Asheesh Agrawal

RBI Proposes New Framework On Additional Factor Of Authentication For Digital Payments New AFA Methods: Reserve Bank of India (RBI) proposes new AFA options for digital transactions, including PINs, passwords, cards, and biometrics like fingerprints. Draft Framework: It aims to offer more authentication choices beyond SMS-based OTPs for digital payment security. Dynamic Authentication: RBI suggests one authentication factor should be dynamically generated post-transaction initiation, ensuring it’s unique and non-reusable. Exemptions: Exemptions include small-value contactless card payments, mutual fund subscriptions, insurance premiums, credit card bill payments, and offline transactions up to INR 500. Feedback and Compliance: Feedback is sought by September 15, 2024, with compliance required within three months. This comes as digital transactions and fraud rise, with online frauds up 334% YoY in FY24 Read More: https://lnkd.in/gU3BsxGH

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FinTechs keen to be regulated, express need for broader licensing framework FinTech Leaders spoke on the need of a broader licensing framework for the fintech ecosystem, with more and more fintechs voluntarily wanting to be regulated. They further highlighted how every digital lender has a hero product today but are unsure about what next they can bring to the table. Sashank Rishyasringa | axio Ashish Goyal | Fibe.India (Formerly EarlySalary) Sanjay Aggarwal | Moneyview Anurag Jain | KredX Karan Mehta | Ring Rohit Taneja | Decentro Story by Anushka Sengupta #ETBFSI #ETBFSIFINNEXT #FINNEXT #Fintech #DigitalLending #InsuranceTech #NeoBanks #PayTech #LendTech #Bengaluru https://lnkd.in/grDg_BFU

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Regulation drives innovation and change is imminent in fintech. But adaptation requires strategy. Here's my take on The RBI's new draft on Payment Aggregators: It is more than just paperwork; it's a catalyst. By mandating KYC norms and requiring authorization for both physical and online non-banking PAs, the RBI is setting a higher standard. What does this mean? 📌 𝗙𝗼𝗿 𝗣𝗔𝘀: Increased operational costs and a steeper path to merchant onboarding might seem daunting. Yes, it may limit the immediate pool of merchants. The new standards necessitate a solid compliance structure. It's a tough pill to swallow, but it ensures a safer transaction environment. 📌 𝗙𝗼𝗿 𝗠𝗲𝗿𝗰𝗵𝗮𝗻𝘁𝘀: Sweet pot of getting regulatory framework protection plus structured grievance redressal mechanism 📌 𝗙𝗼𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: This is where the true benefit lies. Enhanced data security, better fraud prevention, and a streamlined grievance mechanism directly contribute to customer confidence and trust in digital transactions. The road ahead will have its challenges. However, the long-term benefits of these regulations will fortify the foundations of our digital economy, making it more robust against the risks that come with rapid growth and innovation. As leaders in fintech, how should we prepare for these changes? 𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝘁𝗵𝗲 ��𝘂𝗹𝗹 𝗥𝗕𝗜 𝗱𝗿𝗮𝗳𝘁 𝗵𝗲𝗿𝗲. https://lnkd.in/g3dHXCxr https://lnkd.in/gFwF-mGH 𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗶𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝘁𝗵𝗲𝘀𝗲 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗻 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗳𝗶𝗻𝘁𝗲𝗰𝗵? #dhanasekaran #fintech #belstar #mfitech #paymentaggregators

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NPCI pushing new #UPI players to offer incentives to expand market share Several new third-party payments apps on Unified Payments Interface (UPI) are being nudged by digital payments network manager National Payments Corporation of India (NPCI) to invest and incentivise consumers. This is primarily aimed at getting users to transact through these new platforms, in order to reduce the risk from high concentration of transactions on the PhonePe and Google Pay platforms that control around 85% market share, three companies told ET. Read more at: https://lnkd.in/gGXyYGXH By Digbijay Mishra

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Digital payments app Bharat Interface for Money (BHIM) will soon be available on the government-backed Open Network For Digital Commerce (ONDC) in a bid to increase its shares in the Unified Payment Interface (UPI) transactions 👇 The app will foray into the ecommerce space on ONDC via a separate division. With this, the users of the payments app would be able to shop for food and beverages, groceries, fashion, and apparel on the platform. The users of the app would be able to shop for food and beverages, groceries, and fashion on the platform, which is expected to boost BHIM’s UPI transactions. Launched in 2016 by the National Payments Corporation Of India (NPCI), BHIM is far behind in terms of UPI transactions compared to rivals like Google Pay, PhonePe and Paytm. To read more in detail, click here: https://lnkd.in/gZCitHtz #NCPI #BHIM #digitalpayments

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IIFL Portfolio Company Xtracap Unveils Instant Disbursal for E-Invoice, UPI Moment for SCF: This latest fintech innovation is anticipated to catalyze a transformative shift in the operational dynamics of the supply-chain finance ecosystem in ...

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Cross-border payments just got a massive boost with PayU's $5 million investment in BRISKPE , a Mumbai-based startup! BRISKPE, led by Sanjay Tripathy, empowers micro, small, and medium enterprises (MSMEs) by offering cost-effective solutions for global transactions. With over 1,000 exporters already on board, BRISKPE is set to revolutionize how businesses handle international payments. This investment from PayU, the fintech arm of Prosus Ventures, marks a significant milestone in the cross-border payments space. PayU's support underscores its commitment to fostering innovation in fintech and enabling smoother, more efficient global transactions. Stay tuned for more updates as BRISKPE continues to disrupt the industry and make global payments easier, faster, and more accessible for businesses worldwide! Read More: https://lnkd.in/gXEaVQgX #Fintech #CrossBorderPayments #BRISKPE #PayU #MSMEs #Innovation #Investment

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Only 6 out of 22 fintech unicorns profitable, chase continues While FinTechs and startups today are chasing growth, numbers and profitability, latest and exclusive data by Tracxn revealed that only 6 out of 22 FinTech unicorns are profitable while few FinTech unicorns fell out of the profitability curve or achieved breakeven in FY23. Story by Anushka Sengupta #FinTech #Unicorn #Tracxn #Profitability #FY23 https://lnkd.in/gMyd7qBY

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#Fintech funding hovers around $400 mln in 2024, #wealthtech top funded segment: Report According to a report by The Digital Fifth in July 2024, the fintech industry experienced an influx of USD 61 million, marking the third consecutive month this year to exceed last year's funding benchmarks. Additionally, it revealed that wealthtech and payments were the top funded segments. Story by Anushka Sengupta #FintechFunding #FintechTrends #DigitalFinance #Fintech2024 #WealthManagement #PaymentsIndustry #TechFunding #FintechInnovation #FinanceReport https://lnkd.in/gEv_mU7i

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The latest installment of 1Lattice BFSI #Pulse is now LIVE🔴 1Lattice Pulse presents "Payments Landscape in India With A Focus Lens on UPI", available exclusively for download on our website. India has witnessed remarkable growth in #digitalpayments, with transaction volumes soaring at a CAGR of ~55% from FY21 to FY24, while transaction value has increased by 20% during the same period. Read the complete #BFSI Pulse to discover valuable insights for industry stakeholders and business leaders on the evolving payments market with a special focus on #UPI. ⬇️Download here: https://lnkd.in/gWATeWxA Key insights include: 📲Rise in disposable #income among the middle class boosting online spending. 📲Increased card usage post-pandemic, shifting towards digital payments at Point-of-Sale terminals. 📲UPI dominates with a ~70-75% share of total digital payment volumes. 📲Expansion of UPI into international #remittances and merchant payments, supported by #government and #industry initiatives. Enable better decisions for your business with 1Lattice #Pulse! Explore here: https://lnkd.in/gN9sxeQT #EnablingBetterDecisions Amar Choudhary Hitesh Gossain Abhilasha Jaju Praneet Singhal Abhishek Maiti Ashish Dhir Sanjay Sachdeva

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Ensuring Autonomy: Paytm CEO Vijay Shekhar Sharma Affirms Independence of Payments Bank Board, Emphasizing Governance Principles. How do you believe the affirmation of independence for the Payments Bank Board by Paytm's CEO will impact stakeholder trust and regulatory compliance in the financial sector? #DigiMaaya #Paytm #PaymentsBank #Finance #Fintech

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#TheLatium Would customers choose a fintech, if banks offered the same service? with Samuel Rhee and Laksh Gangwani #FintechVsBanks #FintechChoice #BankingVsFintech #CustomerSwitch #FintechAdvantages #BanksAndFintech #BankingInnovation #FintechCompetition #CustomerLoyalty #TechInBanking #CustomerOwnershipMyth #BankingRealityCheck #CustomerAlternatives #FintechDisruption #BankCustomerShift #WealthManagementSpecialization #FintechWealth

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Regarding the recent development of the RBI's FinTech Repository, Yashwant Lodha, Co-Founder, PayNearby stated, "The technology landscape in India is continuously evolving however the use of emerging technologies also brings with it challenges in terms of its usage and being compliant with the regulatory norms. The Fintech “Yellow pages” will ensure seamless transfer of information between the Fintech industry and the regulatory authority while allowing the latter to tailor regulations basis the challenges faced by the industry". Read the complete story on Business Today: https://lnkd.in/d-2V6aCB #FinTech #Innovation #RegulatoryCompliance #EmergingTechnologies #CustomerExperience #TechEvolution #RBI #FinTechRepository #DigitalTransformation #PayNearby #IndustryRegulations #TechInnovation #FinancialInclusion #TechTrends #FutureOfFinance

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BharatX, a buy now, pay later fintech startup backed by Y Combinator, has announced the acquisition of Zenifi (Acquired by BharatX), a healthcare finance company!! 🤝 #BharatX #Zenifi #HealthcareLending #Fintech #Startup #BusinessGrowth #Investment #Technology #Innovation #Business #Expansion #India #BelieveIndia To read more in detail, click below:👇 https://lnkd.in/gPvnMpAQ

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#fintech | #payments | #startups : How Reserve Bank of India (RBI)'s BBPS mandate would impact #fintechs and #banks ? The mandate could disrupt the operations of fintech companies like PhonePe and Cred , which facilitates credit card payments through their platforms , while banks fear substantial investments and loss of control over extensive customer data ecosystems. Read more at: https://lnkd.in/gX6F8iWy

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Paytm receives National Payments Corporation Of India (NPCI) approval for user migration to new PSP banks. In a significant development for India's digital payments landscape, One97 Communications Limited (OCL), the parent company of Paytm, received the green light from the National Payment Corporation of India (NPCI) to commence user migration to new Payment System Provider (PSP) bank handles. This approval comes in the wake of NPCI's endorsement on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model. As a result, Paytm has swiftly moved to integrate with four major banks: Axis Bank, HDFC Bank, State Bank of India (SBI), and YES BANK. With all four banks now operational on the TPAP, Paytm aims to streamline the process of shifting user accounts to these PSP banks. The company has initiated the transition of 'paytm' handle users to these banks, ensuring a seamless experience for UPI payments. Source: https://lnkd.in/gH-tvX2q Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #fintech #banks #payments #digitalpayments #onlinepayments #apac #financialtechnology #financialservices #financialsolutions

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