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Ant Financial Raises $14 Billion From National And International Investors

8Jun By Gauri SinghNo Comments

FUNDING

Ant Financial Raises $14 Billion From National And International Investors

China’s biggest online payment platform Ant Financial Services Group which operates the Alipay mobile payment service, in its recent funding, has raised a huge amount of around $14 billion, with the aim to expand its platform across the globe and bring in latest technologies. Ant Financial which is controlled by Jack Ma is an Alibaba affiliated fintech firm. The investment of the firm is being reviewed as the biggest-ever single fundraising globally by any private sector company. In a statement, Ant Group told that the funding comprised of both U.S. dollar and Chinese yuan tranches, where the dollar share made up over $10 billion and the yuan tranche was mainly contributed by the existing shareholders. "Now, with the help of our partners, we are going to accelerate our strategy," Ant...

Paytm UPI Transaction Acquire 40% of Market Share

Despite February being the shortest of the month, UPI (Unified Payments Interface) has seen a massive rise in the use of service. Indeed, in India alone, 170 million transactions has been made across the multiple mobile payment platforms available. UPI allows individuals to perform instant money transfer across different banks through their mobile phones. Paytm claims to be the highest contributor to the rising amount of UPI transaction in the country with over 6.8 Cr transactions in the month of February alone, the company announced in a note. As such, the Indian mobile wallet application claims the most shares of this new market with over 40% users utilizing this interface. “We have the largest share of UPI transactions within three months of launch,” said Deepak Abbot, senior vice-pr...

None of Mobile Payment Apps in India Fully Secure: Qualcomm

While government is pushing for digital payments through mobile phones, chipset maker Qualcomm said that wallets and mobile banking applications in India are not using hardware level security which can make online transactions more secure. "You will be surprised because most of the banking or wallet apps around the world don't use hardware security. They actually run completely in Android mode and users password can be stolen. Users use fingerprint which might be captured... in India that is the case for most of all digital wallets and mobile banking apps," Qualcomm Senior Director Product Management SY Choudhury told Pixr8. He said that even most famous digital payment application in India is not using hardware level security. "Reason we are saying that none of them is using it bec...