Fintech News- Latest Fintech Sector News, Fintech Industry News (2024)

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• How Paytm is looking to ride out of the crisis

  In a move to streamline operations, Paytm plans to trim its non-core activities, such as cross-border business, and lay off employees.

• Paytm lays off employees as part of restructuring, facilitates outplacement support

  Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.

• FinTech Funding : Global FinTechs raised about $2.9 bln in May'24

  While there has been a funding winter in startups over the past year, funding has seen an uprise in early stage deal funding and decline in late stage deals funding. FinTechs across the globe raised about USD 2.9 billion in May 2024, while the top 20 deals summed up to about USD 2.1 billion.

• Fino Payments Bank eyes tripling digital banking revenue share by FY25

  Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.

• New UPI scam: Fraudsters send you 'Rs 200.00' and ask to return Rs 20,000; how to protect yourself from UPI overpayment scam

  UPI overpayment scam: You should be careful before sending or accepting any UPI collect money request especiallly from unknown numbers or IDs. This is because scamsters have now become more sophisticated and specifically targetting various tricks to make sure you stay distracted enough to not notice the scam. Read here how a individual got saved from this scam and what you can do.

• Paytm set to gain from RBI's move to allow automatic replenishment of UPI Lite wallets

  This development comes as Paytm plans to enter the ride-hailing space with autorickshaw offerings.

• UPI not working: RBI says that this is the very likely reason

  RBI Governor Das attributes UPI payment disruptions to banks' outdated technology, not NPCI. Digital payment failures rise, impacting customers. UPI transactions exceed 450M daily. RBI introduces UPI Lite for enhanced reliability.

• How much do Indian FinTechs spend on compliance?

  India's Fintech sector is seeing unprecedented increase in regulations and related compliance requirements. Additionally, subcontracting of services also with the consent of the regulated entities. This has led to a substantial increase in compliance costs and even increased costs due to legal hires. ETBFSI speaks to top legal and regtech experts and gives you an overview of how much Indian fintechs — of both small and large scale -- are spending on compliances.

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• IPOs of Flipkart, PhonePe could take couple of years: Walmart executive

  Walmart's Flipkart marketplace and PhonePe digital payments platform could have IPOs in the next couple of years, as stated by Walmart's executive, Dan Bartlett.

• Payment glitches stem from bank systems, not UPI, says RBI

  Das said the RBI does not prescribe minimum investment but banks should invest adequately in IT infra in line with business growth to cut outages.

• RBI to set up Digital Payments Intelligence platform; forms committee

  With increasing number of frauds relating to digital payments in India, with an objective to minimise it, the RBI MPC has decided to set up a Digital Payments Intelligence platform and has further constituted a committee led by A.P. Hota, former MD & CEO, NPCI to take this initiative forward.