Payments

India Set to Offer WhatsApp Mobile Payments Soon

According to reports, Facebook is expected to roll out support for the Unified Payment Interface (UPI) to its messaging app WhatsApp by the end of the year. The company is talking to banks and the National Payments Corporation of India (NPCI), an umbrella organization for retail payments in India to facilitate this. Several other popular messaging services such as WeChat and Hike Messenger already support payment services in India.

Uber Integrates with UPI; Rolls Out Payment Service for Android Users

Uber has started integrating the Unified Payment Interface (UPI) payments platform with its app, and plans to roll out in phases. The fourth payment option in Uber app – besides cards, cash, and Paytm will be added only for Android users, for now. Uber users on iOS will have to wait a little bit longer. The minimum balance on Paytm, to book a cab on Uber, is Rs 350. Since UPI is a bank-to-bank transfer, it does not require a minimum balance. This could erode user traffic for Paytm, a partner with Uber since 2014.

Google Seeks RBI Approval for Entry into India’s Digital Payments Space

Google has sought the Reserve Bank of India (RBI)’s approval to integrate the government-promoted Unified Payments Interface (UPI) with its Android Pay application, marking its entry into India’s fast-growing digital payments space. A Google India spokesperson said in an e-mail response: “We are always looking for ways to make it easy for people to pay with their mobile devices, such as Android Pay in some countries, and looking to expand those capabilities to the next billion users.” Google, Facebook and WhatsApp will bring unprecedented scale for digital payments. Facebook is estimated to have 140 million users in India, while WhatsApp’s user base in the country crossed 200 million February year.

Patanjali’s Dream Run in FMCG Sector May be Nearing End as Rivals Make a Big Push

Patanjali’s dream run in the FMCG segment is finally under a serious threat. While the company aims to double its revenue to Rs 21,000 crore this financial year, top FMCG players have gone whole hog in their bids to recapture market shares across segments.

Dabur Bets Big on Digital Revolution; To Target Young Consumers

According to Anand C Burman, Chairman of Dabur, internet is becoming a key channel for gathering information, arriving at purchase decisions and transacting online with more and more consumers using the medium. In an effort to capture online consumer market, Dabur is looking to ride on ‘digital revolution’ pursuing an aggressive e-commerce and digital marketing strategy to tap millennials, who are expected to be major consumers going forward. The company is strengthening online presence through partnership with large e-retailers and its own portals.

Marico to Focus on Healthy Foods, Expand Saffola Brand as Part of Three-Year Strategy

Marico is going to focus on healthy foods as part of its three-year growth strategy that also includes super premium edible oils and male grooming. The company will focus on expanding the Saffola brand of premium edible oils and oats to extend the food business. Saugata Gupta, MD and CEO informed that premium edible oils (Saffola Aura), male grooming (Set Wet, Beardo), and food (Saffola) as the segments that will drive the company’s growth in the next three years.

FreeCharge’s acquisition is proof that the Axis of Indian banking is changing

According to a report by Price water house Coopers, in the next five years, almost 50% of the world’s financial services are planning to acquire fintech startups. Collaborations, too, are expected to increase, with eight out of 10 companies waiting to partner with these new players. On July 27, Axis Bank, the country’s third-largest private sector lender, acquired FreeCharge, a payments application and mobile-wallet company, for Rs385 crore ($60 million). This deal will bolster Axis Bank’s position in the payments space, giving it access to the e-wallet’s 50 million customers. The bank’s customer base could now more than double from the existing 40 million.

Fintech Among Top 5 Sectors for Funding in 2016: Deloitte

The joint report by Internet and Mobile Association of India, and Deloitte revealed that Indian FinTech is one of top five markets by value of capital funding and investments in the sector with nearly USD 270 million of funding in 2016. The report also noted that in medium-term fintech players will consolidate their position in urban and metro centres and will extend to rural and semi-urban areas over the next three-five years. India remains one of the largest markets where the structural enablers to setup and incubate fintech have come together strongly and at an apt time.

Yes Bank Gets $150 Mn from OPIC to Fund SME Lending

Yes Bank has received $ 150 million funding from the US government and Wells Fargo to increase lending to support women entrepreneurs and small and medium-sized enterprises in India. This is the third round of funding to the bank as part of arrangement with the Overseas Private Investment Corporation (OPIC), the US government development finance institution, and Wells Fargo.

Over 90% Indian Customers Still Prefer Branch Over Online Banking: Report

2017 Oracle J.D. Power India ‘Retail Banking Study revealed that, while the government has been pushing people to go online when it comes to banking, the branch still continues to dominate banking channels in India, with 94% of retail banking customers having visited the branch/store at least once in the past 12 months. Most banking relationships still begin and continue at the branch.