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<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> has increased the <keyword id="21970492" type="General" weightage="100" keywordseo="UPI-Lite-wallet" source="keywords">UPI Lite wallet</keyword> limit to ₹5,000.</li><li>The per-transaction limit has also been increased to ₹1,000 from the current ₹500.</li><li>The central bank has announced a beneficiary account name look-up facility for RTGS and NEFT.</li></ul>The Reserve Bank on Wednesday announced the increase of the <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000, to encourage wider adoption of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> A limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet is applicable currently. With this, the per <keyword id="22340760" type="General" weightage="20" keywordseo="transaction-limit" source="keywords">transaction limit</keyword> has been doubled and the overall limit has been increased 2.5 times. At the bi-monthly monetary policy meeting, the central bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> also said the per-transaction limit in <keyword id="23485380" type="General" weightage="20" keywordseo="UPI123Pay" source="keywords">UPI123Pay</keyword> will be increased to ₹10,000 from the existing ₹5,000. For those unaware, UPI123 was launched in March 2022, to enable feature-phone users to use UPI. This facility is now available in 12 languages. The governor also announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction. There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said. "Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a 'beneficiary account name look-up facility'," he said. As part of this, remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. This facility is aimed at increasing customer confidence and reducing the possibility of wrong credits and fraud. The Central Bank will also create a 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system. Das said it is crucial for regulated entities to undertake climate risk assessments to ensure the stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high-quality data relating to local climate scenarios, climate forecasts, and emissions, he said. The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units. To bridge these gaps, Das said the Reserve Bank proposes to create a data repository – RB-CRIS, comprising two parts. The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible on the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

UPI Lite wallet limit and transaction limits for feature phone users increased

<ul><li><keyword id="9261266" type="UNKNOWN" weightage="20" keywordseo="food-delivery-platform-swiggy">Food delivery platform Swiggy</keyword> on Tuesday launched its own digital wallet to enable single-click checkout experience on its platform </li><li>If the Swiggy customer is an existing <keyword id="42456" type="CITY" weightage="20" keywordseo="ICICI">ICICI</keyword> Bank customer, he or she can instantly start using the wallet. </li><li>Non-ICICI Bank customers can also start using this immediately by providing details of a government ID to ICICI Bank. </li></ul>Food delivery platform Swiggy on Tuesday launched its own digital wallet to enable single-click checkout experience on its platform. Called '<keyword id="9489120" type="UNKNOWN" weightage="20" keywordseo="Swiggy-Money">Swiggy Money</keyword>,' the full-fledged digital wallet in partnership with ICICI Bank will enable customers to store money and be used for all food orders.Users choosing 'Swiggy Money' can avail instant refunds and use the money for easy checkouts and hassle-free payment processing on future food orders, the company said in a statement. "Along with a host of existing payment options offered to consumers, Swiggy Money will ensure seamless and swift transactions on food orders by minimising hassles such as lengthy payment procedures or payment failures resulting in improved customer experience," said Anand Agrawal, VP Products, Swiggy. If the Swiggy customer is an existing ICICI Bank customer, he or she can instantly start using the wallet. Non-ICICI Bank customers can also start using this immediately by providing details of a government ID to ICICI Bank. 'Swiggy Money' users will further be able to top-up their wallet using various banking instruments and enjoy single click purchase without multiple authentications. In cases where the order value exceeds the wallet balance, the users will be provided with a 'split-pay' option which will enable making payment through a combination of money from their wallet and another payment source/instruments to complete the transaction. "This is our third offering, jointly with Swiggy. A year ago, we had customised an industry-first UPI led payment solution for Swiggy's delivery partners to transfer funds. We had also introduced UPI-led instant one-click payment for millions of Swiggy's customers," informed Bijith Bhaskar, Head- Digital Channels &amp; Partnership, ICICI Bank. Swiggy is currently present in over 500 cities in the country.

Swiggy launches its own digital wallet 'Swiggy Money' with ICICI Bank

<a href="http://www.businessinsider.in/topic/SAIF-Partners">SAIF Partners</a>, which was an early investor in leading Indian mobile payments and digital wallet player <a href="http://www.businessinsider.in/topic/paytm">Paytm</a>, has started raising India-dedicated fund of about $350-$400 million for the third time. This round would take its assets under management to over $1 billion. The last time it closed an India-dedicated fund was about over two years ago. "They have already started the process and will (raise capital) primarily from the same investors, which are endowments in the USA," people in the know told <a href="http://economictimes.indiatimes.com/small-biz/money/saif-eyes-safe-bet-here-plans-400m-india-fund/articleshow/58603352.cms">ET</a>. After this round, <keyword id="161314" type="COMPANY" weightage="100" keywordseo="SAIF-Partners">SAIF Partners</keyword> will become one of the largest venture funds in India, following <a href="http://www.businessinsider.in/The-Story-Of-Sequoia-Capitals-6-4-Billion-Revenge-On-Mark-Zuckerberg/articleshow/30741928.cms">Sequoia Capital</a>, <keyword id="335288" type="ORGANIZATION" weightage="100" keywordseo="Accel-India">Accel India</keyword> and <keyword id="175881" type="COMPANY" weightage="100" keywordseo="Nexus-Venture-Partners">Nexus Venture Partners</keyword>. All the above venture funds have over $1 billion in assets under management. "SAIF will make a partial exit on its nine-year old investment in <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> as part of SoftBank's investment," one of the sources added. "SAIF Partners has invested a total of $70 million in Paytm till now, and in terms of returns this will top Tiger Global's investment in <a href="http://www.businessinsider.in/topic/Flipkart">Flipkart</a> as well." Despite a slump in investments and returns in India, SAIF Partners has been able to have earned more than $400 million on its investments in <a href="http://www.businessinsider.in/Makemytrip-to-soon-enter-online-budget-hotel-space-with-investment-in-FabHotels/articleshow/58358180.cms">MakeMyTrip</a>, a 16-fold return on its investment. Some of its other Indian investments are in <a href="http://www.businessinsider.in/BookMyShow-Raises-Rs-150-CroreFrom-SAIF-Partners-Existing-Investors/articleshow/36770587.cms">BookMyShow</a>, <keyword id="1615917" type="COMPANY" weightage="100" keywordseo="FirstCry">FirstCry</keyword>, <keyword id="1871874" type="COMPANY" weightage="100" keywordseo="PropTiger">PropTiger</keyword>, Rivigo, and <keyword id="6358977" type="UNKNOWN" weightage="100" keywordseo="Swiggy">Swiggy</keyword>. (Image source LiveMint)

SAIF partners keeping aside $400m worth of funds for India

<ul><li>Exchange your Rs. 2000 notes with <keyword id="4009819" type="General" weightage="80" keywordseo="amazon-pay" source="Orion">Amazon Pay</keyword> during your next COD order.</li><li>You can exchange up to Rs. 50,000 worth of Rs. 2000 notes per month with <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> Pay.</li><li>Here’s how you can do it.</li></ul>Exchanging the soon to be defunct Rs 2,000 notes one processes can be a hassle amidst one’s daily packed hustle and bustle. Now, Amazon has made an announcement regarding this to help with the process. The decision follows the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s decision on May 19 to withdraw all Rs. 2,000 currency notes from circulation as part of its Clean Note Policy. The central bank of India has provided a window until September 30 for individuals to deposit or exchange their existing notes. Given the challenges faced by many individuals in exchanging or depositing their notes at banks, Amazon has introduced an initiative to facilitate the process for its customers. According to Amazon's official statement, customers will now have the option to use their Rs. 2,000 notes for topping up their Amazon Pay balances during cash-on-delivery orders. Any remaining change will be loaded into their Amazon Pay wallet. To ensure a smooth process, Amazon has set a maximum limit of Rs. 50,000 per month that customers can deposit, which includes notes of the Rs. 2,000 denomination. This initiative aims to provide convenience and flexibility to customers who are seeking to convert their Rs. 2,000 notes into a digital form. Here’s how to exchange Rs. 2,000 note using the Amazon Pay wallet. <ul><li>Customers are required to initiate the video KYC process on the Amazon app.</li><li>After successfully completing the KYC, customers can proceed to place a cash on delivery order.</li><li>During the delivery, customers can provide the cash payment to the delivery agent.</li><li>The delivery agent will promptly update the customer's Amazon Pay balance with the remaining amount.</li></ul>The updated balance in the Amazon Pay wallet can be utilized for various purposes such as online shopping, QR code payments, recharging services, sending money to friends and family, as well as making digital payments on applications like Swiggy and Zomato. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/if-you-are-a-google-one-subscriber-you-can-now-access-portrait-blur-colour-pop-and-more-advanced-editing-tools-on-photos-web/articleshow/101009287.cms">If you are a Google One subscriber, you can now access Portrait Blur, Colour Pop and more advanced editing tools on Photos web</a> <a href="https://www.businessinsider.in/tech/news/google-bard-cool-things-you-can-do-with-the-ai-chatbot/articleshow/101012445.cms">Google Bard: Cool things you can do with the AI chatbot</a>

You need not visit a bank to exchange your Rs 2,000 notes – Here’s how Amazon can help you

<keyword id="6573470" type="General" weightage="20" keywordseo="Satish-Kumbhani" source="Orion">Satish Kumbhani</keyword>, founder of cryptocurrency platform BitConnect who has been indicted in the US for running a $2.4 billion <keyword id="13198918" type="General" weightage="20" keywordseo="crypto-ponzi-scheme" source="Orion">crypto ponzi scheme</keyword>, has likely "relocated from India to an unknown location" abroad. A federal grand jury in San Diego last week indicted Kumbhani with orchestrating a global Ponzi scheme. BitConnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalisation of $3.4 billion. In total, Kumbhani, facing 70 years in prison if convicted, and his co-conspirators obtained approximately $2.4 billion from investors. In a latest filing in the US Securities and Exchange Commission (SEC), Senior Trial Counsel Richard Primoff said that since November, "the commission has been consulting with that country's (India's) financial regulatory authorities in an attempt to locate Kumbhani's address. At present, however, Kumbhani's location remains unknown". Kumbhani, 36, "has likely relocated from India to an unknown address in a foreign country", Primoff said in a court filing late on Monday. While Kumbhani was charged criminally by the US Department of Justice, the SEC separately sued Kumbhani in September 2021, claiming he fraudulently raised more than $2 billion for BitConnect. Primoff has now asked US District Judge for an extension until May 30 so that the "Commission may complete its investigation into their current whereabouts and, if it locates them within the United States, serve them in a timely fashion". "The Commission did not know the whereabouts of Kumbhani, an Indian citizen, at the time it filed this action, and BitConnect is an unincorporated entity the Commission must serve through its manager, Kumbhani," said Primoff in the filing. According to court documents, Kumbhani misled investors about BitConnect's "Lending Programme." Under this programme, Kumbhani and his co-conspirators touted BitConnect's purported proprietary technology, known as the "BitConnect Trading Bot" and "Volatility Software", as being able to generate substantial profits and guaranteed returns by using investors' money to trade on the volatility of cryptocurrency exchange markets. The indictment further alleged that, after operating for approximately one year, Kumbhani abruptly shut down the Lending Programme. Kumbhani then directed his network of promoters to fraudulently manipulate and prop up the price of BitConnect's digital currency, a commodity known as BitConnect Coin (BCC), to create the false appearance of legitimate market demand for BCC. "Kumbhani and his co-conspirators also concealed the location and control of the fraud proceeds obtained from investors by commingling, cycling, and exchanging the funds through BitConnect's cluster of cryptocurrency wallets and various internationally based cryptocurrency exchanges," according to US Department of Justice. "As cryptocurrency gains popularity and attracts investors worldwide, alleged fraudsters like Kumbhani are utilising increasingly complex schemes to defraud investors, oftentimes stealing millions of dollars,a said Ryan L. Korner, Special Agent in Charge, of the IRS Criminal Investigation's (IRS-CI) Los Angeles Field Office. Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering. If convicted of all counts, he faces a maximum total penalty of 70 years in prison. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/swiggy-dunzo-zepto-and-grofers-should-roll-back-10-minute-delivery-says-petition/articleshow/89900739.cms">A netizen is seeking roll back of the 10 minute delivery feature on Swiggy, Dunzo, Zepto and Grofers</a> <a href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/india/news/indian-economy-grows-by-5-4-in-oct-dec-lower-than-8-5-in-the-previous-quarter/articleshow/89898660.cms">Indian economy's growth slows down to 5.4% between October to December</a>

Indian founder on the run in global $2.4 billion crypto ponzi scheme

<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> has opened its data bank for everyone with the launch of its latest product called Pulse.</li><li>The company’s CEO Sameer Nigam noted that 90% of PhonePe’s transactions are UPI-based, so they are not allowed to charge commisions on it. </li><li>Interestingly, PhonePe is the biggest player in the UPI market with control over 45% transactions on a monthly basis.</li></ul>Walmart-owned digital payment firm PhonePe on Thursday, September 2, opened its data bank for everyone with the launch of its latest product called Pulse. Pulse — available as a website and report — will give deeper insights into <keyword id="12008998" type="General" weightage="20" keywordseo="phonepe-data" source="Orion">PhonePe data</keyword> across payments and financial services. The platform as well as the report will be updated quarterly with latest insights about PhonePe’s transaction value and volume, financial services sold on the platform and more. This product includes PhonePe data bank in anonymised format. Users can check out the data at <a href="https://www.phonepe.com/pulse/">Pulse.phonepe.com</a> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key takeaways from Pulse </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;">PhonePe has processed over 2000 crore transactions to date. </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;">The company has its presence spread across 300 million users in 19,000 pin codes. </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;">Over 63% of first time transactions on the PhonePe app are to transfer money, confirming that this category acts as the initial hook for customers to download a unified payments interface (UPI) app. </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;">The Walmart-owned company processed nearly 400 crore transactions worth ₹7.4 lakh crore in the April to June quarter of 2021. </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;">Last quarter it reported nearly 150 crore merchant payments and 174 crore peer-to-peer payments. </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Sameer Nigam, founder and chief executive (CEO) of PhonePe, believes that such a data bank could actually lead to some conversations among policymakers and bring about a change in the digital payments network. The major change that any fintech player like PhonePe is looking for is being able to make money out of <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword>. This is because it's the largest digital payments format, which witnessed 3.5 billion transactions in August 2021. Currently, the Indian government has banned payments players from charging customers/merchants on UPI transactions. Although, the same players can charge on other non-UPI digital transactions like card payments or wallet transactions. This is known as the merchant discount rate (MDR), which is a fee paid by merchants to accept payments. Nigam, in the Pulse launch event held on Thursday, highlighted that currently 85-90% of PhonePe transactions are carried out using UPI that has "zero MDR". For perspective, PhonePe actually processed nearly 400 crore transactions worth ₹7.47 lakh crore in the April-June quarter of 2021. A 90% rate would be that PhonePe did not earn any money over 350 crore transactions. “It is our hope that if more and more data is transparent, policymakers will see perhaps on a lifecycle, but they will clearly see implications of decisions. For example, like zero MDR. I do believe that it limits market participation. NPCI data shows the number of participants in the market has come down by almost two-third from 45 companies that were processing UPI to and now the number on NPCI websites is 15,” Nigam said. “I think it will start a lot of conversation,” he added. Despite being the biggest player in the India UPI market — with a market share of 43-45% on a monthly basis — PhonePe reported a revenue of ₹371.8 crore in financial year 2020. This was almost double of the number it showcased in FY2019. Meanwhile, sources in Paytm say that they earn about INR 1,700-₹1,800 crore through digital payment. At that time, the company was processing about 800-900 million UPI transactions on a monthly basis. Currently, it’s at 900 million to 1 billion monthly, as per National Payments Council of India (NPCI). SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/uber-has-ola-zomato-has-swiggy-but-whos-urban-company-competing-with/articleshow/85835674.cms">Uber has Ola, Zomato has Swiggy but who’s Urban Company competing with?</a> <a href="https://www.businessinsider.in/business/corporates/news/zomato-is-shutting-down-its-singapore-and-uk-based-subsidiaries/articleshow/85858611.cms" data-type="tilCustomLink">Zomato is shutting down its Singapore and UK-based subsidiaries</a> <a href="https://www.businessinsider.in/business/corporates/news/paytm-valuation-has-increased-by-nearly-40-a-share-heres-how/articleshow/85826886.cms">Paytm valuation has increased by nearly $40 a share — here’s how</a>

PhonePe is citing data to argue that merchants should pay for UPI transactions

<ul><li><keyword id="6587619" type="General" weightage="20" keywordseo="Upasana-Taku" source="Orion">Upasana Taku</keyword> of <keyword id="143842" type="General" weightage="20" keywordseo="mobikwik" source="Orion">Mobikwik</keyword> believes that it's not as easy as some companies are making it out to be.</li><li>The company claims to be the largest <keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword> fintech company in India with 24 million pre-approved BNPL users.</li><li>According to Redseer, digital BNPL players’ GMV could scale up 15 times to $45-50 billion in the next four years.</li></ul>‘Buy Now, Pay Later’ (BNPL) has become the new buzzword in the Indian fintech ecosystem that everyone has been chasing. From Paytm to Ola Money, everyone has been looking to get deeper into the fintech space and generate revenue out of this simple form of micro loans. However, Upasana Taku of Mobikwik believes that it's not as easy as a few companies are making it out to be. Mobikwik – which has been in the BNPL space since the last two years – noted that there is a lot that goes behind the scenes in order to build these BNPL processes. “Lending as a feature the whole world is making. Don’t worry, mein bhi yahin hoon, aap bhi yahin hoon. 2024 mein baat karein gaye, vo sab band ho gaya hoga... Log na excitement mein aa kar posuting, prespetion aur valuation k liye cheezein shuru kar dete hain phir usmeine grand opening and grand closing ho jati hai [We are here, we’ll talk in 2024, till then all these new businesses will be shut. People get excited and start new vertices for posturing, perception and valuation. Then there is a grand opening and a grand closing],” Taku said. She also gave examples of how Flipkart, Ola, Amazon and several other non-traditional players entered the wallet payments in 2015 as it became a fad, but later exited since they had no expertise in the domain. Even MakeMyTrip has a wallet, but it is now only used for cashbacks, she added. “Kuch cheezein fashion mein aati hain, jitni jaldi aati hai utni jaldi fashion se nikal bhi jaati hai… Ultimately kya hota hai ki yeh sab khulta hai, ek-do saal paise bhetein hain. Phir 1-2 saal mein yeh sab baand bhi ho jata hai kyunki sabko realize hota hai ki hum apne core business mein leadership position to manage nahi kar paa rahe hain. Hum ek aur side business mein bina focus ke kya karna cha rahe hai. [These are just fads that come and go. Ultimately, the companies flow a lot of cash in these fads for 1-2 years and then shut it down as they realise that they are not able to manage leadership positions in their core business and it makes no sense for them to enter a new vertical without focus,” she added. <div type="image" title="INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too" msid="89960638" hostid="261"></div> Taku has zeroed down on three major problems that any new fintech company planning to get into consumer-facing BNPL products might face. First, where to get the customer. Second, where to get the data from. Third, who to partner with so that the customers can spend the credited amount. How to get consumers? “You need consumers, and consumer ko acquire karne ke liye customer acquisition cost lagti hai [to acquire consumers you need to spend on customer acquisition cost], which if you're acquiring from a Google or a Facebook or a partner, it is going to be ₹1000 or higher per person. That’s a massive problem for any new fintech that is starting, because it will cost them a lot of money to acquire new customers,” she added. Where to get the data? Citing this as a “chicken and egg” problem, Taku explained that the Credit Information Bureau (India) Limited (CIBIL) only has data of the top 50-60 million people in India. These are the type of users that top banks and credit card companies have been chasing for loans. A BNPL product usually focuses on users, who usually don’t have any credit history or data on them, but are transacting digitally. These platforms don’t just need this data to know who to lend to, but also to know how much to lend. Another issue for new BNPL companies is that if they acquire 1000 customers, only a part of it would be creditworthy. However, since the companies have spent so much capital on acquiring these users, they can’t really reduce the ticket size of these BNPL credits. “Now most fintechs are giving ₹10,000, ₹30,000, ₹40,000 on a three months EMI [equated monthly installment] kind of product. But that is when they are able to make money on it. They can’t reduce the ticket size because it is a problem that they spent so much on acquising the total users,” Taku noted. Where will customers spend this credit? The third and another major challenge is setting up a BNPL business is getting merchants to use the payment feature so that the customers have enough options to spend the credited amount. Several companies like Zomato, Swiggy, Amazon and Flipkart currently accept BNPL whether directly or through third party platforms like Simpl, LazyPay, ZestPay and others. There is not much sense to borrowing capital from fintech startups if you are not able to spend it. “As an example, there is a company called Simpl. They also have a <keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword> product. They are not into the payments business. So they don’t have millions of merchants unlike us. Therefore, their PayLater product is available in a few hundred ecommerce platforms or apps. That is a problem,” Taku added. “In a platform play [it is easier], because you already have millions of merchants, you already have millions of customers,” Taku explained. The company claims to be the largest BNPL fintech company in India with 24 million pre-approved BNPL users. <div type="image" title="INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too" msid="89960671" hostid="261"></div> “This is where a platform like Mobikwik has a serious upper hand,” Taku added, explaining that 50 million users have completed ‘know-your-customer’ (KYC) with Mobikwik so they have all customers' details. Secondly, they also have the customers’ spending and financial data given they have used Mobikwik’s app across their products. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/upl-wipro-vedanta-future-retail-and-other-hot-stocks-on-march-3/slidelist/89959123.cms">UPL, Wipro, Vedanta, Future Retail and other hot stocks on March 3</a> <a href="https://www.businessinsider.in/india/news/expect-your-household-budget-to-go-up-sharply-as-prices-of-essential-items-take-a-plunge/articleshow/89954724.cms">Expect your household budget to go up sharply as prices of essential items shoot up</a> <a href="https://www.businessinsider.in/tech/news/google-is-calling-employees-back-to-some-us-offices-for-3-days-a-week-starting-april-4-with-flexibility-like-work-from-anywhere-weeks/articleshow/89956286.cms" data-type="tilCustomLink">Google is calling employees back to some US offices for 3 days a week starting April 4, with flexibility like 'work from anywhere' weeks</a>

INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too

<ul><li><keyword id="44033" type="General" weightage="20" keywordseo="hike" source="Orion">Hike</keyword> had raised $175 million at a valuation of $1.4 billion in 2016.</li><li>The company was known as the fastest growing unicorn despite its inability to generate revenue through operations.</li><li>Earlier this year, Hike closed its flagship messenger to focus on the gaming segment.</li></ul>One-time messaging platform and super app Hike has raised funding for the first time in five years. This development comes almost eight months after the company decided to<a href="https://m.economictimes.com/tech/technology/hike-shuts-down-hike-sticker-chat-to-pivot-to-other-social-products/articleshow/80328203.cms#:~:text=Kavin%20Bharti%20Mittal%2C%20CEO%20of,data%20from%20within%20the%20app."> close down </a>its flagship messaging app and focus on the gaming segment. Several big names like Tinder’s co-founders Justin Mateen and Sean Rad, SoftBank Vision Fund’s chief executive (CEO) Rajeev Misra, Tribe Capital’s Arjun Sethi, Zeta’s cofounder Bhavin Turakhia, Cred’s Kunal Shah, Flipkart’s Kunal Bahl and Rohit Bansal and South Park Commons’ Aditya Agarwal participated in this round. The company did not disclose any financial details of the funding round. <keyword id="6567188" type="General" weightage="20" keywordseo="kavin-bharti-mittal" source="Orion">Kavin Bharti Mittal</keyword>, founder and CEO of Hike, said, “The rapid technological evolution over the last few years has paved the way for massive disruption in social and gaming. There’s little to separate these two categories. Gaming is now inherently social, evolving into a new way for people to hang out and interact in the virtual world.” Hike will use this funding to expand its product strategy and hire across functions. The company has 25 open positions at the moment. It has a team of 160 employees that are working across 50 cities in India. The company will use this funding for its recently launched online gaming vertical Rush and said it will experiment in other domains like social and cryptocurrency. The company was founded in 2012 and was considered one of the fastest growing unicorns in the country. A unicorn, in startup parlance, is a company valued at or above $1 billion. Hike was valued at <a href="https://www.businessinsider.in/hike-raises-175mn-in-series-d-funding/articleshow/53720179.cms">$1.4 billion </a>during its last fundraise of $175 million in 2016 despite its inability to generate any revenue from operations. <div type="image" title="Hike raises money for the first time in five years to experiment with crypto &amp;amp; gaming" msid="85588763" hostid="261"></div> The company had been trying to find ways to montinse its messaging app and even decided to launch a super app, combined with other services like digital wallet, ticket booking, e-commerce and more. However, it did not pay off. The company decided to shut off the messaging app in January 2021. Instead the company decided to focus on HikeLand, which is a virtual hangout zone launched by the company in June 2020. The company plans to generate revenue from Hikeland through in-app purchases. HikeLand is now rebranded as Vibe and would continue to offer interactive social media experience. Meanwhile, Rush is a mini games platform that offers casual games. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/khatabooks-valuation-touches-600-million-with-zero-revenue-to-show/articleshow/85586956.cms">Khatabook’s valuation touches $600 million with zero revenue to show </a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-sharechat-byjus-lead-the-funding-race-as-indian-startups-raised-6-5-billion-between-april-and-june/articleshow/85583697.cms">Swiggy, ShareChat, Byju’s lead the funding race as Indian startups raised $6.5 billion between April and June</a> <a href="https://www.businessinsider.in/retail/news/ikea-products-would-now-be-even-cheaper-in-india/articleshow/85585775.cms">Ikea products would now be even cheaper in India</a>

Hike raises money for the first time in five years to experiment with crypto and gaming

<ul><li>From <keyword id="2709620" type="PERSON" weightage="20" keywordseo="grocery-delivery">grocery delivery</keyword> to moving houses, the technology for pickup and drop services is significantly rising in the country. </li><li>There are over 1,000 logistics tech startups so far. </li><li>Here are the five <keyword id="8352712" type="UNKNOWN" weightage="20" keywordseo="logistics-apps">logistics apps</keyword> for your daily deliverables.</li></ul>The demand of easy access to facilities has given way to several logistics startups in India. Millennials now use apps for everything right from grocery ordering to moving houses, to pickup and drop services. According to the Indian Brand Equity Foundation, the logistics industry is expected to hit $215 billion by next year. There are over 1,000 logistics tech startups so far. Here are the five apps that are must-haves. <keyword id="3275685" type="PERSON" weightage="20" keywordseo="dunzo">Dunzo</keyword> Dunzo allows users to to order groceries and pet supplies from 1,500 stores nearby. The services are available across five cities — Bengaluru, Gurugram, Hyderabad, Chennai and Pune. The app supplies everything from salt packets to late night deliveries. It does not have any ‘minimum order’ restrictions and lets the user track the order in real-time. <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">Bigbasket</keyword> Bigbasket is a <keyword id="62452" type="PERSON" weightage="20" keywordseo="grocery-shopping">grocery shopping</keyword> app that delivers raw materials, organic products and fresh fruits and vegetables online. It allows users to pay via digital payment methods like net banking and e-wallets, thereby saving the hassle of cash payments for household essentials. Milkbasket Milkbasket grocery app will ease your morning hustle. The app delivers organic products including milk, eggs and bread, among others. The app provides free delivery everyday in the morning at 7 am. It also lets the user order till midnight. The services allow to choose from over 40 varieties of milk — including organic products and brands like Mother Dairy, Amul, Nestle. Grofers Grofers is an online grocery store delivering across 21 cities in India — including Delhi, Gurgaon, Mumbai and Bangalore. The app delivers products from brands like Patanjali, Ashirwad, Saffola and Fortune among others. The online store provides a range of baby care products, diapers and beauty products. Swiggy Food delivery platform Swiggy provides its user an option to buy grocery products via 'Swiggy Store.' The apps also allows instant pickup and delivery services to its customers with 'Swiggy Go'

​These five apps will save your time spent on milk and grocery runs

<ul><li>Byju’s, India’s largest online tutoring <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> and a recent entrant to the ‘unicorn club’, is looking to expand to international markets with the its latest acquisition of US-based <keyword id="2251704" type="PERSON" weightage="20" keywordseo="osmo">Osmo</keyword>. </li><li>The acquisition comes just a month after Byju’s received fresh funding of $540 million that valued the company at $3.6 billion. </li><li>Other Indian unicorns testing international markets include Zomato, OYO rooms, PayTm. </li></ul>Byju’s, one of India’s largest online tutoring startups and a recent entrant to the ‘unicorn club’ -- startups valued at $1 billion and above-- is the latest to set its eyes on <a href="https://news.crunchbase.com/news/in-international-push-indian-edtech-company-byju-buys-osmo-for-120m/">expansion into international markets</a> Its $120 million acquisition of Osmo, a US-based startup that makes <keyword id="3423569" type="PERSON" weightage="20" keywordseo="educational-games">educational games</keyword>, is aimed at improving learning experience for kids by blending online tutoring through apps with offline games. The acquisition of Osmo comes just a month after Byju’s received fresh funding of $540 million that valued the company at $3.6 billion. Byju’s, founded in 2015, is also now the <a href="https://www.businessinsider.in/indias-largest-online-learning-service-is-all-set-to-become-the-4th-highest-valued-indian-startup-with-a-254-billion-valuation/articleshow/66474294.cms">fourth most</a> valuable startup in India. 
 <div type="image" title="Byju's 'unicorn club' story" msid="67586213" hostid="261"></div>



 Byju’s had been planning <a href="https://techcircle.vccircle.com/2019/01/16/byju-s-buys-ar-based-learning-platform-osmo-for-120-mn">overseas expansion</a> for a long time by collaborating with partners in the UK, Singapore and Australia, among others. The deal is expected to benefit both companies since Byju’s was seeking to also become a ‘content-driven platform’ aimed at a younger audience — kids of three to seven years of age are Osmo’s target market. While Byju’s apps mostly target school kids across grades 4-12 Byju’s eponymous founder Byju Raveendran <a href="https://news.crunchbase.com/news/in-international-push-indian-edtech-company-byju-buys-osmo-for-120m/">told</a> Crunchbase the company currently has over 1,000 people dedicated to video and game development. Other Indian unicorns in the league eyeing global expansion India’s growing unicorns are now aggressively looking to test overseas markets, keen to have a global presence, and many have already seen some success. The homegrown food delivery unicorn, Zomato, expanded internationally in 2012, starting with Dubai. Since then, the company has grown multifold with an array of acquisitions. In fact, Swiggy has been considering offshore expansion as well, but is currently focussed on <a href="https://www.entrepreneur.com/article/318201">hyperlocal services.</a> Bucking the general trend of international companies expanding in the Indian market last year, digital wallets company PayTm <a href="https://www.businessinsider.in/after-revolutionizing-transactions-in-india-digital-payments-company-paytm-seeks-to-conquer-japan/articleshow/66329611.cms">launched</a> its payments app ‘PayPay’ in Japan. The hotel chain, OYO rooms, has also had a great year in terms of <a href="https://inc42.com/features/2018-in-review-what-were-indian-unicorns-up-to-this-year/">international investments</a>. The company forayed into China, Japan, Spain and the UK among others. The company, with its offshore expansion, is looking to have nearly 2.3 million rooms internationally by 2023. See also: <a href="https://www.businessinsider.in/a-6-year-old-indian-startup-wants-to-be-worlds-biggest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a> <a href="https://www.businessinsider.in/software-and-internet-companies-have-stepped-up-rd-spending-more-than-any-other-industry/articleshow/67449956.cms">Software and Internet companies have stepped up R&amp;D spending more than any other industry</a> <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a>

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You Searched For "digital wallet swiggy" and got 10 results

UPI Lite wallet limit and transaction limits for feature phone users increased

BI India Bureau

Swiggy launches its own digital wallet 'Swiggy Money' with ICICI Bank

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SAIF partners keeping aside $400m worth of funds for India

BI India Bureau

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These five apps will save your time spent on milk and grocery runs