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Paytm to file DRHP for $2.3 billion IPO on July 12

5Jul By NitishNo Comments

Market

Paytm to file DRHP for $2.3 billion IPO on July 12

New Delhi, 5th July 2021: India's leading payment service provider which accounts for around 60% of online payment transactions Paytm will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, as per the reports by Reuters. The money will be raised via the sale of Paytm stocks in the Indian stock market at an expected valuation of $24 billion to $25 billion with an option to raise more amount at a later stage. One97 Communications Ltd, the parent of Indian payments firm proposed a $2.3 billion IPO, that will make it India's third-biggest public listing after Coal India in 2010 and Reliance Power in 2008. The prospectus will be filed shortly after Paytm's extraordinary general meeting (EGM) of shareholders in Del...

PhonePe Raises $700 million at $5.5 billion valuation

3Dec By PriyankaNo Comments

FUNDING

PhonePe Raises $700 million at $5.5 billion valuation

Bengaluru, 3rd Dec. 2020-- Walmart owned eCommerce platform Flipkart separated its payment unit PhonePe, as the digital payment firm raises $700 million in funding valued at USD 5.5 billion. The financing round was led by Walmart including existing Flipkart investors, a statement said. Flipkart will remain PhonePe's majority shareholder, and the two businesses will retain their close collaboration, it added. "Recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, Flipkart's Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. PhonePe has crossed the 250 million registered user milestone, w...

28May By reutersNo Comments

INDIA

Google faces Antitrust case in India over payments app

NEW DELHI (Reuters) - India’s antitrust body is looking into allegations that Alphabet Inc’s Google is abusing its market position to unfairly promote its mobile payments app in the country, five sources familiar with the case told Reuters. The complaint was filed in February and the Competition Commission of India (CCI) has kept the identity of the complainant confidential, the first source with direct knowledge of the case said. The complaint alleges the U.S. tech giant more prominently showcases its Google Pay app inside its Android app store in India, giving it an unfair advantage over apps of competitors which hurts consumers, the source added. Google did not respond to a request for comment. Two of the sources said the watchdog informed Google about the case being filed a f...

26Feb By AnkitaNo Comments

FUNDING

PhonePe Receives $60 Million Funding From its Parent Firm

Flipkart-owned digital payments company PhonePe has received around $60 million from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was INR 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about $100 million from its parent firm, while another $80 million was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google...

25Jul By PriyankaNo Comments

INDIA

WhatsApp to roll out payments service in India later this year

WhatsApp, which has over 400 million users of its messaging service in India, plans to roll out its much-awaited payments service in the country later this year, more than a year after it began testing the offering here. The Facebook-owned company has been testing its payments service in the country since last year with about a million users, but could not launch full-fledged services as it has been awaiting regulatory approvals. Speaking at an event here on Thursday, WhatsApp Global Head Will Cathcart said the company's vision is to make sending money as easy as sending messages on the platform. "We built payments based on the UPI standard, partnered with banks here in India... We believe that if we did this right, it will accelerate financial inclusion and bring more people in ...

You Can now Pay For Your Uber Rides Via Google Pay

28Sep By Gauri SinghNo Comments

Tech

You Can now Pay For Your Uber Rides Via Google Pay

Google’s digital payments platform Google Pay has partnered with Uber to let users pay for their Uber rides easily and seamlessly in India. Initially, the company has an offer in which users can also avail up to Rs. 1,000 when they use Google Pay for 10 Uber rides. This may toughen the competition for other payment platforms such as Paytm, PhonePe among others. Google has also announced that more than 22 million people in India are already using Google Pay on a monthly basis and over 1.2 million small businesses in India are using it to enable mobile payments. To make the use of Google Pay for your Uber rides, the users need to add Google Pay as a payment method on the Uber app. To do this, they need to go to the Payment section after tapping the hamburger icon from the top-left corn...

Google Pay Updates its Privacy Policy Soon After Paytm’s Complaint

22Sep By Gauri SinghNo Comments

Tech

Google Pay Updates its Privacy Policy Soon After Paytm’s Complaint

Google has reportedly updated the privacy policy of its Indian digital payments application Google Pay, days after the homegrown rival Paytm complained that the tech giant's platform allowed disclosure of customer data for advertising and other purposes. In a letter to the National Payments Corporation of India (NPCI), Paytm complained that Google Pay's privacy policy amounted to "clear disregard for a consumer's need for privacy". Google Pay's privacy policy had stated that it could "collect, store, use and/or disclose" personal data and "any communications made through Google Pay". Further, Google stated that it had updated its privacy policy and dropped the word "disclose" from its privacy clause. Also, it stated that the changes were made to make it easier for customers to unders...

Google Pay Crosses 25 Million Monthly Active Users in India

19Sep By Gauri SinghNo Comments

Tech

Google Pay Crosses 25 Million Monthly Active Users in India

The digital payments platform that was recently rebranded from Tez to Google Pay by the technology giant Google has crossed the milestone of 25 million monthly active users who have in total carried out about 860 million transactions over the past year. Recalling the progressive one year since the launch of Google’s payment offering in India, Caesar Sengupta who is the vice president for payments in the company stated that the app has seen widespread adoption from Kanyakumari in Tamil Nadu to Mandvi in Gujarat and Dimapur in Nagaland. “You are using Google Pay for your bills, your rent, the chaiwallah, the plumber and even your bus rides,” Sengupta said. Google claimed about 1.2 million businesses in India have adopted its payment platform as their preferred mode of payment. Google Pa...

Google Tez Expected to be Renamed as Google Pay

23Aug By Gauri SinghNo Comments

News

Google Tez Expected to be Renamed as Google Pay

The digital payments space is growing at a great pace these days and Google Tez has been a predominant player along with many other companies. Google is now planning to rename Tez to Pay and integrate it under the global payment umbrella of Google Pay. Being Google’s payments app, Tez gained a lot of attraction and also has hit various targets in less time as compared to others. The app has crossed more than 50 million downloads. This move is expected to open the Unified Payments Interface (UPI) as a mode of payment for app purchases on Google Play Store. And as stated by the experts, it is a huge use case waiting to be tapped. "We have always maintained that we will bring payments across different platforms," Google spokesperson said. It has also been mentioned that till now Tez h...

Google Pay Debuts on Web, Reaches Desktop and iOS

4May By Lavina TolaniNo Comments

Tech

Google Pay Debuts on Web, Reaches Desktop and iOS

Google Pay, the combined payments system launched by world's largest tech giant Google, is now being rolled out on the web for desktop and iOS devices. While it is already available on Chrome and Android, the new update will make it work for other browsers too such as Firefox and Safari. Google pay faces sharp competition from Apple Pay and Samsung Pay as its ace rivals. At the time of launch, Google had hinted the debut of the unified payment platform on all its product, including Chrome. But now several months after launch, Google is finally bringing "Buy with Google Pay" buttons to other desktop browsers and iOS as well. Google Pay Brings Platform Independence With the latest change, Google Pay will be expanding its scope. There is an added functionality that will sync card details...