| Hike Messenger Launches Payment Services |
| Hike Messenger has launched payment services on its platform. Hike will not only include a mobile wallet on its platform but will also integrate with the National Payments Corporation of India’s UPI platform to allow in-app transfers between two bank accounts. Hike has partnered with YES Bank for the service. Hike, however, won’t be looking at getting merchants on board the app, something wallet companies such as Paytm are aggressively into. Instead, the company is working with banks to see how offline retailers can start using UPI for payments and how Hike can act as a means for that. The company is also trying to become a platform wherein a user can do anything from shopping to mobile recharges to other bill payments from within the app, eliminating the need for multiple mobile apps. |
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| WhatsApp in Talks with SBI and NPCI for Payments via UPI |
| WhatsApp has initiated discussions with the State Bank of India, the National Payments Corporation of India and a few other financial institutions to allow its users to make payments via United Payments Interface (UPI), which facilitates instant fund transfer between two bank accounts on the mobile platform. This is currently at the ‘proof of concept’ stage, looking at ways to integrate it with our back-end. Launched by erstwhile Reserve Bank of India Gover nor Raghuram Rajan in 2016, UPI is run by NPCI. |
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| Big Banks Band Together to Introduce Digital Payment App Zelle |
| More than 30 financial institutions are working together to transform the world of person-to-person payments by participating in the new payment system Zelle. The new person-to-person payments network from bank-owned Early Warning Services allows for funds to be sent from one bank account to another in minutes, using only a recipient’s email address or mobile number. Also, Early Warning partnered with payment processors FIS, Fiserv, and Jack Henry & Associates, as well as card networks such as Mastercard to offer banks and credit unions multiple integration pathways onto the network. The institutions include: Ally Bank, Bank of America, Bank of Hawaii, Bank of the West, BB&T, BECU, Capital One, Citi,….. |
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| ITC Enters Frozen Foods Market, Eyes Sauces, Condiments |
| ITC has entered the frozen foods market with frozen prawns as part of its plans to take over Indian kitchens. Later this year, the company plans to launch frozen vegetables and fruits. Then it will move on to sauces, dips and condiments. The company is planning to enter one new category every quarter. The expansion is part of ITC’s larger goal of reaching Rs1 trillion in revenue from its cigarettes and consumer packaged goods business by 2030. It has already lined up investments of Rs25,000 crore in 65 projects. |
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| PepsiCo Says Nutrition Category Can Reach $100 Million |
| PepsiCo is strengthening its nutrition category to cater to health-conscious younger customers in the country. The company has created three platforms to target this category and hopes that eventually it can add $100 million in business. PepsiCo has also decided to restrict sales to limited stores unlike its usual strategy for new products. PepsiCo claims first mover advantage in this segment dominated by co-operatives, which do not have much distribution strength. The company has signed on Sachin Tendulkar to endorse the product. |
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| Miraj Group to Open 100 FMCG Retail Outlets by 2019 |
| Diversified group Miraj plans to open 100 FMCG retail outlets ‘Miraj Mart’ across the country in the next two years, offering over 100 products. The company, already opened its first outlet in Mumbai, it will soon have similar set ups in New Delhi, Madhya Pradesh and Rajasthan. the company said except two stores in Mumbai, all the remaining stores would be on a franchise model. Miraj Group is engaged in manufacturing of packed snacks under its brand ‘Miraj’ besides its other products such as Miraj Tea, Miraj Oil Soap under its FMCG segment. |
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| Retail Banking Faces Significant Threat From FinTech Entrants: Study |
| According to a study, Retail banking faces significant threat from entrants in Financial Technology space who are using simpler and less expensive services and depending on their scalability. New FinTech entrants use technology and innovative business models to provide less expensive, simpler and more accessible services. |
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| These Six Fintech Startups Have Secured Pilots from ICICI, RBL Bank |
| Six fintech startups have secured pilots with leading banks and corporates such as RBL Bank, ICICI Bank, State Bank of India and Games2win at Startupbootcamp FinTech Mumbai’s first Demo Day. A total of 11 startups took to the stage to showcase technologies in financial services, with propositions ranging from SME banking, blockchain technology, digital payments, and personal finance management, among others. The startups which have secured the pilots are: Doboz; Rupie; Bitgram; Canopi; Greendeck; mTrakr. |
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| Flipkart Sets Sights on Fintech Sector, Plans to Ramp up Technology Team |
| Flipkart is planning to launch and build a new business to tap the fintech sector and hire executives from Silicon Valley as part of its push into areas such as artificial intelligence and machine learning, even as it scales back focus from some initiatives such as assisted commerce. Flipkart also plans to hire aggressively for its technology team, with overall headcount increasing by at least 10% this year. |
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| Government Plans More SBI-Like Mergers, India May Soon Have Another Global-Sized Bank |
| Enthused by the success of SBI merger, the Finance Ministry is considering clearing another such proposal in the public sector banking space by this fiscal end with a goal to create 4-5 global sized lenders. According to an official, big lender like Bank of Baroda can take over some turnaround banks in the southern region such as Indian Overseas Bank. Dena Bank could be merged with some large South Indian bank. There are factors like regional balance, geographical reach, financial burden and smooth human resource transition that have to be looked into while taking a merger decision. |
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| Online Banking Users in India to Reach 150 Million by 2020 According to a Study |
| According to a report drafted by Facebook and The Boston Consulting Group (BCG), with the ongoing digital drive in India, the number of users opting for online banking is expected to double to reach 150 million mark by 2020, from the current 45 million active urban online banking users in India. Wide scale adoption of digital has the potential of reducing cost of acquisition and cost of servicing to 1/10th. This can substantially improve customer level profitability and can add to retail profit pool by $3 – 3.5 billion by 2020. |
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| Yes Bank Partners with TerraPay for Faster International Remittance |
| Yes Bank has partnered with mobile payments switch TerraPay to enable real time money transfer to bank accounts in India. Powered by TerraPay’s global clearing and settlement service, the partnership will make it faster and convenient for consumers to send money to any bank account. TerraPay has partnered with Yes Bank in a Rupee Drawing Arrangement which enables TerraPay’s network partners to make instant cross-border money transfer to bank accounts in India. |
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| India to Generate 6.5 Mn Outbound Luxury Tourists Annually by 2020: Report |
| According to a report, India is estimated to generate 6.5 million outbound luxury and MICE tourists annually by 2020. According to figures published ahead of the 5th Annual MICE (meetings, incentives, conferences and exhibitions) India and Luxury Travel Congress (MILT), the projected market growth accounts for the Ministry of Tourism’s official outbound tourism figures, specifically for India’s current 1.5 million outbound MICE travellers and 3.6 million outbound luxury travellers. |
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| Australia eyes 8% growth in Indian tourists in 2017 |
| Australia is expecting about eight per cent growth in Indian tourist arrivals this year at up to 2,80,000 mainly due to faster visa processing and direct connectivity. According to data by Tourism Australia, in 2016, nearly 259,900 Indian travellers visited Australia. In 2017, Tourism Australia is expecting 2,75,000-2,80,000 Indian travellers. The Tourism Forecasting Committee (TFC) has predicted 2,58,000 visitors from India for the July 2016 – June 2017 period, a 9.4% increase over 2015-16. |
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| India’s Domestic Travel Market to Be $48 Billion by 2020: Google-BCG Report |
| A new report published by Google India along with Boston Consulting Group (BCG) reveals that ndian domestic travel market is poised to become a $48 billion industry by 2020. As per the report, Indian travel market is projected to grow at 11-11.5% to $48 billion by 2020 with the biggest contributor, air travel expected to grow at 15% to $30 billion. Hotels will grow at 13% to $13 billion by 2020 while railways will remain largely stagnant at $5 billion. Additionally, as more people come online, smartphone penetration improves and use of digital payments goes up, the report estimates that India’s online hotel market will grow to US$4 billion with 31% penetration at a CAGR of 25%. |
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