the Ministry of Electronics and Information &amp; Technology (MeitY), 138 are betting and gambling apps and 94 are quick-loan-providing apps. According to a<a href="https://economictimes.indiatimes.com/tech/technology/govt-blocks-232-foreign-apps-including-chinese-for-gambling-money-laundering/articleshow/97620408.cms"> report</a> by Economic Times, the government has said that the apps have been banned as they contain materials “prejudicial” to the sovereignty and integrity of India. “These apps contained material which is prejudicial to sovereignty and integrity of India,” an official familiar with the matter said. While some of the apps banned have Chinese links, the list also includes Indian applications such as LazyPay and Kissht. Currently, there is no information from the government why apps such as PayU’s LazyPay and Kissht were banned in the country. Some of the apps banned were involved in predatory lending, wherein such apps offered quick funds to people in emergencies, and subsequently, Soon after the announcement, LazyPay’s website was blocked, with the notice – “The website has been blocked as per the order of the Ministry of Electronics and Information Technology under the IT Act, 2000.” While the website is now accessible, the company’s app has stopped working. <cmsannotation type="cmsannotation" annotationid="Customers raise concerns about the app not working" comment="subhead" text="Customers raise concerns about the app not working">Customers raise concerns about the app not working</cmsannotation> LazyPay customers have taken to social media platforms to complain about LazyPay’s app not working. The company is following a template, asking users to message them about the issue. One issue that has arisen after the ban on LazyPay is the fate of existing customers. Currently, there is no clarity about the ban and the possibility of the issue being resolved. This has resulted in existing customers being concerned about the money they borrowed from the company. Business Insider India has reached out to PayU for a comment on the ban on LazyPay and to know the impact on existing customers who have borrowed money from the company. We will update the story after receiving a response from the company. SEE ALSO: <a href="https://www.businessinsider.in/business/news/swiggy-cracks-down-on-password-sharing-allows-users-to-use-same-account-on-only-two-devices/articleshow/97548345.cms">Swiggy cracks down on password sharing, allows users to use same account on only two devices</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-s23-plus-and-s23-ultra-price-availability-india/articleshow/97544314.cms">Samsung Galaxy S23, S23 Plus, and S23 Ultra priced starting at ₹74,999 in India</a> <a href="https://www.businessinsider.in/tech/news/detectgpt-to-help-teachers-detect-content-generated-using-chatgpt-by-students/articleshow/97438221.cms">DetectGPT to help teachers detect content generated using ChatGPT by students</a>

After Chinese apps, the Indian government cracks down on Indian betting and quick loan apps—here’s why

New Delhi, Two men were arrested for allegedly duping people by hacking food and grocery delivery app <keyword id="19896956" type="General" weightage="20" keywordseo="swiggy" source="keywords">Swiggy</keyword> account, a Delhi Police official said on Monday. The accused were identified as <keyword id="20480275" type="General" weightage="20" keywordseo="aniket" source="keywords">Aniket</keyword> Kalra (25), and Himanshu Kumar (23), both residents of <keyword id="19921445" type="General" weightage="20" keywordseo="gurugram" source="keywords">Gurugram</keyword>, Haryana. According to police, the duo was using 'Interactive Voice Response (IVR) system to hack Swiggy accounts of the victims. The official said that after hacking the account, the accused used to place orders from the victims account and then used to sell the grocery products at a lower price. Their arrest came after a woman complainant, a resident of Sultanpur was cheated of Rs 97,197 by some unknown persons from her Lazy Pay account linked with Swiggy account. During the investigation, technical analysis of call details and money transaction was made and it was found that complainant received a call in late night hours from an Automated Telephony Interactive Voice Response (IVR) System and she was told in Pre-Recorded Voice Responses that somebody is trying to access her Swiggy account. Thereafter, her Swiggy account was hacked and online orders of Rs 97,197 were placed using her Lazypay account linked with Swiggy. "Further, CDR analysis of the calling number revealed that the mobile number from which the complainant received the call is an application based generated number connected with IVR System. Simultaneously, details from Swiggy were obtained and it came to notice that the alleged orders were delivered in Gurugram," said the Deputy Commissioner of Police (south) Ankit Chauhan. The mobile number used for delivering the products was found registered on fake ownership. "The team worked on all the available aspects of the case. The efforts of the team bore fruits when during IMEI search, the location of suspect was zeroed in Sector 7, Gurugram, Haryana," said the <keyword id="19916219" type="General" weightage="20" keywordseo="dcp" source="keywords">DCP</keyword>. Raids were conducted and Aniket and Himanshu were apprehended. On interrogation, Aniket disclosed that he used to work as a delivery boy in Zomato and Swiggy. "Thereafter, he started buying grocery items from online selling platform at lower price through offers and then used to sell them in the market, thus saving 5 per cent-10 per cent on every order. Further, he along with co-accused <keyword id="20646636" type="General" weightage="20" keywordseo="ansh" source="keywords">Ansh</keyword>, a resident of Punjab met on telegram and they both started duping people through IVR Calling system," said the DCP. Ansh has the data of people who have linked their credit card/debit card/internet banking with their Swiggy account. "Ansh used to target victims by hacking their Swiggy account through pre-recorded voice responses and thereby accessing confidential data of victims. Then Aniket used to link a phone number registered on fake ownership with the Swiggy account of the victim and then used to place orders of Grocery items for as much amount as available in the account of the victim," said the DCP. The random addresses of Gurugram were provided for delivery of items to avoid any police action. "Aniket and his friend Himanshu used to sell the grocery items in the local market at discounted price and then used to send 50 per cent profit to Ansh via cash depositing machines or various UPI Id's," said the DCP. Himanshu owns a medical shop in Gurugram and under the guise of a medical shop he was involved in transferring the cheated amounts to various UPI IDs and accounts. "Further investigation of the case is in progress to trace the co-accused and to link other cases," the DCP added.

Hackers place order of over ₹97k from victim's Swiggy account, two held

<ul><li><cmsannotation type="cmsannotation" annotationid="Second biggest players in the BNPL market" comment="subhead" text="Second biggest players in the BNPL market"></cmsannotation><keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> Pay Laters provides credit up to ₹1 lakh to its customers depending on their credit profile.</li><li>The <keyword id="6592393" type="General" weightage="20" keywordseo="flipkart-pay-later" source="Orion">Flipkart Pay Later</keyword> feature is currently only available on Flipkart and Myntra, but it will be expanded to other platforms.</li><li>The company is now looking to go public in 2023 at a valuation of $60-70 billion.</li></ul>Walmart-owned ecommerce giant Flipkart on Thursday announced that it has doubled the user base of its ‘Buy Now, Pay Later’ (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) business. The Flipkart Pay Later now has over six million users within seven months. Flipkart Pay Laters provides credit up to ₹1 lakh to its customers depending on their credit profile. The fintech venture allows customers to shop any number of times throughout the month and pay the total bill amount in part within 30 days or through EMI. The feature is currently only available on Flipkart and Myntra, but it intends to expand it further. After that, they could face competition from players like Simpl, LazyPay, Mobikwik, <keyword id="5988397" type="General" weightage="20" keywordseo="paytm-postpaid" source="Orion">Paytm Postpaid</keyword> and <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> Pay Later. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Companies </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;">Customers </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;">Simpl </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;">7 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;">Flipkart Pay Later </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;">6 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;">LazyPay </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;">3.5 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;">Paytm Postpaid </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;">3 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;">Mobikwik </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;">2.8 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;">Amazon Pay Later </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;">2 million+ </td></tr></tbody></table>Source: Company announcements <cmsannotation type="cmsannotation" annotationid="Second biggest players in the BNPL market" comment="subhead" text="Second biggest players in the BNPL market">Second biggest players in the BNPL market</cmsannotation> With 6 million users, Flipkart Pay Later is the second biggest ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">Buy Now Pay Later</keyword>’ player after Simpl. The feature can be used to purchase items across categories like groceries, lifestyle, general merchandise and home. It also offers longer-tenured EMI options to buy mobiles, consumer electronics and large appliances. Flipkart Pay Later currently processes 3 million long tenured EMI transactions on a monthly basis, and 90% of these transactions come from repeat customers. The company claims to offer a frictionless checkout experience as the platform does not require any paperwork or down payment before offering the credit line. “As per research, the Buy Now Pay Later (BNPL) market will grow 10x over the next five years, surpassing $40 billion by 2026. Interestingly, 45% of customers prefer to make purchases with BNPL options even if they have a credit card owing to the convenience that BNPL provides,” Dheeraj Aneja, senior vice president and head of fintech and payments group at Flipkart, said. Flipkart is currently pulling all strings for a successful public debut by 2023. The company raised <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">$3.6 billion in July 2021 </a>in a run-up to this ambition, and is currently valued at $37 billion. It initially planned an initial public offering (IPO) in the USA by November 2022, seeking a valuation of $50 billion, but the plan was delayed due to market volatility. The company is now looking to go public in 2023 at a<a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms"> valuation of $60-70 billion</a>. To make this into a reality, Flipkart is looking to boost its online healthcare services and travel booking heavily, as per media reports. SEE ALSO <a href="https://www.businessinsider.in/tech/news/the-state-of-uttar-pradesh-and-how-its-been-feeding-facebook-ad-revenues/articleshow/91660700.cms" data-type="tilCustomLink" style="">The state of Uttar Pradesh and how it’s been feeding Facebook ad revenues</a> <a href="https://www.businessinsider.in/business/news/heatwave-has-turned-acs-from-a-luxury-to-a-necessity-but-margins-remain-muted-for-the-players/articleshow/91655568.cms" data-type="tilCustomLink" style="">Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms" data-type="tilCustomLink" style="">Reliance Jio Vs Bharti Airtel — Four Charts That Showcase How The Indian Telecom Giants Faired In 2022</a>

Flipkart claims to be the second biggest ‘buy now, pay later’ player ahead of Paytm, Amazon

<ul><li>The Payments Council of India (<keyword id="302625" type="General" weightage="80" keywordseo="pci" source="Orion">PCI</keyword>) has written to the government, seeking its intervention against a central bank directive.</li><li>The central bank had barred payment companies from loading <keyword id="485408" type="General" weightage="20" keywordseo="credit-lines" source="Orion">credit lines</keyword> onto wallets and prepaid payment instruments.</li><li>The PCI has urged the government to treat wallets on par with bank accounts.</li></ul>The Payment Council of India (PCI), a trade body consisting of various payment and settlement players from the country has written to the government, urging it to step in and resolve the issues created due to a recent directive by the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>). The central bank had recently barred payment companies from loading credit lines onto wallets and prepaid payment instruments (PPIs). This effectively stops companies like <keyword id="657366" type="General" weightage="20" keywordseo="slice" source="Orion">Slice</keyword>, Unicards, <keyword id="4009819" type="General" weightage="50" keywordseo="amazon-pay" source="Orion">Amazon Pay</keyword>, LazyPay and others from offering lines. RBI had issued the circular after commercial banks had approached it over a likely breach of rules, including KYC guidelines and anti-money laundering regulations by the fintech companies and credit-card challenger brands. According to a <a href="https://economictimes.indiatimes.com/tech/technology/pci-fintech-firms-urge-government-to-step-in-to-resolve-fallout-from-recent-rbi-directive/articleshow/92476188.cms">report</a> by Economic Times, the PCI has requested the government to treat wallets that comply with full know your customer (KYC) norms on par with bank accounts, allowing them to offer credit lines. “A drawdown by the customer from a non-revolving credit line (which has been given by a regulated lender) should be allowed to be disbursed into a full KYC <keyword id="6408323" type="General" weightage="20" keywordseo="ppi" source="Orion">PPI</keyword>,” the PCI said in its letter to the government. In addition to asking the government to treat wallets that comply with full KYC guidelines on par with bank accounts, the PCI has also asked the government to allow non-revolving credit lines in full KYC PPIs. <cmsannotation type="cmsannotation" annotationid="What is non-revolving credit?" comment="subhead" text="What is non-revolving credit?">What is non-revolving credit?</cmsannotation> A non-revolving credit is a situation where an amount or credit facility is granted on a one-off basis and is non-replenishable. Unlike credit cards, such facilities do not have the feature of a minimum due amount and come with a clear payment schedule. <cmsannotation type="cmsannotation" annotationid="There are over 10 million active credit lines" comment="subhead" text="There are over 10 million active credit lines">There are over 10 million active credit lines</cmsannotation> The PCI, in its letter, has claimed that at present there are more than 10 million active credit lines where the amount has been disbursed into a PPI wallet and a card has been issued. It further added that such companies have processed over INR 3,500 crore worth of transactions in May 2022. The PCI has used these numbers to say that PPIs have led to greater financial inclusion, helping the country move towards a cashless future. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms">Slice payments app spies on photos, audio records and call history, says Google</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-1-invite-system-goes-live-how-to-get-an-invite-how-to-order-the-phone-and-everything-you-need-to-know/articleshow/92434869.cms">Nothing phone (1) invite system goes live – how to get an invite, how to order the phone and everything you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/okinawa-electric-scooter-showroom-in-mangaluru-catches-fire-several-scooters-destroyed/articleshow/92433747.cms">EV fire – Okinawa electric scooter showroom in Mangaluru catches fire, several scooters destroyed</a>

Payments Council of India approaches government over central bank’s directive on credit lines

New Delhi, Jan 10 () PayU on Friday said it will acquire a controlling stake in PaySense and all its assets at a valuation of USD 185 million (about Rs 1,300 crore).
 "PayU's consumer lending business LazyPay and PaySense will merge their business operations to build a full-stack digital lending platform in India. This planned merger is aligned with PayU's long term vision of orchestrating a fintech ecosystem in India by partnering with the right companies and offering multiple financial services," a statement said.
 PayU will also inject up to USD 200 million (about Rs 1,400 crore) in the new enterprise in the form of equity capital, it said.
 It added that USD 65 million of the total amount will be immediately invested, while the balance corpus will be infused in the next 24 months to grow the loan book. 
 Prashanth Ranganathan (currently PaySense CEO) will lead PayU's credit business in India as the CEO of the new enterprise. He will continue to retain a stake in the merged enterprise, while all the other investors and shareholders will exit.
 PaySense's management team will become part of PayU's credit team.
 PayU's understanding of consumer backgrounds and insights into purchase behaviour and affluence levels from its payment gateway business, coupled with LazyPay's experience in driving customer acquisition and engagement and PaySense's analytics, tech and risk management capabilities will enable the combined entity to serve more of the new-to-credit Indian population, the statement said.
 PayU's unified digital credit platform will enable third parties such as banks, NBFCs and alternate lenders to co-lend and grow assets.
 "This merger is the next step in our journey as we accelerate our vision for credit in India. We're delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform..." PayU Global Head of Credit Siddhartha Jajodia said.
 In a separate statement, Nexus Venture Partners said it was the sole initial institutional investor in Paysense.
 Nexus had first partnered Prashanth Ranganathan and Sayali Karanjkar at concept stage of the company in 2015, and further participated in all subsequent rounds of the company, it added. SR RVK

PayU to acquire controlling stake in PaySense

<ul><li><keyword id="1554716" type="General" weightage="20" keywordseo="buy-now" source="Orion">Buy Now</keyword>, <keyword id="3621187" type="General" weightage="20" keywordseo="pay-later" source="Orion">Pay Later</keyword> schemes by e-commerce platforms may look attractive but charge you a higher amount if you miss any payment deadline.</li><li>Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. If you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day.</li><li>Online platforms like Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later and Flipkart PayLater charges up to ₹600 fees if you miss any deadline dates.</li></ul>Just like credit cards, Buy Now, Pay Later (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) schemes allow you to buy products beforehand and pay the total amount in installments. You must be aware of Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later, Flipkart PayLater and several others. To help you understand the steep charges by online platforms that have Buy Now, Pay Later scheme here is an example. Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. Later if you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day. Also, this amount will keep on increasing every cycle if you miss future deadlines. During the last couple of years and also because of covid infused financial stress, BNPL schemes have become very popular among young who are new to the credit space. Macquarie expects the total amount of loans disbursed through such schemes to be anywhere between $45 billion and $50 billion by March 2026. The current market is still very small ⁠— about 0.7% of all bank loans and about 2.07% of loans given by the non-banking financial companies, <a href="https://rbidocs.rbi.org.in/rdocs//PublicationReport/Pdfs/DIGITALLENDINGF6A90CA76A9B4B3E84AA0EBD24B307F1.PDF">according to the latest data provided by the Reserve Bank of India</a>. <div type="image" title="loan disbursal" height="900" width="1200" msid="87798372" hostid="261"></div> While these schemes do serve the purpose of buying products on time and paying later, one should be aware about the high cost in late payments. How does BNPL work? <ul><li>Buy a product at an online or e-commerce platform</li><li>Select ‘Buy Now, Pay Later’ option</li><li>Make a small down payment of the overall purchase amount</li><li>The remaining amount shall be debited in a series of EMIs</li></ul>Most BNPL schemes offer a smaller repayment window of 15 to 30 days and charge up to ₹600 fees if you miss the deadline. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Company </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;">Late fees </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;">ZestMoney </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;">₹250+ 1% per day on late repayments </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;">Simpl </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;">₹250 per cycle default </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;">ePayLater </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;">₹100 per cycle default </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;">KrazyBee </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;">₹500+ 0.2% penalty charge per day </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;">Paytm Postpaid </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;">₹10-500 per cycle default </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;">Amazon Pay Later </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;">₹100-500 per cycle default </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;">Mobikwik Zip </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;">₹20-200 per cycle default. Plus 1% late fee after 3rd cycle </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;">Flipkart PayLater </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;">₹60-600 per cycle default </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;">LazyPay </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;">₹50-500 per cycle default </td></tr></tbody><tbody></tbody></table>Source: Macquarie report dated November 18, 2021 BNPL looks attractive but is definitely not a win-win situation for consumers. These steep late fee charges indicate significant revenue for the company, said analysts at global brokerage firm Macquarie Research. What should you do? Educate yourself about the interest charges including processing fee, which you would be paying before you make your purchase via the BNPL option, on the total amount before buying a product through BNPL. It is best to use the BNPL option when you are sure of paying the entire due amount before the due date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms">OPINION: The next four-letter word taking the world of finance by storm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ntpc-is-hiring-experienced-engineering-professionals-with-a-monthly-salary-of-60000/articleshow/87781706.cms">NTPC is hiring experienced engineering professionals with a monthly salary of ₹60,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp</a>

From Simpl to Paytm Postpaid ⁠— these are the penalties on late payments on Buy Now, Pay Later schemes

<ul><li>WhatsApp is reportedly working on an instant credit feature. Its latest regulatory filing states that providing credit is one of its main business objectives.</li><li>This comes at a time when instant loans have become popular with companies like Amazon, Paytm and others have started offering these services.</li><li>WhatsApp’s massive user base in India gives it a great platform to launch revenue-generating services like digital loans.</li></ul>WhatsApp loans could be the next big feature for the popular messaging service. With India being one of the biggest markets for WhatsApp and instant loans gaining popularity, WhatsApp loans have the potential to take off. In a filing with the Ministry of Corporate Affairs accessed by <a href="https://techcrunch.com/2020/04/28/whatsapp-eyes-credit-feature-for-users-in-india/">TechCrunch</a>, WhatsApp has listed ‘providing credits or loans’ as one of its main business objectives to be pursued in India. WhatsApp’s parent company <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> recently entered into a partnership with <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, acquiring a stake of 9.9% in a $5.7 billion deal. Subsequently, the Mukesh Ambani-owned company <a href="https://www.businessinsider.in/business/ecommerce/news/how-to-order-groceries-from-jiomart-using-whatsapp/articleshow/75403670.cms">launched JioMart service on WhatsApp</a>, allowing users to order groceries and other essentials from the messaging app. <div type="Article" hostid="261" msid="75283937" title="Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion" mstype="2" mssubtype="0"></div> “In my mind, Whatsapp Pay and Jio money will all hopefully get rolled into one. It will just make it quicker since there is nobody in India that doesn't have WhatsApp,” Vikram Sud, an independent director at DBS <a href="https://www.businessinsider.in/tech/news/whatsapp-is-the-secret-sauce-in-the-deal-between-facebook-and-reliance-jio/articleshow/75296172.cms">told</a> Business Insider. WhatsApp’s existing payments service, WhatsApp Pay, is yet to take off after more than two years of testing. Regulatory hurdles have played spoilsport in this regard, but WhatsApp has reportedly reached out to the National Payments Corporation of India (NPCI) stating that it will ensure compliance with the local data protection laws by May. In January, <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">Mark Zuckerberg said</a> that WhatsApp Pay will roll out in India within six months. Joining the dots, it seems plausible that it could launch by May. “This is an amazing partnership on the payments side. Whatsapp Pay did not have the commercial sides of it as Whatsapp was trying to creep into the business. Now, between Whatsapp, Instagram and Facebook — all the commerce can be done through Whatsapp Pay,” said Sud. Amazon Pay Later makes an entry in India Amazon has also launched its credit service called Pay Later. It allows users to purchase products on Amazon, pay utility bills, do recharges and more. Users can make the payment in the next month at no extra cost. The Amazon Pay Later feature is not available on products like gold, jewellery, Amazon Pay balance top-up and Amazon Pay gift cards. How will WhatsApp loans work? It is not clear as to how WhatsApp plans to offer loans and to which users. However, looking at other companies like Amazon, Paytm, or PayU which offers LazyPay, WhatsApp could offer a fixed credit limit to its users based on certain criteria. Users who avail WhatsApp credit could then be required to repay the amount due in a certain time period. For reference, services like LazyPay Pay Later allow you to make payments once in every 15 days, essentially giving you 15 days of interest-free loan. Paytm Postpaid works on a monthly basis – your credit bill is generated on the first of every month and you are given 7 days’ time to repay. For example, if you avail the credit facility on May 1, you will have to repay by June 7, giving you 36 days of interest-free credit. See also: <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion</a> <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">WhatsApp Pay to roll out in India and other countries over the next six months: Zuckerberg</a>

WhatsApp has reportedly listed giving loans as a ‘main’ objective—  and it could be a big feature in Facebook and Reliance Jio’s partnership

New Delhi, Apr 10 (PIT) Consumer internet firm Prosus, which has invested in companies like Swiggy, Byju's etc, on Friday pledged to donate Rs 100 crore to the Prime Minister's relief fund for supporting coronavirus relief work. "Prosus, the global consumer internet group of Naspers, has committed Rs 100 crore to the Indian government's response to the Covid-19 crisis. The donation will be made to the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund'," the company said in a statement. Prosus has invested around USD 5 billion (about Rs 37,900 crore) in Indian technology companies since 2005. Its portfolio includes Brainly, Byju's, Codecademy, eMAG, Honor, iFood, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payments, Remitly, SimilarWeb, SoloLearn, Swiggy, and Udemy. "These are unprecedented times and we want to play our part in contributing to the efforts underway in India. By working with government and civil society, we hope to help India overcome this very difficult period," Prosus and Naspers Group CEO Bob van Dijk said. In addition to its direct contribution to the PM CARES Fund, Prosus is working closely with the companies it partners with to support measures designed to help Indians affected by the situation, the statement said. Byju's has offered its learning platform for free in India until the end of April to help parents support their children's learning while away from school. On the other hand, Olx is allowing advertisements to stay on its site for an additional 30 days, at no extra cost and PayU has built a platform to enable any brand in India to start raising funds from its customers for the PM CARES Fund. "Swiggy has launched a campaign to donate meals to persons in need in India. The public can also donate to this campaign. The campaign is currently donating approximately 35,000 meals per day, with a goal of raising this to 500,000 meals per day as soon as possible," the statement said. PRS ANU

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From Simpl to Paytm Postpaid ⁠— these are the penalties on late payments on Buy Now, Pay Later schemes

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