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In its next meeting, slated for 9th September, the GST (Goods and Services Tax) Council may decide over imposing an 18% charge on <keyword id="20157806" type="General" weightage="20" keywordseo="payment-aggregators" source="keywords">payment aggregators</keyword> (PAs) like <keyword id="20290089" type="General" weightage="20" keywordseo="Razorpay" source="keywords">RazorPay</keyword>, Stripe, PayU, Pine Labs, and more. Reportedly, these charges will be levied on small value transactions of up to Rs 2,000, which are made via <keyword id="22719132" type="General" weightage="20" keywordseo="debit-and-credit-cards" source="keywords">debit and credit cards</keyword>. Until now, all payment aggregators were exempt from GST on all transactions up to Rs 2,000. We decode what it means for you, and how it will impact your pockets. What's happening? The <keyword id="22666613" type="General" weightage="20" keywordseo="fitment-committee" source="keywords">fitment committee</keyword>, which is made up of revenue officials from both center and states, is considering levying an 18% GST on payment aggregators. This is because officials feel that PAs are mere facilitators and intermediaries for card-based transactions, unlike banks, and thus, should be brought under GST purview. At present, they are exempt on paying GST on transaction of value less than Rs 2,000. But, if the proposal goes through in the 54th <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> meeting, every transaction you make through your credit or debit cards going ahead via such PAs will become costlier. Who are payment aggregators? PAs are essentially third-party service providers that let customers pay, and allow businesses to collect payments made via UPI, credit/debit cards or more. They are the interface between the customers and the merchants, allowing customers to opt for multiple, secure payment options, and also letting merchants manage and track fund collections and refunds. For their services, PAs levy a payment gateway fee, which ranges between 0.5% to 2% for each transaction. Post demonetisation in 2016, when currency notes of Rs 500 and Rs 1,000 were discontinued with immediate effect, the government had waived off taxes on credit and debit card transactions of up to Rs 2,000, in order to boost digital payments. If GST is levied, PAs are likely to pass on this cost to merchants. Will UPI be affected? No. Currently, UPI does not currently have a MDR, or merchant discount rate. UPI will continue to remain a lucrative option for PAs and merchants, especially for transactions under Rs 2,000, since they will not attract GST. PAs charge MDR to businesses for processing credit and debit card transactions on their behalf. What will change? The move is likely to affect small businesses the most, who thrive on multiple, low value transactions. Think of this. Say you make a payment of Rs 1,500 via your credit card on Razorpay. If the PA sets its fee at 1% of each transaction, the business will have to pay Rs 15 to the PA. But now, with the potential additional 18% GST applicable, the business will have to pay Rs 2.7 more, or about Rs 17.7 to these PAs. This might not seem much at first, but compounded over multiple transactions, might snowball into a significant cost for small businesses.

GST Council mulling 18% GST on low value transactions made via RazorPay, PayPal and more. Here's how it will impact you

<ul><li>The number of <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">gig workers</keyword> earning more than ₹1,50,000 grew by 69%, while gig workers earning between ₹85,000 to ₹1,50,000 saw a spurt by 62%. </li><li><keyword id="982553" type="General" weightage="20" keywordseo="Indian-startups" source="Orion">Indian startups</keyword> are preferring to hire more gig workers than permanent employees. </li><li>While overall hiring has decreased, salary spends have increased by 64% since October 2021.</li></ul>Demand for gig professionals has been constantly rising in the country and this is reflected in the 153% growth in their salaries in the last one year, according to a report by Razorpay’s business banking platform RazorpayX Payroll. However, gig workers earning less than ₹20,000 saw the slowest salary growth at 26% in the last one year, while workers with salary between ₹20,000 to ₹40,000 witnessed a salary growth of 52%. The number of gig workers earning more than ₹1.5 lakh grew by 69%, while gig workers earning between ₹85,000 to ₹1.5 lakh saw a spurt by 62%. “This shows that gig-workers are gaining more popularity among startups than hiring full-time employees,” said the report. However, gig workers who are paid less than ₹20,000 form the largest chunk of the gig workers being hired by startups, followed by those who earn anywhere between ₹20,000 to ₹40,000. Indian startups’ preference for hiring more gig workers is seen in the 61% decline in hiring of new permanent employees since October 2021, while <keyword id="15395705" type="General" weightage="20" keywordseo="hiring-of-gig-workers" source="Orion">hiring of gig workers</keyword> rose 15% in the same period. This dip in hiring is seen across seniority with the <keyword id="7604725" type="General" weightage="20" keywordseo="CXO-hiring" source="Orion">CXO hiring</keyword> noticing a massive normalization, dropping by 93% since Oct 2021, the report added. “The Indian startup ecosystem has been facing headwinds in the past few months but they have been nothing short of resilient and adaptive to such a dynamic environment. Startups have been optimizing their workforce by building leaner yet stronger teams, keeping in mind the macro-forces,” said <keyword id="274057" type="General" weightage="20" keywordseo="Shashank-Mehta" source="Orion">Shashank Mehta</keyword>, vice president and head, RazorpayX. <cmsannotation type="cmsannotation" annotationid="Despite a drop in hiring, salary spends on a rise" comment="subhead" text="Despite a drop in hiring, salary spends on a rise">Despite a drop in hiring, salary spends on a rise</cmsannotation> While overall hiring has decreased, salary spends have increased by 64% since October 2021. “Contrary to previous trends, salaries across different salary levels have been rising gradually but not exponentially, at an average of 12%,” the report said. However, for gig workers, the growth in salary has been different across different scales. According to the report, the median salaries of gig-workers have increased by 19.9% in the last one year. The gender pay gap still prevails as salaries of males grew by 29% in the last one year compared to a 22% rise for females during the same period. This salary gap is accompanied by a lower participation of women in the workforce — for every 2 men that were hired in the last one year, 1 woman was hired. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/over-2-lakh-jobs-created-each-day-this-festive-season-says-report/articleshow/95204035.cms">Over 2 lakh jobs created each day this festive season, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-startups-make-deep-hiring-cuts-permanent-employee-hiring-down-61/articleshow/95206627.cms">Indian startups make deep hiring cuts, permanent employee hiring down 61%</a>

Number of gig workers earning over ₹85,000/month rose over 60% since last October: Report

The Enforcement Directorate (ED) after conducting raids at multiple locations belonging to <keyword id="714947" type="General" weightage="50" keywordseo="payment-gateways" source="Orion">payment gateways</keyword> i.e <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> and PayU in connection with a case of Chinese Loan apps, asked Paytm to freeze certain amounts from a few Merchant IDs (MIDs). Sources said the raids were conducted in Mumbai, Delhi, Gurugram, Lucknow and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>. The ED has not given any official comment on the matter. On September 3, raids were conducted at the premises belonging to online payments gateways including <keyword id="14887233" type="General" weightage="50" keywordseo="razorpay-pvt-ltd" source="Orion">Razorpay Pvt Ltd</keyword>, Cashfree Payments and <keyword id="14887232" type="General" weightage="50" keywordseo="paytm-payment-services-ltd" source="Orion">Paytm Payment Services Ltd</keyword>. A Paytm spokesperson said that as part of the ongoing investigations of a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. "These merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the Paytm spokesperson. The ED has instructed Paytm to freeze certain amounts from the Merchant IDs of a specific set of merchant entities (as mentioned by the ED in its press release). "None of the funds which have been instructed to be frozen belong to Paytm or any of our group companies. As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, and we have shared the required information," the Paytm spokesperson said. What is the case? The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous persons for their involvement in extortion and harassment of the public who had availed small loans through the mobile apps being run by those entities. "During enquiries, it had emerged that these entities are operated by Chinese persons. The modus operandi of these entities is that by using forged documents of Indians and making them dummy directors of those entities, they are generating proceeds of crime," the ED said. The ED had said that it has come to its notice that the entities were conducting their suspected business through various Merchant IDs/Accounts held with Payment Gateways/banks. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were covered in the search operations. "During the search operations, it was noticed that the said entities were generating proceeds of crime through various Merchant IDs/Accounts held with Payment Gateways/banks and they are also not operating from the addresses given on the <keyword id="6355225" type="General" weightage="50" keywordseo="mca" source="Orion">MCA</keyword> website/registered address and having fake addresses. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities," the ED official had said. Meanwhile, a Razorpay spokesperson had said "Some of our merchants were being investigated by law enforcement about a year and a half back. As part of the ongoing investigation, the authorities requested additional information to help with the investigation. We have fully cooperated and shared <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> and other details. The authorities were satisfied by our due diligence process." The search operations are in progress. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-top-75-brands-are-worth-393-billion-thats-11-of-indias-gdp/articleshow/94203813.cms">TCS is India's most valuable brand worth $45.5 billion: Kantar</a>

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

<ul><li><keyword id="1518229" type="General" weightage="80" keywordseo="lenskart" source="Orion">Lenskart</keyword> and <keyword id="14005730" type="General" weightage="80" keywordseo="mirae-asset-capital" source="Orion">Mirae Asset Capital</keyword> have engaged with <keyword id="2777173" type="General" weightage="100" keywordseo="razorpay" source="Orion">Razorpay</keyword> for online transactions.</li><li>According to a Razorpay report, stock trading and mutual funds saw tremendous growth in transaction volumes.</li><li>The overall volume of digital payments has gained momentum over the last few years and saw a growth of 33% year-on-year during the financial year (FY) 2021-2022.</li></ul>Eyewear brand Lenskart and financial services conglomerate Mirae Asset Capital Markets have engaged Razorpay to enable online transactions on their platforms, the company said on Monday. “As a brand with a multichannel presence and transactions conducted with D2C and B2B partnerships, we needed a transparent and reliable payment gateway to lead the business transactions in all our retail environments. Today, with partners like Razorpay, we are catering to a customer base of over a million users,” said <keyword id="281032" type="General" weightage="50" keywordseo="indranil-chakravarty" source="Orion">Indranil Chakravarty</keyword>, chief business officer, Aqualens and Lenskart. According to a Razorpay report, other than e-commerce, food and travel sectors, the online transaction volumes of stock trading and mutual funds also grew at 75% and 100% respectively in 2022 as compared to the year before. “Given our fully digital business model, we are happy to have partnered with Razorpay in our journey at offering the best investment solutions to our customers in the most seamless way possible,” said Arun Chaudhry, director and chief business officer at Mirae Asset Capital Markets. <keyword id="3519846" type="General" weightage="50" keywordseo="rahul-kothari" source="Orion">Rahul Kothari</keyword>, chief business officer at Razorpay said that millions of businesses can benefit from the enormous growth digital medium offers. “We look forward to empowering them with a full-stack financial solution that acts as their central nervous system for everything payments and business banking,” said othari. The overall volume of digital payments has gained momentum over the last few years and saw a growth of 33% year-on-year in FY22. Around 7,422 crore digital payment transactions were recorded during this period, up from 5,554 crore transactions seen in FY21, a report by the <keyword id="3524863" type="General" weightage="50" keywordseo="ministry-of-electronics" source="Orion">Ministry of Electronics</keyword> and IT (MeitY) says. India’s digital payment market is expected to <a href="https://economictimes.indiatimes.com/tech/technology/indias-digital-payments-market-will-triple-to-10-trillion-by-2026-phonepe-bcg-study/articleshow/91963637.cms">triple</a> to $10 trillion by 2026, according to the latest study by digital payments firm <keyword id="6357886" type="General" weightage="50" keywordseo="phonepe" source="Orion">PhonePe</keyword> and Boston Consulting Group (BCG). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/quirky-maker-of-flip-flops-merges-style-with-sustainability/articleshow/94145373.cms">Quirky maker of flip flops merges style with sustainability</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/electric-mobility-startup-yulu-raises-82-million-in-series-b-funding/articleshow/94143818.cms">Electric mobility startup Yulu raises $82 million in Series B funding</a>

Lenskart and Mirae Asset Capital sign up with Razorpay for online transactions

Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider <keyword id="6519244" type="General" weightage="100" keywordseo="ezetap" source="Orion">Ezetap</keyword>, becoming one of the few companies globally with a significant online and offline presence in payments. According to sources, the deal size is around $150-200 million. This marks Razorpay's sixth and biggest acquisition to date. The <keyword id="14747570" type="General" weightage="50" keywordseo="ezetap-team" source="Orion">Ezetap Team</keyword> of around 300 employees will join Razorpay and work as an independent business unit. "We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform," said Harshil Mathur, CEO and Co-founder, Razorpay. Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery. It currently serves over 500,000 touchpoints, including <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> and BigBasket, and works closely with banks like <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, <keyword id="45123" type="General" weightage="50" keywordseo="hdfc" source="Orion">HDFC</keyword>, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform. "We join Razorpay's suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world," said Byas Nambisan, CEO of Ezetap. Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch. With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-tightens-norms-for-chinese-lending-apps/articleshow/93629917.cms">RBI tightens norms for Chinese lending apps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/genzs-millennials-are-turning-to-thrift-stores-to-upgrade-their-wardrobe-while-saving-the-environment/articleshow/93619737.cms">GenZs, millennials are turning to thrift stores to upgrade their wardrobe while saving the environment</a>

Fintech services platform Razorpay acquires offline payments firm Ezetap

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion. “India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too. “These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram. Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

<ul><li><keyword id="10936775" type="General" weightage="80" keywordseo="transak" source="Orion">Transak</keyword> has hired two ex-Paytm employees to help with the company’s mission to boost crypto adoption in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>.</li><li>Rajat Mehrotra and Sharad Agarwal, both of whom worked with <keyword id="6357120" type="General" weightage="20" keywordseo="Paytm" source="Orion">Paytm</keyword> Money, will be heading the engineering and product design teams at Transak respectively.</li><li>Transak currently has 50 employees based out of India and plans to triple that number this year by hiring across all verticals.</li></ul>Transak, a company that’s making it easier for customers of decentralised applications (dApps) to turn their conventional currency into crypto tokens, is doubling down on its expansion in India. The global team has added two ex-Paytm employees — Rajat Mehrotra, who used to be the AVP of Engineering at Paytm Money, and Sharad Agarwal, who used to be AVP of Product within the same vertical — to their payroll in an endeavour to make India one of its key markets. <div type="ExtQuote" text="The Indian market has incredible opportunities. Sharad and Rajat will go a long way in fast-tracking the future of web3 developments in India by way of mass adoption." auname="Yeshu Agarwal, co-founder of Transak."></div> Mehrotra, an IIT Kanpur alumnus, has nearly two decades of experience building tech products for fintech and e-commerce companies. At Transak, he'll be at the helm of the company’s engineering team to build out the company’s product even further. Agarwal, who is also an IIT Kanpur alumnus, will be heading the product, design and data team to boost customer adoption across the globe. In his 14 years of experience, Agarwal’s built game-changing products for not just Paytm, but also Flipkart, Intuit and <keyword id="136478" type="General" weightage="50" keywordseo="synopsys" source="Orion">Synopsys</keyword>. <cmsannotation type="cmsannotation" annotationid="The ‘Razorpay of crypto’ is looking to build an India team" comment="subhead" text="The ‘Razorpay of crypto’ is looking to build an India team">The ‘<keyword id="2777173" type="General" weightage="50" keywordseo="razorpay" source="Orion">Razorpay</keyword> of crypto’ is looking to build an India team</cmsannotation> Transak, also referred to as the ‘<a href="https://inc42.com/features/30-startups-to-watch-the-startups-that-caught-our-eye-in-march-2021/">Razorpay of Cryptocurrency</a>’ with operations expanding across more than 100 countries, is looking at India as the next driver of crypto mass adoption. “We see the Indian market becoming one of our top three markets in the world,” Sami Start, Transak’s second co-founder, told <a href="https://www.youtube.com/watch?v=o_nLHImLLb0">CNBC</a> in an interview. The company already has around 50 employees based out of India and is planning to triple that number before the year comes to an end. Unlike other tech companies that hire in India, Transak’s focus on India is not because it’s a place to source cheap talent. “We see India as a place to get the best talent, full stop,” said Start. <cmsannotation type="cmsannotation" annotationid="Driving mass adoption of crypto in India" comment="subhead" text="Driving mass adoption of crypto in India">Driving mass adoption of crypto in India</cmsannotation> Last month, Transak introduced unified payments interface (UPI) integration to make the onboarding process of customers as simple as possible for web3 developers trying to acquire new users — basically a way for people to buy cryptocurrency from within a dApp. The company already has Polygon, a major player within India’s decentralised finance (DeFi) ecosystem, on board as a partner. DApps hosted on Polygon expand from business solutions to non-fungible token (NFT) projects to cryptocurrency-powered blockchain games, like Hike’s Rush Gaming Universe. <div type="Article" hostid="261" msid="89109609" title="EXCLUSIVE: Kavin Bharti Mittal dives into what Hike’s version of the metaverse is going to look like" mstype="2" mssubtype="0"></div> According to a <a href="https://www.medianama.com/wp-content/uploads/2021/02/KCO-CREBACO-India-Crypto-Representation.pdf">report</a> by law firm Khaitan and intelligence company CREBACO, India’s crypto asset market is worth over $15 billion. As of 2021, India’s crypto community consisted of over 6 million users, which is less than one percent of India’s eligible population. Transak aims to serve as the bridge to bring more Indians to crypto by simplifying the process of buying crypto tokens with a single point of contact to convert rupees into crypto tokens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/axie-infinitys-ronin-bridge-halted-after-a-massive-600-million-hack/articleshow/90539665.cms">Axie Infinity’s Ronin bridge halted after a massive $600 million hack</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/microstrategys-subsidiary-takes-on-a-205-million-loan-to-buy-more-bitcoin/articleshow/90538962.cms">MicroStrategy’s subsidiary takes on a $205 million loan to buy more Bitcoin</a>

Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans

Financial solutions company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> on Monday said it has acquired AI-based risk tech <keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword> (software-as-a-service) platform <keyword id="11669390" type="UNKNOWN" weightage="20" keywordseo="tera-finlabs">TERA Finlabs</keyword> for an undisclosed sum. TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement. "The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting &amp; risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities," said Harshil Mathur, CEO and Co-Founder, Razorpay. Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said. "We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business," said Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs. Razorpay acquired <keyword id="5569668" type="UNKNOWN" weightage="20" keywordseo="thirdwatch">Thirdwatch</keyword>, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and <keyword id="8363793" type="UNKNOWN" weightage="20" keywordseo="opfin">Opfin</keyword>, a payroll management software company, in 2019. The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume). Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, <keyword id="11669388" type="UNKNOWN" weightage="20" keywordseo="zomato-swiggy-cred">Zomato, Swiggy, Cred</keyword> and ICICI Prudential, among others, and is set to reach 200 million customers this year. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Fintech startup Razorpay buys SaaS firm TERA Finlabs

<keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> exchange <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword> on Wednesday said it has recorded 2,648 per cent growth in user <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">sign-ups</a> from tier-II and -III cities of India. Based on a report generated by payments gateway firm <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>, WazirX said tier-II and -III cities have driven almost 55 per cent of the total user sign-ups on its platform in 2021, thereby overtaking tier-I cities that demonstrated a sign-up growth of 2,375 per cent. WazirX in a statement said the influx of cheaper and faster internet clubbed with continuously-lowered smartphone prices have led to rapid internet penetration in the semi-urban cities and rural towns of India. "Coupled with the pandemic-induced lockdown, it has further accelerated the<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink"> digital</a> adoption in these regions. "Moreover, it has also been the biggest driver of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">crypto</a> adoption in India, as it has led to people trying to find new ways to earn online and diversify their portfolio," the statement said. The India-based exchange claims to have over over 7.3 million users, and has clocked over USD 21.8 billion in trading volume in 2021 till date. Tier-II cities like Ahmedabad, <keyword id="6355192" type="COMPANY" weightage="20" keywordseo="Lucknow">Lucknow</keyword> and <keyword id="6358805" type="UNKNOWN" weightage="20" keywordseo="patna">Patna</keyword> have reported an average growth of 2,950 per cent, whereas tier-III cities like Ranchi, Imphal and <keyword id="13178" type="COMPANY" weightage="20" keywordseo="Mohali">Mohali</keyword> have reported an average growth of 2,455 per cent on WazirX, the statement said. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/messis-impending-arrival-drives-the-value-of-psgs-crypto-token/articleshow/85175455.cms">Messi may or may not be going to PSG, but the French club is already seeing gains from the 'potential' signing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-firm-mudrex-which-offers-mutual-fund-like-crypto-investment-tools-raises-2-5-million-in-a-seed-round/articleshow/85205115.cms">This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs</a>

You Searched For "razorpay business" and got 9 results

GST Council mulling 18% GST on low value transactions made via RazorPay, PayPal and more. Here's how it will impact you

Ira Alok Puranik

Number of gig workers earning over ₹85,000/month rose over 60% since last October: Report

Vaamanaa Sethi

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

IANS

Lenskart and Mirae Asset Capital sign up with Razorpay for online transactions

Vaamanaa Sethi

Fintech services platform Razorpay acquires offline payments firm Ezetap

IANS

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

Bhakti Makwana

Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans

BI India Bureau

Fintech startup Razorpay buys SaaS firm TERA Finlabs

IANS

More than half of WazirX's new users this year are from tier 2 and tier 3 cities

PTI

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