Even if there is 1% of non-compliance, you shouldn’t give it a get go, and protect your business at every cost, believes the Co-Founder & CEO of MobiKwik. Watch the entire discussion as the CEO unpacks the dynamics of regulatory integrity, emphasises on seeking direct clarity from regulators, maintaining high standards through compliance, and the potential role of Self-Regulatory organisations (SROs).
Financial year 2024 has witnessed a steep decline in funding by Indian fintech startups, mainly led by decline in seed stage funding. According to latest data by Tracxn, Indian fintechs raised only USD 1.5 billion in FY24, which is significantly less compared to the previous financial year. ETBFSI gives you a compiled list of how much fintechs in India raised month-on-month in both FY23 and FY24, based on data provided by Tracxn.
A great example of the potential that FinTechs have in financial inclusion is digital lending for MSMEs. An IFC report estimates that MSME digital penetration in unsecured lending will rise to 20% by FY 2026.
Happy Wednesday! Razorpay, Cashfree, PayGlocal and other fintech startups are seeking a licence for facilitating cross-border payments from the RBI. This and more in today’s ETtech Morning Dispatch.
Happy Wednesday! Razorpay, Cashfree, PayGlocal and other fintech startups are seeking a licence for facilitating cross-border payments from the RBI. This and more in today’s ETtech Morning Dispatch.
Currently, PhonePe holds the largest market share in the UPI transaction segment, followed closely by Google Pay and Paytm, collectively commanding around 95% of the market share in terms of transaction volume.
The Reserve Bank of India (RBI) had on March 4 approved implementation of an interoperable payment system for internet banking transactions by NBBL, a subsidiary of National Payments Corp. of India (NPCI).
While FinTech is a combination of technology and innovation, it has also become a tightrope walk. On one side they have to find a solution to all the historical problems while on the other side, they are also expected to follow all the rules. In many ways, the regulations are also not very clear and not easy to decode either.
According to a report titled ‘Charting New Horizons for Fintech Lending: Navigating Profitability and Scalability’, Till September 2023, 77% of the loans under Rs 1 lakh were given out by fintech lenders, from around 50% in FY18. In value terms, fintechs accounted for 50% of market share with non-banking lenders making up 25%.
The new rules bar banks from sharing card transaction data with outsourcing partners unless it is absolutely essential for the partner to discharge its functions. "In case of sharing any data as stated above, explicit consent from the cardholder shall be obtained. It shall also be ensured that the storage and the ownership of card data remain with the card-issuer," the revised norms said.
As per Blume Research and NPCI statistics, the price of data has fallen exponentially, at the same time the use of smartphones has grown proportionately. Fintech adoption rate in India is highest in the world at 87%. India has 1.26 billion Digital Ids-Aadhaar and 658 million internet users, as per Barclays Rise report. UPI volumes have crossed the historic 10 billion transactions per month in the last 3 months, 2023.
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