They do offer mini apps within their app Kaustubh, but I'd be surprised if someone went to their payments app to book a cab than go to their preferred mobility app.

Arundhati Ramanathan

Fair points, Srikanth. --You're right about the denominator, but I believe more often that not the denominator ends up being noisy. If 1% conversion was possible, it should have happened by now? Especially when it would have wanted to show what it is capable of leading up to an IPO? I believe the conversion to loans is not as easy, the good users already on multiple platforms like Cred etc and the ones with low credit scores are spread across platfroms. Yes, lets see how credit on UPI plays out and if it changes things. --The Tiger Global tax impact is certainly important and I think it merits a story of its own. P.S to readers: If you (or you know of someone who) can unpack how the Tiger Global tax impact plays out for the likes of Walmart and other global investors, I would love to talk to you. I'm at arundhati at the-ken dot com.

Arundhati Ramanathan

Hi Sumit, we don't do advertisements, so no, they are not an advertiser. We have clearly said that supply chain, regulatory, etc will be challenges. We found merit in this story because they are among the first private entities that expressed interest in bringing SMRs to India. Sure a lot of these realities will change once things get implemented. But this gives us a benchmark of what to expect and how companies are seeing the opportunity. That means a lot in new technologies like this.

Arundhati Ramanathan

Hmm, can you tell us more about how widely different they are, Suresh?

Arundhati Ramanathan

I only looked at the issuing side, Chirag, to know how the retail base is using it.

Arundhati Ramanathan

This is NPCI's UPI spend data broken down by type of merchants. It's all securities brokers and dealers. So think online brokers like Zerodha, Groww

Arundhati Ramanathan

Hi Jay, I personally use Perplexity for research, and thats about it, really.

Arundhati Ramanathan

Hi Srikanth, AI is not nearly half as clever+insightful as you when it comes to commenting on our stories :)

Arundhati Ramanathan

Thank you Srikanth! hah, when you put the take rate vs TPV like that.. :) But if that's not a rhetorical question, I think it is because every fintech wants to be every other fintech-- it's margins looks greener to the other side. As for DPDPA, that's a problem for another day, if they survive to fight that!

Arundhati Ramanathan

Hey Sayantan, CC avenue, payU are some of the big ones, for now. There is a bit of fear around what if more PAs pull out. Right now, the newer ones like Easebuzz and Plural ( Pinelab's PA) are making swift gains in the absence of the larger PAs on Juspay.

Arundhati Ramanathan

yes, also better reward points

Arundhati Ramanathan

Hi Aryaman, it would help them offer better top up loans and cross-sell other products. Ideally yes, it should end with loan tenure.That's what is recommended too.

Arundhati Ramanathan

Solution to the problem of education loans not truly being an ed loan, which is Peri's argument. That's where the Australia example fits, on how other countries have looked at structuring education loans.

Arundhati Ramanathan

It still is. But other factors make up for it. Earlier, it was not worth the effort for most banks to double down on ed loans.

Arundhati Ramanathan

Thank you Akshay. I have to say you are an astute reader for catching it, yes it's a sales manager. Have fixed it :) On your second point, a lot has been happening with respect to Byju's so did not cram all the details into it.

Arundhati Ramanathan

For about a year now, users have been paying for certain UPI transactions in the name of ‘platform fees’. The likes of Paytm and PhonePe levy this fee on select use cases like prepaid phone and DTH recharges, education fees and utility bill payments. These charges are levied irrespective of the payment method (card, digital wallet, or UPI). So users pays for things like phone recharge, for a DTH subscription, for utility payments etc. We wrote about this earlier here https://the-ken.com/story/indias-free-payments-system-isnt-really-free-but-whos-paying/

Arundhati Ramanathan

hmm, I'm sure it plays a role. For example: Google Pay back when it was Tez tried a sound-based payment, which used to occupy significant real estate space. I cant find that anymore on the app. Don't have any data to back it, but anecdotally, don't think it had much offtake.

Arundhati Ramanathan

The market share cap of 30% has not been instituted yet and the deadline for it has bene pushed to Dec 2024. But sources tell me it may never even be enforced. The main reason to bring it was the fear that Whatsapp will runaway with the market when it launched UPI. But since that never took off, the market share cap may never really be set.

Arundhati Ramanathan

Hello Mushtaq, most of the figures in our stories are in Rs and then followed by dollars in brackets, like you pointed out. In a headline it's hard to give both. Also our stories are read by those in SouthEastAsia too, so we need to keep it accessible, universally.

Arundhati Ramanathan

Hello Sashi, we mentioned it is an offer for sale.

Arundhati Ramanathan

That was a mistake, Srikanth. Apologies. Only payment aggregator license, so far :)

Arundhati Ramanathan

We fixed the typo, thanks for pointing it out. Yes, I agree, the infographic is a bit complex but it helps give the idea that salary ranges have expanded far above the median. That is the simple takeaway for those who don't want to go one level deeper. If there are any other aspects besides the typos and grammar ( And I apologise for that) that makes it among the worst articles, pls let me know. Happy to fix/clarify.

Arundhati Ramanathan

I looked at companies that did their buybacks this year, Chandresh. Pharmeasy had one in 2021.

Arundhati Ramanathan

Harshil if there is something meaningful to capture there, we will. If you have something in mind specifically, pls let us know.

Arundhati Ramanathan