Results for: Financial inclusion

The adoption rate of Aadhaar-enabled payments has witnessed a significant surge in Jammu and Kashmir and the northeast Indian states, according to a recent study by fintech start-up PayNearby. Meghalaya emerged as the frontrunner with a staggering 1000% jump in transaction value and a 712% rise in volume for Aadhaar Enabled Payment System (AePS). Other states like Nagaland and Assam also recorded substantial increases in these metrics. MicroATM transactions in Mizoram and Meghalaya saw significant growth in both value and volume, while J&K’s retail stores experienced a 31% increase in both aspects. PayNearby’s report highlights the growing role of retail outlets in providing easy access to banking services in regions where traditional bank branches may be scarce.

In a strategic move to expand its presence in the United Arab Emirates (UAE), Mint, a leading payment solutions provider, has partnered with S2M, a global provider of modular core banking platforms. This partnership aims to introduce advanced financial services to the region, with a focus on digital transformation and financial inclusion. Commenting on the partnership, Abdulrazzaq Al Abdullah, Chairman & CEO of Mint Group, emphasized the company’s commitment to enhancing the lives of underserved individuals and Micro Small and Medium Enterprises (MSMEs) through innovative Digital Banking Services. The collaboration between Mint and S2M aims to address the challenges faced by the SME sector, including limited access to credit facilities, inconsistent processes, and high operational costs for banks.

Mastercard and The BENEFIT Company (BENEFIT) have signed a Memorandum of Understanding (MoU) to collaborate on developing innovative digital payment solutions in Bahrain. The partnership aims to enhance financial inclusion and drive the growth of the country’s digital economy. BENEFIT, a leading fintech company in Bahrain, processed over 345 million electronic fund transfer transactions in 2023, demonstrating its significant role in the Kingdom’s financial landscape. Mastercard, with its global expertise in digital payments, will bring its technological capabilities to the partnership. Together, the companies aim to introduce advanced payment solutions that meet the evolving needs of consumers and businesses in Bahrain.

India’s Unified Payments Interface (UPI) has witnessed a significant surge in transactions, reaching approximately 131 billion in FY24, with a total value of 200 trillion. This remarkable growth reflects the widespread adoption of digital payments, even in rural areas, empowering ordinary citizens to participate in the digital economy. The UPI market landscape is dominated by PhonePe and Google Pay, which collectively hold an 86% share. As India embarks on its journey to become a developed nation, it is expected to become the third-largest economy in the coming years.

ANQ’s survey reveals significant changes in credit card spending patterns, with a notable increase in multiple card ownership and a growing preference for rewards programs. The survey also highlights the adoption of digital payment solutions, indicating a shift towards a more seamless and tech-savvy financial landscape.

The introduction of Dynamic QR Code devices in India is set to transform the country’s digital payment landscape, enabling businesses and customers to experience seamless and secure transactions. This innovative technology empowers businesses to generate unique QR codes that can be easily scanned by consumers for payments without the need for cash or point-of-sale (POS) machines.

In today’s challenging economic climate, owning crypto may seem impractical for many. However, accessible platforms like Cointipy, FreeBitco.in, Ember Fund, and Roobet are making crypto accessible to everyone, regardless of financial standing. These platforms offer free crypto through microtasks, surveys, games, and even social casino participation. Entertainment and gaming brands are also driving crypto accessibility, fostering community and providing opportunities for financial inclusion. By bridging the gap between gaming and digital currencies, brands like Roobet are empowering their communities and shaping a more equitable financial landscape.

Fintech player PayU has secured in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, allowing the company to expand its digital payment services to new merchants across the country.

Leading digital financial services provider PayU has announced its receipt of in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA) in India. This approval will enable PayU to onboard new merchants onto its platform, expanding its reach and contributing to the country’s digital payment ecosystem.

Casa Shares, an SEC-qualified real estate investing platform, has secured $3 million in funding at a valuation. The platform simplifies the investment process, enabling users to acquire shares in prime income properties starting at just $100. By offering a user-friendly platform and managing properties, Casa Shares makes passive income and property appreciation accessible to all, removing the hurdles associated with traditional real estate investment. This funding will help Casa Shares expand its portfolio of diverse properties and locations and develop an iOS app to enhance the investment experience.