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Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country's payments authority, which will enable it to facilitate payments after its banking unit ceases operations.The license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), after Paytm Payments Bank ceases operations by March 15, following regulatory action due to non-compliance with certain…

Image Source : FILE Smaller UPI apps seek NPCI support to compete with Google Pay and PhonePe Smaller Unified Payments Interface (UPI) apps have reportedly approached the National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India. The companies are seeking support and incentives to compete with…

AI roundup: In response to Elon Musk's lawsuit, OpenAI released a statement via a blog post, highlighting the allegations over the responsibility of building artificial intelligence (AI) tools. In a separate development, PUMA has integrated Google Cloud's AI solutions to improve its shopping experience for customers. Know more about what happened in the world of AI today, March 6, 2024.1. OpenAI responds to Elon Musk's lawsuitLast week, Elon Musk filed a lawsuit against OpenAI Chief Executive Officer Sam Altman and…

Sankalp Phartiyal / Bloomberg: NPCI data: UPI transactions processed by Paytm fell 14% to $19.9B from January 2024 after RBI curbs, while PhonePe rose nearly 7% and Google GPay rose almost 6% — - Paytm loses usage even before any disruption to its systems — Services of Walmart, Google capitalize on Paytm's troubles Sankalp Phartiyal / Bloomberg: NPCI data: UPI transactions processed by Paytm fell 14% to $19.9B from January 2024 after RBI curbs, while PhonePe rose nearly 7% and Google…

The central bank's regulatory action against Paytm Payments Bank on January 31 impacted One 97 Communication-run Paytm’s UPI payments business in February which registered a 7.6% fall in transactions over the previous month.According to data shared by National Payments Corporation of India (NPCI), Paytm reported around 1.3 billion transactions on UPI, a 7.6% drop from 1.4 billion in January. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For…

National Payments Corporation of India (NPCI) on Wednesday announced a long term agreement with the Indian Institute of Science (IISc), Bangalore, for conducting joint research on blockchain and Artificial Intelligence (AI) technology. The collaboration will also propel further innovation through the establishment of the 'NPCI-IISc Centre of Excellence (CoE) for Deep Tech Research & Development'. The partnership will focus on scalable blockchain platforms and multi-modal analytics over fintech data, NPCI said in a…

Three chip plants, including two from Tata group, approved by the Union Cabinet recently are set to hold groundbreaking ceremonies next week. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Temporary relief for Indian apps■ NPCI meeting on UPI market share■ Nasscom calls for dynamic cab fares Groundbreaking for three chip plants likely next week Less than two weeks after the Union Cabinet greenlit the proposals, groundbreaking ceremonies for three semiconductor projects entailing investments of…

From creating specialised incentive structures for small players on the Unified Payments Interface to enabling a sort of a reservation system among third-party apps to help the weaker ones grow, multiple ideas came up to mitigate the concentration risk on UPI during a meeting on Tuesday.The meeting was attended by payments industry executives and officials of the National Payments Corporation of India (NPCI) that runs UPI.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of…

The chief of National Payments Corporation of India (NPCI), Dilip Asbe, on Friday emphasised that fintech founders cannot build a long-term business in the space without compliance.Asbe said there are no grey areas in Indian fintech.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk…

The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India (NPCI) to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP).If approved, this would allow Paytm to continue processing payments via India's popular unified payments interface (UPI), but will need a set of newly identified banks to back the app.The NPCI should facilitate four to five banks, with an ability to process high volumes of UPI payments, to act as…