Jio Financial shares jump 3% as arm gets RBI nod to operate as payment aggregator
A payments aggregator (PA) license allows companies to provide payment services to merchants, including online businesses and e-commerce firms
A payments aggregator (PA) license allows companies to provide payment services to merchants, including online businesses and e-commerce firms
CRED’s founder says that a bulk of the UPI growth has come with the help of such companies as they create distribution and a positive change of consumer behaviour.
The fintech company reported merchant payment volume growth of 39% YoY to ₹1.47 lakh crore in the month of July.
The net loss of the fintech major dropped to ₹168.4 crore in Q4FY23, against a loss of ₹761.4 crore in the same period of the previous year.
The total loan disbursements grew 357% YoY to ₹9,958 crore, while the number of loans grew 117% YoY to 0.37 crore in Q3 FY23.
Investors remained skeptical about buyback size and route through which the company intended to repurchase shares.
Reacting to Q2 results, SBI Cards opened 2.2% lower at ₹839, while it declined 6.7% to hit a low of ₹800 on the BSE.
In terms of alternative payment solutions, Google Pay has overtaken Amazon Pay to become the most preferred online payment solution in India, while Paytm ranked third
There are multiple factors at play that support the continued growth of fintech, and the emergence of many more valuable startups from the sector in the coming years.