April 2024 - NewNerve

UPI Transactions Surge: India Digital Payments Report H2 2023

3Apr

By Ankit2 Comments

Fintech, Payments

UPI Transactions Surge: India Digital Payments Report H2 2023

The digital payments landscape in India has witnessed significant shifts in the latter half of 2023. According to a recent report by global payment services leader Worldline, Unified Payments Interface (UPI) transactions have surged by an impressive 56% year-on-year (YoY) during the second half of last year (H2 2023). Let’s delve into the key findings: 1. UPI Transactions Surge: In H2 2023, the volume of UPI transactions reached 65.77 billion, a substantial increase from 42.09 billion in H2 2022. The value of UPI transactions also soared, rising by 44% from Rs 69.36 trillion to Rs 99.68 trillion during the same period. Notably, PhonePe, Google Pay, and Paytmemerged as dominant UPI app players, accounting for ...

Generative AI: 6 Unique Ways It’s Revolutionizing SEO Marketing

2Apr

By Ankit1 Comment

AI

Generative AI: 6 Unique Ways It’s Revolutionizing SEO Marketing

The landscape of search engine optimization (SEO) is undergoing a seismic transformation, and at the heart of this revolution lies generative AI. As marketers grapple with the ever-evolving algorithms and user expectations, generative AI emerges as a potent ally. In this article, we delve into how generative AI is reshaping SEO marketing efforts and explore its implications for the future. 1. The SEO Arms Race: A Historical Perspective For decades, SEO professionals have engaged in an unending battle with search engines. The goal? To secure top rankings and visibility for their clients’ websites. But this contest has intensified over time, with each side deploying increasingly sophisticated tactics. Enter generative AI—a formidable weapon that has tipped the scales. 2....

Coordinating Financial Inclusion: The Lead Bank Scheme and Its Objectives, 2024

2Apr

By Ankit1 Comment

Fintech

Coordinating Financial Inclusion: The Lead Bank Scheme and Its Objectives, 2024

Lead Bank Scheme (LBS): The Lead Bank Scheme (LBS) was established in December 1969 by the Reserve Bank of India (RBI) to address the lack of banking services and credit facilities in rural areas. The scheme aimed to coordinate the activities of banks and other developmental agencies to promote financial inclusion and rural development. It assigned a specific bank in each district as the "Lead Bank" responsible for spearheading the development efforts in that area. Historical Background: The LBS was introduced based on the recommendations of the Gadgil Study Group and the Nariman Committee. The Gadgil Study Group, headed by Prof. D. R. Gadgil, emphasized the need for commercial banks to increase their presence in rural areas and develop a rural orientation. The Nariman...

1Apr

By Ankit2 Comments

Fintech, Global BFSI, Insurtech, Lending, Payments, Regtech, Wealthtech

Global Fintech Newsletter, March 2024, by NewNerve

Here’s a summary of some notable Fintech news from March 2024: Visa and Mastercard Settlement: US merchants reached a landmark settlement with Visa and Mastercard to lower swipe fees. The credit interchange rates will be capped for the next five years, resulting in an estimated $29.79 billion in savings for US merchants. Robinhood’s Leadership Change: Baiju Bhatt, co-founder and chief creative officer of Robinhood, stepped down after ten years at the company to “pursue other entrepreneurial interests.” Vlad Tenev, CEO and fellow co-founder, praised Bhatt’s pivotal role in opening access to markets for millions of new investors. Co-operative Bank Job Cuts: The UK’s Co-operative Bank is set to cut around 400 jobs (12% of its workforce) as part of a cost reduction progra...

Accel’s Atoms 3.0: Empowering India’s AI Startups for Industry 5.0 Transformation

1Apr

By AnkitNo Comments

AI, IndiaAI, Startups

Accel’s Atoms 3.0: Empowering India’s AI Startups for Industry 5.0 Transformation

In a significant development for the Indian startup ecosystem, Accel, one of the country's leading venture capital firms, has chosen eight startups that are dedicated to developing cutting-edge artificial intelligence (AI) and Industry 5.0 solutions. These startups have been selected under Accel's prestigious accelerator program, Atoms 3.0. This move not only highlights Accel's commitment to fostering innovation but also showcases the growing prominence of AI and Industry 5.0 in India's business landscape. The Rise of AI and Industry 5.0 AI has emerged as a transformative technology with the potential to revolutionize various industries. It encompasses a range of applications, including machine learning, natural language processing, computer vision, and robotics. In recent years, the ado...