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3 hours ago “There is a market distortion” in the digital payments industry today between incentives for earning revenues and growth, according to Sameer Nigam, chief executive officer, PhonePe. While the National Payments Corporation of India (NPCI) recently issued guidelines for its market share caps on the Unified Payments Interface, Nigam believes that without a merchant-discount-rate future investments in the sector could be threatened. Nigam was speaking during discussion organised by Moneycontrol on the Future of Digital Payments in India on Clubhouse, the audio-only meeting app. ...

RBI's proposal for new umbrella entities for retail payments puts pressure on NPCI In August last year, the central bank had unveiled the framework for setting up umbrella entities for operating pan-India retail payments systems and invited applications from eligible companies. BusinessToday.In | March 9, 2021 | Updated 21:40 IST Asbe said the move has put a lot of pressure on NPCI's management team and 1,000 employees. The Reserve Bank of India's move to allow new umbrella entities (NUEs) for operating pan-India retail payments systems has put pressure on the National Payments Corporation o...

Banks coming together for new umbrella entity for retail payments February 26, 2021 HDFC, Kotak Mahidra pick up stake in Ferbine Two leading private sector lenders HDFC Bank and Kotak Mahindra Bank seem to be readying plans for a new pan-India umbrella entity (PUE) licence for retail payments. HDFC Bank late on Thursday night said it has executed an agreement for subscribing to 4,995 equity shares of the face value of ₹10 each fully paid up issued by Ferbine Private Limited for a consideration of ₹10 per equity share. “Post investment, bank will hold 9.99 per cent of the equity shareh...

Requests have been received from various stakeholders including Indian Banks' Association for extending the timeline, keeping in view the COVID-19 related disruptions and inconveniences, RBI said.

ETtech Morning Dispatch on Feb 12, 2021: Swiggy’s war chest against Zomato, Crypto under threat in India Want this newsletter delievered to your inbox? SUBSCRIBE We'll soon meet in your inbox. / Newsletters Good morning, Before we begin, Koo, the Made-in-India Twitter clone, is already fighting allegations that its app leaks private data of its users. On the plus side, it has new, non-Chinese, investors. But today’s top story is Swiggy, or rather the giant chunk of change that’s about to land in India from Qatar, Singapore and others. Elsewhere, we take a closer look at the government�...