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Walmart-backed <keyword id="22923802" type="General" weightage="100" keywordseo="PhonePe-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="PhonePe Group" meta.hostid="269" meta.entityid="PhonePe Group">PhonePe Group</keyword> on Monday reported a consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, excluding <keyword id="20037952" type="General" weightage="20" keywordseo="esop" source="keywords">ESOP</keyword> costs, of Rs 197 crore for fiscal year 2023-24. It had incurred a loss of Rs 738 crore in the previous fiscal, according to a company statement. The company's revenue in <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword> was Rs 5,064 crore, 73.7% higher than Rs 2,914 crore in FY23. The group's payment business reported a standalone net profit (excluding ESOP costs) of Rs 710 crore in FY24, against a loss of Rs 194 crore in the preceding fiscal. The group has expanded into <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword> (insurance, lending, wealth) as well as new consumer tech businesses (pincode - hyperlocal e-commerce and Indus App Store). The company has not provided the results of these verticals. Recently, the company also launched credit line on <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>, allowing customers to avail short-term credit effectively. PhonePe has been able to achieve growth and <keyword id="20049278" type="General" weightage="20" keywordseo="diversification" source="keywords">diversification</keyword> of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio, the statement said. This achievement is a result of PhonePe's focus on driving operating leverage through automation and cost efficiencies, it added. "Our financial strategy is anchored on three key pillars: (1) predictable and sustainable growth in revenue, (2) diversification of revenue streams, and (3) continuing improvements to the bottom line," PhonePe CFO Adarsh Nahata said. These pillars have guided the firm's strategic decisions and enabled it to scale rapidly and a focus on disciplined financial management will help it continue in the progression towards profitability of the payments business, he added. <keyword id="20075850" type="General" weightage="20" keywordseo="sameer-nigam" source="keywords">Sameer Nigam</keyword>, Founder and CEO said the optimisation of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success. The PhonePe group on Monday reported an adjusted profit after tax, excluding ESOP costs, of Rs 197 crore for the financial year 2023-24, compared with a loss of Rs 738 crore a year ago. Its revenue in FY24 jumped 74 % to Rs 5,064 crore, against Rs 2,914 crore in the previous financial year. The company already boasts of 550+ million registered users, along with acceptance across 40+ million merchants. Per its release, the company processes over 270 million transactions on a daily basis, which have an annualised total payment value (TPV) of around $1.5 trillion.

PhonePe Group posts Rs 197 crore profit for FY24

Leaving the <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> controversy behind, fintech platform <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> has closed one of the highest growth quarters in its history, facilitating over Rs 3,600 crore in loans in the first quarter (April-June period) of FY23. This is a growth of 112 per cent over the last quarter. BharatPe said it also reached an all-time high of $18.5 billion in annualised total payment value (TPV) -- a growth of 50 per cent over the last quarter. "Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe. "We are on an incredible growth journey, driven by a huge shift in behaviour towards digital payment modes, rise of <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> and the increased acceptance of new-age fintech products," he added. The company facilitated disbursals to over 1.2 lakh merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22. Additionally, BharatPe's other product offerings, including the card acceptance POS businesses (BharatSwipe) and its investment platform for merchants recorded consistent growth (over 30 per cent) compared to the last quarter. "We are on track to achieve our target of $2 billion in loans facilitated (through our NBFC/bank partners) across both consumer and merchant business by the end of FY23 as well as scaling TPV to $30 billion by March 2023," said Sameer. The company saw its biggest-ever controversy starting earlier this year when its Co-founder and CEO <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> and his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword> siphoned off funds worth crores and were later sacked by the company.

BharatPe is doing just fine after Ashneer Grover's exit, records 112% growth

Fintech platform <keyword id="7349800" type="General" weightage="100" keywordseo="bharatpe" source="Orion">BharatPe</keyword> on Wednesday said it has appointed former SBI <keyword id="14627699" type="General" weightage="50" keywordseo="card-cfo" source="Orion">Card CFO</keyword> <keyword id="13810597" type="General" weightage="50" keywordseo="nalin-negi" source="Orion">Nalin Negi</keyword> as its new chief financial officer, as it prepares for its initial public offering (IPO). In his new role, <keyword id="4151" type="General" weightage="80" keywordseo="negi" source="Orion">Negi</keyword> will take charge of the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023. He will report to <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe and work closely with the <keyword id="14627700" type="General" weightage="50" keywordseo="board-of-bharatpe" source="Orion">Board of BharatPe</keyword>, the company said in a statement. "His experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Sameer. BharatPe closed the first quarter of FY23 with over Rs 3,600 crore in total loans facilitated and $18 billion in annualised TPV in payments. "The company has become a preferred and trusted partner for millions of offline merchants in just 4 years of launch," said Negi, who will lead the financial readiness of the company as it prepares for the IPO. In April, the company announced the appointment of <keyword id="10012165" type="General" weightage="50" keywordseo="smriti-handa" source="Orion">Smriti Handa</keyword> as the Chief Human Resources Officer. The new appointment comes after BharatPe Co-founder Bhavik Koladiya moved on from the company to pursue other assignments. The company has seen several high-profile exits in recent months, including <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> (who triggered a major controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of Institutional Debt Partnerships, Chandrima Dhar. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/asus-unveils-a-new-lineup-of-laptops-featuring-zenbook-14-flip-oled-and-vivobook-s14-at-starting-price-of-49990/articleshow/93322315.cms">ASUS unveils a new lineup of laptops featuring Zenbook 14 Flip OLED and Vivobook S14 at a starting price of ₹49,990</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-capitals-net-profit-jumps-42-to-429-crore/articleshow/93322293.cms">Aditya Birla Capital's net profit jumps 42% to ₹429 crore</a>

IPO-bound BharatPe appoints new CFO amid high-profile exits

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

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

<ul class="summary-list"><li>Sites like <keyword id="11899364" type="UNKNOWN" weightage="60" keywordseo="venmo" source="Orion">Venmo</keyword> and <keyword id="11928905" type="UNKNOWN" weightage="60" keywordseo="paypal" source="Orion">PayPal</keyword> now must report business transactions to the <keyword id="6359816" type="UNKNOWN" weightage="60" keywordseo="irs" source="Orion">IRS</keyword> when they total $600/year. </li><li>Congress updated the rules in the American Rescue Plan Act of 2021.</li></ul>Since the beginning of the new year, Venmo, PayPal, and other so-called peer-to-peer payment platforms are required <a href="https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260">to report income to the IRS</a> if a user accumulates at least $600 in business transactions a year. Previously, the reporting requirement kicked in if someone received more than $20,000 from at least 200 business transactions annually. Congress changed this rule in the the American Rescue Plan Act of 2021, a COVID-19 relief bill that was passed in March. Prior to tax season, affected platform users will receive a <a href="https://www.irs.gov/businesses/understanding-your-form-1099-k">1099-K</a>, which includes the <a href="https://www.irs.gov/businesses/understanding-your-form-1099-k">total </a>dollar value reportable transactions, per the IRS.The new rule is explicitly intended for commercial transactions. "This doesn't include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips," PayPal <a href="https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered">said</a> in a November statement about the change. The sites have attempted to make the business/personal transaction distinction clear: In July 2020, Venmo <a href="https://techcrunch.com/2020/07/01/venmo-begins-piloting-business-profiles-for-small-sellers/">piloted</a> "Business Profiles" which had more transparency and a transaction fee, according to TechCrunch. PayPal has had a business option at least since <a href="https://www.paypal-community.com/t5/About-My-Account/How-do-I-remove-quot-Business-Account-quot-Type/td-p/705367">2013</a>; Cash App, another popular platform, has a <a href="https://squarecashelps.com/blog/cash-app-for-business-account">business</a> profile known as Cash App For Business. This means users can self-identify what is a commercial transaction or not via the business profile. In reality, however, nothing is really stopping users from using a personal account to run a business and avoid <keyword id="11898253" type="UNKNOWN" weightage="60" keywordseo="taxes" source="Orion">taxes</keyword>, says Jennifer Berman, CEO of MZQ Consulting. It's similar to how people skip reporting income by conducting a cash-based business, she says. "Vemo was created and sort of introduced to the marketplace as a cash-equivalent product," she said. "What's different here is there are actually records of these transactions." Those records make it easier to require companies like PayPal to cooperate with changing laws. And unlike historical perceptions that a a lot of unreported cash income consists of lawn mowing or pocketed tips, digital third-party payments have become an enormous, she added. In last year's second quarter, Venmo's <a href="https://www.businessinsider.com/venmo-bnpl-carry-paypal-to-q2-success-2021-7">total payment volume (TPV) was $58 billion</a>. "Venmo's not that little in the aggregate," she said.Berman noted that while not reporting your business transactions seems simple, it could be be major trouble if you get audited. That could mean penalties, fees and interest on the unreported income. "The fundamental point people are forgetting in all of this craziness is that all we're saying is 'Venmo is going to require you to follow the law,'" she said. The new requirement has seemed to cause a little confusion online. One Facebook post claimed any transaction on Venmo or PayPal of over $600 would be taxed (which is not true) according to a <a href="https://www.usatoday.com/story/news/factcheck/2021/09/26/fact-check-treasury-proposal-wouldnt-levy-new-tax-paypal-venmo/5848220001/">USA Today</a> fact-check. This is perhaps inspired, it notes, by a US Treasury Department proposal (that has not been implemented) to track the total amount of withdrawls and deposits of bank accounts and financial accounts with over $600 in them, including by mobile apps, to generally limit how much money goes untaxed each year.Republicans widely <a href="https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/">panned</a> the idea, in a misleading manner, per FactCheck.org. Third-party transactions are not the first to see a crackdown from Congress. In November, the infrastructure bill established <a href="https://www.marketwatch.com/story/heres-how-the-infrastructure-bill-targets-crypto-and-how-the-industry-could-fight-back-11636397480">new rules for cryptocurrency, </a>according to MarketWatch.Business owners who use payment app's business profiles (if available) don't necessarily have to worry about the new law until filing taxes for 2022 in 2023–when they will receive the relevant 1099-K form from the payment services.

Business owners using sites like PayPal or Venmo now face a stricter tax-reporting minimum of $600 a year

New Delhi, Global digital <keyword id="6370208" type="UNKNOWN" weightage="20" keywordseo="Payment">payment</keyword> platform <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword> on Friday decided to wind down its domestic payment services in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> from April 1. From April 1, the company will focus all its attention on enabling more <keyword id="2387333" type="ORGANIZATION" weightage="20" keywordseo="international-sales">international sales</keyword> for Indian businesses, and shift focus away from its domestic products in India. "This means we will no longer offer domestic payment services within India from April 1," a PayPal spokesperson told IANS. The company has three centres in Bengaluru, Chennai and Hyderabad which are touted as the largest outside the US. The company also has its business development teams in India. PayPal said that it will continue to invest in product development that "enables Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their sales internationally, and help the Indian economy return to growth". The company processed $1.4 billion worth of international sales for over 360,000 merchants in India last year. The company on Thursday reported a strong growth in the fourth quarter of 2020 with revenue of $6.12 billion. It reported total payment volume (TPV) of $277 billion, growing 39 per cent. It added 16 million Net New Active Accounts (NNAs) in the fourth quarter. According to the company, it can have the greatest positive impact in India's economic recovery by pivoting its business to support its customers where they need it most. "PayPal is committed to doing all we can to help Indian businesses during these challenging times. The critical role our global payments platform plays in India has only been magnified by the pandemic," the company spokesperson said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/how-big-is-indias-debt-and-should-it-be-a-worry/articleshow/80688623.cms">How big is India's debt and should it be a worry?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a>

PayPal to focus on Indian businesses wanting to go global as it winds down operations from April 1

Bengaluru, July 14 (IANS) A Walmart-led investor group on Tuesday pumped in an additional $1.2 billion into the ecommerce platform Flipkart Group to support its marketplace in the wake of the ongoing Covid-19 pandemic. With the new investment, Flipkart group is now valued at $24.9 billion. The $1.2 billion will be funded in two tranches over the remainder of the fiscal year. "We're grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times," Flipkart CEO Kalyan Krishnamurthy said in a statement. Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart. In 2018, Walmart invested $16 billion for a majority stake in the group. "Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. We will continue innovating to bring the next 200 million Indian shoppers online," Krishnamurthy said in a statement. With a registered customer base of over 200 million, Flipkart recently surpassed 1.5 billion visits per month and reported 45 per cent growth in monthly active customers and 30 per cent growth in transactions per customer for FY20. Flipkart offers 150 million products across more than 80 categories, and has pioneered customer-centric services such as cash-on-delivery, no-cost EMI and easy returns. PhonePe recently reported annualised total payments value (TPV) of $180 billion on more than 500 million monthly transactions. "Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India's digital transformation," said Judith McKenna, President and CEO of Walmart International. The Flipkart Group last week invested Rs 260 crore to purchase a significant minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions Ltd (AFL). Arvind Youth Brands owns the popular Flying Machine denim brand that has been retailing on Flipkart and Myntra for more than six years. With this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points, the ecommerce platform said in a statement. --IANS na/vd

Walmart-led investors pump in $1.2 bn in Flipkart Group

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Omar Marques/SOPA Images/LightRocket via Getty ImagesVenmo logo is seen on an Android mobile phone.</div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/pypl-stock">PayPal</a>'s revenue forecast for the fourth quarter fell short of Wall Street expectations, sending shares down 5%. </li><li>But analysts were optimistic about the future of PayPal's <a href="https://www.businessinsider.com/venmo-makes-moves-to-monetize-2017-5">Venmo</a> business, and found a bright spot in the payment app's growth over the past year.</li><li>Venmo is not profitable. Still, analysts say its monetization has improved, and one noted the number of users who have made a monetizable transaction rose 5% since the prior quarter.</li><li><a href="https://markets.businessinsider.com/stocks/pypl-stock">Watch PayPal trade live here</a>.</li></ul>Amid the market's punishing reaction to <a href="https://markets.businessinsider.com/stocks/pypl-stock">PayPal</a>'s disappointing fourth-quarter <a href="https://www.reuters.com/article/us-paypal-hldg-results/paypal-shares-fall-as-sales-outlook-misses-wall-street-expectations-idUSKCN1PO30Y">results</a> on Thursday, Wall Street analysts were laser-focused on one part of the report they found to be a bright spot: Venmo. PayPal said in its investor presentation the payment app is on track for monetization, and that its volume increased 80% in one year - approximately $19 billion in transactions were made in the fourth-quarter alone. "The company noted that monetization events are split evenly between Instant Transfer and other services (Pay with Venmo and Venmo Card)," Jefferies analyst John Hecht told clients in a research note out Thursday under the headline, "Venmo Showing no Signs of Slowing.""We also highlight the fact that Venmo's TPV now exceeds the TPV from EBAY, giving us further comfort that the continued transition away from EBAY remains very manageable," they added, referring to the platform's total payment value.The company fell short of Wall Street's expectations when it <a href="https://www.reuters.com/article/us-paypal-hldg-results/paypal-shares-fall-as-sales-outlook-misses-wall-street-expectations-idUSKCN1PO30Y">reported</a> quarterly and full-year earnings on Wednesday afternoon. PayPal said its revenue miss was due in part to slower-than-expected growth on eBay and foreign exchange rate-related challenges. Shares of the online payment company slipped nearly 5% Thursday.To be sure, Venmo is running at a loss. Just 29% of its users made a monetizable transaction in the fourth-quarter, up from 24% in the third-quarter. In other words, the vast majority of transactions executed between Venmo users are money-losing for PayPal.The company has attempted to remedy this with monetization initiatives like Instant Transfer - <a href="https://help.venmo.com/hc/en-us/articles/115015844068-Instant-Transfers-FAQ">a feature that charges users a 1% fee</a> - and Pay With Venmo, which can be used as a payment option <a href="https://markets.businessinsider.com/news/stocks/uber-and-venmo-partner-to-deliver-a-new-payment-experience-1027363420">at select companies like Uber</a>.While the app's monetization efforts have improved, "these revenues continue to run at a loss, with management's current goal to get Venmo breakeven, noting this was not something that would occur in the next few quarters," Thomas McCrohan, managing director at Mizuho, told clients Thursday.Some analysts taking PayPal's pulse put it more plainly. "Venmo Looks Good," Cantor Fitzgerald analyst Joseph Foresi wrote."Venmo continues its impressive growth and monetization efforts. We believe PayPal can grow at roughly double the market average, supporting its premium to the group."Oppenheimer, meanwhile, bumped up its price target on PayPal shares from $95 to $100, and maintained its "outperform" rating. Analysts Glenn Greene and Andrew Hummel pointed specifically to Venmo's monetization progress.PayPal shares have gained 9% over the past 12 months, and 138% over the past three years.Now read:<ul><li><a href="https://www.businessinsider.com/paypal-india-revenue-grows-twelve-fold-2019-1">PayPal sees a twelve-fold boost in revenue in India</a></li><li><a href="https://www.businessinsider.com/next-recession-using-machines-to-identify-trends-in-750000-filings-2019-1">A Wall Street expert used machines to scour 750,000 company filings - and his findings revealed a shocking conclusion about a possible recession</a></li><li><a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-earnings-revenuewall-street-2019-1-1027913555">'2.7 billion people can't be wrong:' Here's what Wall Street is saying about Facebook earnings</a></li></ul><div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets InsiderPayPal shares.</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/roger-stone-donald-trump-richard-nixon-2017-2">Roger Stone explains what Trump has in common with Richard Nixon</a></h3> <div> </div> </div>

PayPal's Venmo is showing 'no signs of slowing' after getting ditched by eBay

<ul><li>Subhasis Beura, Head - Brands and Commerce, BharatPe tells us the thought behind roping in 11 <keyword id="133709" type="POSITION" weightage="20" keywordseo="brand-ambassadors">brand ambassadors</keyword> this IPL season. </li><li>The BharatPe XI team players are seen on the ground, across 7 of the league teams playing cricket. </li><li>The BharatPe XI team includes Rohit Sharma, Jasprit Bumrah, KL Rahul, Mohammed Shami, Ravindra Jadeja, Suresh Raina, Shreyas Iyer, Prithvi Shaw, Sanju Samson, Yuzvendra Chahal and Shubhman Gill. </li></ul>Payment and lending network company BharatPe on-boarded 11 Indian cricket players as its ambassadors -- the highest number of endorsers a brand has associated with so far in our country at one go. The brand is trying to ride on IPL’s popularity. On why the brand decided to choose 11 different faces to represent it, Subhasis Beura, Head - Brands and Commerce, BharatPe said, “Last year, we started out with Salman Khan as our brand ambassador. We understand that Bollywood and cricket finds resonance amongst our target audience. Hence, this year, we have signed up 11 Indian cricket stars as our brand ambassadors. The cricketers include Rohit Sharma, K.L. Rahul, Ravindra Jadeja, Suresh Raina, Jasprit Bumrah, Shreyas Iyer, Prithvi Shaw, Sanju Samson, Mohammed Shami, Yuzvendra Chahal and Shubhman Gill.” Beura added, “The idea of having 11 cricketers as brand ambassadors is to communicate that BharatPe is much more than just a UPI QR. We want to communicate that it is a ‘team’ of products that caters to every financial need of the small merchants. BharatPe’s team of players will promote our key propositions such as QR payments, lending, 0% card machine and our loyalty program to the merchants and help us engage deeper with our core TG.” As the cricket fever is catching up and becoming the talk of the town, BharatPe is also running a contest called BharatPe Premier League wherein BharatPe’s merchant partners can predict winners and man of the match, score runs and win exclusive cricket merchandise, personally autographed by BharatPe XI team. The top contenders of the BharatPe Premier League stand a chance to meet their favourite cricket stars. It is using a 360-channel approach to promote its offers. Sharing the marketing plan for IPL, Beura said, “We will be leveraging the BharatPe Playing XI to communicate the suite of offerings for the merchant community. Staying with the cricket theme, we have launched our new merchant loyalty program to reflect ‘BharatPe=Cricket’, wherein BharatPe merchants earn runs, get cricket goodies and can meet their favourite cricket stars. We have a well-rounded marketing strategy that includes print, television and digital media. In addition to the traditional media like TV, OOH and Radio, we will also be leveraging digital, Whatsapp and in-app communication to make a big impact and connect as well as engage with our merchants.” Since BharatPe is not directly associated with IPL, Beura said that the change in format will not impact brand’s performance. He said, “We believe our smart marketing strategy will ensure we make high impact and get huge returns from the association. Our team of BharatPe Playing XI includes players who represent 7 out of 8 teams and hence, we can expect at least one of our team members to be in action on the ground, on most occasions. Additionally, to make the most of the cricket as well as the festive season, we will be launching our much-awaited brand campaign featuring the BharatPe brand ambassadors. This has been directed by an ace Bollywood director and will help us reach out and connect with millions of new as well as existing merchant partners across the country.” This is also at an opportune time as BharatPe is expanding its presence in more cities. It has designed a fun campaign that will go on air early October. Currently serving over 40 lakh merchants across 35 cities, BharaPe has grown its business by 30x in 2019 and is leading in UPI offline, processing over 5 crore UPI transactions a month (annualized TPV of US$ 4+ Bn). The company has facilitated disbursement of more than 40,000 loans (close to Rs. 250 crores) to its merchants since its launch. BharatPe has raised US$142.5 million till date. The company’s list of marquee investors includes Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.

BharatPe’s strategy to ride on the back of IPL and Bollywood’s popularity

<ul><li>Apart from a slight dip as the nationwide lockdown started, UPI’s numbers had been growing constantly until January 2021.</li><li>While there’s no beating <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>’s phenomenal growth in the space, what’s noticeable is <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s rise in the segment.</li><li>Paytm’s growth in UPI comes as the payments method sees widespread adoption from merchants.</li></ul>With the COVID-19 pandemic, the move to digital has become even more important and with that, the growth of India’s financial technology players. Over the past one year, UPI or United Payments Interface, India’s burgeoning digital payments bet, has seen exponential growth and taking home the biggest shares in the market are players like PhonePe, Paytm and <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>. Apart from a slight dip as the nationwide lockdown started, UPI’s numbers had been growing constantly until January 2021. <div type="image" title="UPI 2020 final" msid="81527645" hostid="261"></div> But what’s interesting is how the top three players are vying for a bigger share of the market. <div type="image" title="upi apps 1" msid="81527655" hostid="261"></div> While there’s no beating PhonePe’s phenomenal growth in the space, what’s noticeable is Paytm’s rise in the segment, even while Google Pay, which was once the leader in UPI has been seeing its numbers decreasing for the past four months. <cmsannotation type="cmsannotation" annotationid="Merchants – the next big driver" comment="subhead" text="Merchants – the next big driver">Merchants – the next big driver</cmsannotation> Paytm’s growth in UPI comes as the payments method sees widespread adoption from merchants. And that’s also where the current market leader PhonePe has been winning the game. “Paytm has traditionally been much stronger in the P2M (peer to merchants) segment than the P2P (peer to peer) segment, as the usage of UPI starts to become more and more for commerce, that is where Paytm has gained. Google Pay has been a more consumer app, while PhonePe has been both. Ultimately, how much P2P payment will happen, what drives payments is commerce,” Shishir Mankad, head of financial services, Praxis Global Alliance told Business Insider. Narendra Yadav, Vice President, Paytm told Business Insider that P2M transactions are 70% of Paytm’s overall transactions, whereas for UPI overall that share is around 40%. But Yadav also said that the company’s dominance in merchants is not yet completely visible in UPI. “Our focus has been on merchants – online or offline. Whenever merchant transactions are increasing, Paytm will benefit. And after COVID-19, merchants have been moving to digital transactions where Paytm is also seeing huge growth,” he said. Business Insider has sent queries to Google Pay and PhonePe. We will update the copy if and when there is a response. <cmsannotation type="cmsannotation" annotationid="Success rate of UPI transactions" comment="subhead" text="Success rate of UPI transactions">Success rate of UPI transactions</cmsannotation> Paytm said that as per a NPCI report it registers the lowest technical decline rate of 0.01% as compared to all UPI remitter banks and 0.04% as compared to all UPI beneficiary banks. “Paytm’s success rate in UPI is much better, and there’s no one who comes closer to that,” said Yadav. However, Gupta believes that when compared to the likes of Google Pay the reasons are beyond the company. “The reason lies with banks and not Google Pay. Paytm has an advantage because it's a payments bank, so it controls the entire stack which basically means a lower failure rate. Having said that Google Pay works with three or four major banks and failure rates aren’t just dependent on banks but also NPCI’s UPI stack,” Arnav Gupta, analyst at Forrester told Business Insider. <cmsannotation type="cmsannotation" annotationid="Adopting new users in UPI" comment="subhead" text="Adopting new users in UPI">Adopting new users in UPI</cmsannotation> The acceleration in UPI also means new users and new payers being added to the ecosystem. And players have also been spending on marketing to get these users. Both Paytm and PhonePe have gone on to sponsor Indian Premier League, the glam cricketing tournament. “These numbers are dependent on the kind of marketing and ad spending these companies keep doing. Transactional volumes are always increasing, and with that the average transaction ticket size is also increasing. Digital adoption by the consumers is on the higher side especially due to the COVID-19 pandemic, a lot of new users and new payers were added to the ecosystem,” said Gupta. The Vijay Shekhar Sharma-led company had recently said that it processes 1.2 billion transactions in a month. In January 2021, Walmart-owned PhonePe had said it processes over a billion monthly transactions. “PhonePe now has more than 275 million lifetime registered users, which essentially means that one in every five Indians now has PhonePe. Our monthly transaction count is up nearly 100% year-over-year. Our monthly active users (MAU) has crossed 110 million monthly users with a very healthy 97% monthly customer repeat rate. Even in terms of monetary value, our annualised total payment volume (TPV) run rate has crossed the $300 billion mark,” PhonePe’s chief executive Sameer Nigam had said during Walmart’s fourth quarter earnings. Meanwhile, Paytm knows it has a long way to go in the UPI ecosystem. The $16 billion startup has also announced, on Monday, that its UPI handles have been approved by India stock regulator Securities and Exchange Board of India for users to pay for IPOs. And this is just one of the tricks that Paytm is using to leverage its other businesses. “Paytm has many businesses, and if they put their might behind this it will surely yield results. While in UPI, Paytm is a distant third, if you look at Paytm wallet to wallet transactions that’s very large but doesn’t get recorded as it doesn’t enter any settlement,” said Mankad. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/banks-are-not-liable-to-cough-up-payments-if-you-have-been-a-victim-of-fraud-or-scams/articleshow/81526097.cms">Banks are not liable to cough up payments if you have been a victim of fraud or scams</a> <a href="https://www.businessinsider.in/business/startups/news/cred-which-rewards-you-for-paying-your-credit-card-bills-is-reportedly-indias-latest-unicorn/articleshow/81523219.cms">CRED, which rewards you for paying your credit card bills, is reportedly India’s latest unicorn as its valuation more than doubles in two months</a>

Paytm is betting big on UPI and though it’s still a distant third, analysts believe it could have an edge over PhonePe and Google Pay

<div type="image" title="Lee Limeng_Razer" height="532" width="1063" msid="78153492" hostid="261"></div><ul class="summary-list"><li>Boosted by stay-at-home trends, Singaporean <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="Gaming">gaming</keyword> and lifestyle company Razer posted record-high earnings in the first half of 2020.</li><li>Razer’s <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> arm saw a 114.3% year-on-year increase in total payments volume (TPV) fueled by demand for digital payments due to the pandemic.</li><li>Concerns over shrinking mask supplies led the firm to convert one of their supply lines to a mask production facility.</li></ul>As businesses and economies around the world reeled from the impact of COVID-19, Razer, the gaming company — which has interests in gaming hardware, software, and services, as well as virtual gaming credits and fintech — saw slow behavioral shifts that worked out in their favor, said Razer's Chief <keyword id="6363690" type="UNKNOWN" weightage="60" keywordseo="Strategy">Strategy</keyword> Officer Lee Limeng."The last six months [proved] very interesting. With people unable to leave their homes, we noticed interesting trends," Lee, who has been with the company since 2018, shared from his home office in Singapore. "People were really furnishing their work-from-home setup. Then we started seeing a new wave of gamers who started playing games again because they couldn't engage in any physical sports or outdoor entertainment. We also saw parents starting to play games because they wanted to spend time with their children."A series of isolation-inspired posters with the words <a href="https://twitter.com/razer/status/1231292575656665089?lang=en">"Stay Home and Game On"</a>was also released to encourage the gaming community — old and new — to do their part in curbing the spread of the virus.Well-known in the gaming and esports communities for producing high-performance gaming peripherals, such as mice, keyboards, and headsets, Razer's hardware business contributed to a healthy 86% of its total first-half revenue."The global 'stay-at-home' situation has boosted user engagement with gaming and esports to record levels," Razer Co-founder and Chief Executive Officer Min-Liang Tan said in an August statement. The business has grown rapidly ever since its founding in 2005, but the pandemic has taken it to new levels — though not without some challenges.<h2>Shifting and changing the supply chain</h2>Globally, Razer has over 16 offices worldwide, including China, with dual headquarters in Singapore and California. "When the pandemic started [in China], everyone was wondering how it would unfold. Our supply chain did encounter some disruption," Lee said.First, Razer tackled its supply chain challenges, including finding ways to get their products out of China as the virus started to spread rapidly. Then, they looked at the immediate needs of their staff — the demand for surgical masks in particular, as worldwide mask supplies dwindled. They started looking for a solution for their staff in 16 offices, as well as business partners who also needed masks. "We actually converted one of our [manufacturing] lines to start producing masks. [We faced] a lot of challenges like getting supplies of raw materials and supply of equipment, but we managed in the end," Lee said.Following that move, more than one million of those masks were donated globally. In a statement released less than one month later, Razer announced that its fully automated mask manufacturing line in Singapore — which was set up in a mere 24 days — expected to produce up to 5 million masks a month to meet the growing demand for masks in the city-state as well as in the larger Southeast Asia region. Production is presently ongoing, but Razer has not committed to any future plans for the facility.<h2>Innovating digital payment solutions for Southeast Asia</h2>Lee also leads Razer's fintech arm, "Razer Fintech," where pandemic-related digital consumption and spending in the first half of 2020 generated US$1.8 billion in total payments volume. The relatively new fintech arm operates one of the largest offline-to-online digital payment networks in Southeast Asia, with its suite of digital payment solutions aimed at addressing a large unbanked and underserved population in the region."We were fortunate in a certain way that we happened to be in the right space at this point in time," Lee said. "<keyword id="436047" type="COMPANY" weightage="60" keywordseo="Ecommerce">Ecommerce</keyword> activity picked up, and we also saw activity going to our payment channels as people began ordering groceries or goods online." With both new merchants and consumers rushing to join the platform, total payments volume rose by 114.3% on the year.Aware of the implications of COVID-19, Razer pledged an SG$50 million fund (approximately US$36.5 million) to support its business partners, encompassing cashflow relief measures, fee waivers, and investment opportunities."We told our partners why don't we waive sign-on fees and annual fees," Lee said. "And we've actually witnessed some businesses mitigate the impact of the pandemic because of their [digitalization efforts]."<h2>Singaporean companies have a bright, digital future</h2>What was his key takeaway from the pandemic? That digital innovation was vital to tiding this difficult time. Before COVID-19, it might not have been a priority, "But now we need to see how we can help everyone to prioritize. Now, everyone wants to go digital, and wants it done yesterday," Lee said.Having their roots in Singapore plays to their advantage because the country "has always been a little bit ahead of the game" in terms of digital advancements, Lee said. "For digital payments and other future technologies, we tend to use Singapore as a testbed because adoption here is a lot faster. If it takes off, then we push it out to other countries, obviously with some localization."

You Searched For "tpv" and got 12 results

PhonePe Group posts Rs 197 crore profit for FY24

PTI

BharatPe is doing just fine after Ashneer Grover's exit, records 112% growth

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IPO-bound BharatPe appoints new CFO amid high-profile exits

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Fintech services platform Razorpay acquires offline payments firm Ezetap

IANS

Fintech startup Razorpay buys SaaS firm TERA Finlabs

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Business owners using sites like PayPal or Venmo now face a stricter tax-reporting minimum of $600 a year

Gabrielle Bienasz

PayPal to focus on Indian businesses wanting to go global as it winds down operations from April 1

IANS

Walmart-led investors pump in $1.2 bn in Flipkart Group

IANS

PayPal's Venmo is showing 'no signs of slowing' after getting ditched by eBay

Rebecca Ungarino

BharatPe’s strategy to ride on the back of IPL and Bollywood’s popularity

Karuna Sharma

Paytm is betting big on UPI and though it’s still a distant third, analysts believe it could have an edge over PhonePe and Google Pay

Sanchita Dash

Gaming company Razer thrives throughout the pandemic by focusing on digital innovations and shifting its supply chain to fulfill the demand for masks

Stacey Wee

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