Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Shwetank Verma of <keyword id="11927726" type="General" weightage="20" keywordseo="indian-insurtech-association" source="Orion">Indian Insurtech Association</keyword> highlighted that the online insurtech segment would create 1 lakh direct jobs by 2025.</li><li>Shishir Mankad of <keyword id="4893676" type="General" weightage="20" keywordseo="praxis-global-alliance" source="Orion">Praxis Global Alliance</keyword> expects that 2.5-3 lakh employment opportunities, both direct and indirect, would be created by insurtech industry by 2024.</li><li>Auto, health and life are expected to continue to be a big chunk of online insurance sales in India.</li></ul>Online insurance sellers in India are expected to create 250,000-300,000 jobs in the next three years as the insurtech sector is at the cusp of breakthrough growth. Shishir Mankad, managing partner and head of financial services at Praxis Global Alliance, told Business Insider that this would include both direct and indirect employment opportunities across verticals — technology as well as functional roles in product design and analytics, customer journey design, automation as well as fulfillment roles in sales and distribution, claims processing and more. The segment is expected to generate part-time earning opportunities for another 2-3 million people in the same time frame, Mankad added. Meanwhile, Shwetank Verma, co-founder of Indian Insurtech Association and founder of investment firm <keyword id="6403908" type="General" weightage="20" keywordseo="leo-capital" source="Orion">Leo Capital</keyword>, in an email interaction with Business Insider said that the online insurance sellers in India are expected to double their premium by 2025 and create over a lakh direct jobs. “The insurance distribution in India has been changing in a very different way. There was a time when distribution was largely a feet on street model. LIC [Life Insurance Corporation] alone has roughly 1.5 million agents and the rest of the industry put together nearly another 0.5 million. There are a similar number of executives working as employees in the industry. However, over the past 5 to 7 years attempts, have been made to create digital distribution infrastructure. These efforts will increase in the next few years,” Sanjib Jha, chief executive of Coverfox said. Indian online insurance players include initial public offering (IPO)-bound <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword>, Digit Insurance, BankBazaar, Coverfox and others. ACKO General Insurance is one of the startups that issues their own insurance policies instead of being a third-party seller. <keyword id="3067182" type="General" weightage="20" keywordseo="dexter-capital" source="Orion">Dexter Capital</keyword>’s founder Devendra Agrawal, in an email interaction with Business Insider, noted that the Indian insurtech segment is a very large subsector of fintech and is largely dominated by traditional companies. There is very little innovation and user friendliness in the current offering, but there is scope for greater innovation as more startups emerge in the segment. He added that the new insurtech segment is likely to focus on three things. First, new product launches. Second, a more user-friendly interface and processes. Third, newer models would be introduced when it comes to insurance selling. Shwetank Verma of Indian Insurtech Association reflected a similar view, highlighting that there is a lot of scope for innovation in the insurtech sector and new categories like cyber insurance, <a href="https://content.naic.org/cipr_topics/topic_parametric_disaster_insurance.htm">parametric insurance </a>— a non-traditional insurance product that offers pre-specified payouts based upon a trigger event — and would gain more traction this decade by 2030. “Most of the insurtech action has been in terms of distribution of policies and a couple of insurers who are digital-first. While these categories will certainly see growth, our view is that the sector is at a tipping point. We expect to see a lot more action on other parts of the insurance value chain, be it underwriting or risk management or claims processing, or product design such as micro-insurance or embedded products,” Mankad of Praxis Global Alliance said. Even as the Indian insurtech sector progresses, health, auto and life insurance will continue to be the major chunk of insurance sales both online and offline, as per industry experts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/google-bans-eight-dangerous-crypto-apps-find-out-if-you-have-them-on-your-phone/articleshow/85553621.cms">Google bans eight dangerous crypto apps – find out if you have them on your phone</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/india-continues-to-lead-in-ipv6-expansion-with-a-61-23-adoption-rate-globally/articleshow/85554413.cms">India continues to lead in IPv6 expansion with a 61.23% adoption rate globally</a>

Online insurance sellers expected to create up to 300,000 jobs in the next three years

<ul><li>Myntra and Facebook-backed Meesho sold<a href="https://www.businessinsider.in/business/ecommerce/news/meesho-recorded-5-35-million-orders-during-the-one-day-sale/articleshow/92100754.cms"> 60 orders every second</a> or over 5 million products in total on one day of their sale.</li><li>The Consumer Confidence Survey, carried out by the central bank of India, is still in <a href="https://indianexpress.com/article/business/households-see-high-prices-over-next-3-months-consumer-confidence-rises-7965166/">the negative territory</a>.</li><li>The impact of this reduced sentiment however isn’t as bad, especially in discretionary spends.</li></ul>India’s e-commerce titans — Amazon, Flipkart and Myntra — are all hosting their mid-year sales at the moment. It might sound like a bad time as customer sentiment is low due to inflation, layoffs, increasing interest rates and more. But the e-commerce market behaves much differently than<a href="https://www.businessinsider.in/stock-market/news/why-you-should-continue-your-investments-and-sips-in-bear-markets/articleshow/92199199.cms"> the stock markets</a>. Both Myntra and Facebook-backed Meesho — which is the latest entrant among the biggest e-commerce players — sold<a href="https://www.businessinsider.in/business/ecommerce/news/meesho-recorded-5-35-million-orders-during-the-one-day-sale/articleshow/92100754.cms"> 60 orders every second</a> or over 5 million products in total on one day of their sale. For Myntra, it was the first day of its End of Reason sale held between June 11-16 and for Meesho, it was their one-day sale held a week before. Amazon and Flipkart have not yet revealed the performance of their sales yet. *While inflation and high petroleum prices are impacting everyone, consumer sentiment is not universally low. There are many categories in discretionary spending which are still having high sales. Anything with relatively high quality and reasonable pricing seems to be doing well,” N Chandramouli, founder of brand intelligence company TRA Research, too noted. According to several experts Business Insider spoke with, the right product at the right price matters. The Consumer Confidence Survey is still in <a href="https://indianexpress.com/article/business/households-see-high-prices-over-next-3-months-consumer-confidence-rises-7965166/">the negative territory</a>. The Reserve Bank of India’s (RBI) consumer confidence index showed slight improvement to 75.9 in May, compared to 71.7 in March, but it is still in the negative. The impact of this reduced sentiment however isn’t as bad, especially in discretionary spends. “The consumer sentiment isn't as negatively impacted as people are projecting it to be,” Shrenik Gandhi, co-founder and CEO of digital marketing agency White Rivers Media, told Business Insider India. He noted that businesses have to come up with the right products and services at the right time, right price to attract customers. <cmsannotation type="cmsannotation" annotationid="A white space for brands" comment="subhead" text="A white space for brands">A white space for brands</cmsannotation> Shahan Sud, an investment banker turned VC, explained that the union of the attention recession and the impending recession will create a white space for brands that will allow them to curate their stockkeeping unit (SKU) that cater to consumers that are looking for a “value buy, but one that keeps up the fashion trends of the season”. A previous report by ICICI Securities, published earlier this week, also noted that the discretionary companies like retail, QSRs and jewellery will be performing well for now. The low-ticket segment of staples would have the biggest impact of the negative sentiment due to their dependency on the bottom strata for incremental volumes. <cmsannotation type="cmsannotation" annotationid="Beauty, durables will be the biggest sellers in 2022" comment="subhead" text="Beauty, durables will be the biggest sellers in 2022">Beauty, durables will be the biggest sellers in 2022</cmsannotation> Madhur Singhal, managing partner and CEO of Praxis Global Alliance, noted that there will be significant increase in direct-to-consumer (D2C) brands selling beauty, home, kitchen, utilities, and durable goods. Besides this, even electronics and durables will also record good sales this year. He believes that things could be much better than they are now. He noted that the sales will be soft for a few months before they pick up. Contrary to the popular opinion, he noted that the festive sales growth might be muted compared to last year as the trends of revenge buying and pent-up demand have faded away. “I think this year’s festive season will be much better than the previous two years, with consumer spend increasing,” Chandramouli said, differing from Singhal’s opinion. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ril-hdfc-sbi-zomato-among-stocks-to-watch-out-for-on-june-16/slidelist/92242578.cms" style="">RIL, HDFC, SBI, Zomato among stocks to watch out for on June 16</a> <a href="https://www.businessinsider.in/business/startups/news/cashe-is-now-offering-instant-loans-on-whatsapp-in-30-seconds/articleshow/92230354.cms" style="">A company is now offering instant loans on WhatsApp in 30 seconds</a> <a href="https://www.businessinsider.in/business/startups/news/ronnie-screwvalas-upgrad-is-now-worth-more-than-2-billion/articleshow/92227976.cms">Ronnie Screwvala's UpGrad reportedly worth over $2 billion after fund infusion by Lakshmi Mittal and Sunil Bharti Mittal</a>

Amazon, Flipkart and Myntra sales – all unaffected by low consumer sentiment

<ul><li>The new <keyword id="7567986" type="General" weightage="20" keywordseo="auto-debit" source="Orion">auto-debit</keyword> guidelines for recurring <keyword id="6359540" type="General" weightage="20" keywordseo="payments" source="Orion">payments</keyword> kicked in from today, October 1.</li><li>“The current <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> guidelines place more friction in recurring payment,” said Upekkha’s Thiyagarajan Maruthavanan.</li><li>Industry experts believe that this move will push more SaaS companies to move overseas and chase international clients.</li></ul>The new auto-debit guidelines for<a href="https://businessinsider.in/business/ecommerce/news/what-is-e-mandate-or-upi-autopay-and-how-to-enable-it-for-jio-hotstar-and-others/articleshow/86650600.cms?_ga=2.76036176.459036666.1632714936-227132192.1626769520"> recurring payments</a> kicked in from today, October 1, but the Indian software-as-a-service (SaaS) industry expects this new regulation to have a much deeper impact on their businesses. Before getting into this, it is important to understand what the guidelines really say. The Reserve Bank of India (RBI) has decided to do away with automatic recurring payments by adding a layer of authentication for transactions. A user will have to manually mandate such transactions every month, dropping the idea of recurring payments altogether. Now where does the <keyword id="11064864" type="General" weightage="20" keywordseo="SaaS-industry" source="Orion">SaaS industry</keyword> come into play? The <keyword id="4360787" type="General" weightage="20" keywordseo="Indian-saas-companies" source="Orion">Indian SaaS companies</keyword> — which are poised to meet a fifth of world’s software demand and pocket a revenue of <a href="https://www.businessinsider.in/tech/enterprise/news/amazon-twitter-hyundai-and-dominos-are-buying-indian-software-fuelling-a-75-billion-dream-chased-by-top-vcs-like-sequoia-and-tiger-global/articleshow/85646116.cms">$75 million in the next four years</a> — are worried that this would lead to default or delayed payments, impacting their revenue. Suresh Sambandam, founder of work management software company Kissflow, in a conversation with Business Insider, explained that any small ticket-size SaaS companies in India — whose payments range between $5 to $500 a month — go through a credit card-enabled payments system that is recurring in nature. The latest step, which adds an additional layer of authentication, is going to introduce default in payments, a lot of paperwork and a lot of human involvement to follow up with customers on past payments. “Earlier it was a smooth transaction and now it's overcomplicated,” he added. Thiyagarajan Maruthavana, partner at Upekkha Value SaaS Accelerator, told Business Insider said, “In the last 15 years, while the global SaaS market grew manifold to $200 billion in revenue, the domestic SaaS market failed to take off due to lack of easy collection of recurring payments. Many global SaaS startups and corporations have dialled back their India market plans in the last 5 years due to this issue.” “The current RBI guidelines place more friction in recurring payment,” he further added. Both Sambandam and Thiyagarajan reiterated that this move will push more SaaS companies to go after international clients as well as headquarters. “However it does not impact the SaaS industry from India as these Indian SaaS companies had already moved away from serving the domestic market to the global market. The guidelines impact only a handful of SaaS businesses that focus on Indian customers. These companies will now be forced to move their geography focus elsewhere,” Thiyagarajan said. Ankur Bansal, co-founder of BlackSoil Capital, in a previous conversation with Business Insider, had highlighted that SaaS business margins are really high and they are even higher from customers based out of the US or Europe. This is why most SaaS companies — such as Zoho, Freshworks, Postman, MindTickle and others — usually go after clients in international markets. This, in turn, also increases their valuation in the eyes of the investors significantly. These companies, along with many others, do have a portion of their customers coming in from India as well, which is going to get impacted now. The latest move will leave Indian SaaS companies with little reason to actually operate in India. What do other experts have to say? <div type="image" title="India’s new guidelines on recurring payments sends SaaS industry in a turmoil" msid="86679002" hostid="261" caption="&amp;lt;p&amp;gt;Anand Jain, cofounder and chief strategy officer at CleverTap&amp;lt;/p&amp;gt;"></div> “Recurring services don’t need the friction of executing the payment on a recurring basis — that friction makes business, especially SaaS business, tougher… The requirement for banks to provide at least 24 hour notice before a recurring payment is executed also ensures that unnecessary payments or buyers’ guilt are reduced. The only challenge I see is that this will need better help and training by financial institutions for their end users in setup. But India is getting much more savvy with these things.” — Monish Darda, cofounder and chief technology officer at Icertis, said. “These are a matter of habit, for instance, when RBI made 2FA [two-factor authentication] mandatory, we all thought that it would dent online transaction volumes. While there was some inconvenience felt initially, digital transactions (one-time password et al) have grown manifold in recent times and are set to continue to grow. In fact, the safety net provided by these checks and balances will only bring new users to the fold. Having said that, this will [be an] inconvenience [to] merchants and customers both for pre-existing debit mandates, since the card issuers will have to revalidate the mandates now.” — Shishir Mankad, managing partner and head of financial services at management consulting firm, Praxis Global Alliance said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ritesh-agarwal-led-oyo-files-preliminary-papers-for-its-1-2-billion-ipo/articleshow/86674003.cms">Ritesh Agarwal-led OYO files preliminary papers for its $1.2 billion IPO</a> <a href="https://www.businessinsider.in/stock-market/markets/news/zee-entertainment-falls-nearly-3-in-trade-as-board-refuses-to-hold-egm/articleshow/86678219.cms#:~:text=to%20hold%20EGM-,Zee%20Entertainment%20falls%20nearly%203%25%20in%20trade,board%20refuses%20to%20hold%20EGM&amp;text=Zee%20Entertainment%20has%20declined%20to,board%20to%20consider%20the%20demand.&amp;text=Post%20the%20development%2C%20Zee%20Entertainment's,3%3A30%20p.m.%20on%20Friday.">Zee Entertainment falls nearly 3% in trade as board refuses to hold EGM</a> <a href="https://www.businessinsider.in/business/corporates/news/air-india-gets-a-saviour-in-tata-sons/articleshow/86675842.cms#:~:text=The%20government%20has%20reportedly%20accepted,was%20also%20among%20the%20bidders.">Tata Sons reportedly wins bid to takeover the ‘Maharaja’</a>

New guidelines on recurring payments may send SaaS companies out of India, say experts

Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?

<ul><li>Indian consumer electronics brand <keyword id="53189" type="General" weightage="20" keywordseo="boat" source="Orion">boAt</keyword> used to make all its products in China, but the pandemic gave the startup a rude wake-up call.</li><li>Over the last one year, it has started manufacturing in Vietnam and India in order to de-risk its manufacturing.</li><li>The company is currently manufacturing about 15 of its products in India with the help of local partners.</li><li>boAt has quickly risen to capture nearly a third of the smartwatches and audio market in India, where it competes with Samsung and Apple.</li></ul>CORRECTION: An earlier version of the article had said that bulk of the company's production had moved to Vietnam and not India. However, after clarification from the company, the story has been corrected to reflect facts and data provided by the company. India will become the biggest production hub for boAt after China. Indian consumer electronics brand boAt used to make all its products in China, but the pandemic gave the New Delhi-based startup a rude wake-up call. Founder Aman Gupta had to set up alternative factories in other countries. Eighteen months later 9% of boAt’s manufacturing happens in India. India’s recently unveiled production-linked incentive (PLI) scheme is attractive, but not enough for the firm to make India its biggest production hub yet. China continues to make 90% of its production bulk, while the latest Vietnam market is adding another 1%. The company’s products were completely made in China until February 2020. In just about 5 years, the startup, whose last <a href="https://economictimes.indiatimes.com/tech/funding/qualcomm-ventures-invests-in-boat-at-estimated-valuation-of-rs-2200-crore/articleshow/82103740.cms">reported</a> valuation was ₹2,200 crore (about $300million), has quickly risen to capture nearly 30% market share in the audio segment in India ⁠— its earphones, in particular, ⁠have been popular ⁠— and nearly a third of the smart watch segment, where it competes with the likes of Samsung and Apple. <div type="image" title="INTERVIEW: This Indian challenger to Apple and Samsung explains why it chose India and Vietnam to make a bulk of its products" msid="85894605" hostid="261"></div> boAt’s chief executive (CEO) Vivek Gambhir, in a conversation with Business Insider, highlighted that it is currently manufacturing about 15 of its products in India with the help of local partners. It aims to manufacture 30-40% of its production volume in the home market, by 2024. The target could have been achieved sooner if conditions in the Indian electronics manufacturing hub were slightly better. India currently has 20% manufacturing disability compared to China and 12% manufacturing disability versus Vietnam. A manufacturing disability is defined as the difference, in percentage, in the selling price of a product and the manufacturing price. This is why boAt chose Vietnam as its second market. By 2024, the company expects the Southeast Asian country to make up for 10% of its production. Together, India and Vietnam will manufacture around 50% of boAt’s products, while China will add another 50%. boAt is not the only one one taking notice of Vietnam. The country’s rise as a major manufacturing hub for international exports in the last decade can be described as meteoric. South Korea-based electronics giant Samsung has one of its largest facilities outside its home country in Vietnam. The company assembles half of its global handsets in Vietnam and has benefited after the US-China trade war. Apple too started producing its Airpods in Vietnam last year. <div type="image" title="INTERVIEW: This Indian challenger to Apple and Samsung explains why it chose India and Vietnam to make a bulk of its products" msid="85894626" hostid="261"></div> When global companies were looking to reduce their dependence on Chinese manufacturers, India, too, saw an opportunity to lure some of them. However, as Gambhir explained, the cost of manufacturing in India has to be more competitive than it is right now. He added that while Vietnam is a better strategic location for now, compared to India, they want to be a leader in the Make-in-India campaign over the next few years. Challenges ahead of boAt to makes its Make-in-India desire a success According to the Indian Electronic System Design and Manufacturing (ESDM) Disability Identification<a href="https://home.jeita.or.jp/iad/pdf/IESA/IESA-EY%20-%20Indian%20ESDM%20Disability%20Identification%20Report%20-%20Executive%20Summary.pdf"> Study</a>, the electronic products made in India could be less competitive anywhere between 7% and 26%, depending on the nature of the product. But cost is not the only factor. The recently unveiled production-linked incentives in India, along with the import duty hikes, will bring down costs, Purnendu Kumar, practice leader of consumer and retail at consultancy Praxis Global Alliance, told Business Insider. Even if the cost is brought down, the ecosystem is yet to mature. “We are working with about five plus local partners [in India], but there's a certain amount of, you know, hand holding required to be able to actually work with them and educate them in terms of our products getting manufactured,” he added. Therefore, Vietnam is higher up the ladder for boAt at the moment, especially due to “high quality manufacturing opportunities”. The free trade agreement between India and the Southeast Asian country is another boon that reduces imports and exports barriers among the two nations. As for boAt, India will continue to be its research and development (R&amp;D) hub. It has set up a R&amp;D centre in Bengaluru earlier this year, in addition to its existing R&amp;D unit. The company also hired 30 employees in both these labs during the pandemic. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/reliance-just-dial-mahindra-and-other-hot-stocks-to-watch-out-for-on-september-3/slidelist/85886767.cms">Reliance, Just Dial, Mahindra and other hot stocks to watch out for on September 3</a> <a href="https://www.businessinsider.in/tech/news/oneplus-buds-pro-review-india/articleshow/85887425.cms">OnePlus Buds Pro Review — Love bass? Your search ends here</a> <a href="https://www.businessinsider.in/stock-market/news/vijaya-diagnostic-ipo-last-day-for-subscription-allotment-on-september-8/articleshow/85879245.cms">Vijaya Diagnostic IPO’s last day to subscribe, grey market indicates ₹15-₹20 premium</a>

INTERVIEW: This Indian challenger to Apple and Samsung explains why it chose India and Vietnam to make a bulk of its products

<ul><li>Apart from a slight dip as the nationwide lockdown started, UPI’s numbers had been growing constantly until January 2021.</li><li>While there’s no beating <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>’s phenomenal growth in the space, what’s noticeable is <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s rise in the segment.</li><li>Paytm’s growth in UPI comes as the payments method sees widespread adoption from merchants.</li></ul>With the COVID-19 pandemic, the move to digital has become even more important and with that, the growth of India’s financial technology players. Over the past one year, UPI or United Payments Interface, India’s burgeoning digital payments bet, has seen exponential growth and taking home the biggest shares in the market are players like PhonePe, Paytm and <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>. Apart from a slight dip as the nationwide lockdown started, UPI’s numbers had been growing constantly until January 2021. <div type="image" title="UPI 2020 final" msid="81527645" hostid="261"></div> But what’s interesting is how the top three players are vying for a bigger share of the market. <div type="image" title="upi apps 1" msid="81527655" hostid="261"></div> While there’s no beating PhonePe’s phenomenal growth in the space, what’s noticeable is Paytm’s rise in the segment, even while Google Pay, which was once the leader in UPI has been seeing its numbers decreasing for the past four months. <cmsannotation type="cmsannotation" annotationid="Merchants – the next big driver" comment="subhead" text="Merchants – the next big driver">Merchants – the next big driver</cmsannotation> Paytm’s growth in UPI comes as the payments method sees widespread adoption from merchants. And that’s also where the current market leader PhonePe has been winning the game. “Paytm has traditionally been much stronger in the P2M (peer to merchants) segment than the P2P (peer to peer) segment, as the usage of UPI starts to become more and more for commerce, that is where Paytm has gained. Google Pay has been a more consumer app, while PhonePe has been both. Ultimately, how much P2P payment will happen, what drives payments is commerce,” Shishir Mankad, head of financial services, Praxis Global Alliance told Business Insider. Narendra Yadav, Vice President, Paytm told Business Insider that P2M transactions are 70% of Paytm’s overall transactions, whereas for UPI overall that share is around 40%. But Yadav also said that the company’s dominance in merchants is not yet completely visible in UPI. “Our focus has been on merchants – online or offline. Whenever merchant transactions are increasing, Paytm will benefit. And after COVID-19, merchants have been moving to digital transactions where Paytm is also seeing huge growth,” he said. Business Insider has sent queries to Google Pay and PhonePe. We will update the copy if and when there is a response. <cmsannotation type="cmsannotation" annotationid="Success rate of UPI transactions" comment="subhead" text="Success rate of UPI transactions">Success rate of UPI transactions</cmsannotation> Paytm said that as per a NPCI report it registers the lowest technical decline rate of 0.01% as compared to all UPI remitter banks and 0.04% as compared to all UPI beneficiary banks. “Paytm’s success rate in UPI is much better, and there’s no one who comes closer to that,” said Yadav. However, Gupta believes that when compared to the likes of Google Pay the reasons are beyond the company. “The reason lies with banks and not Google Pay. Paytm has an advantage because it's a payments bank, so it controls the entire stack which basically means a lower failure rate. Having said that Google Pay works with three or four major banks and failure rates aren’t just dependent on banks but also NPCI’s UPI stack,” Arnav Gupta, analyst at Forrester told Business Insider. <cmsannotation type="cmsannotation" annotationid="Adopting new users in UPI" comment="subhead" text="Adopting new users in UPI">Adopting new users in UPI</cmsannotation> The acceleration in UPI also means new users and new payers being added to the ecosystem. And players have also been spending on marketing to get these users. Both Paytm and PhonePe have gone on to sponsor Indian Premier League, the glam cricketing tournament. “These numbers are dependent on the kind of marketing and ad spending these companies keep doing. Transactional volumes are always increasing, and with that the average transaction ticket size is also increasing. Digital adoption by the consumers is on the higher side especially due to the COVID-19 pandemic, a lot of new users and new payers were added to the ecosystem,” said Gupta. The Vijay Shekhar Sharma-led company had recently said that it processes 1.2 billion transactions in a month. In January 2021, Walmart-owned PhonePe had said it processes over a billion monthly transactions. “PhonePe now has more than 275 million lifetime registered users, which essentially means that one in every five Indians now has PhonePe. Our monthly transaction count is up nearly 100% year-over-year. Our monthly active users (MAU) has crossed 110 million monthly users with a very healthy 97% monthly customer repeat rate. Even in terms of monetary value, our annualised total payment volume (TPV) run rate has crossed the $300 billion mark,” PhonePe’s chief executive Sameer Nigam had said during Walmart’s fourth quarter earnings. Meanwhile, Paytm knows it has a long way to go in the UPI ecosystem. The $16 billion startup has also announced, on Monday, that its UPI handles have been approved by India stock regulator Securities and Exchange Board of India for users to pay for IPOs. And this is just one of the tricks that Paytm is using to leverage its other businesses. “Paytm has many businesses, and if they put their might behind this it will surely yield results. While in UPI, Paytm is a distant third, if you look at Paytm wallet to wallet transactions that’s very large but doesn’t get recorded as it doesn’t enter any settlement,” said Mankad. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/banks-are-not-liable-to-cough-up-payments-if-you-have-been-a-victim-of-fraud-or-scams/articleshow/81526097.cms">Banks are not liable to cough up payments if you have been a victim of fraud or scams</a> <a href="https://www.businessinsider.in/business/startups/news/cred-which-rewards-you-for-paying-your-credit-card-bills-is-reportedly-indias-latest-unicorn/articleshow/81523219.cms">CRED, which rewards you for paying your credit card bills, is reportedly India’s latest unicorn as its valuation more than doubles in two months</a>

You Searched For "praxis global alliance" and got 7 results

Online insurance sellers expected to create up to 300,000 jobs in the next three years

Kritti Bhalla

Amazon, Flipkart and Myntra sales – all unaffected by low consumer sentiment

Kritti Bhalla

New guidelines on recurring payments may send SaaS companies out of India, say experts

Kritti Bhalla

Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?

Kritti Bhalla

INTERVIEW: This Indian challenger to Apple and Samsung explains why it chose India and Vietnam to make a bulk of its products

Kritti Bhalla

Paytm is betting big on UPI and though it’s still a distant third, analysts believe it could have an edge over PhonePe and Google Pay

Sanchita Dash

Apple, Amazon, Google, and hundreds of businesses vowed to meet Paris climate goals on their own 'in the absence of leadership from Washington'

Biz Carson

Popular Keywords

Buying Guides