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As fintech startups try to onboard merchants faster than competition, theyre mostly conducting only the basic checks prescribed by the RBI and skipping enhanced due diligence which could help keep fraudsters away. Large payment companies are approaching KYC more as a security checklist — perhaps for cost considerations — than a monitorable mandate by the RBI.
The funding comes shortly after India's apex bank the Reserve Bank of India (RBI) granted a payments aggregator licence to the company.
Byjus and a group of its investors have been given three days by the National Company Law Tribunal to file written submissions on a plea about the edtech firms rights issue. This and more in todays ETtech Morning Dispatch.
Mswipe said it will use the proceeds from the ongoing fundraise to increase its merchant payment network, to strengthen its product and technology infrastructure.
Zomato CEO Deepinder Goyal said established businesses in India should nurture startups, but without the intention of owning them. This and more in todays ETtech Top 5.