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BRISKPE: Transforming Cross-Border Payments for Indian Businesses
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Fintech

BRISKPE: Transforming Cross-Border Payments for Indian Businesses

In an increasingly globalized economy, the ability to conduct seamless cross-border transactions is crucial for businesses, especially micro, small, and medium enterprises (MSMEs). BRISKPE, a Mumbai-based fintech startup, is emerging as a game-changer in this space, offering innovative solutions that simplify international payments. This article explores how BRISKPE is addressing the challenges of cross-border payments and the impact it is having on Indian exporters and freelancers. The Need for Efficient Cross-Border Payment Solutions For many Indian businesses, particularly MSMEs, navigating the complexities of international payments has historically been fraught with challenges. High transaction fees, long processing times, and fluctuating exchange rates can significantly impact profi...
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From CA to Bio Pool Pioneer: A Splash of Innovation
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Startups

From CA to Bio Pool Pioneer: A Splash of Innovation

In the ever-evolving landscape of innovative startups, Vikash Kumar stands out as a remarkable example of how passion and purpose can drive entrepreneurial success. Once a Chartered Accountant (CA), Kumar made the bold decision to leave his accounting practice behind and venture into the world of sustainable living by founding a startup that specializes in constructing eco-friendly, chemical-free swimming pools known as "bio pools" or "natural pools." The Journey Begins: Personal Motivation Kumar's transition from a stable career in accounting to an entrepreneurial path was deeply rooted in personal concerns. As a father, he became increasingly worried about the health implications of traditional swimming pools, which often rely on harsh chemicals like chlorine. Observing his children en...
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5 Reasons, Why Can’t UPI Be Used for Cross-Border Payments?
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Payments

5 Reasons, Why Can’t UPI Be Used for Cross-Border Payments?

The Unified Payments Interface (UPI) has revolutionized digital payments in India, making transactions faster, cheaper, and more accessible. However, its application for cross-border payments is still in its infancy. This article explores the challenges that UPI faces in becoming a global payment system and the initiatives underway to facilitate its expansion into international markets. Current Challenges for UPI in Cross-Border Payments 1. Transaction Limits One of the primary limitations of UPI is its strict transaction limits. Currently, UPI caps most payments at INR 1 lakh (approximately $1,200). This restriction poses a significant challenge for larger international transactions, which often exceed this amount, particularly in business-to-business (B2B) scenarios. 2. Limited Curre...
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Super.Money: Flipkart’s Bold Move into Fintech
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Payments

Super.Money: Flipkart’s Bold Move into Fintech

In June 2024, Flipkart, one of India's leading e-commerce giants, launched Super.Money, a fintech platform designed to revolutionize personal finance management in India. With an initial investment of $20 million, Super.Money aims to offer a suite of financial services, including lending, insurtech, and digital payments. This article delves into the various aspects of Super.Money, including its features, business model, pricing strategy, go-to-market approach, and future prospects. 1. Background and Launch 1.1 The Genesis of Super.Money Super.Money is spearheaded by Prakash Sikaria, who has a robust background in leading key projects at Flipkart, including its advertising business and loyalty programs. The platform has been developed over the past ten months, focusing on creating a cred...
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Cross-Border Payments: Services, Products, and Trends- A complete Guide
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Payments

Cross-Border Payments: Services, Products, and Trends- A complete Guide

The cross-border payments ecosystem is a multifaceted network that facilitates financial transactions between parties located in different countries. This ecosystem is essential for international trade, remittances, and various global financial activities. Below is an expanded explanation of the services and products available within this ecosystem, along with relevant Indian companies categorized by the type of services they offer. Overview of Cross-Border Payment Services and Products 1. Cross-Border Payment Solutions These services enable businesses and individuals to make direct payments across borders. They are crucial for facilitating international trade and e-commerce. Key Features: Speed: Transactions are often processed much faster than traditional banking methods. ...
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Booming Indian Fintech Market: A Path to $2.1 Trillion by 2030
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Fintech

Booming Indian Fintech Market: A Path to $2.1 Trillion by 2030

India is rapidly emerging as a global fintech powerhouse, with projections estimating the market size to reach $2.1 trillion by 2030. This growth is driven by a combination of technological innovation, favorable demographics, and a surge in digital financial services. The Indian fintech landscape encompasses various segments, including payments, digital lending, insurtech, and wealth tech, each contributing to this remarkable growth trajectory. Current Market Overview As of 2022, the Indian fintech industry was valued at approximately $584 billion, with expectations to grow to around $1.5 trillion by 2025. The total addressable market for fintech is projected to be $1.3 trillion by 2025, with assets under management (AUM) reaching $1 trillion and revenue hitting $200 billion by 2030. Ke...
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Revolutionizing Lending: Introducing Vegapay
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Fintech

Revolutionizing Lending: Introducing Vegapay

As part of my ongoing series highlighting groundbreaking fintech companies, I’m excited to introduce Vegapay, a dynamic fintech startup founded in 2022 by a visionary team including Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg. Headquartered in Gurugram, India, Vegapay is transforming the lending landscape by providing innovative solutions for financial institutions and fintech companies. 🚀 A Game Changer in Fintech Vegapay focuses on delivering a lending tech stack and card management platform that empowers banks, NBFCs, and fintechs to launch flexible card and credit-based products swiftly. With $5.5 million in seed funding led by Elevation Capital, Vegapay is set to democratize access to superior financial technology. 💡 Key Features and Offerings Versatile Ca...
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NCMC Technology: A Step Towards Cashless Travel or a Complicated Mess?
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Payments

NCMC Technology: A Step Towards Cashless Travel or a Complicated Mess?

The National Common Mobility Card (NCMC) is a transformative initiative launched by the Government of India in 2019 to streamline transit payments and promote cashless transactions across the country. Designed to be a "One Nation, One Card" solution, the NCMC aims to provide seamless access to metros, buses, trains, and even retail outlets using a single contactless card. Key Features of NCMC Interoperability: NCMCs are designed to be used across various transit systems in different cities, unlike city-specific metro cards that are limited to their respective networks. Contactless Transactions: Equipped with Near Field Communication (NFC) technology, NCMCs allow users to make payments by simply tapping the card on a compatible reader, enhancing convenience and security. Offline...
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159 Countries Embrace the BRICS Settlement System: A Challenge to Dollar Dominance
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Global BFSI

159 Countries Embrace the BRICS Settlement System: A Challenge to Dollar Dominance

The global financial landscape is on the brink of a significant transformation as 159 out of 193 countries have signed up to use the new BRICS settlement system, a direct competitor to the SWIFT payment network. This development not only signifies a shift in the balance of economic power but also poses a challenge to the long-standing dominance of the U.S. dollar in international trade and finance. The Limitations of SWIFT and the Need for an Alternative SWIFT has been a cornerstone of global finance, enabling secure and standardized financial transactions across borders. However, its role as a tool for economic sanctions has made it vulnerable, particularly for nations like Russia, Iran, and several African countries, which have faced severe sanctions imposed by the U.S. and some Europe...
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RBI Governor Announces Unified Lending Interface (ULI) to Streamline Credit
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Digital Lending

RBI Governor Announces Unified Lending Interface (ULI) to Streamline Credit

The Reserve Bank of India (RBI) has recently announced the launch of the Unified Lending Interface (ULI), a significant technological advancement aimed at revolutionizing the lending landscape in India. This initiative is designed to facilitate frictionless credit access, particularly for small and medium-sized enterprises (SMEs) and rural borrowers. In this article, we will explore the key features of ULI, its potential challenges, and how it plans to handle misinformation and ensure data accuracy. Key Features of the Unified Lending Interface (ULI) Seamless Data Flow: ULI enables a consent-based flow of digital information from various data service providers, including government databases and credit information companies, to lenders. This integration aims to streamline the credit ...
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