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New Delhi, Regulations in the fintech industry have enabled <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> to become a global benchmark in fintech and unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>)-based services are one such example, <keyword id="20698885" type="General" weightage="20" keywordseo="harshil-mathur" source="keywords">Harshil Mathur</keyword>, CEO of full-stack financial services platform Razorpay, said on Monday. Speaking to IANS, <keyword id="19972715" type="General" weightage="20" keywordseo="mathur" source="keywords">Mathur</keyword> said that regulations have played a crucial role in driving innovation, financial inclusion and co-creating financial literacy. "We firmly believe that regulations in the fintech industry have enabled India to become a global benchmark in the sector," Mathur emphasised. Transactions via the UPI platform surpassed the 100 billion-mark in 2023 to close at around 118 billion, representing 60 per cent growth as compared to 74 billion transactions recorded in 2022. The total value of UPI transactions in 2023 stood at around Rs 182 lakh crore, up by 44 per cent as compared to Rs 126 lakh crore in 2022, according to latest data by the National Payments Corporation of India (NPCI). Mathur said that the Digital India Stack is now a global benchmark for most countries, providing a competitive advantage for growing businesses. "As the financial ecosystem and digital payment transactions grow, compliance and governance have to go hand in hand. Regulators have efficiently balanced innovation with risk management while they allow people to innovate," Mathur stressed. Currently, the key regulatory bodies that regulate fintechs in India are the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Securities and Exchange Board of India (SEBI). The RBI last month released a 'draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector', laying down the characteristics of a fintech SRO, and includes the required functions and governance standards. According to the Central Bank, "self-regulation within the fintech sector is a preferred approach for achieving the desired balance". The Razorpay CEO said that given the growing prominence of the fintech industry, "it becomes a must for companies to possess the right regulatory insights and uphold high responsibility to ensure compliance, creating a layer of trust, protection and shield for the entire financial ecosystem". When it comes to data, the digital P2M (person-to-merchant) payments market in the country is likely to reach $4 trillion by 2030. Razorpay said it has achieved an annualised total payment volume (<keyword id="20304040" type="General" weightage="20" keywordseo="tpv" source="keywords">TPV</keyword>) of $150 billion across its business verticals. "Recognising the ever-expanding potential of startups, freelancers and enterprises, the company believes businesses today require an intelligent real-time financial infrastructure to scale with evolving payment and banking needs and diverse consumers and markets," Mathur added. India has the fourth-highest funded fintech startup ecosystem globally. The enterprise fintech industry in the country is poised to expand exponentially, with projections estimating a market size of nearly $20 billion by 2030. According to a latest report by Chiratae Ventures, in collaboration with The Digital Fifth, investment in technology across financial segments is expected to witness high growth over the coming decade.

Regulations enabled India to be global benchmark in fintech: Razorpay's Harshil Mathur

New Delhi, Apr 24 () Online <keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">payments</keyword> dropped by 30 per cent during the nationwide lockdown, hit by fall in digital <keyword id="96567" type="COUNTRY" weightage="20" keywordseo="Transactions">transactions</keyword> across sectors like logistics, travel, real estate and food and beverages, as per a report by fintech platform Razorpay.The report is based on transactions on Razorpay's platform between February 24 to March 23 (before lockdown) and March 24 to April 23 (during lockdown). It found that digital transactions recorded highest fall of 41 per cent in Gujarat followed by Madhya Pradesh (39 per cent) and Tamil Nadu (26 per cent). Interestingly, segments like utilities (bill payments), IT and software, and media and entertainment saw a growth of 73 per cent, 32 per cent and 25 per cent, respectively as people stayed indoors. "Transactions in logistics dropped by 96 per cent due to gaps in supply chain. Travel sector declined by 87 per cent, real estate by 83 per cent, F&amp;B by 68 per cent, and Grocery by 54 per cent," the report said. Digital transactions in cities like Ahmedabad, Mumbai and Chennai took a hit of 43 per cent, 32 per cent and 25 per cent, in these 30 days (March 24 to April 23), it added. "A significant drop of 30 per cent in online payments in the last 30 days is something we are seeing for the first time after demonetisation," Razorpay CEO and co-founder <keyword id="3349619" type="PERSON" weightage="20" keywordseo="Harshil-Mathur">Harshil Mathur</keyword> said. He added that in the first two weeks of March before lockdown, the overall online spending increased by about 10 per cent but later saw a dip primarily owing to precautionary measures which people started to take by staying indoors. Mathur said while COVID-19 continues to create uncertainty on a number of fronts, the pandemic is also a turning point for the fintech industry. There has been a growth in adoption of digital payments, especially in tier II and III cities in the last 30 days of lockdown. "I believe this is a huge opportunity for fintech companies, some of them may have to re-examine their business models after COVID-19, prioritising growth and customer acquisition over profitability. The fintech industry will be forced to evolve, think big and act boldly which will eventually result in innovations in payments and banking solutions to be able to meet new customer demands and behaviours," he said. During lockdown, online donations (transactions) towards NGOs increased by 180 per cent, the report said. In payment modes (during lockdown), UPI made the highest contribution of 43 per cent, followed by debit and credit cards with 39 per cent and netbanking with 10 per cent. However, compared to the 30 days before lockdown, transactions via UPI, cards and netbanking declined by 37 per cent, 30 per cent and 28 per cent, respectively, the report added. Among UPI apps, Google Pay contributed the highest with a 46 per cent share followed by PhonePe with 29 per cent and <keyword id="6357120" type="PERSON" weightage="20" keywordseo="paytm">Paytm</keyword> with 10 per cent. During the lockdown, Paytm saw a drop by 47 per cent, Google Pay 43 per cent and PhonePe 32 per cent. However, Paytm dismissed the same. "We would like to ascertain that Paytm Payments Gateway is India's leading payment processing platform with over 50% market share. For our merchant partners, we are directly processing transactions that can not be captured by any other payment gateway provider with regards to Paytm's UPI growth, contribution, and market share. Therefore, transactions done on Razorpay cannot be put forward as the industry's trend to determine Paytm's contribution to UPI. Their representation on Paytm's growth is misleading," said a Paytm spokesperson. Mobile wallet transactions, particularly in tier II cities saw a spike in the last 30 days, owing to increased contribution to PM Cares Fund and cashback offers and transactions via JioMoney increased by 66 per cent, AmazonPay by 63 per cent and Paytm by 43 per cent, the report said. SR ANUANU

30% drop in online payments amid lockdown: Razorpay

As the start-up sector goes through a sentiment upturn, fin-tech sector has been seeing an increased traction post demonetization. Fin-tech and product startups are an investor favorite this year so it is interesting to see a fin-tech start-up going through a revamp and innovating its product to stand out. According to a recent report on <keyword id="1399736" type="ORGANIZATION" weightage="20" keywordseo="digital-payment">Digital Payment</keyword> in India 2020, the total payment via digital instruments is expected to touch $500 billion by 2020. 

 

 

 

 

 

 

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From one to four services In its new avatar, <keyword id="2777173" type="PERSON" weightage="20" keywordseo="razorpay">Razorpay</keyword> 2.0 is trying to resolve all business problems related to the B2B payments ecosystem. Currently, payment acceptance is done through bank functions like <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="neft">NEFT</keyword> or RTGS. Managing cash flows, disbursement of money, automating NEFT and bank wires and collection of scheduled payments among others is ailing the <keyword id="1929810" type="ORGANIZATION" weightage="20" keywordseo="digital-india">Digital India</keyword>’s companies. The company introduced Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices –for India’s under-served business community while embracing cash-rich traditional sectors such as Education, Government, Insurance and new age e-commerce companies. <div type="embedgroup"> <div type="Article" hostid="261" msid="60837430" title="Here’s why LinkedIn is training blue collar workers in India" rank="1.0" kind="RELATED" publishDate="Sep 26, 2017, 10:56 AM" mstype="2" mssubtype="0"></div></div>














 <keyword id="3349619" type="PERSON" weightage="20" keywordseo="harshil-mathur">Harshil Mathur</keyword>, CEO and Co-Founder, Razorpay told Business Insider that the company is aiming to double its merchant count to 90,000 by the end of next fiscal year and expects more than 10x growth in volume &amp; revenue by next fiscal year. With merchants like PayU and Mobikwik crowding the market, Razorpay’s solution might be the only all-inclusive payments gateway. Razorpay also wants to revolutionize the banking sector by entering categories as mutual fund payments and insurance premium. The company also wants to make recurring payments easier to collect like education fees.

This fintech startup undergoes a revamp to cash-in post demonitization

Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider <keyword id="6519244" type="General" weightage="100" keywordseo="ezetap" source="Orion">Ezetap</keyword>, becoming one of the few companies globally with a significant online and offline presence in payments. According to sources, the deal size is around $150-200 million. This marks Razorpay's sixth and biggest acquisition to date. The <keyword id="14747570" type="General" weightage="50" keywordseo="ezetap-team" source="Orion">Ezetap Team</keyword> of around 300 employees will join Razorpay and work as an independent business unit. "We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform," said Harshil Mathur, CEO and Co-founder, Razorpay. Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery. It currently serves over 500,000 touchpoints, including <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> and BigBasket, and works closely with banks like <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, <keyword id="45123" type="General" weightage="50" keywordseo="hdfc" source="Orion">HDFC</keyword>, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform. "We join Razorpay's suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world," said Byas Nambisan, CEO of Ezetap. Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch. With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-tightens-norms-for-chinese-lending-apps/articleshow/93629917.cms">RBI tightens norms for Chinese lending apps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/genzs-millennials-are-turning-to-thrift-stores-to-upgrade-their-wardrobe-while-saving-the-environment/articleshow/93619737.cms">GenZs, millennials are turning to thrift stores to upgrade their wardrobe while saving the environment</a>

Fintech services platform Razorpay acquires offline payments firm Ezetap

Financial solutions company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> on Monday said it has acquired AI-based risk tech <keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword> (software-as-a-service) platform <keyword id="11669390" type="UNKNOWN" weightage="20" keywordseo="tera-finlabs">TERA Finlabs</keyword> for an undisclosed sum. TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement. "The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting &amp; risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities," said Harshil Mathur, CEO and Co-Founder, Razorpay. Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said. "We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business," said Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs. Razorpay acquired <keyword id="5569668" type="UNKNOWN" weightage="20" keywordseo="thirdwatch">Thirdwatch</keyword>, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and <keyword id="8363793" type="UNKNOWN" weightage="20" keywordseo="opfin">Opfin</keyword>, a payroll management software company, in 2019. The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume). Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, <keyword id="11669388" type="UNKNOWN" weightage="20" keywordseo="zomato-swiggy-cred">Zomato, Swiggy, Cred</keyword> and ICICI Prudential, among others, and is set to reach 200 million customers this year. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Fintech startup Razorpay buys SaaS firm TERA Finlabs

<ul><li>Payments startup <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> raised investment from <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword>, Ribbit Capital, Tiger Global and Y Combinator. </li><li>The startup claims to have grown by 500% last year and wants its total headcount to hit 700 by 2020 from its current number of 350. </li><li>Recently, the startup had launched payments solution in 100 currencies to help Indian MSMEs work with global businesses.</li></ul><keyword id="3321173" type="PERSON" weightage="20" keywordseo="payments-solutions">Payments solutions</keyword> startup Razorpay raised $75 million in a series C round of funding from marquee investors like Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. With the new investment, Razorpay plans to hire senior employees and take its total number of employees to 700 by 2020 from the current strength of 350. The 5-year old startup founded by IIT alums Harshil Mathur and Shashank Kumar has been growing its business rapidly and claims to have grown by 500% in the last financial year. “Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems. Over 350,000 disruptors partnered with us to create the difference that we are here to make. This funding has come in at a time when fintech and banking is evolving beyond payments and lending, and we would like to change the way businesses access banking products,” said Harshil Mathur, CEO and Co-Founder, Razorpay. It is poised for more growth. The company said that its neo-banking platform and lending arm could alone contribute to 40% of its revenue by next year. In early <a href="https://www.business-standard.com/article/news-ani/razorpay-launches-digital-payment-support-for-100-currencies-119060500789_1.html">June</a>, the startup offered digital payment support for 100 currencies enabling Indian businesses to transact and accept payment from global companies. It has Indian Railways Catering and Tourism Corporation, Airtel, BookMyShow, Zomato, Swiggy as its clients. Interestingly, Razorpay was also one of the first startups to announce Employee Stock Options. According to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/tiger-global-snaps-up-razorpay-esops/articleshow/66686980.cms">reports</a>, 140 employees had used their stock options in the company to cash in money from investment firm Tiger Global in November 2018. See Also: <a href="https://www.businessinsider.in/mobikwik-is-now-in-150-countries-for-international-mobile-recharge/articleshow/69842804.cms">MobiKwik marks its global foray, enables international recharge in 150 countries</a>

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Regulations enabled India to be global benchmark in fintech: Razorpay's Harshil Mathur

IANS

30% drop in online payments amid lockdown: Razorpay

PTI

This fintech startup undergoes a revamp to cash-in post demonitization

Tanya Dubey

Fintech services platform Razorpay acquires offline payments firm Ezetap

IANS

Fintech startup Razorpay buys SaaS firm TERA Finlabs

IANS

Razorpay has just raised $75 million and is looking to hire 350 new people

Sanchita Dash

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