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

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

Here are 49 of the most promising fintech startups transforming how we bank, invest, work, and pay, according to 27 top investors

New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

My flight was delayed by over 3 hours. The carrier did not compensate for it. Here's how it unfolded

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

<ul class="summary-list"><li>Ivan Maryasin founded Monite after moving from Silicon Valley to Berlin.</li><li>He said building a business in the US is expensive due to hiring and living costs.</li></ul>This as-told-to essay is based on a transcribed conversation with Ivan Maryasin, 31, about moving from the US to Germany and launching his startup, Monite, in Berlin. The following has been edited for length and clarity.In 2014, I left Russia to do my master's in international business at the Hult International Business School in Massachusetts.I had a background in marketing from jobs in Russia and wanted to <a target="_blank" class="" href="https://www.businessinsider.com/work-visa-moved-usa-canada-immigrants-2024-7">work in America</a>. While studying, I started working in the IT industry, doing marketing. It was a great introduction to innovation and startups.During my course, I transferred to the <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-new-york-london-tech-where-to-live-2024-8">San Francisco</a> campus and then stuck around working for multiple tech companies, designing and implementing growth strategies.But in 2017, I <a target="_blank" class="" href="https://www.businessinsider.com/surprising-things-moving-to-germany-from-us-2024-9">moved to Germany</a> to be closer to my then-fiancée, who I'd met in Moscow. We found it challenging to find a visa pathway that allowed her to move to the US and work as a dependant, so we both moved to Berlin. I got an EU Blue Card, and she was able to come with me as my partner with permission to <a target="_blank" class="" href="https://www.businessinsider.com/german-vs-american-work-life-differences-according-to-us-mom-2024-4">work in Germany</a>.I already had plans to start my own company. However, as the cost of living in the US was starting to climb, I thought Europe would be a great location for a new business.I planned to continue working for startups in Europe before launching my company. I worked in HR tech and fintech, and in 2020, I cofounded <a target="_blank" class="" href="https://www.crunchbase.com/organization/monite/company_financials">Monite</a>, a company that enables SMB platforms like Neobanks to embed automated features for things like invoicing to support their clients.I built the startup from the ground up to a 45-person team and raised over <a target="_blank" class="" href="https://www.businessinsider.com/monite-german-fintech-startup-raises-6m-funding-from-valar-ventures-2024-2#:~:text=The%20startup%20has%20raised%20a%20top%2Dup%20to%20its%20seed%20round%2C%20led%20by%20Third%20Prime%2C%20in%20March%202023%2C%20taking%20its%20total%20funding%20to%20%2417.4%20million">$17 million</a> from investors.I like <a target="_blank" class="" href="https://www.businessinsider.com/things-to-do-in-berlin-germany-best-activities">Berlin</a> because it's a more affordable place to live and build a business, plus it's well connected to the rest of Europe. Here's how its startup ecosystem compares to <a target="_blank" class="" href="https://www.businessinsider.com/dating-silicon-valley-big-tech-hard-want-marriage-kids-2024-7">Silicon Valley</a>.<h2 id="e195bed4-45cb-4bba-ae91-f1e151fc0492">Berlin was a more affordable location to start Monite</h2>When I left the US, I visited multiple places in Europe and spoke to people in several cities, including Zurich, Barcelona, and <a target="_blank" class="" href="https://www.businessinsider.com/biggest-surprises-moving-to-london-according-to-american-2024-10">London</a>, to help me decide where to move. Part of the reason I chose Berlin is because its tech scene was really on the rise.There were a lot of founder meetups, pitch events, and accelerators in the city. Local funding was also available. At that time, I felt German funds had strong institutional support and seemed the most forthcoming in Europe. It's very common to speak English in Berlin, and I feel this is an advantage for startups because it attracts talent from the US, UK, and beyond.The cost of <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-and-grow-a-business-founders-advice-2023-1">building a business</a> in the US is high due to the cost of living and hiring. As long as I could still fundraise in the US, which became easier because of the COVID-19 pandemic, I preferred Europe. My journey in the States made it easier for me to know how the US market worked when it came to fundraising.The cost of living in Berlin is lower. When I lived in San Francisco and the Valley, I paid more in rent and needed a car to get around. In Berlin, I mostly get around by bike. Everything is a few minutes away, and there's less traffic.Berlin is well-connected to Europe. You can get almost anywhere in Europe in a few hours. Having moved from California, it was wonderful to be able to see family members in Europe and go on getaways more easily.<h2 id="42d233d4-0ad7-46eb-b81a-fdfde2cf12fc">There are some downsides to living in Berlin</h2>It's difficult to find US-level talent in Europe. A lot of <a target="_blank" class="" href="https://www.businessinsider.com/europe-best-cities-work-life-balance-ranking-2023-6">Europeans are focused on work-life balance</a>, but I'm a workaholic.It's hard to find people with the same values or who'll know what you're talking about when you say, "Silicon Valley benchmark." This refers to the strong emphasis on rapid scaling, competitiveness, and continuous self-improvement. In the US, I had friends working for LinkedIn, WhatsApp, and Facebook, so I could see this benchmark in front of me.The European investment ecosystem is much more risk-averse. In America, failure is seen as part of the game, with a strong focus on the potential upside.In Europe, the approach tends to be more cautious and conservative, with more emphasis on mitigating risks. I do think that's now starting to shift, but historically, that's been one of the hardest things to overcome in the market.I feel lucky and grateful to have raised money and for the support I've had. However, it's not easy to be a founder without a background in Germany because having local connections has traditionally been valuable. In the US, it isn't unusual to be a foreign founder.While <a target="_blank" class="" href="https://www.businessinsider.com/german-vs-american-parenting-relocation-berlin-kids-independent-helicopter-parenting-2024-10">living in Berlin</a>, I think it's necessary to be strategic about getting the assets I need from other places. Monite is headquartered in Berlin, and I mostly live here, but I also travel a lot to places like the US and London to meet people and get inspiration. We also have a couple of employees in the States.<h2 id="bc7c8b3f-e6df-4494-bc91-d8696a768513">I like living in Europe, but wouldn't rule out returning to America</h2>Most people in Silicon Valley are focused on startups and innovation. If you're all about work and want to focus 24/7, Silicon Valley is the place to be.But that also depends on whether you can be there. It's not accessible to everyone due to the high visa barriers. For example, the H-1B visa has a lottery system, and I know people who went to MIT and Harvard who either didn't want the hassle or didn't win the lottery, so had to leave.Living in the Valley wasn't for me because it meant compromising on family relationships and the ability to see friends in Europe.That said, I won't say I'd never go back to San Francisco. If the business required me to be in the States, I'd find a way to make it work for my family. But my preference is to live in Europe and be in the States often enough to get the benefits.Do you have a relocation story you want to share with Business Insider? Email <a target="_blank" href="mailto:ccheong@businessinsider.com">ccheong@businessinsider.com</a>

I left Silicon Valley for Europe. Here's why I chose to launch my startup in Berlin.

<ul class="summary-list"><li>Jeanne Pastrano quit her $200,000-a-year job in New York after feeling burned out.</li><li>After a six-month break, she said she felt rejuvenated and was ready to get back to work.</li></ul>This as-told-to essay is based on a conversation with Jeanne Pastrano, a 37-year-old mom based in New Jersey. <a target="_blank" class="" href="https://www.youtube.com/watch?v=D9HAqNr5VuM">Pastrano quit her job</a> in April after feeling burned out. This story has been edited for length and clarity. Business Insider has reviewed compensation documentation for her previous job and her current job as a strategic account manager at Sardine. People would always tell me, "You make being a <a target="_blank" class="" href="https://www.businessinsider.com/stay-at-home-mom-works-part-time-morning-routine-2024-4">working mom</a> look so easy." Maybe I did — but that doesn't mean it was easy.I'm 37. I have two boys, ages 10 and 12, and I was an account manager at <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/adyyf-stock">Adyen</a>, a financial technology company, up until April. I liked my job and made around $200,000. We lived in New Jersey, and I worked in New York.As a working mom, you put up a face of strength because if you don't, a lot of things will fall apart. The only way to keep it together is to be very organized and stay on top of things all the time — and that is what I did. It doesn't mean at the end of the day, you're not exhausted.I felt like I was stretching myself too thin. When I was at home, I was thinking about work. When I was at work, I was also thinking of a million things I had to do for the house for the kids. Over time, it definitely piles up, just that feeling of inadequacy in both capacities.And for the majority of my career, up until recently, I was the primary breadwinner, so my family depended on my income. There's that weight of, "Everything is dependent on me," and I wanted to break free of that. Even when my husband's career took a turn, and he started taking over the majority of the things financially, I just wanted to get that break. I also had a hunger to experience being a full-time mom.<a target="_blank" class="" href="https://www.businessinsider.com/quit-6-figure-coo-job-gave-up-apartment-moved-home-2024-8">Quitting my job</a> wasn't an easy decision. I was at a good place career-wise at a very stable company. It was months and months of planning and preparing financially. But I knew that if I didn't take a break, I would always have the feeling of wanting one.<h2 id="68500c05-36a6-4fc6-9f91-f0fcc5494ddf">I had a hard time slowing down during my sabbatical</h2>The first day not working actually slapped me in the face. In my first three months of being unemployed, I was still running. I'd been on the hamster wheel for too long.I had household projects and volunteer work. I'm very active at church. I had to take on more work at home with the kids.I never really slowed down, and I was still feeling overwhelmed. Chores were still piling up; to-do lists were still piling up. Three months in, I wondered how I was still so busy after quitting my job. And I realized it was my fault. I didn't know how to not work.Eventually, I was able to slow down a bit more. I was able to just be with the kids more in the summer and we were able to travel. This was the first time I traveled without a job — where there's still that anxiety to check email and stress over once you're back in the office, there will be a million fires you have to put out. So that was very refreshing.I thought I was leaving for good, but in those six months, I actually appreciated the 9-to-5. Sometimes, we like something, but we just need a breather.I never thought I'd be this ready to go back to work or able to revive that excitement I had early in my career, but I feel like I'm already there after six months of my sabbatical.Some people work 20, 30 years without that real break. I can't imagine. Now I can see myself working another 5, 10 years, with just vacations here and there.<h2 id="cee44ea0-edcc-40e7-a605-e83b3cd391e7">Getting back into the workforce was easier than I expected</h2>About five months in I started to interview and was looking for the same type of role. I knew I wanted a fully remote job.I know the perception is that it might be hard to get back into work, but I was so pleasingly surprised that that was not the case for me. After six weeks of interviewing, I got an offer from a fintech startup — making about the same as I was before, with more equity opportunities.I was very transparent about my career break on LinkedIn and in interviews. Surprisingly, all of the interviews were so positive about it. They totally understood. I shared exactly why I was taking a break, and that seemed to resonate with them. It is almost like everybody knew what I was talking about because, at some point in their careers, they felt it.If someone is able to financially, I would absolutely recommend a sabbatical if you've gotten to a point in your career where you just need a break. I feel like that's why there's an official sabbatical offered at some companies.I'm so grateful that I was able to get that break and refresh myself, and then end up with basically my dream job that I was looking for.

You Searched For "fintech startup" and got 7 results

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

Ira Alok Puranik

Here are 49 of the most promising fintech startups transforming how we bank, invest, work, and pay, according to 27 top investors

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Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

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My flight was delayed by over 3 hours. The carrier did not compensate for it. Here's how it unfolded

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Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

PTI

I left Silicon Valley for Europe. Here's why I chose to launch my startup in Berlin.

Charissa Cheong

I quit my $200K fintech job to take 6 months off. It was just what I needed — and surprisingly easy to find a new role

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