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

Fintech services platform Razorpay acquires offline payments firm Ezetap

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion. “India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too. “These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram. Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

<ul><li><keyword id="10936775" type="General" weightage="80" keywordseo="transak" source="Orion">Transak</keyword> has hired two ex-Paytm employees to help with the company’s mission to boost crypto adoption in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>.</li><li>Rajat Mehrotra and Sharad Agarwal, both of whom worked with <keyword id="6357120" type="General" weightage="20" keywordseo="Paytm" source="Orion">Paytm</keyword> Money, will be heading the engineering and product design teams at Transak respectively.</li><li>Transak currently has 50 employees based out of India and plans to triple that number this year by hiring across all verticals.</li></ul>Transak, a company that’s making it easier for customers of decentralised applications (dApps) to turn their conventional currency into crypto tokens, is doubling down on its expansion in India. The global team has added two ex-Paytm employees — Rajat Mehrotra, who used to be the AVP of Engineering at Paytm Money, and Sharad Agarwal, who used to be AVP of Product within the same vertical — to their payroll in an endeavour to make India one of its key markets. <div type="ExtQuote" text="The Indian market has incredible opportunities. Sharad and Rajat will go a long way in fast-tracking the future of web3 developments in India by way of mass adoption." auname="Yeshu Agarwal, co-founder of Transak."></div> Mehrotra, an IIT Kanpur alumnus, has nearly two decades of experience building tech products for fintech and e-commerce companies. At Transak, he'll be at the helm of the company’s engineering team to build out the company’s product even further. Agarwal, who is also an IIT Kanpur alumnus, will be heading the product, design and data team to boost customer adoption across the globe. In his 14 years of experience, Agarwal’s built game-changing products for not just Paytm, but also Flipkart, Intuit and <keyword id="136478" type="General" weightage="50" keywordseo="synopsys" source="Orion">Synopsys</keyword>. <cmsannotation type="cmsannotation" annotationid="The ‘Razorpay of crypto’ is looking to build an India team" comment="subhead" text="The ‘Razorpay of crypto’ is looking to build an India team">The ‘<keyword id="2777173" type="General" weightage="50" keywordseo="razorpay" source="Orion">Razorpay</keyword> of crypto’ is looking to build an India team</cmsannotation> Transak, also referred to as the ‘<a href="https://inc42.com/features/30-startups-to-watch-the-startups-that-caught-our-eye-in-march-2021/">Razorpay of Cryptocurrency</a>’ with operations expanding across more than 100 countries, is looking at India as the next driver of crypto mass adoption. “We see the Indian market becoming one of our top three markets in the world,” Sami Start, Transak’s second co-founder, told <a href="https://www.youtube.com/watch?v=o_nLHImLLb0">CNBC</a> in an interview. The company already has around 50 employees based out of India and is planning to triple that number before the year comes to an end. Unlike other tech companies that hire in India, Transak’s focus on India is not because it’s a place to source cheap talent. “We see India as a place to get the best talent, full stop,” said Start. <cmsannotation type="cmsannotation" annotationid="Driving mass adoption of crypto in India" comment="subhead" text="Driving mass adoption of crypto in India">Driving mass adoption of crypto in India</cmsannotation> Last month, Transak introduced unified payments interface (UPI) integration to make the onboarding process of customers as simple as possible for web3 developers trying to acquire new users — basically a way for people to buy cryptocurrency from within a dApp. The company already has Polygon, a major player within India’s decentralised finance (DeFi) ecosystem, on board as a partner. DApps hosted on Polygon expand from business solutions to non-fungible token (NFT) projects to cryptocurrency-powered blockchain games, like Hike’s Rush Gaming Universe. <div type="Article" hostid="261" msid="89109609" title="EXCLUSIVE: Kavin Bharti Mittal dives into what Hike’s version of the metaverse is going to look like" mstype="2" mssubtype="0"></div> According to a <a href="https://www.medianama.com/wp-content/uploads/2021/02/KCO-CREBACO-India-Crypto-Representation.pdf">report</a> by law firm Khaitan and intelligence company CREBACO, India’s crypto asset market is worth over $15 billion. As of 2021, India’s crypto community consisted of over 6 million users, which is less than one percent of India’s eligible population. Transak aims to serve as the bridge to bring more Indians to crypto by simplifying the process of buying crypto tokens with a single point of contact to convert rupees into crypto tokens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/axie-infinitys-ronin-bridge-halted-after-a-massive-600-million-hack/articleshow/90539665.cms">Axie Infinity’s Ronin bridge halted after a massive $600 million hack</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/microstrategys-subsidiary-takes-on-a-205-million-loan-to-buy-more-bitcoin/articleshow/90538962.cms">MicroStrategy’s subsidiary takes on a $205 million loan to buy more Bitcoin</a>

Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans

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

Fintech startup Razorpay buys SaaS firm TERA Finlabs

E-commerce aggregation platform <keyword id="4178573" type="PERSON" weightage="20" keywordseo="ShipRocket">Shiprocket</keyword> on Thursday said it has raised $41.3 million (about Rs 305 crore) in Series D1 funding co-led by <keyword id="11591696" type="UNKNOWN" weightage="20" keywordseo="PayPal-Ventures">PayPal Ventures</keyword>, the corporate VC arm of <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword>. The latest infusion of capital brings Shiprocket's total funding to $94.3 million. The New Delhi-based company said that it aims to leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue <keyword id="29547" type="PERSON" weightage="20" keywordseo="Market">market</keyword> expansion and accelerate overall growth. Direct-to-consumer (D2C) <keyword id="84" type="ORGANIZATION" weightage="20" keywordseo="Commerce">commerce</keyword> forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years. "Shiprocket is democratizing best-in-class experiences for hundreds of thousands of eCommerce brands that are shipping millions of items per month through our platform today," said <keyword id="1759829" type="PERSON" weightage="20" keywordseo="Saahil-Goel">Saahil Goel</keyword>, CEO, and Co-Founder of Shiprocket. A part of the funds will also be directed towards the platform's new strategic initiatives, including global expansion starting with the Middle East, the company said. Existing investors Bertelsmann India Investments and <keyword id="10449266" type="UNKNOWN" weightage="20" keywordseo="Info-Edge-Ventures">Info Edge Ventures</keyword>, March Capital and <keyword id="9200827" type="UNKNOWN" weightage="20" keywordseo="tribe-capital">Tribe Capital</keyword> also participated in the round. The funding round also saw participation from strategic partners, such as <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> and Innoven Capital, and entrepreneurs including Cred founder Kunal Shah and Zomato founder Deepinder Goyal. "Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments," said Marc Donnadieu, Director, PayPal Ventures. Over 100,000 online sellers in India are using Shiprocket to streamline their post-checkout process, starting from logistics to warehousing to COD management. "The goal is that as Shiprocket expands its capabilities and tools for sellers, anyone with a product to sell should be able to avail of Shiprocket's suite of products and services at one click to get their business off-the-ground with an Amazon-like one-day delivery experience", said Kitty Agarwal, Partner, Info Edge Ventures. Founded in 2017, Shiprocket became profitable in FY18-19 and is on track to close this financial year at $100 million in annual recurring revenue (ARR). Shiprocket currently processes more than 5 million monthly shipments. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-exchanges-can-run-into-trouble-with-investors/articleshow/84205889.cms">Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges</a> <a href="https://www.businessinsider.in/business/auto/news/simple-energy-new-electric-scooter-promises-240km-range-on-a-70-minute-charge/articleshow/84164967.cms">This new electric scooter promises 240KM range on a 70-minute charge, could be priced under ₹1,20,000</a>

PayPal pumps in ₹305 crore in Indian logistics platform Shiprocket

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

30% drop in online payments amid lockdown: Razorpay

<ul><li><keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> has launched a corporate credit card for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> and <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword>.</li><li>It also announced payment support for freelancers and homepreneurs, who struggle to manage their invoices and payments. </li><li>It also announced the acquisition of a payroll and HR management software company – Opfin. </li><li>Razorpay is expecting its business volume to grow four times by the end of FY21. </li></ul>Indian neo-banking platform Razorpay has launched a corporate credit card for startups and SMEs, along with a bunch of other products today. The credit card will give businesses a no-cost interest for 50 days with a credit line ranging between ₹50,000 to ₹25,00,000. “The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy,” said said Harshil Mathur, CEO and Co-founder of Razorpay. The company also claims that it has seen a 500% growth in the last one year. It has over 800,000 clients and hopes to grow this number to 1.4 million by 2020. Some of its marquee clients are Indigo, Bombay Stock Exchange, Thomas Cook, Reliance Industries, SpiceJet, Aditya Birla, Sony and Oyo. It is also expecting its business volume to grow four times by the end of FY21. The startup also announced payment support for freelancers and homepreneurs who struggle to manage their invoices and payments. “We want to make banking trivially simple and accessible for our partner businesses so that while they focus on building new ideas, products and experiences, we take care of their concerns around financial processes,” said Mathur. It also announced the acquisition of a payroll and HR management software company – Opfin. The financial details of the transaction are not disclosed. In June, Razorpay raised $75 million in a series C round of funding from marquee investors like Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. In June, the startup also offered digital payment support for 100 currencies enabling Indian businesses to transact and accept payment from global companies. Interestingly, Razorpay was also one of the first startups to announce employee stock options. According to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/tiger-global-snaps-up-razorpay-esops/articleshow/66686980.cms">reports</a>, 140 employees had used their stock options in the company to cash in money from investment firm Tiger Global in November 2018.

Razorpay launches small biz credit card with no-cost interest for 50 days

<ul><li>Digital payment transactions dipped by 30% in India, says a report by payments company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>.</li><li>However, interestingly ‘online donations’ went up by 180%. </li><li>Razorpay founder Harshil Mathur believes that this is an opportunity for fintech companies to turn things around.</li></ul>It looks like Indians are tightening their purse strings and loosening it for essentials only. As per a report by Razorpay, digital payment transactions fell by 30% in India in the last 30 days of lockdown. This is an aberration for fintech companies whose transaction numbers have only been rising since demonetisation in 2016. “In the first two weeks of March before lockdown, the overall online spending increased by about 10% but later saw a dip primarily owing to precautionary measures which people started to take by staying indoors,” said Harshil Mathur, CEO and co-founder, Razorpay. According to the company’s report, transactions in logistics dropped by 96% due to gaps in supply chain, travel sector declined by 87%, real estate by 83%, food and beverage (F&amp;B) by 68%, and grocery by 54%. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2086535" data-url="https://flo.uri.sh/visualisation/2086535/embed"></div>]]></cdata></div> However, interestingly ‘online donations’ went up by a whopping 180%. After the pandemic, several organizations called for donations to help out the needy and it looks like many answered the call. Since the country is closed for everything except essentials, several fintech companies with payment products have seen a drop in transactions. In some cases, by almost half. “During the lockdown, Paytm saw a drop by 47%, Google Pay by 43% and PhonePe by 32%,” says the report. However, Paytm dismissed the same. "We would like to ascertain that Paytm Payments Gateway is India's leading payment processing platform with over 50% market share. For our merchant partners, we are directly processing transactions that can not be captured by any other payment gateway provider with regards to Paytm's UPI growth, contribution, and market share. Therefore, transactions done on Razorpay cannot be put forward as the industry's trend to determine Paytm's contribution to UPI. Their representation on Paytm's growth is misleading," said a Paytm spokesperson. But Mathur believes that this is the time fintechs saw an opportunity to turn things around. “I believe this is a huge opportunity for fintech companies, some of them may have to re-examine their business models after Covid-19, prioritising growth and customer acquisition over profitability. The fintech industry will be forced to evolve, think big and act boldly which will eventually result in innovations in payments and banking solutions to be able to meet new customer demands and behaviour,” he said. Mathur believes that in a post Covid-19 world, there will be a greater collaboration between banks and fintech companies as new digital tools will be integral to any bank’s strategy. “The new macroeconomic narrative will soon transform into the next normal,” he said. See Also: <a href="https://www.businessinsider.in/business/startups/news/mswipe-a-nine-year-old-point-of-sale-startup-reveals-that-it-has-broken-even-while-denying-a-report-that-it-is-up-for-sale/articleshow/75349455.cms">MSwipe a nine-year old point-of-sale startup reveals that it has broken even while denying a report that it is up for sale</a> <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">EXCLUSIVE: The nearly $3 billion Udaan lays off thousands of its contract staff⁠— sales and delivery guys are now out of jobs</a>

Digital payment transactions fall by 30% in India for the first time since demonetization because of coronavirus lockdown

<ul><li>The Reserve Bank of India capped the withdrawals from <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword> at ₹50,000 and that has set a frenzy in motion in the banking sector.</li><li>From digital payments companies, that have wallets, to the ones that offer financial services and were linked with YES Bank have now come in the eye of the storm. </li><li>YES Bank accounted for 40% of <keyword id="4052276" type="PERSON" weightage="20" keywordseo="UPI-transactions">UPI transactions</keyword> in January 2020 – accounting for 514 million transactions. </li></ul>India’s central bank – the Reserve Bank of India capped the withdrawals from YES Bank at ₹50,000. That has set a frenzy in motion across the banking sector. People hurried to transfer money in netbanking or from the app, but both services were down from Thursday night, queues began in front of YES Bank ATMs. And, even fintech companies in India took a hit. From digital payments companies, that have wallets, to the ones that offer financial services were caught in the eye of the storm. According to the National Payments Corporation of India (NPCI), YES Bank was the UPI partner for about 20 apps. The bank accounted for 40% of UPI transactions in January 2020 – accounting for 514 million transactions. <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, the digital payments company’s servers went down late Thursday night, as it uses YES Bank as the backend for most of its UPI accounts. <div type="twitter" handle="PhonePe_" handlename="PhonePe" image="http://pbs.twimg.com/profile_images/1228394203421372416/4X3QZazb_normal.jpg" favoritecount="302" retweetcount="55" status="We are temporarily unavailable. We are going through an unscheduled maintenance activity. We apologize for any in… https://t.co/aiDh5XkKVx" createdat="1583432594000" id="1235631976263987201"></div>

 PhonePe’s CEO Sameer Nigam too addressed the issue early in the morning and wrote on Twitter, “Dear @PhonePe_ customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates!.” A few Twitter users called <a href="https://twitter.com/kamleshksingh/status/1235789461243363330">PhonePe</a> a collateral damage to the <keyword id="8873513" type="UNKNOWN" weightage="20" keywordseo="yes-bank-crisis">YES Bank crisis</keyword>. Meanwhile, <keyword id="759851" type="COMPANY" weightage="20" keywordseo="Zerodha">Zerodha</keyword> which offers retail and institutional broking, currencies and commodities trading, mutual funds, and bonds, too addressed its customers’ concerns. Nitin Kamath, the founder and CEO of the company YES Bank customers to change their primary bank linked with their Zerodha accounts immediately. “We have cancelled all fund withdrawal requests made by clients to their YES bank accounts so that the money doesn’t get blocked. Please change, if your primary bank account is YES, to any other and withdraw the funds,” he wrote on <a href="https://twitter.com/Nithin0dha/status/1235618502112727040">Twitter. </a> Payments processing platform <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> maintained that its payment gateway services are unaffected, yet didn’t rule that ‘some other services might be affected’. <div type="twitter" handle="Razorpay" handlename="Razorpay" image="http://pbs.twimg.com/profile_images/1032964966058536965/74NDff34_normal.jpg" favoritecount="61" retweetcount="30" status="Update on Yes Bank being placed under moratorium by RBI. Our payment gateway services are unaffected. While some o… https://t.co/yz2qH52xHB" createdat="1583431569000" id="1235627677467303936"></div>

 See Also: <a href="https://www.businessinsider.in/finance/news/yes-bank-mobile-and-net-banking-down-after-rbi-limits-withdrawals-to-50000/articleshow/74499754.cms">Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000</a> <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a>

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