Fintech News Bytes

“Most of the apps acquire their potential clients by advertising on other gaming apps and/or sending promotional text messages. These loan apps source money from unknown individuals and give hassle-free, quick loans to consumers at a high interest rate.”

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“India’s top seven banks have nearly 70 million current accounts, but Paytm, PhonePe, BharatPe end up becoming the first port of call for close to 25 million merchants. Banks like HDFC Bank and SBI now want to claw back their share”

:link: India’s banks got schooled on digital payments. Now they want to even the score

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Looks like Meta is finally ready for a wider rollout of their WhatsApp Payments in India. The cashback offer is now available to a wider set of users :metal:

This months UPI transactions market share data will be interesting when the RBI release it down the line :wink:

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India’s first banking Metaverse, Kiyaverse, which will be used by banks and non-banking finance companies (NBFCs) to enable virtual interactions.

“Banks and NBFCs will be able to use the Kiyaverse to make their own versions of an in-branch experience. Customers will be asked to use their personalised avatars within the metaverse to access banking services on multiple interfaces.”

Mumbai-Based Fintech Kiya.ai Launches India’s First Banking Metaverse ‘Kiyaverse’

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Awesome-UPI-sauce!

According to NPCI MD and CEO Dilip Asbe, the upcoming in-app feature is expected to resolve 80-90% of payment failures in real time. The feature will make its debut in September 2022.

NPCI To Roll Out Real-Time Payment Dispute Resolution For UPI Soon

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Google nooooooo :exploding_head:
This is going to be so weird.

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Ha, this is going to be fun. It’s going to make the app copy playful. Google’s deep expertise in the language space is helping them.

Imagine the text changing randomly based on an event or season? :wink:

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Event alert!

The brightest mind in the fintech space is on a talk show hosted by Pine Labs tomorrow to discuss everything UPI and the future of fintech.

Nikhil Kumar was one among the team behind the now ubiquitous UPI before starting his own fintech company.

Register now: http://bit.ly/3wGvYbb

PS: I’m sure he’s going to talk about the trending fintech offerings- Open Banking and BaaS (Banking as a Service).

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Yooo, good :face_with_hand_over_mouth:

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While we are still six months away from the proposed January 2023 timeframe, a new report highlights that the government is planning to extend the deadline.

PhonePe and Google Pay to Get More Time to Adhere to 30% UPI Market Cap: Report- PhonePe and Google Pay to Get More Time to Adhere to 30% UPI Market Cap: Report | Beebom

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Credit Card owners, rejoice! :credit_card:

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Oh ho! Paytm now charges a processing fee on mobile recharge. The user can be charged Rs 1 to Rs 6 as a processing fee for mobile recharge!

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This was some BNPL service providers USP. Now that it’s getting integrated to the UPI interface :wink:

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:uh_oh:

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The Enforcement Directorate (ED) has told payment gateways and banks to freeze the accounts of around 100 fintech firms!

“Customers should first check whether the app they are borrowing from is registered with the RBI or not. All details pertaining to registration of digital money lenders is available on RBI’s website”

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The Reserve Bank of India (RBI) has increased the limit of e-mandates on cards for recurring payments from INR 5000 to INR 15,000.

15k! :blob_worried:

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