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Pine Labs’ $3-billion test: can old fintechs still build new moats?

The fintech giant is going public with deep enterprise roots and a strong EMI play. For investors, past success may not be enough

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UPI can be forever or free—not both

A recent subsidy cut threatens the zero-fee model that made UPI ubiquitous, forcing banks, fintechs, merchants, and regulators to rethink who should foot the bill

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UPI was the scapegoat. So, who really was at fault for the Bajaj Housing IPO mess?

India’s second-largest home financier went public, retail demand surged, and sponsor banks were swamped. The result: UPI-app-mandate notifications got stuck in the backlog

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NPCI feels the pressure of repeating UPI’s success

The payments body made digital payments a household thing. But striking another UPI-like golden idea is far from simple

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India’s digital payments Catch-22 in 2021

The National Payments Corporation of India, which controls retail payments, is set to get rivals next year. These new entrants called New Umbrella Entities could redraw the rules for payments

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RuPay’s loss is UPI’s gain

Riding on the wave of nationalism, RuPay is today the biggest card network in India, with more than 500 million bank accounts linked to it. But UPI is parent NPCI’s new favourite, and RuPay is forced to make room for its younger, more powerful sibling

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Visa’s UPI pain point

Four years of UPI saw Visa’s share of debit card spends dropping from 56% in 2016 to about 40% now. And despite having solutions that could have put it on par with UPI, the US$410 billion card network didn’t push them. Visa is fighting back now, but it has to do so while adjusting to a new way of life

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Indian fintech’s most wanted: The elusive BillDesk acquisition

The 20-year-old payment aggregator is almost always in the news for an acquisition, with $2.5 billion being the most recent figure touted. What makes it an asset that gets talked about so much?

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The elite VC-founder club riding Aarogya Setu to telemed domination

An alliance of Indian startups—led by Cure.fit, Practo, and 1mg—in collaboration with iSpirt are looking to create the tele-medicine platform to end all tele-medicine platforms. It's the 'UPI of healthcare', except healthcare is no payments

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Sahay, India’s fintech disruption sequel

Conceptualised and promoted by iSpirt, the powerful behind-the-scenes organisation run by volunteers, Sahay would enable hundreds of thousands of Indian MSMEs to access loans in as few as five minutes. The story of how it was built is more important than why its 21 May launch was canned

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Yes Bank’s collapse exposes Indian fintech’s shoddy plumbing

In taking down Yes Bank, a bank dripping with bad assets, RBI inadvertently threw India’s digital ecosystem into a tizzy

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Bajaj, Razorpay, Zerodha carry the Indian fintech torch

Last year, an escalating bad loan and liquidity crisis stripped the hype from fintechs and revealed which companies were truly gaining ground in digital finance. And they lay the foundation for the new decade

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Paytm wants to hit escape velocity

India’s largest payments company is working furiously to escape UPI disruption, transient users, growing losses, unicorn narratives and country risk

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In India’s Digital Payments, Google’s Achilles Heel Turns Midas Touch

Google played all its cards perfectly to make Google Pay the number one UPI payments app in a hyper-competitive market. But there is such a thing called too much market share, it will learn

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UPI, India’s massive fintech nudge, misses a step: automatic payments

After nearly nine months of backroom negotiations, the Reserve Bank has the last word. Does UPI 2.0 have more tricks up its sleeve?

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Cashbacks for all: Government splurges on BHIM, digital transactions

Till now, the government of India has spent close to Rs 500 crore in cashbacks for payment app BHIM. It wants to spend more. But Rs 500 crore is a lot of money. Taxpayer money. Is it being spent well?

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Visa and MasterCard’s FOMO

Demonetisation jolted the two card networks into action so much so they are looking at bringing a UPI competitor. The future for them never looked brighter in India. But the more things look different, the more they seem the same

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NPCI, The God of Many Things

As India’s digital payments sector explodes in usage, it becomes a battleground for the world’s largest tech companies. And smack in the middle of that fight stands the National Payments Corporation, an entity like no other

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Facebook tests the waters for a walled payments garden in India

WhatsApp’s newly launched payments feature in India is a joy to use. It is also a clear attempt to co-opt an open protocol. But are regulators realising this?

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Platform ambitions: The story of how iSpirt lost its true north

How a passionate, volunteer-led think tank for India’s software product companies lost its way

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Barbarians at the gate

Banks must learn to compete with dozens of nimble, focused and ruthless fintech and payments startups out to disrupt them. Using data

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The unlikely story of BHIM, the upsetter of plans

BHIM came in with a bang and took most people in India’s payments ecosystem by surprise. It has already stolen the thunder from Flipkart’s PhonePe and banks’ UPI apps. But there is considerable doubt about its future

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