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<keyword id="1489410" type="UNKNOWN" weightage="100" keywordseo="e-commerce-in-India">E-commerce in India</keyword> is once again grabbing the headlines and this time, for all the right reasons. Bangalore-based <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>, arguably India’s largest standalone <keyword id="1127700" type="UNKNOWN" weightage="100" keywordseo="fashion-e-tailer">fashion e-tailer</keyword>, has recently closed a <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> round worth $50 million from an investor consortium led by <keyword id="1430452" type="ORGANIZATION" weightage="100" keywordseo="PremjiInvest">PremjiInvest</keyword>, the family office of the <keyword id="10862" type="CITY" weightage="60" keywordseo="Wipro">Wipro</keyword> chairman <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>. Myntra is also in talks with a clutch of investors to raise an additional $40 million at a higher <keyword id="51393" type="UNKNOWN" weightage="100" keywordseo="valuation">valuation</keyword>, according to an Economic Times report. So far, the <keyword id="2049121" type="UNKNOWN" weightage="100" keywordseo="E-commerce-firm">e-commerce firm</keyword> has raised $125 million in risk capital funding. Another fashion e-tailer that is also raising <keyword id="57924" type="ENTERTAINMENT" weightage="100" keywordseo="big-money">big money</keyword> is Gurgaon-based <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>.com, which is backed by Berlin-based <keyword id="1965711" type="COMPANY" weightage="80" keywordseo="Rocket-Internet-GmbH">Rocket Internet GmbH</keyword> – a venture arm of the Samwer brothers. The e-commerce firm is reportedly raising a fresh round of equity funding worth $100 million, of which it has already received $27.5 million from the British <keyword id="2049123" type="ORGANIZATION" weightage="100" keywordseo="Development-finance-institution">development finance institution</keyword> <keyword id="1613067" type="UNKNOWN" weightage="100" keywordseo="CDC-Group-Plc">CDC Group Plc</keyword>. 
 All this is good news for the cash-strapped Indian e-commerce segment. So we have taken a close look at the recent fundraising by the <keyword id="2049116" type="UNKNOWN" weightage="100" keywordseo="Indian-e-commerce-players">Indian e-commerce players</keyword> and identified five key trends that seem to be prevailing. Will they rule the <keyword id="2049126" type="UNKNOWN" weightage="100" keywordseo="Fundraising-scenario">fundraising scenario</keyword> and determine the parameters of growth throughout 2014? Let us have a quick look. 
 
Growing big is the key priority E-commerce start-ups in India are finally coming of age and looking beyond the quickest possible exits. When Myntra closed $50 million in funding a couple of days ago, the company was immediately approached by its bigger rival <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> who had reportedly come up with an acquisition offer worth $200 million. According to a TechCrunch report, e-commerce giant <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword> had also approached Myntra but the details of the proposed deal are not yet available. 
 Although rumours were rife that Myntra could be considering either of the deals as part of a bigger strategy, the e-tailer has decided to stay off the <keyword id="1949341" type="UNKNOWN" weightage="100" keywordseo="Exit-route">exit route</keyword>. In fact, its ongoing talks for an additional round of funding worth $40 million clearly indicate that the company has in place some well-thought-out <keyword id="414633" type="UNKNOWN" weightage="100" keywordseo="growth-plans">growth plans</keyword> and big ones at that. The only other reason for back-to-back funding is to raise the valuation but at this point, Myntra doesn’t look like it is on the block. Neither has it decided to quit in a hurry like <keyword id="6359128" type="COMPANY" weightage="100" keywordseo="Redbus">redBus</keyword>.in did last year. <keyword id="2049136" type="UNKNOWN" weightage="100" keywordseo="Indias-largest-bus-ticketing-firm">India’s largest bus ticketing firm</keyword> was acquired by the <keyword id="1643008" type="UNKNOWN" weightage="100" keywordseo="Ibibo-Group">ibibo Group</keyword> for around $125 million but the sale cut short a successful <keyword id="530125" type="UNKNOWN" weightage="100" keywordseo="entrepreneurial-journey">entrepreneurial journey</keyword> that could have become a $500 million business in terms of revenue and could have achieved a $1 billion valuation. 
 As for Jabong, the very fact that it is backed by Rocket Internet may tell the industry insiders a different story. Rocket is known in the market for its fast and furious build-and-sell business module, and the start-ups are essentially replicas of successful US businesses. But the kind of funding Jabong is raising right now shows that the company is in no hurry to down the shutters in India even though two of its four co-founders have recently left the company. Jabong started its India operations in 2012 and competes with key e-com players such as Flipkart, Myntra, <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> and <keyword id="6354743" type="COMPANY" weightage="40" keywordseo="Amazon-India">Amazon India</keyword>, among others. 
 
Only <keyword id="2049143" type="UNKNOWN" weightage="100" keywordseo="Core-expertise">core expertise</keyword> matters Internet giant <keyword id="6355629" type="CITY" weightage="80" keywordseo="Google">Google</keyword> has already given us a case in point when it sold <keyword id="487941" type="ORGANIZATION" weightage="60" keywordseo="Motorola-Mobility">Motorola Mobility</keyword> to Lenovo for $2.91 billion, less than two years after paying $12.5 billion to acquire it. The deal is not a total financial loss as Google has managed to keep patents worth billions of dollars and expects to turn Lenovo into a manufacturing unit for its <keyword id="6355645" type="COMPANY" weightage="40" keywordseo="android">Android</keyword> OS. But selling <keyword id="11148" type="CITY" weightage="40" keywordseo="Motorola">Motorola</keyword> is a sure indication that Google should have focused more on its <keyword id="1430489" type="UNKNOWN" weightage="100" keywordseo="Core-Competencies">core competencies</keyword> – search, software and selling ads – instead of developing hardware. 
 You will find a similar case here as Jabong has reportedly sold its <keyword id="2049146" type="UNKNOWN" weightage="100" keywordseo="logistics-arm">logistics arm</keyword> <keyword id="2049145" type="UNKNOWN" weightage="100" keywordseo="JaVAS">JaVAS</keyword> (Jabong Value Added Services) to Gurgaon-based QuickDel Logistics as part of its business restructuring and funding exercise. Jabong <keyword id="170488" type="POSITION" weightage="40" keywordseo="co-founder">co-founder</keyword> <keyword id="536011" type="PERSON" weightage="40" keywordseo="Praveen-Sinha">Praveen Sinha</keyword> has also confirmed to the media that JaVAS is now an independent entity. 
 However, that brings us back to the basic question. Should companies try and provide end-to-end solutions to ensure a complete customer experience or should they focus on core competencies and leave the rest to the experts in those fields? We particularly raise this question as many Indian e-commerce firms are currently focusing on <keyword id="2049154" type="UNKNOWN" weightage="100" keywordseo="Proprietary-payment-gateways">proprietary payment gateways</keyword> and customised logistics services in a bid to propel their services to the next level. However, such services can actually make you lose money unless a company is catering to a customer base as vast as <keyword id="6357395" type="CITY" weightage="40" keywordseo="eBay">eBay</keyword> or Amazon. 
 After JaVAS, the writing is definitely on the wall. The bells and whistles can always come in later, but the key focus must be core competencies. Of late, even <keyword id="6354427" type="CITY" weightage="80" keywordseo="Apple">Apple</keyword> seems to be falling in this trap – its newest hardware products have ‘n’ number of <keyword id="2049161" type="UNKNOWN" weightage="100" keywordseo="Incremental-features">incremental features</keyword> but real innovations seem to be eluding the iconic company. 
 
Investors showing better <keyword id="170907" type="UNKNOWN" weightage="100" keywordseo="risk-appetite">risk appetite</keyword> India’s e-commerce market is projected to grow sevenfold to $22 billion in the next five years, and investors, both national and global, want to have a piece of the pie. According to <keyword id="1981" type="PERSON" weightage="80" keywordseo="Rahul-Khanna">Rahul Khanna</keyword>, managing director of the <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword> firm <keyword id="218905" type="COMPANY" weightage="80" keywordseo="Canaan-Partners">Canaan Partners</keyword> (India), e-commerce players in India (and everywhere else for that matter) require very deep pockets to scale up to the level of breaking even and hitting profitability. In this space, sales margins are typically low; volume is high, and logistics &amp; back office <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> only become viable when companies are catering to a very <keyword id="2049169" type="UNKNOWN" weightage="100" keywordseo="Large-customer-base">large customer base</keyword>. Consequently, <keyword id="2049171" type="UNKNOWN" weightage="100" keywordseo="Follow-on-rounds">follow-on rounds</keyword> are extremely crucial for sustainable growth. Now that big institutional investors like PremjiInvest and UK-based development <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> institution CDC Group are entering the arena, the much-needed <keyword id="2000080" type="UNKNOWN" weightage="100" keywordseo="Cash-burning">cash burning</keyword> is sure to propel growth to the desired level. 
 “E-commerce is fast maturing in India and that’s the main reason <keyword id="363248" type="ORGANIZATION" weightage="100" keywordseo="Global-Investments">global investments</keyword> are flowing in,” says another analyst. “When big players like Amazon show interest (the e-commerce giant has reportedly approached Myntra), investors are quick to sense the tremendous <keyword id="452394" type="UNKNOWN" weightage="100" keywordseo="growth-potential">growth potential</keyword> lying here,” she adds. 
 
Forget the buzz you are creating; it’s result time now Analysts, who have followed the course of events over the past few weeks, also point out another interesting trend. Be it Myntra or Jabong or other up-and-coming e-commerce businesses, it’s their <keyword id="2049173" type="UNKNOWN" weightage="100" keywordseo="Growth-quotient">growth quotient</keyword> that has attracted <keyword id="2049174" type="UNKNOWN" weightage="100" keywordseo="Big-funding">big funding</keyword>. In other words, start-ups who are delivering in a big way will get the valuable <keyword id="2049175" type="UNKNOWN" weightage="100" keywordseo="Growth-dollars">growth dollars</keyword> as investors are now looking beyond the buzz and focusing on <keyword id="1730239" type="UNKNOWN" weightage="100" keywordseo="business-fundamentals">business fundamentals</keyword> and results. 
 Companies must have the numbers – in terms of customer base, <keyword id="169826" type="UNKNOWN" weightage="100" keywordseo="growth-figures">growth figures</keyword> and brand leadership – to justify the big money they are raising. For instance, Myntra expects to more than double its <keyword id="657194" type="UNKNOWN" weightage="100" keywordseo="gross-sales">gross sales</keyword> to over $250 million by March 2015 and the fashion e-tailer’s <keyword id="2049176" type="UNKNOWN" weightage="100" keywordseo="Monthly-gross-sales">monthly gross sales</keyword> could touch $20-25 million by April this year. Myntra is expected to end the current fiscal with more than $100 million in gross sales and it is targeting $1 billion in <keyword id="6399113" type="ORGANIZATION" weightage="100" keywordseo="GMV">GMV</keyword> by 2016-2017. Flipkart, which raised $360 million last year at a valuation of about $1.6 billion, is also projecting a GMV of $1 billion by 2015. 
 Jabong, too, has aggressive growth plans and the latest round will be used to strengthen its <keyword id="2049177" type="UNKNOWN" weightage="100" keywordseo="Supply-chain-infrastructure">supply chain infrastructure</keyword> and enhance its <keyword id="2049178" type="UNKNOWN" weightage="100" keywordseo="Technology-platform">technology platform</keyword>. According to industry sources, Jabong might have generated <keyword id="2049180" type="UNKNOWN" weightage="100" keywordseo="Gross-merchandise-sales">gross merchandise sales</keyword> of $100-150 million for the fiscal 2012-13. Other key investments in the Indian e-commerce space since 2013 included online marketplace Snapdeal raising about Rs 300 crore and baby care portal <keyword id="1615917" type="COMPANY" weightage="80" keywordseo="FirstCry">Firstcry</keyword> bagging Rs 92 crore. 
 
Inventory, <keyword id="6630005" type="UNKNOWN" weightage="100" keywordseo="private-labels">private labels</keyword> are adding value 
With the lone exception of Snapdeal that runs a 100% marketplace, most of the big e-commerce entities in India are flourishing on a hybrid model – a strategic mix of inventory, private label and marketplace. In fact, Jabong has been doing all three for some time now, although a bit discreetly, and it could be now pushing hard to extract every penny from each of these categories. 
 
Myntra, on the other hand, focuses on both inventory and private label, with the share of private labels rising rapidly. A couple of years ago, the e-tailer acquired Exclusively.in Inc., the company behind the private label brand Shersingh.com and the fashion site Exclusively.in, in a cash-cum-equity deal. Myntra is reportedly eyeing more private labels to add to its portfolio as the margins are pretty high in this segment and add substantially to the profits. 
 
Bottom line: Is it a <keyword id="2049185" type="UNKNOWN" weightage="100" keywordseo="Volatile-situation">volatile situation</keyword>? In one of her latest blogs in <keyword id="6359301" type="POSITION" weightage="100" keywordseo="Entrepreneur">Entrepreneur</keyword>.com, entrepreneur-writer Erika Trautman has nicely summed it up. “No matter how great the idea, if your start-up doesn’t create hard and fast results with analytics, targeted business solutions and mobile integration, it won’t survive in 2014. Launching a start-up can’t just be about how cool your product is. No business can subsist off just buzz and Press. This year, start-ups must focus on business fundamentals and start emphasising partnerships that generate results.” 
 
Can the Indian e-commerce players innovate, scale up and deliver (as the takeaways so amply illustrate) to justify the trust investors are now putting in them? Will there be new ventures to take up the gauntlet? Let us wait and watch. 
 
Image: Thinkstock Photos/Getty Images

Indian E-com Players
Are Raising Big Money; These 5 Takeaways Can Help You Understand What’s
Changing

He was the CFO for <a href="http://www.businessinsider.in/searchresult.cms?query=PayPal&amp;sortorder=effectivedate">PayPal</a> in ASEAN and India. A Chartered Accountant by profession, he started off his career with Cargill, worked with <keyword id="11148" type="CITY" weightage="60" keywordseo="Motorola">Motorola</keyword> in senior leadership roles and later joined Nokia Solutions and Networks as the Senior Business <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">Finance</keyword> Controller for APAC. 
 This year he’s won the title of ‘Most Promising Entrepreneur of 2016’ at the Asia Pacific <keyword id="107737" type="ORGANIZATION" weightage="60" keywordseo="Entrepreneurship">Entrepreneurship</keyword> Awards. Meet Sirish Kumar, co-founder and CEO of <keyword id="3228085" type="UNKNOWN" weightage="40" keywordseo="Telr">Telr</keyword>. His company offers a <keyword id="6468181" type="UNKNOWN" weightage="60" keywordseo="payment-gateway">payment gateway</keyword> that instantly enables businesses to accept and manage online payments via web, mobile and social media. 
 
Business Insider caught up with Sirish to chat about where India’s placed in this transition from cash to cashless. 
 
1. India’s still a cash-driven economy. Does that worry you? 
Over 85% of the world’s GDP is cash. Only recently in the UK cashless exceeded cash. It’s a myth that cash is a problem for developing markets only. 
 
If you look at the proportion of cash a few years ago, and now, you’ll see the cash to overall transactions ration has reduced by up to 40%. India is one of the few countries where you have government push on digitization, a massive <a href="http://www.businessinsider.in/searchresult.cms?query=Aadhar&amp;sortorder=effectivedate">Aadhar</a> project and opening bank accounts becoming easier. Incentives are being floated as logistic players can deliver faster if consumers go cashless. 
 
The cost of business would make India move from cash to cashless. 
 
2. Will Wallets take off big time in India? If you really look a large scale, multi-country level, there’s really been one success in the world – <keyword id="6357940" type="CITY" weightage="60" keywordseo="Paypal">PayPal</keyword>. 
 
Wallets cannot succeed in a standalone basis. A lot of merchants and buyers have to come together, and it should be used interchangeably with a payment gateway. That’s where India’s rightly placed. 
 
It’s also very crucial for Wallet companies not to pay incentives to consumers. If consumers use it even after stopping incentives, the wallet is a success. 
 
3. Will proprietary wallets survive? 
UPI is one of the signals from the government to bring inter-operability in Wallets. Some say it will endanger wallets, I don’t think so. My <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+wallet&amp;sortorder=effectivedate">Paytm</a> or <a href="http://www.businessinsider.in/searchresult.cms?query=Oxygen+Wallet&amp;sortorder=effectivedate">Oxygen Wallet</a> shouldn’t be limited to a certain number of merchants. 
 
As UPI is introduced, the big players will embrace it, and it’ll slowly trickle down to the SMEs. Some wallets will move on the payment bank methodology, and some will integrate a <a href="http://www.businessinsider.in/searchresult.cms?query=payment+gateway&amp;sortorder=effectivedate">payment gateway</a>. 
 
If you have a payment gateway and a closed loop it brings down transaction costs by 80-90%. That’s how the Wallet becomes a good option. 
 
However, if it’s an open loop, you always have <a href="http://www.businessinsider.in/searchresult.cms?query=Visa&amp;sortorder=effectivedate">Visa</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=MasterCard&amp;sortorder=effectivedate">MasterCard</a> and end up paying 2-3% anyway. That hits the margins of many merchants. 
 
4. Why should Indian merchants partner with Telr? 
If you’re looking for someone who can offer proprietary fully stacked technology, there are few in the market. Most are outsourcing specific modules or licensing their tech to different companies across the world. 
 
With our international experience we bring customization for specific verticals and merchants. Call it tailor-made Telr solutions. 
 
5. Why should proprietary tech matter for startups? 
Large merchants have the privilege of accessing big players and ensuring their fraudulent transactions are limited. Typically fraud transactions are stopped by restricting number of transactions. 
 
In case of SMEs, that might mean blocking 4 out of 10 buyers. That impacts cash flow and growth. We can empower an SME by tell him on a real-time basis what’s a suspicious transaction. We don’t force buyers to register on the merchant’s website before they can pay. 
 
6. Biggest limiting factor for online startups 
The government should allow merchants to sell on <a href="http://www.businessinsider.in/searchresult.cms?query=Facebook&amp;sortorder=effectivedate">Facebook</a> and Instagram without a website, period. We don’t have that today. 
 
There’s no need to create a website and drive traffic if you already have a network on <a href="http://www.businessinsider.in/searchresult.cms?query=Facebook&amp;sortorder=effectivedate">Facebook</a>.

Wallets
cannot succeed on a standalone basis: Sirish Kumar

REWARDS WOULD MOST INCENTIVIZE CONSUMERS TO ADOPT A MOBILE WALLET: Apple just announced that the next generation of Apple Pay will sync with users' loyalty cards. But a new <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYHuoMPom0om47i1Ad609" target="_blank">survey</a> from CMB shows that consumers planning on using a mobile wallet also desire a rewards program specific to the wallet. <ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>44% of likely mobile wallet adopters, or those who haven't made an in-store mobile payment but plan to do so in the next six months, said that a wallet-specific rewards program offered on top of loyalty card acceptance would be a motivating factor. </li><li>There's less excitement surrounding other value-added features. The second-most popular feature, chosen by 20% of respondents, was the ability for a mobile wallet to be used as a photo ID. Other options captured 11% or less of the participants' interest. </li></ul>The results show that rewards, in general, can be the most powerful draw for potential mobile wallet users - compatibility with third-party rewards weren't mentioned in the survey, but the assumption is that those rewards programs would also be important to consumers. The takeaway for Apple, Google and other mobile wallet players is that pushing rewards above other features could be the fastest way to pick up new customers. Moreover, doubling down on rewards by developing a proprietary rewards program could accelerate adoption.This story originally appeared in this week's PAYMENTS WEEKENDER, a weekly collection of our favorite payments news by BI Intelligence, a premium research service from Business Insider.<a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_PI-weekender-2015-6-27&amp;utm_campaign=CtgrPr_nlsa">Learn more about our FREE trial now »</a>CREDIT KARMA RAISES $175 MILLION AND PLANS TO PIVOT INTO A MONEY MANAGEMENT COMPANY: Credit Karma, a company primarily known for offering people free credit scores, just <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYnQPsPo3zgOlN4hA8744" target="_blank">raised</a> $175 million in Series D funding, money it plans to use to transform its service into a personal finance management platform. The new platform will leverage the troves of data Credit Karma already has to generate specific recommendations for customers. The platform will be able to help someone consolidate their student debt, suggest the best loan package and lender, and could also calculate the optimal credit card for someone to open. Given the extent of the funding, Credit Karma probably has the resources to actually create a platform this sophisticated. The platform would disrupt a number of areas of finance, from financial advising to money management apps to alternative lenders. For example, Credit Karma will be able to speed up the loan application process because it already has so much of someone's data that it could potentially help banks pre-approve clients. If the platform is linked with a traditional bank, this could reduce some of the pain points consumers have when taking out a loan. This could also erase some of the advantages peer-to-peer (P2P) lenders enjoy, like fast application decisions.However, if Credit Karma's new platform incorporates both the legacy institutions and alternative lenders, both types of companies could benefit from greater borrower demand. In essence, more people might actually apply for a loan if it takes fewer steps and less effort. CONTACTLESS CARD LIMITS COULD STUNT APPLE PAY'S GROWTH IN THE UK: There are a few factors that could hurt Apple Pay's launch in the UK next month, based on the information Apple Pay provided on a <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYx3VMPoL6PWkpXfA6bee" target="_blank">new FAQ page</a> for UK merchants:<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div><ul><li>Some Apple Pay transactions will be limited to £20: Although a contactless payments infrastructure is well-developed in the UK, merchants with industry standard contactless terminals will have to treat Apple Pay transactions as contactless card payments, which are currently capped at £20. This will limit the scenarios in which a customer could make an in-store Apple Pay payment, which ultimately could hamper Apple Pay's initial growth in terms of transaction volume. The contactless card limit is set to rise to £30 in September, but this is still very low. </li><li>Merchants will have to perform costly upgrades to circumvent the transaction limit: To accept Apple Pay transactions without a limit, UK merchants will have to upgrade their terminal hardware to include payment processing technology that can properly accept biometric-authenticated payments. This costly undertaking could discourage merchants from adopting new points-of-sale, which means that Apple Pay would continue have a transaction limit at some locations. This would again slow down initial adoption. </li></ul>UK lawmakers set a contactless limit in part because the security of contactless payments was still unproven. But Apple Pay is more secure than a physical contactless payment card because it uses biometric technology like a fingerprint to authenticate transactions. Given that Apple Pay transactions are more secure, it's possible that many merchants will want to upgrade their systems to support those types of payments. Although it's unclear exactly how many UK merchants will have to comply with the contactless limits for Apple Pay, the inconsistency of transaction limitations between merchants could disincentivize consumers from adopting the wallet because the user experience will not be uniform. For example, if a customer walks up to a storefront and they believe there's a chance the store might limit transactions, they might be hesitant to try Apple Pay there. One factor that could mitigate this issue is the early excitement that merchants feel towards the mobile wallet. A recent <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VWTj68PojwN2FTe8A15cb" target="_blank">survey</a> showed that one-quarter of UK merchants are already considering adopting Apple Pay. This could be partially the result of Apple Pay's increasing visibility in the US. MILLENNIALS ARE CHECKING THEIR FINANCES OFTEN: The vast majority of millennials are keeping close tabs on their financial accounts, a new <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYsbJcPoB2h_KYigA6451" target="_blank">survey</a> from Goldman Sachs Global Investment Research reveals. <ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>A majority check their finances at least once per week: Of the respondents, 30% said they check their finances every day, and 37% said they check their finances at least once per week. This means more than two-thirds of millennials monitor their accounts on a weekly basis. </li><li>The remaining one-third of millennials check their accounts at various rates. Fourteen percent check their finances every few weeks, and 6% check in once a month. Only 7% claim to "never" track their finances. </li></ul>Millennials' financial engagement is high likely because accounts are now easier than ever to access via mobile banking apps. Many surveys indicate that mobile banking adoption among this generation is high; therefore, millennials likely enjoy the convenience of accessing their account information with just one click. Although it's unclear what all "checking" finances entails, assuming it implies a quick overview of things like balances and transaction history, this data lends credibility to the theory that although mobile banking visits are rising quickly, these visits are low in value from a bank's perspective. Checking the status of an account doesn't earn a bank any revenue, so if a large portion of mobile banking visits are routine, banks may not reap as many benefits of mobile banking as some believe. Conversely, there is evidence that branch banking visits are becoming higher in value on average. For example, Chase Bank customers are choosing to visit branches for more complex financial advice, like opening a mortgage, taking out a loan, or inquiring about retirement or business banking, a rep from Chase told BI Intelligence. BRANCHLESS, STARTUP UK BANK ACQUIRES BANKING LICENSE: Atom Bank, a UK-based startup bank that plans to launch later this year, has <a>attained</a> a formal banking license from the Bank of England, which will enable it to legally hold deposits, provide funds, and conduct other traditional banking activities. Atom Bank will only build out a mobile and online channel to provide its services, and won't operate any branches. To give customers access to cash, it will partner with an existing ATM network that will enable customers to deposit checks or withdraw cash from any ATM in that network. Atom Bank customers will be able to open their accounts via mobile using biometric authentication, such as a fingerprint. The company will offer a wide array of financial products, including commercial and personal accounts as well as loans and mortgages.The branchless model has already been proven in the US: Ally Bank has been a prominent force in the financial world for years, and offers banking through only mobile and desktop. Therefore, it incurs lower costs than a comparable bank with a branch network. It passes on these cost savings in the form of more favorable interest rates. For instance, the Annual Percentage Yield (APY) of its savings account is 0.99%, much higher than the industry average. MASTERCARD ISSUING PAYMENT CARDS TO ECOBANK CUSTOMERS IN 32 AFRICAN COUNTRIES: MasterCard has <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYh9xcPoWCrquKkRAbf90" target="_blank">forged</a> a partnership with Ecobank, one of the largest continental banks in Africa, that will allow MasterCard to issue debit, credit, and prepaid cards to Ecobank banking customers across the region. Ecobank will also be giving thousands of merchants MasterCard's mobile point-of-sale devices. MasterCard will also provide Ecobank's retail customers with a payment gateway network that will allow them to accept payments online. The goal of the overall partnership is to help upgrade Africa's payments ecosystem, giving African citizens more ways to purchase things. The companies are also aiming to improve financial inclusion in the continent by encouraging citizens to open bank accounts with the new payment cards. <div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>In many cases, financial development in Africa has been driven instead by mobile money platforms, which rely on mobile network operator (MNO) systems instead of card networks like MasterCard to move funds around. For example, in Kenya, which has a thriving mobile money network, 75% of the adult population has a bank account. Find this article interesting? Thousands of professionals just like you had it in their inbox first. Stay ahead of the curve and gain a comprehensive understanding of the latest news &amp; trends. Start your day with the PAYMENTS INSIDER. <a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_PI-weekender-2015-6-27&amp;utm_campaign=CtgrPr_nlsa">Try it FREE now »</a>

Here's what happened in payments this week

Mumbai, Maharashtra, India - <keyword id="2758978" type="COMPANY" weightage="20" keywordseo="Business-Wire-India">Business Wire India</keyword> <keyword id="10421494" type="UNKNOWN" weightage="20" keywordseo="dash101">Dash101</keyword>, the full-stack <keyword id="436047" type="COMPANY" weightage="20" keywordseo="Ecommerce">eCommerce</keyword> platform was launched earlier this month. Dash101 allows individuals or organizations to either launch and manage an online business. Dash101 offers a free online shop website, industry-leading logistics SaaS solutions, online payment integrations, and marketing and promotion tools. Individuals like merchants, traders, social media enthusiasts, and entrepreneurs can create their own online store with an integrated logistics solution, custom themes, <keyword id="232507" type="POSITION" weightage="20" keywordseo="catalogue-manager">catalogue manager</keyword>, and many advanced with one mobile app. Dash101 does not require coding or subscription setup fees and enables shipping all over India with cash on delivery (COD). Dash101 also enables scalability with online payment gateway integration, and bundles marketing and promotion services to grow one's online presence quickly. Commenting on the occasion, Mr. Kalpak Chhajed, Co-Founder, Dash101 said, "Dash101 is the only technology solution which offers all aspects of starting an online business from the moment go. We have also partnered with 8 leading courier companies like BlueDart, DTDC, FedEx, etc. which is available out of the box for any online seller. Coupled with COD and very fast remittance; we have seen great reception with early adopters." For organizations and eCommerce entrepreneurs, who have already launched their e-commerce business; Dash101 Logistics offers cutting-edge SaaS solutions to improve their logistics and deliveries; with advanced features like AI/ML-powered NDR Management, easy integration with Shopify, and WooCommerce. Dash101 Logistics allows e-commerce businesses to improve their profitability by reducing RTOs, improve customer experience with <keyword id="10421495" type="COMPANY" weightage="20" keywordseo="their-shipping-partner-recommendation-engine">their Shipping Partner Recommendation Engine</keyword> (SPRe), and increases the reach by servicing 27,000+ pin codes <keyword id="138922" type="COMPANY" weightage="20" keywordseo="Pan-India">PAN India</keyword> in partnership with 8 courier partners. Commenting further, Mr. Chhajed said, "With the increase in eCommerce business; there is a big demand for a technology product which allows an online business owner to focus more on customer experience and faster deliveries as a key differentiator. In Dash101 Logistics, we have heavily invested in automation to help scale and grow businesses faster. For example, our proprietary SPR (Shipping Partner Recommendation) engine automatically assigns courier partners based on delivery success percentages based on advanced machine learning algorithms." Indian e-commerce, a $27-billion market in calendar 2019, is all set to achieve a 40 percent growth in 2020, compared to 23 percent growth in 2019. Hence larger players, SMEs, and established online businesses want better technologies to improve customer experience, profitability, and want better shipping and logistics. At the same time, there is a huge gap in addressing requirements for businesspersons who want to tap into this opportunity, who want to take a business online. The total e-commerce market is set to reach the mark of $200 billion by 2025, and the direct-to-consumer (D2C) market is estimated to reach $100 Billion by 2025 which would contribute to 50% of the total e-commerce market or 11% of the total commerce market which is estimated to touch $1.7 trillion. This led to the birth of Dash101 - Helping You Win at Business! About Dash101 Dash101 is a full-stack e-commerce platform that allows individuals or organizations to both launch and manage an online business. Dash101 offers a free online shop website, industry-leading logistics SaaS solutions, online payment integrations, and marketing and promotion tools. Individuals like merchants, traders, social media enthusiasts, and entrepreneurs can create their own online store with an integrated logistics solution, custom themes, catalog manager, and many advanced features with one mobile app. Dash101 does not require coding or subscription setup fees and enables shipping all over India with cash on delivery (COD). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-hdfc-bank-tcs-tvs-motor-dalmia-bharat-ultratech-acc-ambuja-and-others/articleshow/79672813.cms">Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-of-2020-in-india/slidelist/79675101.cms">Best smartphones of 2020 in India</a> <a href="https://www.businessinsider.in/india/news/reports-suggest-that-tata-adani-and-hinduja-group-are-interested-in-air-india-divestment-plan/articleshow/79675955.cms">Last date for Air India divestment plan nears — reports suggest that Tata, Adani and Hinduja Group are interested</a>

Dash101, the Full Stack Ecommerce Platform Launched

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Department store chain <a href="https://www.businessinsider.com/category/jcpenney" target="_blank" rel="noopener">JCPenney</a> said in a statement that it will no longer support <a href="https://www.businessinsider.com/category/apple-pay" target="_blank" rel="noopener">Apple Pay</a> in its stores or mobile app.</li><li>Many customers are now saying they will take their business elsewhere.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>JCPenney, the American department store chain that's been around for 117 years, <a href="https://twitter.com/askjcp/status/1119595205559234560">announced on Twitter</a> that it will no longer support Apple Pay in its stores or online.JCPenney acknowledged this move for the first time on Saturday, in a <a href="https://twitter.com/TheCombaticons/status/1119417874257534976">response to a customer</a> on Twitter.JCPenney has not provided a rationale for this decision. While the company did respond to the complaint on Twitter, it didn't answer the customer's actual question, which was "Why would you remove a very secure form of payment?"As you could imagine, many customers have responded to JCPenney's tweet expressing their displeasure.&#xa0;Apple created Apple Pay because plastic credit cards are vulnerable: A credit card can be stolen, and its important numbers and security codes are exposed by default. In contrast, <a href="https://www.businessinsider.com/best-apple-inventions-since-iphone-2019-4">Apple Pay works</a> by touching your iPhone or Apple Watch to an NFC reader, and all of your personal identifying information remains private and secure. Apple doesn't see your data, or share it with any third parties.It's unclear why a large company like JCPenney wants Apple Pay out of its <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> experience, but we've seen this before. In 2014, shortly after the launch of Apple Pay, a handful of retailers decided to disallow Apple's new mobile payments solution. Most of these companies debuted their own versions of Apple Pay: CVS made "CVS Pay," Walmart made "Walmart Pay," etc. A bunch of retailers even tried making one payments app to rule them all, <a href="https://www.businessinsider.com/currentc-launch-delayed-indefinitely-2016-5">called CurrentC</a>. But many of these Apple Pay alternatives failed, or the companies eventually relented: for example, <a href="https://www.macrumors.com/2018/10/11/cvs-support-for-apple-pay/">CVS is now accepting Apple Pay</a> as of October 2018.It's possible JCPenney chose to remove Apple Pay because it wants more data about its customers, and Apple Pay data is not shared with third parties. That data can be extremely valuable to a chain like JCPenney, which has been struggling over the last decade: its number of stores, number of employees, and total revenue has <a href="https://en.wikipedia.org/wiki/J._C._Penney#Finances">steadily declined since 2007</a>.<div id="categorypromo"><h2>Learn more:</h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-boring-company-tunnel-projects-biggest-challenge-2019-4">Elon Musk's biggest challenge won't be Tesla or SpaceX - here's why</a></h3> <div> </div> </div>

JCPenney has removed Apple Pay support from its stores and app without giving a reason, and customers are furious

AspirationAspiration CEO and founder Andrei Cherny.<a href="https://www.aspiration.com/">Aspiration</a>, a financial services firm <a href="http://www.businessinsider.com/aspiration-investing-charges-nothing-2014-11">founded on the radical idea that clients should pay what they think is fair</a>, wants to help its customer keep track of the impact of their purchases. The firm announced April 26 it is equipping its checking-account users with a new tool, Aspiration Impact Measurement, that shows them how sustainable their purchases are. The firm doesn't disclose how many checking accounts they have, but told Business Insider that they're opening between 10,000 to 12,000 new accounts each month.Let's say, for instance, an Aspiration checking-account user buys a coffee from Starbucks. When that person checks their account balance they'll see that they spent $X for their grande frappe whatever. But they will also see a score that gauges Starbuck's sustainability on a scale of 1 to 100. In this case, Starbucks has an AIM score of 78, which is the highest of any eatery. The point of the tool is to inform users about a firm's sustainability so that they can make informed choices about spending. Users can also view their personal AIM score, which essentially aggregates all of the purchases a person makes into one score. It is updated on a daily basis."Today, more than ever before, Americans are looking to put their values into action and their AIM score empowers them to demand that corporations act responsibly toward the environment and their employees," said Aspiration cofounder and CEO Andrei Cherny. "Americans spend $36 billion a day as consumers, making decisions based on cost, convenience and quality. Now, for the first time, they'll have an easy way to make spending decisions based on conscience, as well."AspirationA firm's Aspiration Impact Measurement (AIM) score is based on two different measurements: a people score and a planet score. The former score takes into consideration data such as the ratio of employee to CEO pay, employee benefits, equality of benefits, and the percentage of woman who are managers in the company. The planet score measures things such as a firm's green house gas emissions and carbon footprint.AIM scores are calculated using Aspiration's proprietary algorithm that examines more than 75,000 data points.According to Cherny, the numbers behind the AIM scores are typically used by money mangers to inform their investment decisions. "These are the kind of data providers that are working for investment firms, and hedge funds," Cherny told Business Insider."We repurpose this investor data for consumer purposes. It goes into an algorithm which then figures out those scores."The service is only available for Aspiration customers, who can access their AIM scores for free within their Aspiration mobile app. <h2>Learn more:</h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul> <h3>NOW WATCH: <a href="http://www.businessinsider.com/snaphat-tech-stock-buy-sell-henry-blodget-2017-4">How to know if Snapchat stock is a buy or a sell</a></h3> Please enable Javascript to watch this video

A radical finance firm has launched an app that'll show you the impact of all of your purchases

Welcome to Digital Health Briefing, a new morning email providing the latest news, data, and insight on how digital technology is disrupting the healthcare ecosystem, produced by BI Intelligence.<a href="http://www.businessinsider.com/intelligence/digital-health-briefing" target="_blank" rel="noopener noreferrer">Sign up and receive Digital Health Briefing free to your inbox.</a>Have feedback? We'd like to hear from you. Write me at: <a href="mailto:lbeaver@businessinsider.com">lbeaver@businessinsider.com</a>2018 CES HEALTHTECH ROUNDUP: The latest advances in health technology were on full display at last week's Consumer Electronics Show (CES) in Las Vegas. At this year's show, we saw two themes: digital health innovation is no longer limited to fitness trackers and smartwatches, and the newest devices being offered are geared towards consumers taking health monitoring into their own hands. Here is a look at key healthtech products that were on display and could enable consumers to play a more active role in their own health. New consumer devices:<ul><li>Cardiomo, the digital healthcare heart monitor company, demonstrated its wearable vital monitor. The wireless monitor, which is attached to a user's chest via adhesive patches, continually collects vital data to spot potential heart abnormalities, <a href="http://www.mobihealthnews.com/content/ces-2018-running-list-digital-health-products" target="_blank" rel="noopener">according</a> to MobiHealthNews. </li><li>Lenovo, the electronics manufacturer, introduced its Vital Motorola Moto Mod, a health accessory that is attached to the back of select Motorola phones to track key vital signs, <a href="https://www.cnet.com/news/lenovo-moto-mods-hands-on-livermorium-vital/">according</a> to CNET. The Vital Moto Mod includes a proprietary finger cuff that allows users to measure their heart rate, respiratory rate, body temperature, blood oxygen levels, and blood pressure. </li><li>Oska Wellness, a consumer health technology company, <a href="https://www.prnewswire.com/news-releases/new-app-driven-device-from-oska-pulse-oska-pulse-active-300579265.html" target="_blank" rel="noopener">announced</a> a new mobile app that is capable of controlling the company's Oska Pulse Active electromagnetic field device. The device can be used to reduce muscle stiffness, relieve minor pain, and increase mobility for people who suffer chronic pain, as well as allow them to track and manage their pain via the app. </li></ul>Precision care:<ul><li>Exploragen, a DNA lifestyle company, is <a href="https://www.prnewswire.com/news-releases/exploragen-partners-with-sleepscore-labs-and-offers-free-dna-sequencing-kits-at-ces-2018-300579651.html" target="_blank" rel="noopener">partnering</a> with sleep technology company SleepScore, to launch its SlumberType DNA app. The app allows users to turn their genetic information into personalized insights to optimize sleep. </li><li>DnaNudge, the UK-based startup, is aiming to offer consumers in-store DNA tests at supermarkets, in order to help people find healthy foods tailored to their needs, <a href="http://www.bbc.com/news/av/technology-42577483/ces-2018-dnanudge-app-uses-saliva-to-recommend-what-to-eat" target="_blank" rel="noopener">according</a> to the BBC. After getting results from a rapid, in-store cheek swab genetic test, consumers can use a smartphone app or proprietary wearable device to scan food at their supermarket to see what is best for them to eat, according to their genetic makeup. </li></ul>AI DIGITAL ASSISTANT CAN HELP EMERGENCY DISPATCHERS: A Copenhagen-based digital assistant, called <a href="http://www.corti.ai/">Corti</a>, is helping Danish emergency dispatchers determine whether a patient is going through cardiac arrest, <a href="https://www.fastcompany.com/40515740/having-a-heart-attack-this-ai-helps-emergency-dispatchers-find-out?mkt_tok=eyJpIjoiTURnM01XUmxNVGxrWkdRMSIsInQiOiJNbUNqTEhaSnlIMGFnVnpHY1AzMmdzV1N4NFdZZTh4SThFemhDVkFLQmlFMmo2NFI2TVNDWGNhSVB5ZGNKTFFMY2J5QndsXC9">according</a> to Fast Company. Corti, which is also the name of the company that developed the AI, runs in the background of emergency dispatch calls and uses speech recognition software and machine learning (ML) to pick up background cues, such as breathing patterns, that allow it to determine whether a person is suffering from cardiac arrest. An early small-scale study found that the AI can diagnose cardiac arrests with 95% accuracy. That's compared to the average 73% accuracy of human dispatchers in Copenhagen. A larger study is planned. Corti demonstrates the potential of AI systems that can augment emergency services and triage - the faster and more accurately dispatchers can determine the nature of an injury, the better the outcome. For example, outside of the hospital, the chance of survival for someone in cardiac arrest decreases roughly 10% each minute. Given an early and accurate diagnosis from a digital assistant, the dispatcher might be able to coach people nearby through CPR, or even send out medical drones with defibrillators to the location, which could arrive ahead of ambulances. Corti is reportedly preparing to announce plans to expand into the US.UNITEDHEALTHCARE INTRODUCES SEVERAL DIGITAL HEALTH OPTIONS: UnitedHealthcare has unveiled several new digital health tools at the CES for members of its employer-sponsored plans, <a href="https://www.fiercehealthcare.com/technology/ces-2018-unitedhealthcare-unveils-new-tech-tools-like-apple-pay-digital-onboarding" target="_blank" rel="noopener">according</a> to FierceHealthcare. The insurance firm is enabling users of its Optum Bank health savings accounts to use Apple Pay, Apple's mobile wallet, when paying for specific medical services. This could become a popular payment option as it appears that consumers are starting to prefer digital payment options - for example, 95% of consumers would pay online if a provider's website had the option, <a href="https://www.prnewswire.com/news-releases/providers-driven-to-implement-patient-centric-financial-solutions-as-consumer-payment-responsibility-skyrockets-29-percent-black-book-survey-300542031.html" target="_blank" rel="noopener">according</a> to a Black Book Research survey. UnitedHealthcare is also adding personalized videos that break down patients' claims, informing them how much they still owe. This could help to build customer satisfaction, as medical billing is a major pain point for patients. Nearly a third of patients say that confusion over how much insurance will cover versus patient responsibility contributes to payment delays, <a href="https://www.televox.com/news/west-study-56-americans-delay-paying-medical-bills-cite-high-deductibles-number-one-reason-missed-payments/">according</a> to a West study cited by Televox.HACKER ACCESSES BILLING RECORDS OF 280,000 OKLAHOMA STATE PATIENTS: In November last year, a hacker reportedly broke into the Oklahoma State University Center for Health Sciences (OSUCHS) network gaining access to the Medicaid billing information of almost 280,000 patients, <a href="http://www.healthcareitnews.com/news/nearly-280000-medicaid-patient-records-breached-oklahoma-hack">according</a> to Healthcare IT News. OSUCHS began notifying customers January 5 and has since updated its security features. Cybersecurity is an ongoing concern for the healthcare industry. Four in five US doctors have experienced a cyberattack of some sort, <a href="https://www.healthcaredive.com/news/4-out-of-5-us-physicians-have-experienced-a-cybersecurity-attack/512848/">according</a> to a study by Accenture and the American Medical Association. Despite this, a majority of US healthcare businesses lack a cybersecurity leader. Just 15% of organizations have a designated C-suite leader to manage enterprise-wide data security efforts, <a href="https://blackbookmarketresearch.newswire.com/news/84-of-healthcare-organizations-dont-have-a-cybersecurity-leader-as-the-20110145">according</a> to a recent Black Book Research study. As more of the medical industry goes online, the impact data hacking and internal errors will have on patient records and hospital operations will continue to grow. It's becoming more important than ever that healthcare organizations and systems shore up against these threats.<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5a53a74ac32ae6751a8b4d9f-960/accenture future attacks.png"></a>BI Intelligence</div></div></div>In other news…<ul><li>Royal Philips, the healthtech arm of global electronics company Philips, is launching its new mobile patient monitoring solution, the IntelliVue X3, that aims to make it easier for hospital staff to access patient information and data while in transit between departments, <a href="http://hitconsultant.net/2018/01/16/philips-patient-monitoring-solution/">according</a> to HIT Consultant. Because different hospital departments often run their patient data systems independently from one another, clinicians' view of their patient's condition can be limited as they travel. Enterprise-wide solutions such as the Intellivue X3 can help to provide a continuous flow of patient information for hospital staff, supporting more accurate, and up-to-date patient data.</li><li>Wearables and remote patient monitoring may have a limited positive impact on clinical outcomes, <a href="https://www.nature.com/articles/s41746-017-0002-4.pdf">according</a> (PDF) to a newly released meta-study of 27 global control studies from 2000 to 2016. The results could dampen recent hype over the potential of wearables like Fitbits and Apple Watches to improve patient care and rehabilitation.</li></ul><div id="categorypromo"><h2>Learn more:</h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></div>

DIGITAL HEALTH BRIEFING: CES 2018 healthtech roundup - AI digital assistant can help emergency dispatchers - UnitedHealthcare adds new digital features

Breathe easy. You can continue to converse and delete your Whatsapp chats and save yourself from your parents, girlfriend and wife! Government’s move to keep a track of people’s conversation in Whatsapp, mail and social media didn’t go down well with the people, and it is backtracking. <a href="http://www.businessinsider.in/Youmay-not-be-able-to-delete-Whatsapp-conversation-for-90-days-if-the-Govt-has-its-way/articleshow/49047789.cms">Yesterday an expert committee</a> of the Department of Electronics and Information Technology (DeitY) had suggested through the draft of its new encryption policy that one shouldn't delete <a href="http://www.businessinsider.in/searchresult.cms?query=whatsapp">Whatsapp</a> conversation till 90 days for security reasons. Soon after the draft policy became public, a controversy erupted forcing the government to go mild on the decision. 
 
The committee has clarified that social media websites and applications will be exempted from the purview of the Encryption Policy, which is aimed at enhancing data security. 
 
According to the draft posted by DeitY, there are certain categories of encryption products that will be exempted from the purview of the draft national encryption policy. 
 
The mass-use encryption products, which are currently being used in web applications, social media sites, and social media applications such as WhatsApp, Facebook, Twitter etc are being exempted from the purview of the draft National Encryption Policy, said a proposed addendum to the policy posted on the department's website. 
 
Every messaging service including Whatsapp, <a href="http://www.businessinsider.in/searchresult.cms?query=Facebook">Facebook</a>, Gmail use some form of encryption. The amendment also ensured that internet banking and payment gateways will be exempted from the purview. 
 
A draft policy has been introduced under Section 84 A of the Information Technology Act (2000). Once finalised, rules for encryption of electronic information and communication will be introduced under the policy. The draft document is open to public for comments until October 16. 
 
The draft document says that the <a href="http://www.businessinsider.in/Youmay-not-be-able-to-delete-Whatsapp-conversation-for-90-days-if-the-Govt-has-its-way/articleshow/49047789.cms">policy's mission is to</a> "provide confidentiality of information in cyber space for individuals, protection of sensitive or proprietary information for individuals &amp; businesses, ensuring continuing reliability and integrity of nationally critical information systems and networks." 
 
Having triggered a nation-wide controversy and heated debate, the govt’s new decision is a concern for netizens as it aims at peeping into individual’s private life. Earlier, the govt’’s decision to ban pornographic content online had also been toned down after people expressed their angst.

Relax! The Govt won’t spy on your Whatsapp or G-Chat messages

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Silicon Valley is coming. There are hundreds of start-ups with a lot of brains and money working on various alternatives to traditional banking. – Jamie Dimon 
 For a chief executive of one of the largest banks in the world to make the above statement, there must be something going on. In this piece, I would humbly attempt to give a perspective around the lending scenario in the <keyword id="2461546" type="UNKNOWN" weightage="100" keywordseo="FinTech">fintech</keyword> space, try to differentiate the noise from the substance, make a point as to how it will impact the common consumer and most importantly having worked for over a decade in the Indian Financial Services space try to evaluate what impact it will have on the overall industry. 
 
Banking is one of the oldest industries in the world, the first mortgage was actually issued in Britain in the 11th Century and from then it has seen its ups and downs, seen centuries of change, seen monarchs and world wars but banks have survived as institutions that customers trust and value closely. This has also been the reason why as a sector I believe it’s probably been the most resistant to disruption by technology. Banks have built robust large businesses with multiple barriers to entry: Omnipresent distribution through branches which have been part of all of us growing up, unique expertise such as credit underwriting underpinned both by data and judgment, the regulated environment in which they operate and the importance of the same to the overall economy, and of course the government backing in case something goes wrong. Moreover, consumer inertia in financial services is high. Consumers have generally been slow to change financial services providers. Particularly in developed markets, consumers have generally stayed loyal towards the established and ever present brands in banking and insurance. Even in the context of Independent India, the above holds true, initially with the presence of state run banks and then as the economy and the sector opened up, presence of private and MNC banks set up and run by top notch brains of the country which are household names and strong brands with high recall as we see and transact with them pretty much every day. 
 So with so much going in favour of banks and the importance of the sector per se, why this hullabaloo around Fintech and <keyword id="3384719" type="UNKNOWN" weightage="100" keywordseo="Alternative-Lending">Alternative Lending</keyword>. In the past couple of years, the start-up world, the venture capital industry and of late the media has been obsessed with the potential disruption that Fintech companies will cause, and how leveraging technology and new ideas the financial services sector will change right before our very eyes. Globally over 40 billion USD has been deployed in this sector over the last 5 years, and over 3000 companies across the world are part of this mash up, will this head somewhere significant or do we ask the same question people asked during the dot com boom( and subsequent bust)- Has the time for this come?. Well the answer maybe both Yes and No, let me try to elucidate the answers in greater detail below in the context of lending. 
 
The historical entry barriers which the banks have enjoyed over centuries are diminishing so while they continue to remain critical for the global economy, largely hold a monopoly on credit issuance and risk-taking; continue to hold deposits and wealth of most people in the world, be the gateways to the world’s largest payment systems; and continue to process the credit requirements of most corporate and consumers, some things have changed. Firstly, the global financial crisis had an extremely negative impact on the trust element that the banks carried, even in the current context in India we are seeing credibility of state run banks being questioned for the kind of loans given out and the losses it’s causing. It’s ultimately the tax payers money that gets put back in the system to recapitalize these behemoths and consumers have started asking why my money? Secondly, the ubiquity of mobile devices and consumer internet has begun to undercut the advantages of physical distribution that banks previously enjoyed, suddenly having thousands of branches spread across the country is no longer being seen as a huge differentiator, and going to physical branches for products is being seen as a chore. Thirdly, there has been a massive increase in the availability of widely accessible globally transparent data supplemented by the enormous digital footprints that we as consumers are leaving on the internet, this is especially significant if you couple it with a substantial decrease in the cost of computing power. Fourthly, and specially in context of India, the change in the demographics of the country, the consumers are younger, living in a “Uberised” world of instant gratification, and wanting to discover products and services sitting in the comfort of their homes rather than discovering them elsewhere and no longer wanting to wait for weeks for lending solutions which they see less as a favour from banks and more as a right. 
 
With the above parameters in play, alternative lending can be potentially a game changer for consumers and a scary thought for traditional lenders. They promise to give instant solutions to the problem of credit, cut down on mundane paperwork, be transparent in their offerings and are willing to give consumers a superlative customer experience, a significant upgrade from what is available from banks. There are multitudes of companies in this space creating proprietary algorithms which can potentially look at consumers differently, beyond just a three digit credit score trying to bring innovative ideas and products to the forefront. These alternative lending organisations are also attracting significant venture capital to potentially give them the muscle to take on some of the behemoths in this space. Alternative Lending is trying solve two major challenges with financial services, democratization and inclusion. Democratization is a critical point as even today there exists great information asymmetry leading to uninformed financial decisions and getting products pushed down to the consumers, the recommendation process by banks/financial intermediaries is skewed towards products and services which make more money for them rather than them being the best options for the customers, technology can potentially alter this completely by giving all customers completely transparent information and recommendation and put the power in the hands of the consumer. Inclusion is the other challenge in the financial services space where a large chunk of the population does not get access to financial products, technology advancements and using services like biometrics, Aadhar integrations, Jan Dhan Yojana etc of the government it can lead to a scenario where technology can help in delivery of these products to people who currently do not have access to them and create a scenario where more and more people are getting included in the credit mainstream of the country. These are really the big reasons why alternative lending could disrupt the lending landscape. 
 
The above context is mainly arguing why alternative lending is important and here to stay, however let me now try to highlight the challenges around this space and what needs to be overcome to really make this sector significant. The first major challenge that i see, is that too many of these start-ups( companies) are looking at solving only the credit underwriting problem using algorithms, machine learning and big data solutions, given that its critical to the lending piece, it’s not the be all and end all to the industry. What is unfortunately lacking is focus and understanding of all the pillars of the lending play, lending is as much about distribution, great products, strong brands, excellent sales and service staff, benchmarks around customer service and in collections( in the unforeseen event of the loan going delinquent) as its about credit underwriting. Too many people are making noise about credit underwriting, too little being said and most importantly done about the other pillars. One needs to keep in mind, that all of these pillars have to stand together if this industry has to thrive. The second challenge is the profile of the entrepreneur, there are too many technology enthusiasts looking at this as a technology play and too few business guys with strong banking and lending expertise who understand all facets of this space. Lending is one industry, where i feel experience is as important as a blue sky vision, credit typically goes in cycles, every 5-7 years, there is a phase of incremental credit growth, then comes the phase of high customer leverages, and then potentially losses on the books. Its people who have seen cycles in the past who can probably relate to this better, and ensure that the nuts and bolts are in place and tightened. Thirdly is the point of sky rocketing and often insane valuations of these companies, most of these start-ups want to be seen a technology companies and get valuation multiples of the same, cause they are higher and being a technology company is fancier. However the problem at hand here is not a technology problem, it’s a lending problem and while technology can enable faster and better decision making and a superior experience it cannot change the basics of what we are discussing here, and valuations of lending institutions and banks are seen differently to technology companies and substantially lower, in this context different incentives are at play which can be potentially dangerous to this space. Lastly, i want to discuss the point of regulations, banks being traditional institutions are heavily regulated, operationally and strategically, this is extremely critical as it leads to these institutions being very stable but at times also takes away from them the ability to innovate and the nimbleness to adapt. Fintech companies projecting their technological angle are mostly outside the regulations, however this scenario will change and change very quickly as these companies become bigger and more active. This brings us to a more fundamental point, are these companies ready to work in a box of regulations, and how well do the regulators understand these companies and what’s the real risk here being talked about. As the latest paper on P2P guidelines by the RBI has proven, there is more grey here than black and white and the way the regulatory play pans out may actually be the defining moment for these companies and specially in the aftermath of latest reports around leading alternate lenders globally coming under scrutiny from all sides, things can change really quickly. 
 
At the end, one can only hope as an optimist that the alternate lending industry is quickly able to imbibe what’s good about traditional banking players, couple that with the advantages that they naturally possess, see value in working with the existing ecosystem to further improve and enhance the same and most importantly understand that great institutions are not built overnight and with great underwriting models but by taking into account everything that’s important including the people who will roll up their sleeves to work on and run these organisations in the future, and not get caught up only by the cosmetic, so called fancy aspects of disruption which they enjoy talking about, as sometimes you run the biggest danger of actually starting to believe everything you say whether you mean it or not and the fintech’s with media backing them sure seem to be saying a lot. 
 
The author is the co-founder of Finance Buddha, a Fintech start-up, which is into retail lending products. 
 
About the Author: Parth Pande is the co-founder of Finance Buddha 
 
<a href="http://iknowwe.com/wp-content/uploads/2015/10/alternative-lending.jpg">Image source</a>

How powerful is Alternative Lending, and will it slay the lending paradigms of traditional banks

Is e-commerce 2.0 over in India? Going by the recent ripple of mergers and closures, impacted by an overall volatile economy, we often assume the worse. Investors’ loss of trust in the Indian ecosystem has become a litany for some time now but in spite of the downtime, a handful of Indian e-commerce firms have hit the headlines in 2013 for fast-paced growth and the big bucks they have managed to raise. Their operations vary widely – it can be as simple as business listing, as predictable as selling books and lifestyle items online or as unique as creating a whole new platform for a consumer requirement. But routine or innovative, these six Indian companies have gained both investors’ support and consumer trust that keep them going. Find out what’s making them tick while we bring you a tongue-in-cheek account of possible mergers &amp; acquisitions that may happen on their way. 
 
 
<keyword id="430602" type="COMPANY" weightage="100" keywordseo="JustDial">JustDial</keyword>: What’s next after a roaring listing business? 
Forget MakeMyTrip and its iconic NASDAQ listing – here is one success story just as good. Fresh from a mind-blowing IPO that was oversubscribed 12 times, this India-focused local business listing site has already entered online food ordering space and has some more projects in the pipeline. Of course, the Rs 950 crore IPO – a pure offer for sale in which founder VSS Mani and investors, including Tiger Global, Sequoia Capital and SAP Ventures, sold some 1.75 crore shares – is the largest on the Indian bourses this year and one of the biggest by an Indian Internet firm. 
 
However, the start-up had done its fair share of tight-rope walking earlier in the day. Since his first-ever business directory service AskMe failed in the early 90s, Mani made sure to make the next initiative failure-proof – taking one cautious step at a time (initially answering consumer queries over phone, then graduating to web queries and next moving on to mobile apps). Finally, India got its biggest business listings company, built from a paltry seed capital of Rs 50,000. And here is another interesting bit of information. Since 1999, Mani had taken six shots at the bourses and the last one has gone right home. 
 
Road ahead: What feels good about this start-up is that, JustDial is already up and about, looking at new businesses. In a recent media interview, Mani confirmed that the company would soon expand its online service range – diversifying into cab, movie ticket and doctor appointment booking. 
 
If consolidation happens: What if... search giant Google wants to focus more on India and requires a local partner that has scale and reach across multiple businesses? In fact, <keyword id="45395" type="CITY" weightage="40" keywordseo="Google-India">Google India</keyword> has already introduced Product Listing ads that will display features like product images, pricing and more, to highlight merchant offerings. Will it thrive more if JustDial comes on board? 
 
<keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>: All about pivots, deals &amp; marketplace, but can it do a TaoBao? Talk about pivots and you have Kunal Bahl who has done it as many times as Robert Bruce and courted success. His business pivoted seven times as Bahl started by selling restaurant deal vouchers (and printed ones at that); came up with a daily deal site and finally pivoted to a zero-inventory, e-commerce marketplace just like Amazon, with a B2C (business to consumer) focus. That definitely makes it different from <keyword id="161767" type="COMPANY" weightage="60" keywordseo="eBay-India">eBay India</keyword> where the focus is C2C. Snapdeal claims to be doing it big – with 20 million registered users and around 14-15 million visitors each month, according to his recent interaction with AllThingsD. And a total funding of $114 million or so (eBay is an existing investor in the company as well) definitely speaks a lot in terms of investor confidence. Snapdeal is not profitable yet, but it is eyeing an annual GMV of $400 million this fiscal and wants to do a billion dollar in GMV by 2015. 
 
Road ahead: Media reports say Bahl is all set to do a TaoBao Mall (a dedicated B2C e-commerce marketplace run by China’s Alibaba Group) right here in India. The seasoned entrepreneur prefers to call the marketplace a vast product discovery platform with fast and furious growth and has recently introduced a customer protection service called TrustPay – a service that ensures 100% money-back guarantee in case of any issue with product quality, size or delivery. It also serves as a seller protection service against any kind of consumer fraud. Snapdeal’s agility to move ahead of the market could be its USP, especially now that it has started working on ad revenues, but can it really achieve the momentum and the scale in the Indian context? 
 
If consolidation happens: That eBay is one of the investors in Snapdeal is an interesting fact. If the company ever considers a readymade marketplace with a B2B focus, this will be a good deal. Then there is <keyword id="6354743" type="COMPANY" weightage="40" keywordseo="Amazon-India">Amazon India</keyword> who could be buying out all competition. But given a choice, would it buy <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> or Snapdeal? Well, your guess is as good as ours. 
 
Flipkart: Big bucks are rolling in, but is the business booming? 
Don’t shop, Flipkart it – that’s the new mantra of this prolific e-com player, founded by Sachin and Binny Bansal (they are not related). They started as a book e-tailer, but soon expanded into all possible categories – from fashion to fitness and accessories, gadgets &amp; electronics to home &amp; lifestyle products, baby care items, toys and more. The success mantra is simple – best pricing and speedy delivery, backed by a dedicated logistics team. Understandably, the traction is awesome – the company claims to have 10 million registered users and over 1 million unique visitors a day. 
 
Flipkart has recently raised a fifth round of funding worth $200 million from its existing investors – Tiger Global, Accel Partners, ICONIQ Capital and South African Internet company Naspers – taking the total funding to more than $380 million. But that doesn’t mean all is well in paradise. It has recently shut down some digital businesses like Flyte (a much-hyped MP3 store launched only a year ago) and cut down on a number of electronics categories. On the plus side, it has launched its own payment gateway called PayZippy, introduced a voice-based search on the site, started selling e-books and has come up with a marketplace where third party vendors can sell directly to consumers. Flipkart has also entered a deal with the US-based indie e-book distributor Smashwords, Inc., which gives it access to Smashwords’ eBook store – a catalogue of 2 lakh-plus vetted and formatted e-books from more than 60,000 authors and publishers. 
 
Road ahead: Ambitious, to say the least, especially after the Series E booster. Just like Snapdeal, this e-com biggie wants to reach an annual GMV of $1 billion by 2015 besides doubling up the number of sellers on the marketplace to 1,000 by the end of this year. Although Flipkart is constantly harping on global level hiring, the biggest chunk of the funds raised is bound to be spent on technology, supply chain and (don’t be shocked) product development. PayZippy could be just the beginning and going ahead, Flipkart may evolve into a technology enabler for offline businesses keen to have an online presence. Infibeam’s Build A Bazaar, SmartStore from BigFoot Retail and PayU India’s PayUPaisa are doing just the same, but Flipkart can actually do a PayUPaisa by integrating the proprietary payment gateway with the Web stores for additional revenues (just like PayUPaisa does). 
 
But it is the Smashwords deal that intrigues us most. According to Nielsen BookScan Retail Panel data, in 2013, Flipkart holds an average of 40-45% in terms of value when it comes to the organised books market in India and the company has plans to grow it substantially. If that happens, it will become the undisputed market leader in the books category – both online and offline. And before we forget, Flipkart may focus even more on private labels – it already markets a private label brand called Digiflip for digital accessories such as laptop bags and camera pouches. But the biggest challenge is to get over the few setbacks, bring back the positive drive and get ready for a much-anticipated IPO. 
 
If consolidation happens: A head-on between Snapdeal and Flipkart or Amazon and Flipkart will be extremely interesting. However, the company is not losing much sleep over the competition from existing marketplaces. Another possibility is Flipkart acquiring Tradus since they have a common investor in Naspers and such deals have taken place before. 
 
<keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>: Fashion e-tailing on a roll, but for how long? 
Shun the incremental and go for the leap, said Jack Welch of GE. And if there’s one online retailer in the fashion and lifestyle segment that has literally fallen for this mandate, it’s Jabong.com, the dark horse in the fiercely competitive Indian e-commerce space. In less than 20 months, the Rocket Internet-backed venture has banged into the top rung – the third most-visited online shopping site after Myntra.com and Flipkart.com, according to a recent report by comScore. Reasons for such eyeballs? Huge inventory, aggressive marketing, speedy delivery and best-in-class customer care (including third-party logistics services). The deep pockets of the Samwer brothers help it burn the cash left, right and centre, and around 50-60% of its sales are coming from small towns, its founder, Arun Chandra Mohan, said in a recent media interaction. 
 
Road ahead: Could be bleak, going by Rocket’s reputation of creating hype and disposing its assets at the earliest. Jabong claims to do around 14,000 orders a day (average ticket size not disclosed), but it is yet to hit profitability. The company is said to be experimenting with private labels, but does not seem to be pushing it big time in spite of potential big margins. Moreover, just like Flipkart, Jabong has also handed out the pink slips. At the end of the day, it has to find a viable business model and we hope that the third-party logistics can bring in some hard cash as e-tailing spreads across the country. 
 
If consolidation happens: A takeover bid, either by Myntra or by Flipkart, will definitely put the bidder on the top. However, Flipkart is an unlikely candidate as its late initiative to enter fashion and lifestyle space is yet to gain traction and scale. Of course, it is not lacking in funds, but considering that the firm has already launched a marketplace in April this year and facing some stiff competition from Amazon India and other desi e-com marketplaces, will it really invest in an inventory-led model? Myntra, on the other hand, could be game if it is seriously considering a No. 1 slot. Interestingly, Bangalore-based Myntra is one of the heaviest funded players in the e-commerce space and has raised around $64 million till date. It has also made some interesting acquisitions and a shot at a competitor might not be unlikely. 
 
Just Zomato it: You can’t find a spicier chunk of food business 
Is this online restaurant guide doing a Jabong in terms of fast and furious growth? Well, apparently, going by the latest report card. Just five years into the business, this Gurgaon-based firm has expanded to 28 cities across 8 countries (India, the UAE, Qatar, Sri Lanka, the UK, the Philippines, South Africa and New Zealand) – with listings of over 1,18,000 restaurants and 15 million monthly users (web and mobile). And it all happened because founder Deepinder Goyal, while working for Bain &amp; Co. in Delhi, decided to do something about easy access to food joints, rather than stomaching an overcrowded office cafeteria or flying blind to find nearby eateries. 
 
Zomato’s USP is its user-generated reviews (pretty stringent, going by the new parameters set up not too long ago). Moneywise, it is pretty well-funded. Info Edge (India) Ltd, which runs a string of consumer internet portals including the coveted job listing site Naukri.com, is the majority stakeholder in Zomato and invested around Rs 86.06 crore in the company. 
 
Road ahead: Next destinations are Brazil and Turkey, to say nothing of the recent tie-up it had with UK-based toptables for restaurant booking in London, Manchester and Birmingham. And for a change, this start-up has reached break-even in India and Dubai could be next on the cards. As of now, revenues roll in via ads, event ticketing and restaurant booking. 
 
If consolidation happens: If you are not on Zomato, you are not really there – that’s how the saying goes for restaurants. So the next logical step is to expand into restaurant booking (it has already done it in the UK) and online food ordering. Zomato has reportedly declined such expansion plans in India, but going by JustDial’s latest foray into the online food ordering space, a look at Foodpanda (India), a food ordering platform backed by Rocket Internet, or other homegrown restaurant reservation sites like TableGrabber.com, Dineout.co.in, PoshVine.com and Tablewalla.com may just work out well for Zomato.

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