Digital Payments to Grow at 26% CAGR During 2016-2020: Report
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| According to the World Payment Report, 2017 jointly commissioned by Capgemini and BNP Paribas, India could potentially make its way into the global top 10 markets in terms of non-cash transaction volumes. Initiatives of the government and the National Payments Council of India (NPCI) will help non- cash transactions grow at a CAGR of 26.2 percent during 2016 -2020, said a report. |
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| B2B Payments Will Drive Digital Payments In India, Not Consumer Payments |
| The demonetization drive in India in November 2016 opened a gateway of opportunities for digital payments, making them the preferred choice among businesses and individuals alike, for making secure financial transactions. According to a joint report by Google & BCG, the total payments conducted via digital payment instruments will reach $500 billion by 2020 which is approximately ten times higher than it is now. |
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PhonePe Launches POS Device to Ease Digital Payments Ecosystem in India
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| India’s fastest growing payments platform, PhonePe announced the launch of an indigenously designed Point of Sale (POS) device powered by Bluetooth technology. The POS device is unique to India’s digital payments ecosystem. The device is the lowest cost POS device in the world serving the needs of small merchants. Apart from being low-cost, the device is portable and has no scope for misuse. It can run for eight to twelve months on AA batteries. |
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Online Channel to Contribute 3% of Sales in 3-5 Years: Dabur
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| In 2016-17 fiscal, Dabur reported revenue from operations of Rs 7,701.44 crore. The company expects online sales channel to contribute up to 3 per cent of its total sales in the next three to five years. Last month Dabur tied up with e-commerce major Amazon for an online ayurveda marketplace, which will house all ayurvedic brands and products available in the country. |
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Decoding Amazon’s Format-Based Grocery Strategy in India
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| Amazon is betting on the grocery and FMCG category to become India’s “apni dukaan”, and is offering customers different formats to satisfy different needs to great effect. An IBEF study estimates that in 2016, the Indian grocery market reached $566 billion in size. |
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YES BANK Launches Second Cohort of YES FINTECH Accelerator
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| YES BANK has been significantly contributing to the fintech space by collaborating with and mentoring more than 100 fintech startups to co-create innovative financial solutions for its Corporate, SME, and retail customer base. In March this year, they launched a business accelerator programme for fintech startups called YES FINTECH, in association with T-Hub, Anthill, and LetsTalkPayments. YES BANK is all set to launch the second cohort of YES FINTECH, has kicked off on November 13. |
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Matrix Partners India Invests in Fintech Startup Ziploan
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| Matrix Partners has invested in the Delhi-based fin-tech startup ZipLoan. ZipLoan provides small ticket business loans of up to Rs 5 lakhs to micro-enterprises and SMEs.The funds will be used to expand the team, enter new geographies and enhance its technology. |
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‘Technology Has Become a Core Tool for Banks’
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| Technology intervention has changed the way banks and financial institutions deal with their customers. Currently, banks are striving to innovate and simplify complex problems in such rapid pace to ensure customer loyalty. Dimension Data, for instance, provides end to end capabilities for organisations in the BFSI vertical. Technology has a constant forward momentum. By the time a bank implements a certain technology, chances are that it may need an upgrade. |
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| Axis Bank Completes Acquisition Of Digital Payments Platform FreeCharge, Names Sangram Singh As CEO |
| Axis bank has received approval from the RBI and has completed the acquisition of the digital payments platform, which was announced in July this year. The country’s third largest private sector lender bought Freecharge for $60 Mn in an all-cash deal. Additionally, the bank has also appointed Sangram Singh as the CEO of FreeCharge Payment Technologies Private Ltd. |
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