In Brief: GeM achieves Rs 40,000 cr in public procurement transactions; PhonePe to create cash withdrawal points

In Brief: GeM achieves Rs 40,000 cr in public procurement transactions; PhonePe to create cash withdrawal points
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11 Feb, 2020

GeM, a government-run online marketplace, has registered Rs 40,000 crore in pubic procurement transactions, according to a Press Trust of India report on The Economic Times. Launched in 2016 by the commerce ministry, the portal currently has 3.24 lakh vendors. The centre recently revised the general financial rules (GFR) and procurement manuals. It has also used technology to ease procurement, the report added. 

Last November, GeM had signed a memorandum of understanding (MoU) with the Central Bank of India. It also has agreements with two public sector banks — Indian Bank and Canara Bank — to offer payment-related services.

Read: Centre to incentivise ministries, state govts to buy via GeM

PhonePe to move towards digital ATM business

Bengaluru-based digital payments platform PhonePe has moved into digital ATM business, The Economic Times reported. The Walmart-owned financial service provider has geotagged over half a million merchants with excess cash to help customers convert digital money into cash through a ‘withdraw’ button on the application, the report said. Through the service, the company expects to increase merchant engagement on the platform.

Uber forms Uber Money team at its Hyderabad Tech Centre

San Francisco-based online ride-hailing app Uber has set up an Uber Money team in Hyderabad to expand its financial technology play in India. The 100 professionals strong team will be responsible for global financial products and technology innovations at the company’s Hyderabad Tech Center, it said in a statement. Apart from Hyderabad, the Uber Money team also has a presence at its San Francisco, Palo Alto, New York, and Amsterdam tech centres. The team will help improve new global features such as real-time earnings; updated debit accounts, and debit cards for Uber drivers.

Heads Up For Tails expands to tier-2 cities

New Delhi-based pet care and products retailer Heads Up For Tails (HUFT) is set to launch its new stores in tier-II markets across Lucknow, Ahmadabad, Chandigarh, and Kolkata. The company aims to expand its store count to over 20 by the end of this year.

CleverTap helps Ketto bag $30 mn for charitable causes

Crowdfunding platform Ketto has raised $30 million for charitable causes with the help of the customer lifecycle management platform CleverTap. "In 2019 alone, Ketto launched 10 major campaigns on the CleverTap platform, which helped us to raise $30 million in India. Most commonly, fundraisers are for those in need of costly medical expenses like cancer treatments or organ transplants," Zaheer Adenwala, co-founder and CTO, Ketto, said in a statement.