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<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> on Tuesday announced that it has sold over a million two-wheeler insurance policies.</li><li>About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities.</li><li>Four in five insurance policies were bought by users with expired covers, the company added.</li></ul>Digital payments platform PhonePe on Tuesday announced that it sold over a million two wheeler insurance policies since the launch of its product nine months ago. About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities, which according to PhonePe showcases the wide adoption of its offerings in non-metros cities and towns across India. Four in five insurance policies were bought by users with expired covers, the company added. “We aim to double down on this early momentum to drive insurance adoption in the country in line with the IRDAI’s [Insurance Regulatory and Development Authority of India] vision of insurance for all by 2047, while working closely with our insurance partners to make insurance products simple, affordable and accessible to all,” Prannay Batra, head of general insurance at PhonePe, said. PhonePe launched car and bike insurance — in partnership with Bajaj Allianz General Insurance — in October 2021. The company allows its users to avail insurance without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app. PhonePe users can avail the policy through the ‘My Money’ section of the digital payments app available on Android and iOS. The insurance products are listed under the insurance section. The Walmart-owned fintech startup has over 385 million registered — representing nearly one in four Indians. PhonePe <a href="https://www.businessinsider.in/finance/news/whatsapp-carried-out-only-17-million-upi-transactions-and-phonepe-was-at-20-billion-in-india-in-2021-22/articleshow/90726109.cms">carried out 20.7 billion UPI transactions</a> in 2021-22 – every 1 out of 2 UPI transactions were carried out on PhonePe. PhonePe is the biggest UPI player in India in terms of transactions. However, it is not earning any money on it as the government of India does not allow payments players to charge on such transactions. The company has, therefore, been expanding its operations through different product lines such as loans, insurance, investments, among other things. SEE ALSO <a href="https://www.businessinsider.in/india/news/indias-richest-people-are-moving-to-uae-australia-and-singapore/articleshow/92181712.cms" style="">India’s richest are moving to UAE, Australia and Singapore — but there’s nothing to worry</a> <a href="https://www.businessinsider.in/business/corporates/news/nearly-four-lakh-fliers-are-thronging-airports-every-day-and-indigo-is-flying-half-of-them/articleshow/92179593.cms" style="">Nearly four lakh fliers are thronging airports every day and Indigo is flying half of them</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-will-gain-the-most-from-economic-recovery-and-also-regain-lost-market-share-say-brokerages/articleshow/92171487.cms" style="">Maruti Suzuki will gain the most from economic recovery and also regain lost market share, say brokerages</a>

PhonePe sold a million two-wheeler insurance policies in less than 9 months

<ul><li><keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> and <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> have announced that they are fully separated now, six years after the e-commerce giant acquired the latter. </li><li>The separation comes at a time when PhonePe is reportedly in talks to raise funds at a valuation of close to $13 billion. </li><li><keyword id="80487" type="General" weightage="20" keywordseo="Walmart" source="Orion">Walmart</keyword> will continue to be the largest shareholder of PhonePe and Flipkart, according to a joint statement by the companies. </li></ul>Flipkart and PhonePe have announced that they are fully separated now, six years after the e-commerce giant acquired the latter, the companies said in a joint statement on Friday. Post the completion of the separation, PhonePe is now a fully India-domiciled company. To recall, PhonePe moved its registered office from Singapore to India in October. “Setting up these businesses as separate entities will also provide value and create new opportunities for investors to participate in the Indian tech ecosystem – helping unlock and maximize enterprise value for shareholders of the two companies,” the companies said. The separation comes at a time when PhonePe is in talks to raise funds at a valuation of close to $13 billion, according to a <a href="https://www.bloomberg.com/news/articles/2022-12-08/walmart-s-payments-startup-phonepe-seeks-to-raise-1-billion">Bloomberg report</a>. If it succeeds, it would become the most-valued fintech startup in India. The company had raised $700 million in 2020, led by Walmart and existing investors, including Tiger Global, at a valuation of $5.5 billion. While media reports earlier suggested that PhonePe was planning an IPO, the company’s founder and CEO Sameer Nigam in June 2022 dismissed the reports, saying, “PhonePe is not planning an IPO right now. We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale,” according to a PTI report. As part of the separation of the two companies, the existing shareholders of Flipkart Singapore and PhonePe Singapore, led by Walmart, have taken up equity directly in PhonePe India. Walmart will continue to be the largest shareholder of PhonePe and Flipkart, according to the statement. “We are looking forward to the next phase of our growth as we invest in new businesses – like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India. This will help propel our vision to provide billions of Indians with financial inclusion,” said Nigam in the statement. The separation of Flipkart and PhonePe could also have an impact on the former’s valuation – while the e-commerce giant is currently valued at $37.6 billion after a fundraise of $3.6 billion in 2021, it was <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">reportedly</a> seeking a $60-70 billion valuation for its planned IPO in the US in 2023. <cmsannotation type="cmsannotation" annotationid="PhonePe is the current market leader in UPI payments in the country" comment="subhead" text="PhonePe is the current market leader in UPI payments in the country">PhonePe is the current market leader in UPI payments in the country</cmsannotation> PhonePe currently has over 400 million UPI users in the country, with a 46% market share in terms of payment volumes and a 49% share in terms of payment values, as of November, according to data from the National Payments Corporation of India (NPCI). Apart from this, the company also has 35 million merchants covering 99% of the pincodes in the country. It also has 1.1 million sellers on its platform, including small and medium businesses, artisans and craftsmen. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indias-hiring-intent-rises-in-q4-led-by-positive-sentiment-in-ecommerce-telecom-and-educational-services-industries/articleshow/96424123.cms">India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms">Reliance Retail to acquire B2B wholesaler Metro Cash &amp; Carry for ₹2,850 crore</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-load-up-on-realty-stocks-in-the-first-half-of-december-total-inflows-edge-up-to-9017-crore/articleshow/96393580.cms">FPIs load up on realty stocks in the first half of December, total inflows edge up to ₹9,017 crore</a>

Flipkart and PhonePe complete separation six years after acquisition

Decacorn fintech firm <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> has received an additional USD 100 million from <keyword id="6375561" type="General" weightage="80" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword> during its ongoing fundraise round of USD 1 billion at a pre-money valuation of USD 12 billion, the company said on Wednesday. With this fresh funding, the <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> group firm has raised USD 750 million till date. "PhonePe confirms a USD 100 million additional tranche of investment from General <keyword id="44121" type="General" weightage="80" keywordseo="atlantic" source="Orion">Atlantic</keyword>, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested USD 350 million in PhonePe in January 2023," PhonePe said in a statement. General Atlantic has invested USD 450 million in the ongoing fundraise, Ribbit Capital, <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and TVS Capital Funds USD 100 million and Walmart has infused USD 200 million in the company. PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI. Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-extend-rally-to-the-eight-consecutive-day-led-by-it-healthcare-and-auto-stocks/articleshow/99434724.cms">Markets extend rally to the eight consecutive day, led by IT, healthcare and auto stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-omicron-sub-variants-escape-our-bodys-immune-system/articleshow/99433429.cms">How Omicron sub-variants escape our body's immune system</a>

PhonePe gets additional USD 100 million fund from General Atlantic

<ul><li><keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> said that all its subsidiaries have migrated from Singapore to India. </li><li>The payment service company has also migrated ESOPs from <keyword id="15153736" type="General" weightage="50" keywordseo="phonepe-singapore" source="Orion">PhonePe Singapore</keyword> to PhonePe India. </li><li>IndusOS, owned by PhonePe, has also shifted operations from Singapore to PhonePe India. </li><li>PhonePe currently has over 350 million registered users. </li></ul>Walmart-backed Indian payments service company PhonePe, today announced that it has completed three steps involved in moving its domicile to India. Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly. This includes its insurance broking services and wealth broking businesses, the company claimed. “Following these actions, all <keyword id="15154047" type="General" weightage="50" keywordseo="phonepe-group" source="Orion">PhonePe Group</keyword> businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd - India,” PhonePe revealed in a statement. PhonePe’s board recently approved the creation of a new employee stock ownership plan (ESOP) plan and the migration of over 3,000 PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan. Under the newly liberalized automatic overseas direct investment ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (<keyword id="15154048" type="General" weightage="50" keywordseo="oslabs-pte-ltd" source="Orion">OSLabs Pte Ltd</keyword>) from Singapore to India. <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>, in effect from August 22, 2022, announced changes in the ODI rules for fintech firms. The ODI rules come under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword>. Last year, PhonePe acquired Samsung-backed IndusOS, an Indian smartphone application and content discovery platform. PhonePe, founded in December 2015, is one of India’s largest payments apps, which crossed 350 million registered users in January this year. It forayed into financial services in 2017. <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>, one of India’s largest ecommerce platforms and the largest shareholder in PhonePe, continues to be headquartered in Singapore. One in four Indians use services of fintech <keyword id="15154046" type="General" weightage="50" keywordseo="platform-phonepe" source="Orion">Platform PhonePe</keyword> with 150 monthly active users making it one of India’s widely used Unified <keyword id="4303474" type="General" weightage="50" keywordseo="payment-interface" source="Orion">Payment Interface</keyword> (UPI) apps. The Bengaluru-based fintech startup declared in April this year that it crossed 100 million transactions in a <a href="https://economictimes.indiatimes.com/tech/technology/phonepe-says-it-clocked-100-million-transactions-in-a-day-for-the-first-time/articleshow/90823278.cms?from=mdr">day</a>. To further strengthen its enterprise, PhonePe acquired <keyword id="9655220" type="General" weightage="50" keywordseo="gigindia" source="Orion">GigIndia</keyword> in March 2022, a marketplace for gig workers for an undisclosed amount. GigIndia has 1.5 million entrepreneurs onboard its platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-ipo-set-to-open-on-oct-4-commands-grey-market-premium-of-30/share/articleshow/94620046.cms">Electronics Mart India IPO set to open on Oct 4; commands grey market premium of ₹30/share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/mangalyaan-all-you-need-to-know-about-indias-first-historic-mission-to-mars/slidelist/94617244.cms">Mangalyaan: All you need to know about India’s first historic mission to Mars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/millions-of-indian-smartphone-users-might-have-to-wait-till-2024-for-5g-say-experts/articleshow/94614275.cms">Millions of Indian smartphone users might have to wait till 2024 for 5G say experts</a>

PhonePe moves domicile from Singapore to India

<ul><li><keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword>'s has launched its latest brand campaign 'Tension chhodo, <keyword id="35450" type="General" weightage="20" keywordseo="Insurance" source="Orion">Insurance</keyword> lo', featuring actors <keyword id="6355923" type="General" weightage="20" keywordseo="aamir-khan" source="Orion">Aamir Khan</keyword> and <keyword id="6354526" type="General" weightage="20" keywordseo="alia-bhatt" source="Orion">Alia Bhatt</keyword>.</li><li>The campaign highlights how the insurance buying process on PhonePe is instant, paperless and mobile-first - making it easily accessible to all users.</li></ul>Digital payments company PhonePe's latest brand campaign 'Tension chhodo, Insurance lo', featuring actors Aamir Khan and Alia Bhatt is aimed at making customers aware of how insurance can make life easy by staying prepared for unforeseen circumstances. The campaign highlights how the insurance buying process on PhonePe is instant, paperless and mobile-first - making it easily accessible to all users. The light-hearted campaign encompassing over 12 films will run on Television, YouTube, Hotstar and other prime channels. The 6-month long campaign, which kicked off during the ICC T20 Cricket World Cup, will educate customers on the availability of bike, car, life and health insurance plans on the PhonePe app. It will also showcase PhonePe’s insurance expertise, scale, size and trust that customers have on the platform. PhonePe currently has over 325 million registered users who use the platform to make money transfers, recharges, pay bills, and invest. Now, they can also insure themselves with the best plans offered by trusted insurers who have partnered with PhonePe. Commenting on the launch, <keyword id="10106273" type="General" weightage="20" keywordseo="gunjan-ghai" source="Orion">Gunjan Ghai</keyword>, VP &amp; Head of Insurance, PhonePe said, “We launched Insurance a few months back and the response we received from our customers informed us of the need to take a more prominent role in the insurance distribution space. Towards this, we launched our insurance broking business for the benefit of our 325+ million user base. Our users place immense trust in PhonePe as a brand. We are, thus, in a much better place to reach our customers and offer the right insurance at the right price. With that objective in mind, we have launched a large multi-media integrated campaign to drive awareness and build consideration for PhonePe’s insurance offering over a period of 6 months.”

PhonePe's new campaign featuring Aamir Khan and Alia Bhatt showcases the ease of buying insurance on the platform

<ul><li><keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> is driving its financial inclusion push in India as it has announced its foray into lending, micro-insurance, and micro-pension products.</li><li>The financial services plans could give the instant messaging app over 200 million new users, adding to its existing 400 million user base in India. </li><li>But with the move, WhatsApp becomes a direct competitor to the existing players in India – Paytm (backed by Alibaba and SoftBank), PhonePe (backed by Walmart) as well as <keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword>.</li></ul>At a time when digital payments are on the rise, given the pandemic enforced lockdown, the future for 'Digital India' looks bright and companies are looking for gateways to cash in on this. Facebook owned messaging app, WhatsApp is the latest entrant - driving its financial inclusion push in India with its foray into lending, micro-insurance, and micro-pension products. Abhijit Bose, WhatsApp India head, shared the plans for the company’s foray into financial services in India at the Global Fintech Festival. Bose added that WhatsApp is already in talks with the likes of ICICI Bank, Kotak Mahindra and HDFC to explore its financial services foray in India. 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> With the move, WhatsApp becomes a direct competitor to the existing players in India – Paytm (backed by Alibaba and SoftBank), PhonePe (backed by Walmart) as well as Amazon. Paytm has recently announced its <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> foray and also acquired Raheja QBE General Insurance, PhonePe has a partnership with ICICI Lombard to offer insurance products, Amazon Pay has just announced its insurance foray in partnership with digital insurance startup Acko. WhatsApp’s payments entry is with 400 million users WhatsApp already has a competitive advantage over the other players in the ecosystem as it comes with an existing 400 million user base. Moreover, WhatsApp’s partnership with Reliance Jio will only power its growth. India is one of the biggest markets for WhatsApp and the app is only looking at increasing its reach in the country. WhatsApp’s financial plans outlined for the next 18 months, have the capability of giving the instant messaging app an additional 200 million new users. But this could threaten the players who have been around for longer and have been steadily building their players. 11-year old Paytm’s parent company One97 communications has over 700-800 million users overall, a source had told Business Insider. Meanwhile, five-year old PhonePe claims to have 200 million registered users. Amazon’s user data is not publicly available. WhatsApp Pay has been in the testing mode in India since 2018, and has been caught up with regulatory hurdles. But it's bank of already existing users (through WhatsApp), will make it easier for it to conquer the market. According to Bernstein’s hypothesis, WhatsApp has already garnered 10.7% of the market in the first phase of rollout since the approval came in February. The subsequent phases will be much bigger and a lot more competitive. Analysts at Bernstein expect WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. “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. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-walmarts-india-business-kirana-stores-network-to-bolster-e-retail-play/articleshow/77123978.cms">Flipkart buys Walmart’s India business - 'kirana stores' network to bolster e-retail play</a> <a href="https://www.businessinsider.in/finance/banks/news/indian-public-sector-bank-employees-get-15-wage-hike-and-performance-linked-incentives-after-three-years-of-waiting/articleshow/77114388.cms">Indian public sector bank employees get 15% wage hike and performance-linked incentives after three years of waiting</a>

WhatsApp is starting lending and insurance with a number of users that Paytm, PhonePe and Amazon took years to build

New Delhi, Apr 1 () Flipkart-owned PhonePe on Wednesday said it has launched a coronavirus hospitalisation insurance policy called 'Corona Care' in partnership with Bajaj Allianz General Insurance. The policy is priced at Rs 156 with an insurance cover of Rs 50,000 for a person aged under 55 years, and the cover is applicable at any hospital offering coronavirus treatment, a statement said. It also covers 30 days of expenses related to pre-hospitalisation costs and post-care medical treatment, it added. Users can purchase the policy from the PhonePe app, and the customer is issued policy documents within the app, it said. "The Indian government has taken very bold steps towards containing the outbreak in India. However, many Indians don't have health insurance covers, so they will be faced with an added financial burden in case someone in their family needs to get hospitalisation treatment for COVID-19," PhonePe founder and CEO Sameer Nigam said. He added that PhonePe has decided to forego its commission, thus enabling an affordable product with Bajaj Allianz General Insurance. SR RVK

PhonePe partners Bajaj Allianz for hospitalisation insurance policy for COVID-19

Popular UPI and mobile wallet app PhonePe was launched in 2016 as the first app built on the Unified Payments Interface. Over two years ago, the company said that it will allow users to buy and sell 24 Karat gold through the app. PhonePe partnered with MMTC-PAMP for gold of 99.99% purity and Safegold with 99.50% purity versions. The rates are updated every five minutes by both the providers and the price displayed in inclusive of 3% GST. The gold that the user buys is stored in an insured locker facility. The users can get gold coins of up to 20 grams delivered to their home. In this post, we will explain how to buy and <keyword id="8623757" type="UNKNOWN" weightage="20" keywordseo="sell-gold-on-phonepe">sell gold on PhonePe</keyword>. How to <keyword id="8623759" type="UNKNOWN" weightage="20" keywordseo="buy-gold-on-phonepe">buy gold on PhonePe</keyword> <ul><li>Log in to the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Under the ‘Wealth Management’ section, click on ‘Gold’. </li><li>Now, choose from MMTC-PAMP and Safegold. </li><li>View the current buying price. </li><li>You can enter either the amount or weight of gold you want to buy. </li><li>Now, click on ‘Proceed to Payment’ and complete the payment process. </li></ul>How to view your gold balance <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>At the top, you will be able to see your gold’s weight and selling value. </li></ul><keyword id="8623755" type="UNKNOWN" weightage="20" keywordseo="how-to-sell-gold">How to sell gold</keyword> <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>Choose the amount or weight of gold you want to sell. </li><li>The amount will be credited in your bank account. </li></ul>How to get gold delivered <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>Click on ‘Deliver’. </li><li>Select the gold coin that you want to get. </li></ul>It is to be noted that you will have to pay additional charges for getting gold delivered. The charges vary depending on the provider and the coin selected. See also: <a href="https://www.businessinsider.in/business/news/jewellers-to-sell-only-14-18-22-carat-hallmarked-gold-jewellery-from-jan-2021-paswan/articleshow/73250251.cms">Jewellers to sell only 14, 18, 22 carat hallmarked gold jewellery from Jan 2021: Paswan</a> <a href="https://www.businessinsider.in/stock-market/news/goldman-sachs-says-gold-is-a-better-hedge-than-oil-as-trump-iran-tensions-heat-up/articleshow/73122500.cms">Goldman Sachs says 'gold is a better hedge than oil' as Trump-Iran tensions heat up</a>

How to buy and sell gold on PhonePe

<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

<ul><li><keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword> is likely to get over $1.4 billion in funding from its Singapore-registered parent entity, according to financial intelligence firm paper.vc. </li><li>If the investment comes through and at one-go, it will be the biggest investment raised by a payments firm in India – beating Paytm’s $1 billion raise in 2017. </li><li>The funding could help Amazon strengthen its foothold in India’s payments ecosystem as it continues to lag behind <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>, Paytm, and PhonePe. </li></ul>Jeff Bezos seems in no mood to be held back by other players in India, and not just in retail. Amazon Pay is likely to get over $1.4 billion in funding from its Singapore-registered parent entity, according to financial intelligence firm paper.vc. Paper.vc said that “the company owned by e-commerce major Amazon has increased its authorized share capital from $820 million to $2.2 billion.” This is indicative of a big-ticket funding coming its way. “'While the massive change in authorized capital in and of itself does not confirm an investment, historical data suggests that an infusion is likely to arrive in the coming weeks. There is a chance that the $1.4 billion is processed in one go. If that happens, this infusion would be the single largest investment made by Amazon in India so far,” Jayraj Patel, analyst at paper.vc told Business Insider. If the investment comes through and at one-go, it will be the biggest investment raised by a payments firm in India – beating Paytm’s $1 billion raise in 2017. Amazon Pay has so far raised ₹4,355 crore since 2016 -- with the latest funding having come through in January 2020. In January, Amazon Pay India Pvt Ltd had received ₹1,355 crore from its parent entity. Funds could help Amazon fend off competition The funding could help Amazon strengthen its foothold in India as it continues to fall behind the likes of Google Pay, Paytm and PhonePe. <div type="image" title="payments (1)" msid="78531037" hostid="261"></div> The Facebook owned messaging app, WhatsApp is the latest entrant – driving its financial inclusion push in India with its foray into lending, micro-insurance, and micro-pension products. While WhatsApp Pay is a very small player now, bolstered with the partnership with Reliance Jio, it is looking to make a mark in the payments ecosystem in India. Abhijit Bose, WhatsApp India head, had shared the plans for the company’s foray into financial services in India at the Global Fintech Festival in July, 2020. WhatsApp already has a competitive advantage over the other players in the ecosystem, as it comes with an existing 400 million user base. Amazon Pay has also been ramping up its efforts in India. Having already into financial services by offering insurance on the platform, Amazon Pay had also recently introduced the option for credit card bill payments. Today, the e-commerce giant also announced a <a href="https://www.businessinsider.in/business/ecommerce/news/now-you-can-book-train-tickets-through-amazon-in-india/articleshow/78530188.cms">partnership</a> with Indian Railway Catering and Tourism Corporation (IRCTC), which will allow users to book reserved train tickets on Amazon. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/titan-company-share-price-gains-as-jewellery-business-sees-98-recovery-in-second-quarter/articleshow/78529777.cms">Titan shines bright as jewellery business sees 98% recovery in Q2 — analysts see room for further growth</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-share-price-soars-as-mukesh-ambani-continues-with-his-funding-blitzkrieg-for-retail-venture/articleshow/78528841.cms">Reliance share price soars as Mukesh Ambani continues with his fundraising blitzkrieg for retail venture</a>

Amazon Pay could soon get over a billion dollars to take on Google Pay, Paytm, Phonepe and others

<ul><li>According to a report by Bernstein, in the month of May 2020, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> led the payments market in India, followed by <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword>, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> and then <keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">Whatsapp Pay</keyword>. </li><li>Google Pay had 75 million transacting users in May, while PhonePe had 60 million users and Paytm had 30 million. </li><li>Google Pay’s operational validity as a third party app is currently under scrutiny in the Delhi High Court. </li></ul>Google Pay has taken a comfortable lead in India’s payments market over rivals like PhonePe, Amazon Pay, and a one-time market leader, Paytm. However, for Google, the up and coming WhatsApp Pay may prove to be the real challenge. <div type="image" title="payments" msid="76543059" hostid="261"></div> However, according to <a href="https://techcrunch.com/2020/06/03/google-and-walmarts-phonepe-establish-dominance-in-indias-mobile-payments-market-as-whatsapp-pay-struggles-to-launch/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAMcIsliNZIKY7hZUjEcnpwa3gQlErtUsIDDizI_EKdBwqUqwIV0OIAb1vUkIk2HhxebPYMuriJn_cVrQbQh6nrGqEvzhS69P_P7m7DtmAdhEK7EIYvYdTvTfT-AmwDDL3m9r-rpkkIddx4avmQLcoQ4xSz54FuFcCKyN3nSNsfcp">reports</a>, Google Pay had 75 million transacting users in May, while PhonePe had 60 million users and Paytm had 30 million. Paytm has been facing the pressure from competition as according to <a href="https://www.theinformation.com/articles/once-dominant-paytm-stalls-in-india">reports</a>, its monthly active users in December 2019 too were at 40 million, down from 45 million a year earlier. Paytm reached out to Business Insider to say that "Paytm Wallet &amp; other payment methods (net-banking, cards, IMPS etc) available on our app has continued to grow and we register a huge number of transactions. Overall, Paytm continues to dominate digital payments and has over 50% market share of mobile payments to merchants. We have the largest offline merchant network in the country with over 17 million merchants." The spokesperson added that "Paytm has over 10 million daily transacting users and our overall user base is much more than the combined UPI base of all players." According to the TechCrunch report which cited data from National Payments Corporation of India, Google Pay had 540 million UPI transactions, PhonePe had 460 million while Paytm saw 120 million. Another <a href="https://timesofindia.indiatimes.com/business/india-business/google-pay-maintains-lead-amazon-pay-starts-to-show-scale-as-paytm-sees-volumes-fall/articleshow/76294038.cms">report</a> said that Amazon Pay too had ramped up its operations and saw 60 million UPI transactions in May. According to NPCI, the total UPI transactions in May hit 1.23 billion. However, Paytm has clarified that " UPI consists of just a minor percentage of all digital payments happening in the country. The largest majority of payments is made on wallets, cards, and net banking." PhonePe, which claims to have 200 million registered users, has been slowly increasing its merchants user base as well and now has over 10 million merchants onboard. It has also diversified to financial services and offers travel insurance as well. Meanwhile, Amazon Pay too is offering more to users. In April, it launched the pay now, buy later option for its users. WhatsApp will be the real challenge for Google Pay But the next big challenge will come from Facebook;s WhatsApp, which has 400 million monthly active users in India – thanks to the Reliance Jio-Facebook deal. Analysts at Bernstein expect WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. WhatsApp Pay has been in the testing mode in India since 2018, and has been caught up with regulatory hurdles. But its bank of already existing users (through WhatsApp), will make it easier to conquer the market. And that is visible already. According to Bernstein’s hypothesis, WhatsApp has already garnered 10.7% of the market in the first phase of rollout since the approval came in February. The subsequent phases will be much bigger and a lot more competitive. “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. Paytm already has plan B, C and D Once, not very long back, the leader in payments, Paytm’s parent company One97 communications has now forayed into a bunch of new businesses. <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;">Paytm Mall </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;">E-commerce </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;">Paytm First Games </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;">Gaming </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;">Paytm Money </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;">Mutual Funds </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;">Paytm Insider </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;">Entertainment </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;">Paytm Insurance Broking </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;">Insurance </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;">Paytm Payments Bank </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;">Banking </td></tr></tbody></table> “One97 communications as a whole registers 700-800 million transactions,” a source told Business Insider in April. The $16 billion Paytm’s founder Vijay Shekhar Sharma also remains confident. “One of the most important KPIs for us is what’s the percentile of the market of people that is using Paytm. Our philosophy is User - Transaction - Dollar - Delta. User-wise, we remain a high percentile owner,” Sharma told Business Insider in an interview in February. Google has its share of challenges Meanwhile, Google Pay which added nearby stores feature and expanded it to 35 cities, and partnered with hyperlocal delivery app Dunzo in May, also has troubles in hand. Google Pay’s operational validity as a third party app is currently under scrutiny in the Delhi High Court. If Google Pay is a “full-fledged payment system provider” it will be a violation of Payment Systems Settlement Act 2007. However, the Reserve Bank of India has <a href="https://www.indiatoday.in/business/story/google-pay-not-payment-system-operator-rbi-to-delhi-hc-1691083-2020-06-20">told</a> the HC that it recognizes Google Pay as a third party app provider (TPAP). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-are-worth-more-than-hdfc-bank-icici-bank-and-kotak-mahindra-bank-combined/slidelist/76504066.cms">Reliance Industries’ shares are worth more than HDFC Bank, ICICI Bank, and Kotak Mahindra Bank combined</a> <a href="https://www.businessinsider.in/india/news/the-mysterious-death-of-a-bengaluru-bureaucrat-accused-in-a-4000-crore-ponzi-scheme/articleshow/76541918.cms">The mysterious death of a Bengaluru bureaucrat accused in a ₹4,000 crore ponzi scheme</a>

Google Pay has a solid lead over PhonePe, Paytm and Amazon Pay⁠ in India⁠— but its biggest challenge is yet to come

Kolkata, Apr 7 () Seeing business opportunity amidthe spread of the coronavirus pandemic, insurance companies inthe country have started offering policies specific to COVID-19 and some of them partnered with digital payment serviceproviders to push sales of such plans, officials said onTuesday.Bharti AXA General Insurance has tied up with AirtelPayments Bank to launch two health insurance plans-oneoffering a lump sum amount of Rs 25,000 and another with dailybenefit starting Rs 500 per day-to provide protection fromCOVID-19, a company official said.In partnership with Bajaj Allianz General Insurance,digital payment service provider PhonePe, operated by FlipkartOnline Services, also launched a coronavirus hospitalisationinsurance policy called "Corona Care", another official said.The policy is priced at Rs 156 with an insurance coverof Rs 50,000 for a person aged under 55 years, and the coveris applicable at any hospital offering coronavirus treatment,he said.Star Health Insurance and Edelweiss General Insuranceare among others which have also come up with exclusiveinsurance policies for COVID-19.Most of the insurance companies, which are offeringthe specific polices, are not asking their potential customersto go for medical check up, but making sure that they do nothave coronavirus-like symptoms, an industry expert said.Some of the insurers are also offering products tocover expenses, including treatment during quarantine period,he said, adding that terms of claim settlement by thesecompanies vary and a buyer must read the document carefullybefore purchasing an insurance plan.However, many industry experts "don't see much value"in buying separate policies to protect from the disease forpeople who are covered under general health insurance plans.During the dengue outbreak, several insurancecompanies came up with policies to protect from the vector-borne diseases, they said, adding that there are manyexisting health insurance plans in the market, which provideprotection from the COVID-19 disease.The Insurance Regulatory Development Authority ofIndia has already asked health insurance companies to offermedical coverage for coronavirus infection in the country, anofficial said.The Life Insurance Council also said the clause of'force majeure' will not apply in case of COVID-19 deathclaims, he said.The regulator has also instructed insurance companiesto design specific health policies covering the treatment costof COVID-19, including medical expenses incurred during thequarantine period, and some have already introduced the same. BSMBDC BDC

Insurance cos start offering exclusive COVID-19 policies, partnering with online payment firms

<ul><li><keyword id="193629" type="General" weightage="20" keywordseo="NPCI" source="Orion">NPCI</keyword> has issued a circular on <keyword id="4536765" type="General" weightage="20" keywordseo="interchange-fees" source="Orion">interchange fees</keyword> on <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> transactions done via prepaid payment instruments.</li><li>Additionally, the circular also mentions that wallet providers like PhonePe, Paytm and others will have to pay a fee when users load more than ₹2,000 into their <keyword id="727091" type="General" weightage="20" keywordseo="wallets" source="Orion">wallets</keyword> via UPI.</li><li>Here’s a complete breakdown of which <keyword id="3679109" type="General" weightage="20" keywordseo="UPI-payments" source="Orion">UPI payments</keyword> will attract charges, who will have to pay these charges and more.</li></ul>The National Payments Corporation of India (NPCI) has introduced an interchange fee of up to 1.1% on UPI transactions done via prepaid payment instruments (PPI) from April 1. The charge will be applicable on payments of over ₹2,000, but it has caused confusion amongst users as to who will be charged for these transactions and which payment modes will be chargeable. “The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account based UPI payments (i.e. normal UPI payments),” NPCI said in a statement on Wednesday. We try to cut through the jargon and decode exactly what will happen from April 1 and how it will affect you. <cmsannotation type="cmsannotation" annotationid="What does the NPCI circular say?" comment="subhead" text="What does the NPCI circular say?">What does the NPCI circular say?</cmsannotation> According to the NPCI circular, first reported by<a href="https://www.cnbctv18.com/business/ppi-charges-upi-rural-india-digital-payments-16285871.htm"> CNBC-TV18</a>, UPI transactions done via prepaid payment instruments will now attract an interchange fee of up to 1.1%. This fee will be applicable on transactions of over ₹2,000. This will also be applicable on loading money in wallets via UPI. <cmsannotation type="cmsannotation" annotationid="Will this affect payments to friends, family or any other person via UPI?" comment="subhead" text="Will this affect payments to friends, family or any other person via UPI?">Will this affect payments to friends, family or any other person via UPI?</cmsannotation> Payments made via UPI to friends, family or any other individual or a merchant’s bank account will not be affected by this interchange fee. Essentially, peer-to-peer (P2P), and peer-to-peer-merchant (P2PM) transactions remain unaffected. You will be able to send money from your bank account to another person or merchant’s bank account via UPI without any charges. <cmsannotation type="cmsannotation" annotationid="What is a prepaid payment instrument?" comment="subhead" text="What is a prepaid payment instrument?">What is a prepaid payment instrument?</cmsannotation> Wallets, preloaded gift cards are prepaid payment instruments (PPI). Some examples of wallets include <keyword id="3032681" type="General" weightage="20" keywordseo="paytm-wallet" source="Orion">Paytm Wallet</keyword>, PhonePe Wallet, Amazon Pay, Freecharge Wallet, etc. Gift cards include <cmsannotation type="cmsannotation" annotationid="What is a PPI payment via UPI?" comment="subhead" text="What is a PPI payment via UPI?">What is a PPI payment via UPI?</cmsannotation> A PPI payment via UPI means a transaction done via a wallet, like Paytm Wallet, through a UPI QR code. For instance, if you have money in your Paytm Wallet and want to make a payment via a merchant’s UPI QR code, then on transactions above ₹2,000, an interchange fee of up to 1.1% will be levied. <cmsannotation type="cmsannotation" annotationid="What is the interchange fee?" comment="subhead" text="What is the interchange fee?">What is the interchange fee?</cmsannotation> Interchange fee is a fee that is charged by the receiver bank/payment service provider to the merchant. <cmsannotation type="cmsannotation" annotationid="Who will pay these charges?" comment="subhead" text="Who will pay these charges?">Who will pay these charges?</cmsannotation> For example, if you are making a PPI payment via UPI at a store, and the QR code is that of PhonePe, then PhonePe will receive the applicable interchange fee from the merchant. This is similar to how merchants are charged for payments made by users via credit cards – also known as merchant discount rate (MDR). Users will not be charged for these transactions. In case of loading money in wallets via UPI, you will not have to pay any charges just yet – that is of course until wallet providers like Paytm and PhonePe, among others, decide to pass on the charge to users. <cmsannotation type="cmsannotation" annotationid="Which transactions will be affected because of this?" comment="subhead" text="Which transactions will be affected because of this?">Which transactions will be affected because of this?</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Merchant category </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Interchange fee </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max. charges </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Convenience stores </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.1% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Statutory payments </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Insurance </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Railways </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Supermarket </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.9% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Telecom </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Utilities </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Agriculture </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Real estate </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fuel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/increased-competition-delayed-tariff-hikes-could-effectively-lead-to-a-jio-airtel-duopoly/articleshow/99065537.cms">Increased competition, delayed tariff hikes could effectively lead to a Jio-Airtel duopoly</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-tumble-eroding-53291-crore-market-capitalisation-today/articleshow/99057169.cms">Adani group stocks tumble, eroding ₹58,240 crore market capitalisation: All ten stocks close in red</a> <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a>

You Searched For "phonepe insurance" and got 13 results

PhonePe sold a million two-wheeler insurance policies in less than 9 months

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PhonePe gets additional USD 100 million fund from General Atlantic

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PhonePe's new campaign featuring Aamir Khan and Alia Bhatt showcases the ease of buying insurance on the platform

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PhonePe partners Bajaj Allianz for hospitalisation insurance policy for COVID-19

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How to buy and sell gold on PhonePe

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

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Amazon Pay could soon get over a billion dollars to take on Google Pay, Paytm, Phonepe and others

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Google Pay has a solid lead over PhonePe, Paytm and Amazon Pay⁠ in India⁠— but its biggest challenge is yet to come

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Insurance cos start offering exclusive COVID-19 policies, partnering with online payment firms

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Will UPI payments now attract charges? Decoding NPCI’s interchange fee on UPI transactions via prepaid payment instruments

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