Payments

WhatsApp UPI Payments Now Available for Android Beta Users, Recall Feature Said to Be in Final Stage

WhatsApp is working on a payment feature in the app and now a WaBetaInfo tweet hints that the feature may not be too far from the reality. The beta version of the WhatsApp, running on Android, now shows a preview of the payment feature. WaBetaInfo has shared a screenshot of the feature that shows a window reading immediate bank to bank transfer with Unified Payments Interface (UPI).

Bajaj Finance To Invest $35.2 Mn In Digital Payments Company MobiKwik For 11% Stake

Gurugram-based digital payments company MobiKwik will be raising $35.2 Mn (INR 225 Cr) from Bajaj Finance Ltd (BFL) by selling 11% stake. As per the latest BSE filing by Bajaj Finance, it stated that it has entered into a subscription agreement with One MobiKwik Systems.

India’s Paytm Payments Bank in Talks to Partner Full-Service Banks

India’s Paytm Payments Bank is in talks to partner with full-service banks to offer services such as loans and term deposits which it cannot do on its own due to regulatory restrictions, its chief executive told Reuters. “Anything which we cannot offer, we will be partnering with the banks. Whether it’s going to be a loan, or a credit card, or a term deposit, and other services,” said Renu Satti, CEO of Paytm Payments Bank.

Airtel Payments Bank and HPCL Announce Strategic Partnership to Boost India’s digital Payments Ecosystem

Airtel Payments Bank, announced a strategic partnership with Hindustan Petroleum Corporation Limited (HPCL), to give further boost to digital payments in the country and to add to customer convenience. All 14,000 HPCL fuel stations will act as banking points for Airtel Payments Bank.

FMCG

Baba Ramdev’s Patanjali Teams Up with Facebook, Google for Online Advertisement Push

Patanjali is going digital. In collaboration with Google and Facebook, Patanjali is for the first time investing in advertisements tailored for online audiences. By June 2017, views for Patanjali on YouTube climbed to 15 crore from 30 lakh, according to the official.

Mumbai-Based Marico Acquires South African Hair Care Brand Isoplus to Extend Ethnic Hair Portfolio

Mumbai-based consumer products company Marico has acquired South African hair care brand Isoplus, which will consolidate the company’s ethnic hair care portfolio in the country. The acquisition, which includes the company’s manufacturing facilities, working capital and intellectual property rights, is said to amount to approximately Rs 36 crore ($5.6 million).

Fintech

Paytm ‘Plans’ New Messaging Service to Rival Facebook-Owned WhatsApp

Paytm is understood to have a messaging service to rival WhatsApp in the pipeline. A source close to the matter revealed Paytm which has more than 225 million users in India, is set to launch a messaging app integrated in its popular payments service. ‘Paytm wants to become a digital universe for Indian commerce where consumers can communicate, shop and use financial services.

Indian FinTech Committee Forms To Gauge Blockchain And Securities

A FinTech committee has been created by the Securities and Exchange Board of India, to offer the board ongoing deliberation and advice. Topics on which the committee will provide guidance are numerous and revolve around FinTech technology and policies.

Banking & Finance

Union Bank Plans Tie-Ups with Fintechs for Sourcing Retail Loans

Union Bank of India is planning tie-ups with fintech companies to source leads for retail loans. Recently, Rajkiran Rai G, Managing Director and CEO of the bank said that a number of fintech companies generate the lead and pass it on to the banking system, he said the bank is planning to source the applications from such fintech companies.

SBI’s Big Retail Banking Gamble

SBI cut interest rates on its savings account by 50 basis points (bps). The bank informed that accounts with less than Rs 1 crore would now earn 3.5% as interest as against 4% so far; accounts with over Rs 1 crore will continue earning 4%. The move will save India’s biggest bank at least Rs 400 crore a year in outgo.

Reserve Bank of India Becomes First in Asia to Cut Rates This Year

RBI is the first bank in Asia to cut rates this year. The bank has cut the repo rate by 25 basis points to 6.00% – the lowest since November 2010. This had been widely anticipated as a slump in food prices sent June consumer inflation to a more than five-year low of 1.54%. The RBI said reduced prices provided “some space” for monetary policy accommodation: inflation is now well below the RBI’s 4 percent target and its projection of 2.0-3.5 per cent in April-September.