BFSI - NewNerve

The Rise of Neobanks: High Performers and Key Metrics

19Oct

By AnkitNo Comments

Fintech, Banking, Payments

The Rise of Neobanks: High Performers and Key Metrics

Neobanks are transforming the landscape of financial services by offering digital-only banking solutions that cater to the needs of a tech-savvy clientele. Unlike traditional banks, which rely on physical branches and established banking protocols, neobanks operate entirely online, providing a seamless and user-friendly experience. This article explores the evolution, impact, and future of neobanks in the banking sector. The Evolution of Neobanks Neobanks emerged in the early 2010s as a response to the growing demand for more accessible and efficient banking solutions. They leverage advancements in financial technology (fintech) to deliver services that prioritize user experience and convenience. By eliminating physical branches, neobanks can significantly reduce operational costs, allow...

Zepz Secures $267 Million to Expand Global Remittance Services

19Oct

By AnkitNo Comments

Fintech

Zepz Secures $267 Million to Expand Global Remittance Services

Zepz, the fintech company formerly known as WorldRemit, has successfully raised $267 million in a Series F funding round aimed at expanding its global remittance services. This significant investment, led by Accel with participation from TCV, Leapfrog Investments, and the International Finance Corporation (IFC), marks a pivotal moment for Zepz as it seeks to enhance its operations primarily in African markets and beyond. Funding Details The recent funding round is particularly noteworthy as it comes after Zepz's previous raise of $292 million in 2021, which helped the company achieve a valuation of $5 billion at that time. The current round reflects ongoing investor confidence in Zepz's business model and growth potential. Notably, the IFC has committed up to $20 million as part of this ...

Impact of Digital Wallets on the Travel Experience

5Oct

By Ankit1 Comment

Blog, Lifestyle, Payments, Travel

Impact of Digital Wallets on the Travel Experience

Digital wallets are reshaping the travel landscape, providing a seamless and secure payment method that enhances the customer experience. As the travel industry adapts to modern consumer preferences, the integration of digital wallets is becoming increasingly essential. The Evolution of Payment Methods in Travel Historically, travelers relied on cash and traditional credit cards for transactions. However, the rise of digital wallets represents a significant shift in this paradigm. According to a report by PYMNTS.com, 74% of travelers now view digital wallets as essential gear for their vacations, with this trend particularly pronounced among affluent and millennial travelers. This demographic shift indicates a growing preference for seamless, cashless payment solutions. What is Digital ...

Revolut Gears Up for Major Expansion into India’s Fintech Market

17Sep

By Ankit1 Comment

Fintech

Revolut Gears Up for Major Expansion into India’s Fintech Market

British fintech company Revolut is set to launch its services in India in 2025, marking a significant expansion into one of the world's largest and fastest-growing markets. This announcement comes after a series of regulatory hurdles that the company faced since establishing its presence in India in 2021. Regulatory Milestones Revolut has recently secured in-principle approval from the Reserve Bank of India (RBI) to issue prepaid cards and wallets, a crucial step for its operational launch. This approval allows Revolut to move forward with its plans to provide a suite of financial services tailored to Indian consumers. Paroma Chatterjee, CEO of Revolut India, noted that the company is "very, very close" to launching, with only minor technical issues remaining to be resolved. Targeting A...

Understanding the eKYC Setu System: A Comprehensive Overview

10Sep

By AnkitNo Comments

BFSI

Understanding the eKYC Setu System: A Comprehensive Overview

The eKYC Setu system, developed by the National Payments Corporation of India (NPCI), is a groundbreaking initiative aimed at streamlining the identity verification process for various financial institutions and businesses in India. By leveraging the power of Aadhaar, this system simplifies the Know Your Customer (KYC) process, enhancing security, efficiency, and user experience. The Role of UIDAI in the e-KYC Setu System The Unique Identification Authority of India (UIDAI) plays a crucial role in the eKYC Setu System. Its responsibilities include: Regulatory Oversight: UIDAI ensures that the e-KYC Setu System complies with the Aadhaar Act and its associated regulations, maintaining high standards of data security and privacy. Enabling e-KYC Authentication: The system utilizes UI...

BRISKPE: Transforming Cross-Border Payments for Indian Businesses

3Sep

By AnkitNo Comments

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...

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

3Sep

By AnkitNo Comments

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...

Super.Money: Flipkart’s Bold Move into Fintech

2Sep

By Ankit1 Comment

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...

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

31Aug

By Ankit1 Comment

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. ...

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

30Aug

By AnkitNo Comments

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...