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Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

22Nov By AnkitaNo Comments

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Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

With people being compelled to switch to non-cash mode after the demonetisation move, digital payments company Paytm has been witnessing over 5 million transactions worth Rs 120 crore a day, helping it crosss $5 billion GMV sales, four months ahead of its target. Gross Merchandise Value (GMV), which is an industry term for estimating the total worth of goods sold through a digital platform, for Paytm was $3 billion last year. The Alibaba-backed company, which offers both mobile payment platform and e-commerce marketplace, said it is now witnessing about 5 million daily transactions worth about Rs 120 crore. "Paytm is registering over total 7 million transactions worth Rs 150 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm p...

21Nov By reutersNo Comments

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Facebook’s Zuckerberg Discloses Steps to Fight Fake News

Facebook Inc, facing withering criticism for failing to stem a flood of phony news articles in the run-up to the U.S. presidential election, is taking a series of steps to weed out hoaxes and other types of false information, chief executive Mark Zuckerberg said in a Facebook post Friday evening. Facebook has long insisted that it is a technology company and not a publisher, and rejects the idea that it should be held responsible for the content that its users circulate on the platform. Just after the election, Zuckerberg said the notion that fake or misleading news on Facebook had helped swing the election to Donald Trump was a "crazy idea." Zuckerberg then said last Saturday that more than 99 percent of what people see on Facebook is authentic, calling "only a very small amount" fa...

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

21Nov By AdityaNo Comments

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Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

In the wake of demonetisation drive and a surge in the demand for digital payment options, mobile wallet MobiKwik has revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017, a top company executive said. GMV is used in online retailing to indicate a total sales value for merchandise or services sold through a marketplace over a period of time. "The currency reform implemented by the government has liberated Indians from cash and has also promoted adoption of mobile wallets and digital payments across platforms. We have a target to reach USD 10 billion GMV sales by next year," Upasana Taku, co-founder, MobiKwik told Pixr8. The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnes...

Flipkart eyes groceries; renewed push in furniture

20Nov By reutersNo Comments

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Flipkart eyes groceries; renewed push in furniture

Led by Bansal's, India's top e-commerce player Flipkart plans to move into the groceries space and make a renewed push in the online furniture business, as it expands its product portfolio and looks to outmaneuver global giant Amazon.com in a burgeoning Indian market. Flipkart Chief Executive Binny Bansal said the home-grown e-commerce player plans to begin experimenting with grocery sales next year and scale up operations over a three year period. "There's definitely room to build a profitable grocery business, but it's hard. That doesn't mean it's not possible, but it's hard," Bansal told Reuters in an interview on Sunday. Amazon has already began to pilot grocery sales in select Indian cities. More and more people in India, a country of over 1.2 billion people, are logging on to t...

India Inc Commits $3.4 Billion For SDGs at Global Citizen Festival

20Nov By PriyankaNo Comments

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India Inc Commits $3.4 Billion For SDGs at Global Citizen Festival

Corporate leaders today committed a whopping USD 3.4 billion to help achieve the sustainable development goals which can positively impact the lives of 500 million people across the country with a special focus on gender equality, education and water and sanitation. These financial offers were made at the concluding day of the first-ever Global Citizen Festival here today. The Global Citizens India chapter said this came in response to over 20 lakh initiatives and campaigning efforts by them, and the key focus will be ending extreme poverty. The body said that of the 25 commitments worth USD 3.37 billion, or Rs 22,940 crore, that will cover over 50 crore people, $2 billion will come from the International Finance Corporation Banking on Women Group for gender equality. Under this, Int...

Markets Regulator Sebi Plans to Reduce Minium VC Funding To Rs 25 Lakh From Rs 50 lakh

20Nov By AnkitaNo Comments

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Markets Regulator Sebi Plans to Reduce Minium VC Funding To Rs 25 Lakh From Rs 50 lakh

Looking to provide an impetus to the early-stage startup ecosystem, markets regulator Sebi plans to reduce minimum angel fund investment for venture capital undertakings to Rs 25 lakh from the current Rs 50 lakh. Sebi may also allow the angel funds to make overseas investments up to 25 percent of their investible corpus, in line with other Alternative Investment Funds (AIFs). The move will make such funds to spread their risk by investing across geographies, sources said. There are many start-ups that require a smaller amount of validating proposition and bringing down the limit to Rs 25 lakh will help such companies raise funds at the initial stage of idea generations. Also, the Securities and Exchange Board of India (Sebi) plans to align its definition of startups with other reg...

BMW, Baidu Joint Project on Self-Driving Cars Breaks Down

19Nov By NitishNo Comments

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BMW, Baidu Joint Project on Self-Driving Cars Breaks Down

German automaker BMW and Chinese internet giant Baidu will end their joint research on self-driving cars, executives for the two firms said on Friday, with Baidu now searching for new global research partners. Wang Jing, the head of autonomous car development at Baidu, told Reuters the company was now using cars from Ford's Lincoln in its U.S. testing, declining to elaborate. "I'm open for any partners, actually I'm talking to many," Wang said, speaking on the sidelines of China's third World Internet Conference in the eastern Chinese city of Wuzhen. Tech and automotive leaders contend that cars of the future will be capable of completely driving themselves, revolutionizing the transportation industry, with virtually all carmakers as well as companies such as Alphabet's Google and...

Facebook Sets $6 Billion Buyback; Accounting Chief to Leave

19Nov By reutersNo Comments

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Facebook Sets $6 Billion Buyback; Accounting Chief to Leave

Social media giant Facebook on Friday set a $6 billion buyback programme for its Class A shares, beginning in the first quarter of 2017. Facebook's shares were up 1.1% at $118.24 in after-hours trading. The company had a market value of about $337 billion at close. The company also said Chief Accounting Officer Jas Athwal had resigned, effective Feb. 17. Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo. The company said it planned to launch a search for a replacement.

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

19Nov By PriyankaNo Comments

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Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

Digital payments solution provider Oxigen Services is in the process of upgrading its point of sales (PoS) devices into micro ATMs to help customers in the present situation due to ban on Rs 500 and Rs 1,000 notes. "Micro ATM is a point of sales device which we have developed into a full featured banking access device and payment transaction device. We want to deploy these terminals in rural areas and in urban areas at all kirana and retail stores across India," Pramod Saxena, Founder Chairman & MD, Oxigen Services told PTI in an interaction. "We already have 2 lakh retail touch points, of these 60,000 stores have these PoS terminals but they are not micro ATMs, so we have started upgrading these terminals into micro ATMs now." He said Oxigen Services plans to deploy 2,000 mic...

Reliance Global Call Launches International Calling App

18Nov By AnkitaNo Comments

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Reliance Global Call Launches International Calling App

Reliance Global Call (RGC) today launched an international calling app which enables direct- dialing of contacts, doing away with the need to enter toll- free or PIN numbers. 1RGC India', a subsidiary of Reliance Communications, also announced an introductory offer under which customers can avail talk time worth Rs 200 on sign-up with Rs 100. Customers will get calling rates starting at Rs 1.4 per minute. "The service is available to all mobile phone and landline users of the country including prepaid and post-paid subscribers on the networks of Reliance, Airtel , Vodafone, Idea , Tata, Aircel and MTS," said a company statement. Customers can register for the RGC service via the website, or download the mobile app from Android Play Store and iOS App Store, it added. "The 'RGC In...

Demonetisation: Ola Launches Ola Credit a Post Paid Service

17Nov By NitishNo Comments

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Demonetisation: Ola Launches Ola Credit a Post Paid Service

Cab aggregator Ola announced the launch of Ola Credit - a postpaid service to enable hassle-free mobility to citizens who can now pay later for their rides. Claiming to be a first in the industry, the service is being launched at a time when cash conservation is important for many citizens, the company said. The service comes against the backdrop of demonetisation of high value currencies by government in its fight against black money, a move that has also resulted in cash crunch. Ola Credit will give customers 7 days of credit so they can keep booking Ola cabs without worrying about having sufficient cash, it said in a statement here. Ola Credit can be repaid via net banking, debit or credit cards easily through the widely accepted Ola Money e-wallet which is integrated into the app...

European Commission Suspends WhatsApp Operation Over Sharing User Data

16Nov By AdityaNo Comments

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European Commission Suspends WhatsApp Operation Over Sharing User Data

WhatsApp has temporarily suspended giving parent company Facebook information about users in Europe for ad targeting, responding to concerns there over privacy, a source close to the matter has said. Conversations with officials in Europe over the past few months resulted in the social network deciding to only tapping into WhatsApp user data there for purposes such as fighting spam, according to the source. The break was described as an effort to give regulators time to share privacy concerns and for Facebook to consider ways to address them. German data protection authorities in September cited privacy concerns when they blocked Facebook from collecting subscriber data from WhatsApp there. "It has to be (the users') decision whether they want to connect their account with Faceboo...