Fintech News Bytes


The Mighty HDFC Bank !
Will ever there be any fintech so efficient & huge ?

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The struggle is real!

“Fintech firms such as Slice, Uni and LazyPay have issued fewer than 100,000 prepaid cards so far this month after the Reserve Bank of India barred them from loading credit lines onto wallets and other such prepaid payment instruments (PPIs) in June, several executives told us.”

Some interesting data from The Ken here!

“According to a survey The Ken conducted, 425 people out of over 1,000 respondents said they have a neobank account. Out of these, 70% said the neobanks’ superior digital experience attracted them.”

https://12ft.io/proxy?q=https%3A%2F%2Fthe-ken.com%2Fstory%2Ffor-indian-neobanks-raising-900m-in-funding-was-the-easy-part%2F

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‘Purchase power’ :blob_huh:

It would have been better if they too had moved to credit card segment like the Lazypay is trying to do.
I fear too many loan entries in my credit report now that they have moved to this purchasing power thing.
Just saw yesterday that my purchasing power is ₹ 200 less than the credit line approved earlier although I have always paid on time and never defaulted.
I opened an account with Slice due to their slice in 3 feature however with all these new tantrums I think it’s high time we moved away from this plateform.
Would be requesting a closure in coming days.

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According to the RBI, these entities can now provide their cross-border payment solutions to regulated entities such as banks and NBFCs.

Jupiter can partner with either one of them to kickstart their ‘offering’ I guess :wink:

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This only means more chaos to the folks who onboarded for their interest free EMI slices and offers. How many would stay with them now? :eyes:

I guess this depends on how good their “new” feature is.

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Uh oh! :face_with_monocle:

“The Payments Council of India, a non-government body under the aegis of the Internet and Mobile Association of India, is in talks with the Reserve Bank of India (RBI) to get clarity if fintechs can offer loan products on prepaid payment instruments (PPI), and explore issuance of offerings like savings accounts and debit cards by partnering with banks.

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Didn’t knew they too are trying to get into credit card bussiness thanks to RBI liberalisation in regulation for credit card issuance by NBFCs through Master direction on credit and debit cards-2022.
However the challenges are paramount for Slice as thier NBFC partner Quadrillion Finance is not as sound as the likes of Bajaj finances, both financially and reputation wise.
However , let’s see if RBI sees any merit in their application.

Another fintech founder said on condition of anonymity, “While it may be difficult for Slice to get RBI’s approval, in a way it is good that they have put it on record that they wish to issue credit cards.”

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Post moved to the thread on neobank’s

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Register for UPI without a debit card using adhaar.

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Masterstroke! :cricket_bat_and_ball:

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According to the information put out by Sahamati, an industry alliance for the account aggregator ecosystem, Canara Bank, Bank of India (BoI), Indian Bank, Punjab National Bank, Union Bank of India, SBI, Bank of Maharashtra and UCO Bank have gone live on the ecosystem.

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National Payments Corporation of India (NPCI) and banks have worked out the merchant discount rate (MDR) on credit card transactions on the RuPay-Unified Payments Interface (UPI).

NPCI arm in talks with 30 countries for RuPay card and UPI acceptance :money_with_wings:

The RBI Account Aggregator (AA) framework allows customers to seamlessly share information with their financial service providers. All the while, it gives the customer significant control, allowing them to share only what they need and for as long as they want.

UPI crossed 1 billion transactions for the first time in October 2019, almost three years after its launch! And, it’s clocking 6B now :money_with_wings:

:money_with_wings: Jupiter clocked 1.89M transactions with a value of 223 crore in June '22. B2C and B2B excluded, as it gets added to the PSP ie. Axis bank. UPI Ecosystem Statistics | NPCI - National Payments Corporation of India

Looks like Aadhar based upi pin setting is active for bhim app :eyes:

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