InBrief: Value of UPI transactions dip marginally in November 2019, Paytm to seek small finance bank licence

InBrief: Value of UPI transactions dip marginally in November 2019, Paytm to seek small finance bank licence
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2 Dec, 2019

The value of Unified Payments Interface (UPI) transactions for the month of November stood at Rs  1,89,224 crore, as compared to Rs 1,91,360 crore last month according to data shared by  National Payments Corporation of India (NPCI). The value of transactions dipped by 1.11% 

The number of transactions through UPI stood at 1.22 billion for the month of November, after it crossed the 1 billion mark in October with 1.15 billion transactions. 

With the rise in popularity of UPI transactions, NPCI has been in talks to cap the individual market share of individual wallets.

 In September, a report available with the NPCI and RBI said that UPI had dominated credit and debit card transactions in the financial year ended March 2019. 

Also read: UPI crosses a billion transactions in October

Paytm payments bank to pivot to small finance bank Noida-based One97 Communications, which operates digital payments platform ,is planning to transform its payments bank to a small finance bank for profitable growth model. According to a report by The Times of India, Paytm founder Vijay Shekhar Sharma said that the company was in the process of approaching Reserve Bank of India for a licence to operate small finance bank. The latter can monetise through customer loans while payments bank are forbidden from lending at an interest. This comes soon after India Post Payments Bank applied to RBI for a small finance bank licence, citing the payments bank model as unviable.

Infosys BPM to clock revenue worth $1 bn in ongoing fiscal 

The business process management arm of information technology services major Infosys is expected to nearly double its revenue to $1 billion in the ongoing fiscal year, according to a report by The Economic Times.

The report said that Infosys Business Process Management acquired a 1,400-employee contact center in Waterford, Republic of Ireland-based business service outsourcing company Eischtec in October. It also acquired a 75% stake in Stater, a unit of ABM AMRO that offers end-to-end mortgage administration services to customers in Belgium, the Netherlands and Luxembourg regions in May.