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

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

Hello, everyone! Welcome to the new edition of <keyword id="9095853" type="UNKNOWN" weightage="60" keywordseo="insider-today">Insider Today</keyword>. Please <a href="https://www.insider.com/insider-today">sign up here</a>.<h2>QUOTE OF THE DAY</h2>"It was positive for me." — <a href="https://www.businessinsider.com/brazilian-president-jair-bolsonaro-tests-positive-for-covid-19-2020-7">Brazil's President Jair Bolsonaro</a> announcing he has tested positive for <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>, after months of flouting public health recommendations, rejecting masks, and doubting the seriousness of the pandemic.<h2>WHAT'S HAPPENING</h2><ul><li><a href="https://www.nytimes.com/2020/07/07/us/politics/mary-trump-book.html">Donald Trump paid someone to take the SAT for him.</a> That's one of the allegations in Mary Trump's book about her uncle. She also says Fred Trump emotionally brutalized his children, helping turn Donald into a monster.</li><li><a href="https://www.washingtonpost.com/education/2020/07/06/florida-orders-schools-reopen-fall-even-virus-cases-soar/">Florida orders schools to reopen in the fall.</a> Even with virus cases surging, the state education commissioner ordered all public and charter schools to provide in-person classroom instruction.</li><li><a href="https://www.businessinsider.com/recurring-stimulus-checks-top-economists-pandemic-coronavirus-economic-recovery-2020-7">Top economists call for another round of stimulus checks.</a> 156 of them signed a letter saying millions need direct-cash payments to stay afloat. Senate Majority Leader Mitch McConnell also supports another pre-election stimulus and so does President Trump. </li><li><a href="https://www.businessinsider.com/pompeo-says-us-certainly-considering-banning-tiktok-fox-news-2020-7">Pompeo says US is considering banning TikTok.</a> He warns that the Chinese company could be vacuuming up Americans' private data and giving it to the Chinese government. </li><li><a href="https://www.businessinsider.in/international/news/ice-says-international-students-taking-online-courses-have-to-transfer-or-leave-the-us-as-dozens-of-schools-shift-to-remote-learning-in-response-to-covid-19/articleshow/76824683.cms">ICE will ban international students if their colleges switch to online classes.</a> The order causes enormous difficulties for international students, who must now scramble to find other schools that will take them, and universities, which depend heavily on their tuition.</li></ul><h2>VIEWS OF THE DAY<div type="image" title="Treasury Secretary Steven Mnuchin speaks as U.S. President Donald Trump and White House senior adviser Ivanka Trump listen during an East Room event highlighting Paycheck Protection Program (PPP) loans for small businesses adversely affected by the coronavirus disease (COVID-19) outbreak, at the White House in Washington, U.S., April 28, 2020. REUTERS/Carlos Barria" height="1443" width="2885" msid="76842765" hostid="261"></div></h2>Enough moralizing about companies that accepted the government's emergency loans.The US government finally released some details about the distribution of its emergency "Paycheck Protection Program" — specifically, which companies it gave money to and how much. This disclosure is good: The <keyword id="6361580" type="ORGANIZATION" weightage="60" keywordseo="ppp">PPP</keyword> is taxpayer money, and taxpayers have a right to know where it went.But the disclosure has also triggered a wave of moralizing about which companies accepted the loans and whether they should have or not. Some companies weren't deserving of the money, the complainers say, either because they're owned by rich people or because they weren't as badly off as other companies. So they shouldn't have accepted it.This moralizing is unfair and silly.The PPP was designed to reduce the number of people laid off as a result of the pandemic and lockdowns. It did that. You can quibble with the design and execution of the program — it might have been better for the government to just pay a portion of employees' salaries for a while, for example, as <a href="https://www.weforum.org/agenda/2020/03/sunak-unveils-support-for-workers-self-employed">some governments in Europe did</a>. The rollout of the program could have been smoother and fairer, including with more stringent means-testing. Those complaining that companies owned by "billionaires" got funding should consider that the companies might still have chosen to fire people had they not been eligible.But bashing companies for taking money and maintaining their payrolls misses the point of the program.If the government had not doled out about <a href="https://www.jdsupra.com/legalnews/ppp-loan-statistics-through-june-6-2020-45420/">$500 billion to 4.5 million US businesses</a>, the already horrific layoffs in the US would have been far worse. The program was explicitly designed to give companies the incentive and means not to fire people, and it did that. Stop blaming companies for doing what the government wanted them to do. — HB<div type="image" title="Amy cooper" height="685" width="1369" msid="76842769" hostid="261"></div>Amy Cooper shouldn't go to jail.Amy Cooper has been <a href="https://www.nytimes.com/2020/07/06/nyregion/amy-cooper-false-report-charge.html?surface=most-popular&amp;fellback=false&amp;req_id=252042238&amp;algo=top_conversion&amp;imp_id=314206685&amp;action=click&amp;module=Most%20Popular&amp;pgtype=Homepage0Popular&amp;pgtype=Homepage">charged with filing a false report</a>, a misdemeanor that could cost her a year in jail. You know that Amy Cooper is the Central Park dogwalker who called the cops on a Black birdwatcher, and the fact that we don't need to explain that is why she shouldn't be criminally charged. What Amy Cooper did was despicable, and could easily have endangered the life and freedom of birdwatcher Christian Cooper. She absolutely should be punished. And she has been punished, as this <a href="https://twitter.com/jduffyrice/status/1280213555745259520">thread from the brilliant Josie Duffy-Rice</a> explains. Amy Cooper lost her job, her anonymity, and her reputation. Unless she invents a COVID vaccine, that 60 seconds in Central Park will be the first line of her obituary. The American carceral system is a catastrophe, and we should aspire to keep people out of it. If wrongdoers can be punished with public shame and economic consequences, that should satisfy us. Sending Amy Cooper to jail is punitive. It won't do society any good. Her public humiliation already taught us the lesson we needed to learn. — DPPresident Trump is losing the culture war. Does the President of the United States disavow the flag honoring a rebellion against the government he runs, a flag now abandoned by even NASCAR and the state of Mississippi? <a href="https://www.businessinsider.com/kayleigh-mcenany-trump-confederate-flag-nascar-briefing-bubba-wallace-2020-7">His press secretary cannot say.</a> The president, who seems uninterested in doing anything about the pandemic engulfing the nation, has become very interested in racial grievance. From his Mount Rushmore speech to his tweets about Black NASCAR driver Bubba Wallace, the president is trying to agitate his base with racial grievance.He's doing this for two reasons. He's convinced it will help him win re-election, since the strategy worked in 2016. As importantly, he clearly enjoys it. If there's any consistency to Trump over the past five years, it's that he takes such glee in fomenting division, especially racial division. But maybe it won't work this time. The broader American public <a href="https://www.vox.com/2020/7/5/21313762/trump-mount-rushmore-speech-independence-day">increasingly values the Black Lives Matter movement</a>. Also important is what <a href="https://www.nytimes.com/2020/07/07/opinion/trump-mount-rushmore-culture-war.html">columnist Jamelle Bouie notes</a> today, which is that white Americans are comfortable voting for racial grievance when they feel economically secure, but demand competence and calm during a crisis. (As Bouie recalls, Sarah Palin's thrilling proto-Trumpism failed badly in 2008 in the face of a global economic collapse.) Almost no one wants a <a href="https://www.businessinsider.com/culture-war-fighting-politics-healthy-dehumanizing-evil-centrism-bipartisan-2020-7">culture war</a> when the economy is collapsing and a pandemic is raging. Most people long for a steady hand and a plan. Donald Trump has neither. — DPPolitically diverse writers and artists co-sign a letter in support of "The free exchange of information and ideas."Harper's magazine today published "<a href="https://harpers.org/a-letter-on-justice-and-open-debate/">A Letter on Justice and Open Debate</a>," co-signed by over 140 writers, artists, and luminaries of impressively-diverse <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">politics</keyword>.Their message is an affirmation of the "need to preserve the possibility of good-faith disagreement without dire professional consequences." Essentially, that provocative, even unpopular opinions and arguments shouldn't lead to career cancellations. The co-signers express their support for the "Powerful protests for racial and social justice" that "are leading to overdue demands for police reform, along with wider calls for greater equality and inclusion across our society." But, they caution, "this needed reckoning has also intensified a new set of moral attitudes and political commitments that tend to weaken our norms of open debate and toleration of differences in favor of ideological conformity."Citing recent examples: "Editors are fired for running controversial pieces; books are withdrawn for alleged inauthenticity; journalists are barred from writing on certain topics; professors are investigated for quoting works of literature in class; a researcher is fired for circulating a peer-reviewed academic study; and the heads of organizations are ousted for what are sometimes just clumsy mistakes."The letter calls out Trump and "the radical right" as genuine threats to free speech and democracy, but also warns of a growing culture of "an intolerance of opposing views, a vogue for public shaming and ostracism, and the tendency to dissolve complex policy issues in a blinding moral certainty."Among the broadly-defined "left" co-signers are socialist academic and author Noam Chomsky, Vox co-founder Matt Yglesias, The Nation's Jeet Heer, and New York Times columnist Michelle Goldberg.Of the center, right, and undefinable include New York Times columnists David Brooks and Bari Weiss, New York magazine political reporter Olivia Nuzzi, and chess champion and Russian dissident Garry Kasparov.Artists such as legendary jazz musician Wynton Marsalis, "Harry Potter" author J.K. Rowling, "Handmaid's Tale" author Margaret Atwood, and Salman Rushdie — who spent a decade on the run because Iran's theocratic government <a href="https://www.nytimes.com/2012/10/14/books/review/joseph-anton-a-memoir-by-salman-rushdie.html">ordered him killed over a novel he wrote</a> — also co-signed. - Anthony FisherIt's Groundhog Day. "<a href="https://www.nytimes.com/2020/07/07/world/coronavirus-updates.html?action=click&amp;module=Top%20Stories&amp;pgtype=HomepageHomepage">Demand for Testing Soars in U.S., Creating a New Crisis</a>" — July 7. "<a href="https://www.pewtrusts.org/en/research-and-analysis/articles/2020/05/01/coronavirus-testing-delays-in-the-united-states-what-happened">Coronavirus Testing Delays in the United States: What Happened?</a>" — May 1<a href="https://www.nytimes.com/2020/04/06/health/coronavirus-testing-us.html">"Despite Promises, Testing Delays Leave Americans 'Flying Blind'"</a> — April 6"<a href="https://www.politico.com/news/2020/03/10/coronavirus-testing-lab-materials-shortage-125212">U.S. coronavirus testing threatened by shortage of critical lab materials.</a>" — March 10The US tests too few people, delivers test results too slowly, doesn't sample-test throughout the population, and lacks essential testing supplies. That was true in March, and it's true today. Four months, and we've solved nothing. — DP<div type="image" title="Hong Kong" height="1304" width="1739" msid="76842772" hostid="261"></div>And just like that, Hong Kong is slipping behind the digital iron curtain.There were some in the <a href="https://www.nytimes.com/2020/06/30/business/china-hong-kong-security-law-business.html?referringSource=articleShare">business community who did not fear</a> China's new Hong Kong security law. They felt that the law would stop the protests that have ravaged Hong Kong's economy, at least that's what they said in public.Now, though, it seems clear that even Hong Kong's internet is going to look more like the internet on the Chinese mainland. Authorities have informed companies like Google and Facebook that they need to take down posts, or turn in data about customers. <a href="https://t.co/DFZ1bAbX2q">So far Facebook and WhatsApp</a> have paused sending any information to authorities. Google refused to take down posts. According to the law, their employees could be arrested if they don't comply. China's internet is famous for its surveillance and self-censorship, for being a place where netizens are forced to speak in code to criticize the government. Hong Kongers have already started picking up that double speak to protect themselves, and it's unclear how long US internet companies will stick around to be a party to repressive activity they don't support on the mainland. As Hong Kong slips behind the digital iron curtain, they may exit stage left. — Linette Lopez<h2>BUSINESS &amp; ECONOMY</h2>The economic recovery is stalling as the coronavirus resurges.The health crisis and economic crisis are largely one and the same. The "lockdowns" of the spring exacerbated the economic impact of the pandemic, but most of the decline has been the result of people sensibly taking precautions to avoid getting sick. Our economy won't fully recover until we get the coronavirus under control. Not surprisingly, therefore, as the coronavirus resurges, the economic recovery is stalling or rolling over. Two charts from <a href="https://www.calculatedriskblog.com/2020/07/six-high-frequency-indicators-for.html">Bill McBride at Calculated Risk</a>:Diners: <div type="image" title="Calculated Risk diners" height="337" width="449" msid="76842775" hostid="261"></div>Commercial <a href="https://www.calculatedriskblog.com/2020/07/six-high-frequency-indicators-for.html">air travelers</a>:<div type="image" title="calculated risk commerical air travelers" height="336" width="448" msid="76842776" hostid="261"></div>Calculated Risk has similar charts showing other real-time economic indicators. <a href="https://4.bp.blogspot.com/-dU6rKWOLLOQ/XwITNmJRZvI/AAAAAAAA1Vo/bvs0VhqgiWkWNv2tTOE1ISxIwN8_FChbACLcBGAsYHQ/s1600/MovieJuly52020.PNG">Movie theater attendance</a>, one of the worst, is still flat-lined near zero. <a href="https://3.bp.blogspot.com/-tjshYKNZuXM/Xv4m-0cNIeI/AAAAAAAA1Us/Qjm1oJq2qro4KRo6x-8MIxM6SVlG8lQjwCLcBGAsYHQ/s1600/HotelJuly22020.PNG">Hotel occupancy </a>is doing relatively well, at about half of normal. <a href="https://4.bp.blogspot.com/-PQhuG8rqvIs/XwIUIe3--gI/AAAAAAAA1Vw/0fYBhoT3yDs7-jEfRVCbmV-NqvdFv7FpACLcBGAsYHQ/s1600/GasolineJune262020.PNG">Gasoline consumption</a> has recovered to about 90% of normal. Even when we can't really "travel," Americans still love to drive. — HBPalantir has filed paperwork for an IPO. <a href="https://www.businessinsider.com/palantir-ice-explainer-data-startup-2019-7">Here's how the secretive big-data company cofounded by Peter Thiel makes its money</a>.<a href="https://www.businessinsider.com/top-25-industries-bailed-out-by-federal-ppp-loans-jobs-2020-7">The top 25 industries bailed out by PPP loans</a>. Insider crunched the numbers on nearly 5 million loans. <h2>LIFE<div type="image" title="Trump Epstein" height="1500" width="2000" msid="76842780" hostid="261"></div></h2><a href="https://www.businessinsider.com/search-jeffrey-epsteins-little-black-book-for-the-first-time-2020-7">Search Jeffrey Epstein's black book.</a> There are 1.510 names in it, and Insider made a searchable list. <h2>THE BIG 3*</h2><div type="image" title="markle harry" height="1332" width="1776" msid="76842783" hostid="261"></div><a href="https://www.businessinsider.com/coronavirus-antibodies-study-herd-immunity-unachievable-spain-2020-7">Coronavirus antibodies disappear in some patients</a>. A huge Spanish study found that some people who tested positive for the virus tested negative for antibodies just weeks later, suggesting immunity is incomplete and herd immunity may be impossible. <a href="https://www.insider.com/prince-william-prince-harry-formally-cut-ties-princess-diana-fund-2020-7">Prince William and Prince Harry formally cut ties with Princess Diana's Memorial Fund</a>. Harry will put his half into a charity of his choice, while William's half will go into a royal foundation. <a href="https://www.insider.com/things-in-your-bathroom-to-get-rid-of-according-to-interior-designers">13 things in your bathroom you should get rid of.</a> Insider asked interior designers, who said dump the extra bathmats, soap bars on the sink, small mirrors, among other items. *The most popular stories on Insider today.

Stop trying to shame companies that took PPP loans

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

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

The shadowy new way employees are cheating their way to the top

<ul><li><keyword id="104695" type="General" weightage="20" keywordseo="Qualcomm" source="Orion">Qualcomm</keyword> has launched the <keyword id="16594090" type="General" weightage="100" keywordseo="Snapdragon-8-Gen-3" source="Orion">Snapdragon 8 Gen 3</keyword>, the company’s latest flagship mobile platform.</li><li>The new mobile platform offers improvements of up to 30% for CPU performance and 25% for GPU performance.</li><li>The Snapdragon 8 Gen 3 also brings on-device generative AI capabilities for the chipset.</li></ul> Chipmaker Qualcomm has announced the company’s next flagship mobile platform, the Snapdragon 8 Gen 3 at the Qualcomm Snapdragon Tech Summit 2023. The company also announced the Snapdragon X Elite chipset for PCs and S7 and S7 Pro Gen 1 sound platforms at the summit. The main highlight of the event was the <keyword id="19258472" type="General" weightage="80" keywordseo="Snapdragon-8-Gen-3-chipset" source="Orion">Snapdragon 8 Gen 3 chipset</keyword>, which will be used for the next-gen flagship smartphones by companies like Samsung, OnePlus, Xiaomi and more. Smartphone makers have already started lining up the launch of their smartphones, with the Xiaomi 14 series to be the first. <cmsannotation type="cmsannotation" annotationid="Snapdragon 8 Gen 3 specifications" comment="subhead" text="Snapdragon 8 Gen 3 specifications">Snapdragon 8 Gen 3 specifications</cmsannotation> The Snapdragon 8 Gen 3 is the successor of the<a href="https://www.businessinsider.in/tech/news/qualcomm-snapdragon-tech-summit-2022-snapdragon-8-gen-2-oryon-cpu-ar2-gen-1-platform-and-other-announcements/articleshow/95581109.cms"> Snapdragon 8 Gen 2</a> and comes with several improvements. The Snapdragon 8 Gen 3 chipset is powered by a new Kryo CPU with five gold processors that claim to offer 30% improved performance over its predecessor, along with 20% improved power efficiency. The Snapdragon 8 Gen 3 is equipped with a prime core that runs at 3.3 GHz, five performance cores at 3.2 GHz and two efficiency cores at 2.3 GHz. It’s not just the CPU that has received a boost. The Qualcomm <keyword id="12647199" type="General" weightage="80" keywordseo="adreno-gpu" source="Orion">Adreno GPU</keyword> has also been improved, offering 25% faster performance, with 25% improved battery efficiency. The GPU will also offer 1Hz variable refresh rate support, for lower power display modes. <cmsannotation type="cmsannotation" annotationid="Boost for gamers" comment="subhead" text="Boost for gamers">Boost for gamers</cmsannotation> In good news for gamers, the GPU is claimed to offer 40% improved ray tracing, which is beginning to be added to premium smartphone games. The Snapdragon 8 Gen 3 is equipped with the Snapdragon Elite Gaming suite, offering features such as life-like multi-source lighting with hardware-accelerated ray tracing, a first for mobile gaming. It also supports up to 240 FPS on 240 Hz displays, which may be utilised by gaming phones. The Snapdragon Game Super Resolution will enable upscaling game scenes up to 8K external displays. <cmsannotation type="cmsannotation" annotationid="AI gets a boost" comment="subhead" text="AI gets a boost">AI gets a boost</cmsannotation> The Snapdragon 8 Gen 3 mobile platform, the company claims is its first mobile platform meticulously designed with generative AI in mind. The chipset comes with the Qualcomm AI engine, which is the first AI engine to support multi-modal generative AI models, including large language models (LLM), language vision models (LVM), and more. <cmsannotation type="cmsannotation" annotationid="What is generative AI?" comment="subhead" text="What is generative AI?">What is generative AI?</cmsannotation> Generative AI is a type of technology that can create new and original content, such as text, images, videos and more. It does this by learning patterns from existing data, then using this knowledge to generate new and unique outputs. It works by using a variety of machine learning techniques, including deep learning, neural networks, and reinforcement learning. The Snapdragon 8 Gen 3 supports a chatbot trained on Meta’s Llama 2. This chatbot can accept voice, text and images as inputs and can talk back to users in addition to generating text and images. The chipset supports <keyword id="15744151" type="General" weightage="50" keywordseo="stable-diffusion" source="Orion">Stable Diffusion</keyword>, which enables you to generate images in less than a second. “This platform unlocks a new era of generative AI enabling users to generate unique content, help with productivity, and other breakthrough use cases,” said Chris Patrick, senior vice president and general manager of mobile handsets, Qualcomm Technologies. <cmsannotation type="cmsannotation" annotationid="Qualcomm Sensing Hub" comment="subhead" text="Qualcomm Sensing Hub">Qualcomm Sensing Hub</cmsannotation> The Snapdragon 8 Gen 3 chipset is also equipped with the Qualcomm Sensing Hub, which provides information to the AI engine. The hub will also provide information such as your age, location, fitness level and your favourite activities to the AI engine, enabling personalised responses. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms">How to use two WhatsApp accounts on one phone? A step by step guide</a> <a href="https://www.businessinsider.in/tech/news/google-pay-everything-you-need-to-know-about-googles-new-credit-offerings/articleshow/104573817.cms">Google for India – Sachet loans to credit on UPI, tech giant bets on lending</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-foldable-launched-in-india-as-an-affordable-alternative-to-samsung-galaxy-z-fold-5/articleshow/104560947.cms">OnePlus Open foldable launched in India as an 'affordable' alternative to Samsung Galaxy Z Fold 5</a>

Android smartphones to get more generative AI features with this new Qualcomm chipset

<keyword id="99389" type="General" weightage="20" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword> Limited (<keyword id="28423" type="DOMAIN" weightage="100" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="100" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Wednesday said it has further repaid USD 400 million of loans, cutting gross debt to USD 6.4 billion. In a statement, the firm helmed by billionaire <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> said it "has paid all its maturing loans and bonds due in May and June 2023.. "As such, gross debt has further reduced to USD 6.4 billion, a USD 3.3 billion reduction since Vedanta announced its deleveraging ambition in March 2022," it said. CreditSights, a Fitch Group firm, had last week stated that it saw lower refinancing risk for Vedanta Resources Ltd's (VRL) near-term debt maturities on a new USD 850 million loan refinancing. "Looking ahead, while we estimate more funds need to be raised to fully fund VRL's estimated USD 2.1 billion of FY24 (April 2023 to March 2024 fiscal year) debt refinancing needs (USD 850 million covered, implying a gap of USD 1.25 billion), we think VRL still has multiple funding avenues to tap onto. These include share pledges and dividend upstreaming," it had said. The firm had last on April 24 stated that it had cut gross debt to USD 6.8 billion after repayments. "Vedanta is targeting further debt reduction during the balance of FY24, and ultimately intends to lower gross debt towards zero," the company statement said Wednesday. "This will be aided by our expectations of robust demand, particularly in India, coupled with strong operational performance from our world-class asset base.. Vedanta's gross debt as of today stands at USD 6.4 billion, down from USD 6.8 billion at the end of April 2023, USD 7.8 billion at the end of March 2023, and USD 9.7 billion at the end of March 2022. It however did not indicate a timeline for reaching zero gross debt. "We remain aware of refinancing risk on VRL's USD 4.1 billion debts due in FY24, for which VRL will likely have to rely heavily on external fundraising for a USD 2.1 billion refinancing and an additional USD 950 million to plug a funding gap. "At this point, we would still lean towards VRL being successful at tying up its USD 2.1 billion of fundraising, given VRL's track record of 'going to the brink and succeeding', recent debt reductions, recent fresh fundraising efforts and that we think various alternative funding channels remain open for VRL, despite the tighter bank funding conditions," CreditSight had said. These avenues include pledging of promoter stake in the main operating company Vedanta Ltd and further dividend upstreaming from operating companies. "We also think VRL's timely debt repayments thus far and recent refinancing progress could support lending sentiment," it had said. "We caution of execution risk: VRL's refinancing of the USD 1-1.25 billion loan is not finalised yet and a lack of progress, a failure of refinancing talks, or its inability to tie up the loan for late-FY24 pose downside risks to our recommendation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fintech-unicorn-taxfix-lays-off-120-employees-to-cut-costs/articleshow/100646092.cms">Fintech unicorn Taxfix lays off 120 employees to cut costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-metro-launches-whatsapp-based-ticketing-service-on-airport-line/articleshow/100646250.cms">Delhi Metro launches WhatsApp-based ticketing service on Airport Line</a>

Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

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

ED allows WazirX to use bank accounts frozen after raids

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

Wall Street: WhoopsApp

<ul><li>The <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> judge says gatekeepers of the app ecosystem – Apple and <keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> – are the new East India Company and they operate with complete arrogance and impunity.</li><li>Just as startup founders are coming under pressure, venture capitalists and auditors too need to be held accountable for their behaviour.</li><li><keyword id="20225195" type="General" weightage="20" keywordseo="shark-tank" source="keywords">Shark Tank</keyword> India has become a catalyst for driving entrepreneurship and giving it legitimacy. </li></ul> <keyword id="127971" type="General" weightage="100" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> is India’s original internet entrepreneur, who is the founder and CEO of People Group. Way before platform economy became a buzzword, Mittal built a platform for Indians seeking life partners. And even today one million Indians find their partners on shaadi.com every year. Call him the OG of startups or a serial entrepreneur, he is a man who does not mince words. In a free wheeling chat with Business Insider’s Malini Bhupta, Mittal talks about unfair trade practices of Google, his investment in Ola’s Bhavish Aggarwal and what he thinks is the biggest achievement of Shark Tank India. Edited Excerpts: With some high profile startups like Paytm and Byju’s coming under lens, what do you think is wrong with the startup ecosystem? I think the Paytm issue is a little different. There are two issues there in my view – one is valuation. The company came out with its IPO at the height of the unicorn boom and as a result, their valuation was corrected when the pvt. market corrected. This is part of the pricing game and one can hardly blame them for it. Eventually, they would have grown into their valuation is what I believe. However, the second issue which is regulatory in nature is far more serious. Whether it is justified or not I don’t know. I think there is a little heavy-handedness here as what you are talking about is a payments bank KYC stuff being the reason to shut them down, which could be seen as over-reach since they are not a significantly important lending institution. Talking about what is wrong with India’s ecosystem and why founders are behaving badly is a common issue that occurs when there are high levels of greed. When there is massive liquidity in the system people think they can take advantage of the situation. In the US you have seen Theranos, crypto frauds and an industry that was created around SPACs. Billions of dollars have been lost on that. What is happening in India is a small reflection of that. Greed manifests in two ways – one is the founders who are ambitious who see the ecosystem celebrating unicorns and that gets weaponised. Over time a few start with minor refractions and very soon they start fabricating revenues and manipulating auditors to keep up with the image that has been created. They are riding tigers they can't get off. The venture capitalists too want to see their investments being marked up as their future fund raises depend on the portfolio's net asset value and so they play along and at times actually drive the founders at a velocity that is unsustainable. I think they need to be held accountable by their LPs. Auditors have a very important role here and are perhaps the ones who need to pay the highest price through government censures. They are market participants who have been entrusted with a certain job for which they get paid hefty fees. When they start looking the other way, the system breaks. You have been waging a pitched battle against the unfair trade practices of Big Tech companies in India. What, in your view, are the steps that need to be taken by the government to prevent such unfair practices by large global players? Fundamentally the experience of the internet is through apps – two companies control the entire app ecosystem Google and Apple. Both operate with complete impunity. Two years ago the CCI passed an order against Google around <keyword id="963171" type="General" weightage="20" keywordseo="google-play" source="Orion">Google Play</keyword> Billing System (GPBS). Now they have changed the name to User Choice Billing. If you look at the order CCI says there will be no discrimination at all. Being on the App Store means nothing unless you advertise on Play Store. Startups spend anywhere between 10-50% of revenue on advertising on these platforms already. Essentially, the app store is worth nothing if you don’t have content. What choice does a company have but to adhere to their unfair practices… Now they say that any transaction that happens on apps downloaded via the store will be subject to 15-30% tax/commissions. What this means is that they want 50% of the revenues of the startups. It is the new East India Company and they operate with complete arrogance and impunity. The problem is in getting these companies to comply. Their strategy is to stretch out the legal process and tire the system. Our government and regulators have the right intent but sometimes democracies are messy. As a government, we have to ensure that nobody becomes the gatekeeper to our economy which is what these companies are trying to do. There should be penal provisions for anybody who abuses the law or twists and turns it while violating the very spirit of it. Non-compliance with judicial orders is contempt of court and so there is an opportunity to send a very strong message. These bullies need one arm chopped off in the form of penalties, a rap on the knuckles will not work as they are too big to care about a couple of hundred million in penalties. What is the biggest achievement of Shark Tank, which has now become a huge hit in India? In life timing is everything. Shark Tank’s first season was in December 2021, which was the peak of the startup hype cycle, and it demystified the whole conversation around startups and funding. Shark Tank has become a catalyst for driving entrepreneurship and giving it legitimacy. India is a land of entrepreneurs with every second person running some small business, many from home. A decade ago, if you told someone you are an entrepreneur, you would be told to come back when you get serious. The show has played an amazing role in celebrating entrepreneurship and the startup ecosystem. A lot of companies have done very well. About 8-10 companies that got funded in Shark Tank are doing very well out of 180 companies that came to the show. This is an early stage game and will play out the same way. When you invest in 100 early stage companies, 4-5 will do very well and help recover the investments and some will become very big. A majority will fail. What I found amazing was that the companies that came to the show were not the elites who came from IIT or IIM. These are small businesses founded by housewives and family members. Entrepreneurship is not the reserve of the few. The next decade will be defined by Indian entrepreneurs globally and so there is no better time to be an entrepreneur than now. Shark Tank has put belief in every Indian that they can do it and that changes the game. Many of the founders that come to Shark Tank can do even better than the founders who have come from an IIT or an IIM. I believe that these people understand commerce and ‘dhandha’. The elitist founders are used to being served everything on a platter. Many professionals who come out of large companies or consulting firms cannot start without large funding. Out of the 100 unicorns we have, many will spectacularly fail in 2024 as they were built on the wrong foundations. These companies were built on a template of Ivy League founders and old school networks and so they got funded. Of the businesses that come to Shark Tank, what sectors can do well and stand a better chance of being funded? Indians now have the same aspirations as people in other parts of the world. Anybody who comes in and can bridge the gap between aspiration and affordability will do well especially in lifestyle. For example - Companies in the clothing and jewellery space will do well if they can deliver high aspiration at a value pricing. Last year a company called Snitch came with a revenue of Rs 60 crore and is now doing Rs 250 crore in sales. A company called Skippy, which makes ice pops was funded on Shark Tank too and has a run rate of Rs 50 crore from a few lakhs before ST. I funded a company called Sharmaji Ka Atta which has a revenue run rate of Rs 20 lakh a month in less than 12 months from less than 1 lakh. Another one called Whatsapp Wellness just got funded by HUL. Fundamentally, companies that can build premium products but don’t break the bank on affordability in categories like fashion, lifestyle and food will do well. People read labels now and the young generation is focused on what they are eating. Beauty and wellness products will do well as a secular trend for most of our history Lakme meant beauty, that’s how unbranded we were. Do you feel Shaadi.com is still relevant after Tinder and other dating apps came about? Let’s understand why Tinder is used, it is for hookups and is struggling to grow its revenue in India. Shaadi.com is not an arranged marriage platform. Shaadi.com is a planned marriage platform. Indian culture has four stages of life and marriage is one of the life stages. When you are planning to marry you look for compatibility and it is not about a chemical reaction. On Shaadi.com the family and parents collaborate to find a partner. The old community networks are now dying and we replace those networks. We are bringing together people in the same life stage to find a like-minded partner. The hook-up sites don’t do that and don't understand the Indian ethos. They are applying the same global model to India which does not work beyond a certain point. You were the original internet entrepreneur with a disruptive product. Why did you not create a large business that went on to become a decacorn or a unicorn? It depends on how you define success. If the definition is labels such as decacorn and unicorn, then that's not the game we are playing. Those are vanity labels that I would rather not pursue. Our definition of success is value creation and we are long-term compounders, much like Berkshire &amp; LVMH, so in a sense our ‘overnight’ success story is still waiting to become obvious to the world. From that lens, our ROCE is perhaps the best in the industry we have only ever raised about $20 mn but created several billion in value between our operated and invested cos. Our investee companies employ thousands, have raised over $20 bn and will go on to create $100 bn in value over time, in the bargain generating tremendous wealth for the country and hopefully for us too. We boast an IRR of 52% consistently for more than a decade which is extraordinary by any standards and a testament to our approach and story. Many people build businesses but we were fortunate to create entire industries such as online matchmaking via Shaadi.com, which we still run; proptech company Makaan.com which we sold to NewsCorp very handsomely; India’s first &amp; still the largest digital ad agency, Interactive Avenues, which we sold to IPG at a benchmark price that is yet to be crossed; India’s first mobile gaming company, Mauj Mobile which spawned a massive industry. So, whether it is our customers, employees, shareholders, the country or society at large, I think we have already impacted 10s of millions and while we don’t have a market listed entity like Jio or TCS to show for it, we have delivered massive national and global level impact. Keep in mind that we are most often the first to check into investee cost and every company we have founded has been the first in its industry. Our innovations have generated billions of dollars in wealth and given rise to innumerable founders and entrepreneurs who have learnt at our companies and gone on to build massive companies of their own. Further, I am still very young and the Indian opportunity is only now unfolding. In the next couple of years, you will see some of our other bets in space exploration, mobility real edtech, &amp; sustainable fintech come into the limelight besides something very special we are building on our own. So, in short, I still remain the OG and if you force me to use your labels we have birthed not one or two but several Unicorns &amp; Decacorns and that too with very limited capital. It is perhaps one of the most spectacular untold stories of value creation in the digital economy. Ola is one company that is headed for an IPO and you own 2% in the company. How did that happen? When we invested in Ola, there was not much of a concept of venture funding and the company did not have any suitors so we were able to get in at a very attractive valuation and hold an extremely healthy minority stake which obviously has been diluted over time. I think the network effects are so large that it is hard for others to get into it. I am still a shareholder and looking forward to the initial public offering. I invested in 2012 and when I met Bhavish first, I did not understand the problem he was solving as I live in Mumbai where cabs are available. So I did not think there was a problem. A few days later when I was in Delhi and needed a cab, I was told that they would call a taxi stand. After I came back from Delhi, I realised there was a problem everywhere. And I used to call the call centre and Bhavish used to answer the call centre, which showed me his commitment and reminded me of myself when I had started and so I invested.

Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

<keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword>'s once booming real estate sector and a pillar of economic growth is rapidly losing its sheen with prices of new homes in several major cities nosediving. This could dent China's economic recovery at a time when it is just coming out of the stringent Covid 19 lockdown shock. Real estate sector accounts for about 30 per cent of China's GDP. In June the average prices of new homes declined by 0.5 per cent year-on-year, following a 0.1 per cent drop a month earlier, data website <keyword id="13040067" type="General" weightage="50" keywordseo="trading-economics" source="Orion">Trading Economics</keyword> revealed. The problem is deep rooted. The non payment would impact the country's banking industry as the non-performing assets will pile up further. The shadow banking sector, which includes trust companies and is an important funding source for Chinese developers, will be hurt as well, <keyword id="608422" type="General" weightage="50" keywordseo="peterson-institute-for-international-economics" source="Orion">Peterson Institute for International Economics</keyword> (PIIE) said in a blog. Though Beijing has started firefighting to stabilise the situation by asking banks to ease lending for property developers, confidence among home buyers is at its lowest. The authorities are even looking at carving out a scheme facilitating a freeze of mortgage payment by homebuyers who have not been handed over the apartments. "There is a real crisis-like situation in China and the authorities are aware of this. They are taking all measures required to address this. But we will have to wait and watch to understand how things take shape in the coming months," a person engaged with the education sector in China told <keyword id="14220074" type="General" weightage="50" keywordseo="india-narrative" source="Orion">India Narrative</keyword>. The crumbling of real estate behemoths <keyword id="3283111" type="General" weightage="50" keywordseo="evergrande-group" source="Orion">Evergrande Group</keyword> last year and subsequently the fall of several other property giants have shaken up the market. Prices of new homes have been steadily falling for the last one year. While the demand for new homes, considered one of the safest investment options for the Chinese, have been surging until last year, developers continued to increase their debt levels. The total debt level stood at about $5.2 trillion as of June 2021, according to financial services company <keyword id="6354527" type="General" weightage="50" keywordseo="nomura" source="Orion">Nomura</keyword>. Protests by home buyers have become rampant. Earlier this month thousands of home buyers announced on social media they would not pay their mortgage loans. The protests have intensified spreading across 100 cities in the country. <keyword id="14549689" type="General" weightage="50" keywordseo="china-briefing" source="Orion">China Briefing</keyword> said that the homes in question were acquired through a pre-pay model, in which buyers acquire apartments that are unfinished - or in some cases have not yet broken ground - when the initial deposits are paid and developers are required to hand over the homes within a stipulated time frame. But amid overly ambitious development plans, sky-high debt, and a tightening regulatory environment aimed at deleveraging the industry, many have failed to do so. "This has left some households making mortgage payments for several years before being able to move in," it said. Will this be China's <keyword id="50209" type="General" weightage="50" keywordseo="lehman-brothers" source="Orion">Lehman Brothers</keyword> moment? (The content is being carried under an arrangement with indianarrative.com) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/list-of-top-new-upcoming-whatsapp-features-in-second-half-2022/articleshow/93103440.cms">From avatars to hiding online status—list of top new upcoming WhatsApp features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-has-the-highest-rate-of-women-taking-action-against-harassment-calls-and-messages/articleshow/93107553.cms">India has the highest rate of women taking action against harassment calls and messages</a>

China's home prices crash as buyers refuse to pay mortgage

<a href="https://www.businessinsider.com/category/master-your-crypto"></a><div type="image" title="Nelly Chatue-Diop" height="1200" width="1600" msid="94057060" hostid="261" sizebytes="91372"></div><ul class="summary-list"><li>Crypto innovations are happening around the world, from Latin America to Africa to Asia.</li><li>Investing, payments, art, identity — the variety of applications is wide.</li></ul>The crypto market might in a historic downturn, but innovation around it is happening across the globe. Since June, Insider has been surveying Web3 applications across time zones for a series we call "<a href="https://www.businessinsider.com/category/master-your-crypto" target="_blank" rel="nofollow noopener sponsored">Master Your Crypto</a>."Here are some of the highlights.<h2>Africa</h2>While crypto is most commonly associated with investing, Insider's reporter Lisa Kailai Han has noted <a href="https://www.businessinsider.com/crypto-blockchain-technology-transparency-african-startups-vc-financial-payment-systems-2022-7" target="_blank" rel="nofollow noopener sponsored">Africa's many concrete day-to-day use cases</a> across the continent. Ghana's Mazzuma offers a suite of payment and remittance options, with blockchain being leveraged to cut costs. In Zimbabwe, FlexID is helping with identity officiation, having verified more than 1 million bank credentials in the country over the past three years, all built on WhatsApp.Raised in Cameroon, <a href="https://www.businessinsider.com/crypto-exec-on-offering-investment-services-in-francophone-africa-2022-8" target="_blank" rel="nofollow noopener sponsored">Nelly Chatue-Diop</a> is the CEO and a cofounder of the investing platform Ejara. Chatue-Diop told Insider's Morgan Chittum that she wanted to level the playing field for crypto access to make the investment class something that consumers beyond the very wealthy could dip into. Doing so would allow users to hedge against the ups and downs of state currencies as well. Crypto "streamlines the whole flow" of the payments, <a href="https://www.businessinsider.com/crypto-web3-startups-growth-opportunities-emerging-markets-jocelyn-cheng-luno-2022-8" target="_blank" rel="nofollow noopener sponsored">Luno Expeditions CEO Jocelyn Cheng</a> told April Joyner."If you're looking for instant settlement or very quick settlement, it avoids the need for the provider to have enormous cash reserves in destination countries," the venture capitalist said.<h2>Asia</h2>Singapore <a href="https://www.businessinsider.com/crypto-investing-in-singapore-new-research-from-bbh-2022-8" target="_blank" rel="nofollow noopener sponsored">loves crypto</a>. The advertising firm BBH Singapore told Parisa Hashempour about its survey of 1,000 investors in the city state in May and June. It found an astounding amount of loyalty despite the downturn, with nearly two-thirds of investors saying they'd continue to invest. Sixty-nine percent agreed that cryptocurrency was the future of money, the firm said.Operating out of Hong Kong, the crypto lender <a href="https://www.businessinsider.com/crypto-lending-finblox-southeast-asia-peter-hoang-ceo-interview-profile-2022-8" target="_blank" rel="nofollow noopener sponsored">Finblox</a> serves the range of Southeast Asia. CEO Peter Hoang graduated from Harvard Business School and founded both a gaming company and a social-networking firm before launching Finblox, which allows users to invest in or lend against 23 coins. He was careful to note to our reporter Katie Canales that crypto was not a shortcut to wealth."The golden rules of investing — the higher the risk, the higher the return and time in the market is more important than timing the market — hold for crypto, too, and people should not misconstrue this asset class as a get-rich-quick scheme," he said.<h2>Latin America</h2>While El Salvador's ventures into Web3 haven't panned out — Rolling Stone <a href="https://www.rollingstone.com/culture/culture-features/el-salvador-bitcoin-law-volcano-bonds-nayib-bukele-1388472/" target="_blank" rel="nofollow noopener sponsored">recently asked</a> if it'd be the first country bankrupted by crypto — there's a lot of interest in the space across the region. Brazil, Colombia, and Argentina are among the 20 nations with the the greatest crypto adoption, according to a <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/" target="_blank" rel="nofollow noopener sponsored">2021 report</a> from the blockchain-data firm Chainalysis.The major player is Bitso, a Mexico City unicorn, which was founded to serve the unbanked in the region and create easier access to financial instruments like money transfers, reports Katie Canales. Investment in crypto can also help users hedge against inflation, like the <a href="https://www.washingtonpost.com/business/why-70percent-inflation-is-just-one-of-argentinas-problems-quicktake/2022/09/02/9d6e8dd6-2ad5-11ed-a90a-fce4015dfc8f_story.html" target="_blank" rel="nofollow noopener sponsored">70% rate</a> that's ensnared Argentina.<h2>US</h2>In under two years, digital art has exploded. One of the main curators in the space is Kevin Rose, known in earlier iterations of the tech universe as the founder of Digg. More recently, he premiered the pixel-art collection of owls, <a href="https://opensea.io/collection/proof-moonbirds?search[sortAscending]=true&amp;search[sortBy]=UNIT_PRICE" target="_blank" rel="nofollow noopener sponsored">Moonbirds</a>, the cheapest of which cost over $20,000. His "Proof" podcast is aiming to be the "Wine Spectator" of digital art. How does he make his decisions on what to collect? Start with how it makes you feel."I want it to be something that even in the worst bear market, I'm not going to sell it because I love it," Rose said.This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment or other professional for advice on matters that affect you and/or your business.

How crypto innovation is sweeping the globe

Hi, Aaron Weinman here. The Fed raised rates on Wednesday. Let's unpack what that means for investment banking.Vamos!If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/fed-rate-hike-june-fomc-decision-interest-rates-inflation-surging-2022-6"></a>1. The Fed raised its benchmark interest rates by three-quarters of a percentage point on Wednesday to a range of 1.5%-1.75%. It's the most aggressive hike since February 1994 — the same month President Bill Clinton lifted the US trade embargo against Vietnam.When thinking about Fed Chair Jay Powell's latest increase, it's important to remember that these hikes started when interest rates were near rock-bottom. That meant borrowing costs for companies were dirt cheap, and investment banks <a href="https://www.businessinsider.com/banker-jobs-as-investment-banking-fees-decline-1q-bank-earnings-2022-4">feasted on record deal numbers</a> in the capital markets (where companies raise debt to service their operations). Corporates across the credit universe turned to cheap capital as the economy recovered in the aftermath of the global pandemic.Those <a href="https://www.businessinsider.com/goldman-dan-dees-jim-esposito-how-investment-banking-ranking-peers-2021-8">record numbers</a>, however, are now a distant memory. And they're in no danger of increasing in the short term. When rates rise, borrowers will have little interest in tapping the capital markets for new financing, and they'll be loath to refinance any debt they got their hands on during the cheap-money days.Speaking during a Morgan Stanley conference, Andrew Morton, Citi's global head of markets, said the US investment bank's wallet was <a href="https://www.reuters.com/business/finance/citigroup-markets-head-sees-q2-investment-banking-drop-markets-increase-2022-06-15/">down 50%-55% compared to this time last year</a>.IPOs, bond or loan deals, and the lucrative M&amp;A market are all down as Wall Street assesses a landscape severely different from the years of cheap money and an accommodative central bank.That said, Wall Street execs that ply their trade in <a href="https://www.businessinsider.com/wall-streets-top-distressed-credit-and-debt-traders-2020-5">the opportunistic restructuring space</a> have been waiting patiently in the wings for a smidgeon of volatility. As companies brace for weaker earnings, and some struggle to repay their debts, lawyers and bankers will look to pounce on chances to clean up their balance sheets through equity injections, debtor-in-possession financings, or bankruptcies.In other news:<a href="https://www.businessinsider.com/alex-spiro-attorney-elon-musk-jay-z-bobby-shmurda-2022-06"></a><div type="image" title="Alex Spiro and Elon Musk in front of stacks of papers and gavels 4x3" height="1750" width="2334" msid="92256270" hostid="261"></div>2. Elon Musk's go-to lawyer is a "streetfighter" in the legal world. Meet Alex Spiro, the 39-year-old litigator who <a href="https://www.businessinsider.com/alex-spiro-attorney-elon-musk-jay-z-bobby-shmurda-2022-06?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=new:%2010%20Things%20in%20Tech%20-%20native%20ad">helped the Tesla boss defeat a defamation suit</a>. Meanwhile, The Wall Street Journal reports that Musk is expected to reiterate his desire to own Twitter when he <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Felon-musk-expected-to-reiterate-desire-to-own-twitter-in-meeting-thursday-11655333603%3Fmod%3DdjemalertNEWS">speaks to the social-media company's employees later today</a>.3. Coinbase is fast-becoming the poster child for the depleted crypto space. The company announced plans to <a href="https://www.businessinsider.com/coinbase-layoffs-1100-employees-amid-crypto-bloodbath-2022-6">lay off 1,100 staff</a>. Here's one manager who told Insider that Coinbase broke promises, <a href="https://www.businessinsider.com/coinbase-layoffs-after-cryptocurrency-crash-2022-6">which left him frustrated and disappointed</a>.4. PayPal just unveiled a new BNPL offering. PayPal Pay Monthly will allow users to split purchases into monthly payments <a href="https://www.businessinsider.com/paypal-pay-monthly-launches-tough-bnpl-competition-market-slump-2022-6">spread over six to 24 month periods</a>.5. JPMorgan snared a Morgan Stanley exec to bolster its wealth-management team. Paul Halpern will <a href="https://www.businessinsider.com/jpmorgan-wealth-management-morgan-stanley-paul-halpern-2022-6">join the rival US bank as its chief marketing officer</a>.6. HSBC canned one of its London-based traders after scrutinizing the person's cell phone, Bloomberg reported. <a href="https://www.bloomberg.com/news/articles/2022-06-15/hsbc-fires-london-trader-as-crackdown-on-client-messaging-widens?sref=ipW5reFz">The departure</a> comes as Wall Street banks — under pressure from regulators — review bankers' messages on <a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022">unauthorized messaging apps like Meta-owned Whatsapp</a>.7. Private-credit funds are playing a bigger role in financing leveraged buyouts. These funds started with the odd million-dollar ticket on a deal, but now they're lending billions of dollars toward transactions. Here's an explainer from Bloomberg on the <a href="https://www.bloomberg.com/news/articles/2022-06-14/how-the-boom-in-private-markets-has-changed-finance-quicktake?sref=ipW5reFz">evolution of this marketplace that's changing the capital markets</a>.8. "Russian Davos" just kicked off, but it's lacking any notable attendees from the West. Many business execs have shunned the event due to Russian sanctions and its invasion of Ukraine, giving <a href="https://www.businessinsider.com/russian-davos-spief-western-leaders-sanctions-missing-vladimir-putin-2022-6">folks from China, India, and the UAE center stage</a>.9. Wall Streeters enamored with remote work have flocked to Hawaii since the onset of the pandemic. Here's the best way to use those frequent-flyer miles for <a href="https://www.businessinsider.com/personal-finance/best-ways-hawaii-on-points-and-miles">your next trip to the US' only archipelago</a>.10. German fintech Airbank just scored $20 million in Series A funding. Check out the pitch deck that the financial-management platform used to <a href="https://www.businessinsider.com/pitch-deck-airbank-german-fintech-startup-series-a-molten-ventures-2022-6">win over London-based Molten Ventures</a>.Done deals:<ul><li>Glade Brook Capital has <a href="https://www.businesswire.com/news/home/20220614005317/en/Glade-Brook-Announces-Hard-Close-of-Oversubscribed-Growth-Equity-Fund-With-430-Million-in-Commitments">closed its third strategic growth fund</a>. The $1.5 billion growth-equity investor raised $430 million to back emerging companies across the software and fintech spaces, among others.</li><li>Centroid Systems, a cloud services firm backed by private-investment firm VSS, has acquired Guardian Eagle, a data security consultant headquartered in St. Petersburg, Florida.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: Powell goes hiking

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

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