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A Game-Changer for Cross-Border Transactions: 5 Ways to Pay Nepalese Merchants Using UPI
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Blog, Fintech, Payments

A Game-Changer for Cross-Border Transactions: 5 Ways to Pay Nepalese Merchants Using UPI

UPI in Nepal: Strengthening People-to-People Ties between India and Nepal In today's interconnected world, digital payment solutions (Cross-Border Transactions) have become an integral part of our lives. The convenience, speed, and security offered by these platforms have transformed the way we conduct financial transactions. The recent announcement by the National Payments Corporation of India (NPCI) regarding the launch of Unified Payment Interface (UPI) in Nepal is a significant milestone in this regard. This collaboration between NPCI International Payments (NIPL) and Fonepay Payment Service has paved the way for Indian users to make seamless payments to Nepalese merchants using UPI. Introduction to UPI in Nepal: The introduction of UPI in Nepal opens up a world of possibilities fo...
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Fintech Growth in 2024: How to Adapt and Succeed in a Changing World
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Fintech

Fintech Growth in 2024: How to Adapt and Succeed in a Changing World

Introduction Over the past decade, fintech has transitioned from the fringes to the forefront of financial services. Technological progress, rapid digitization, and changing customer preferences have fueled its meteoric rise. Let’s explore how fintechs are shaping the financial ecosystem and what lies ahead. Key Themes Shaping Fintech’s Future 1. Market Capitalization and Unicorns As of July 2023, publicly traded fintechs boasted a staggering market capitalization of $550 billion, doubling since 2019. The fintech landscape also witnessed the emergence of 272 unicorns, collectively valued at $936 billion—a sevenfold increase from five years ago. 2. The 2022 Market Correction A market correction in 2022 tempered the explosive growth mome...
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Unlocking UPI Sentiments: Why 73% of Users Reject Transaction Fees
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Payments, Fintech

Unlocking UPI Sentiments: Why 73% of Users Reject Transaction Fees

Understanding UPI Users’ Sentiments on Transaction Fees In the rapidly evolving landscape of digital payments, the Unified Payments Interface (UPI) has emerged as a game-changer. Its seamless and instant fund transfer capabilities have revolutionized the way we transact. However, recent discussions around introducing transaction fees have sparked debates. A recent survey sheds light on a critical aspect: transaction fees. Let’s explore the survey findings and their implications. Survey Findings: A Resounding Opposition to Transaction Fees According to a comprehensive survey conducted by LocalCircles, a pollster specializing in governance and public issues, 73% of UPI users are vehemently opposed to the idea of charging transaction fees for UPI transactions123. These findings...
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Banking Synergy: Fincare Small Finance Bank Joins AU Small Finance Bank
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Fintech, Payments

Banking Synergy: Fincare Small Finance Bank Joins AU Small Finance Bank

A Deep Dive into the Fincare Small Finance Bank Ltd. and AU Small Finance Bank Ltd. Amalgamation A Strategic Move in India’s Banking Landscape The Reserve Bank of India (RBI) has given its nod to a significant financial union—the amalgamation of Fincare Small Finance Bank Ltd. (Transferor Bank) with AU Small Finance Bank Ltd. (Transferee Bank). This all-stock merger, valued at $530 million, is set to reshape the banking landscape in India. Let’s explore the details and implications of this strategic move. 1. The Merger in a Nutshell Effective Date: The amalgamation is slated to take effect from April 1, 2024. Branch Integration: All branches of Fincare Small Finance Bank Ltd. will seamlessly transition to operate as branches of AU Small Finance Bank Ltd. from the same date. ...
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Currency Diplomacy: RBI and Bank Indonesia Forge New Path with INR-IDR MoU
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Blog, Fintech, Payments

Currency Diplomacy: RBI and Bank Indonesia Forge New Path with INR-IDR MoU

INR Meets IDR: A Game-Changer for India-Indonesia Trade As the heartbeat of India’s economy, the banking sector plays a pivotal role in shaping financial stability, credit growth, and technological advancements. The Reserve Bank of India (RBI) and Bank Indonesia (BI) have recently taken a significant step toward enhancing bilateral trade and strengthening economic ties. On March 7, 2024, they inked a Memorandum of Understanding (MoU) in Mumbai, paving the way for a new era of cross-border transactions. The MoU in a Nutshell Local Currencies Take Center Stage: The MoU aims to promote the use of local currencies—specifically, the Indian Rupee (INR) and the Indonesian Rupiah (IDR)—for bilateral transactions. By encouraging the adoption of INR and IDR, the RBI and BI seek to opt...
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7 Key Components of IndiaAI Mission: Strengthening India’s AI Innovation Ecosystem
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AI

7 Key Components of IndiaAI Mission: Strengthening India’s AI Innovation Ecosystem

Cabinet Approves Ambitious IndiaAI Mission to Strengthen the AI Innovation Ecosystem Source: Press Information Bureau (PIB) - Government of India Link: Press Release Date: March 7, 2024 The Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has approved the comprehensive national-level IndiaAI mission with a budget outlay of Rs.10,371.92 crore. This mission aims to strengthen the AI innovation ecosystem in India by promoting responsible and inclusive growth through strategic programs and partnerships across the public and private sectors. The mission encompasses various components such as compute capacity, innovation centers, datasets platforms, application development, future skills, startup financing, and safe and trusted AI practices. IndiaAI Compute Capa...
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List of 12 Licensed Account Aggregators in India
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Blog

List of 12 Licensed Account Aggregators in India

Account Aggregator Participants and Licensed Entities: The Account Aggregators (AA) ecosystem in India is witnessing remarkable growth and participation from various entities, all contributing to the advancement of data empowerment and secure financial data sharing.  List of Licensed Account Aggregators in India The Reserve Bank of India (RBI) issues NBFC-AA licenses to Account Aggregators, enabling them to operate within the regulatory framework. These licensed entities play a crucial role in facilitating secure data sharing between Financial Information Providers (FIPs) and Financial Information Users (FIUs). Some of the licensed Account Aggregators in India include: Agya Technologies Private Limited (Product titled Setu AA) CAMSFinServ Cookiejar Technologies Private Limite...
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Wise: Integration of PayNow and Expansion of Singapore Team, 2024
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Fintech, Payments

Wise: Integration of PayNow and Expansion of Singapore Team, 2024

Wise, a renowned global online money transfer service, has recently announced two major milestones: the integration of PayNow, Singapore's local payment network, and the expansion of its team in Singapore. The integration with PayNow allows tourists to conveniently make QR payments to local merchants directly through the Wise app. This development is particularly beneficial for businesses that traditionally do not accept card payments, such as hawkers. Singapore becomes the first country where Wise has connected with two local payment systems. This achievement builds upon Wise's previous integration with the FAST system in 2022, further enhancing its presence in the country. Regional Collaborations: In addition to its expansion in Singapore, it focuses on regional growth by colla...
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72% Fewer Indian Fintech Startups Incorporated In 2023 Than In 2021
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Blog

72% Fewer Indian Fintech Startups Incorporated In 2023 Than In 2021

Fintech Startups on Declining Trend in India? The Indian fintech sector witnessed a sharp decline in the number of new startups incorporated in 2023, compared to the previous two years, according to a report by Growthpal, a mergers and acquisitions (M&A) deal-sourcing platform12. The report attributed the drop to the adverse effects of the COVID-19 pandemic, the regulatory uncertainty, and the intense competition in the fintech space. The Numbers The report revealed that only 20 fintech startups were incorporated in India in 2023, which was 72.6% lower than the 73 startups incorporated in 2021, and 55.55% lower than the 45 startups incorporated in 202212. The report excluded the data for startups with less than 10 employees or without a website or a LinkedIn page. ...
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