Latest news with #AadhaarEnabledPaymentSystem
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Business Standard
a day ago
- Business
- Business Standard
Players on the payments turf: UPI, AePS, PPIs boost digital outreach
UPI and AePs together have changed India's payments landscape. AePS's playing field is rural and semi-urban India Tamal Bandyopadhyay Listen to This Article In the last week of June, the Reserve Bank of India (RBI) issued guidelines to strengthen the Aadhaar Enabled Payment System, or AePS. All of us are familiar with UPI – Unified Payments Interface. What's AePS? We can call AePS UPI's elder brother. Launched in 2011, five years before UPI came into being, it's a bank-led model that allows online, interoperable financial transactions at MicroATM terminals using Aadhaar authentication. Aadhaar is a 12-digit unique identity number for all residents of India, based on their biometrics and demographic data. UPI, in contrast, is a system that allows for real-time, person-to-person and
Time of India
6 days ago
- Business
- Time of India
Shadowfax files IPO papers; UPI dip in June
Shadowfax files IPO papers; UPI dip in June Also in the letter: Shadowfax files confidential prospectus for its IPO Why it matters: By the numbers: FY24 operating revenue: Rs 1,885 crore (up 33% YoY) Rs 1,885 crore (up 33% YoY) Ebitda: Rs 23 crore Rs 23 crore Net loss: Rs 12 crore (down 92% YoY) What's next: The big picture: Also Read: UPI sees marginal dip in June transactions, value down 4% By the numbers: UPI processed 18.40 billion transactions during the month, slightly down from 18.68 billion in May. The total value fell 4% to Rs 24.04 lakh crore from Rs 25.14 lakh crore, according to NPCI data released on July 1. What's behind the dip? Other channels: The Immediate Payment Service (IMPS) processed 448 million transactions worth Rs 6.06 lakh crore, down from 464 million transactions worth Rs 6.41 lakh crore in May. Aadhaar Enabled Payment System (AePS) volumes slipped to 97 million from 105 million. FASTag transactions reached 386 million, down from 404 million. NPCI financials: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? India mints only five unicorns so far; investors say 2021-style boom unlikely to return Fall from the peak: Yearwise: 2021: 45 45 2022: 22 22 2023: 2 2 2024: 6 6 2025: 5, so far Tread lightly: Following 2021, investors have become far more selective. The emphasis has moved from blitzscaling to building more sustainable businesses. Metrics like unit economics, burn rate, and gross margins now carry more weight than topline growth alone. Also Read: Investor take: Also Read: AI talent war: OpenAI acquihires the team behind Crossing Mind Driving the news: Zuckerberg has tapped Alexandr Wang, Scale AI's cofounder, to run the show. Bloomberg reports he'll also serve as Meta's c hief AI Officer. Nat Friedman, the former GitHub CEO, will work alongside Wang and lead applied research and AI products. The reorg folds Meta's LLM teams, product groups and the FAIR unit under the new MSL umbrella. Shopping on: It picked up the team behind Crossing Minds, known for building AI recommendation tools for ecommerce. This follows a string of buys, including io, Windsurf, Rockset and Digital Illumination, as it doubles down on product and research talent. VCs on AI flight to valley Taking flight: Elevation Capital has brought on Capillary Tech cofounder Krishna Mehra to anchor its US presence. Peak XV has opened a San Francisco office and tapped ex-Y Combinator principal Arnav Sahu to lead deals. Sources indicate that VC firm Z47 is also seeking to build out its US footprint. Insider's take: Logistics firm Shadowfax has become the latest new-age company to confidentially file for its IPO. This and more in today's ETtech Top 5.■ India's unicorn check■ AI talent war rages on■ VCs' AI flight(L-R), Vaibhav Khandelwal, Praharsh Chandra, Gaurav Jaithliya & Abhishek Bansal, cofounders, ShadowfaxHyperlocal logistics firm Shadowfax has filed a draft red herring prospectus (DRHP) with Sebi under the confidential route, as per a newspaper Flipkart-backed company is seeking to raise Rs 2,000-2,500 crore through its IPO, with approximately half of the funds coming from a primary share issue. By filing confidentially, Shadowfax can gauge investor appetite and tweak its offer terms without immediately putting sensitive financials into the public reported on June 27 about Shadowfax's plans for a confidential filing The company plans to deploy Rs 1,000-1,100 crore from the primary proceeds to scale up its quick-commerce delivery vertical, which is gaining momentum and showing healthier is part of a broader wave of new-age startups gearing up to go public. Others in the queue include PhysicsWallah, Boat, Urban Company, Shiprocket, Groww, Pine Labs, and Unified Payments Interface (UPI), operated by the National Payments Corporation of India (NPCI), recorded a marginal dip in both transaction volume and value in executives pointed to seasonal factors. May saw a boost from high-volume events, such as the Indian Premier League, which weren't present in June. Still, they noted that year-on-year volume growth remains strong and most expect the overall upward trend to hold. NPCI reported a 41.7% jump in net profit to Rs 1,552 crore for FY25. As a not-for-profit, this is booked as a revenue surplus. Standalone revenue rose 19% to Rs 3,270 crore in FY25 from Rs 2,749 crore in Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and out to us at spotlightpartner@ to explore sponsorship startup ecosystem kicked off 2025 on a high, with fleet-management company Netradyne hitting unicorn status early in the year. But, six months in , just four others – Porter BlueStone , and Jumbotail – have joined the a far cry from the heady days of 2021, when India minted 45 unicorns in a single year. Most investors now view that as a one-off, fuelled by ultra-low interest rates, a post-pandemic digital surge, and aggressive global capital. That environment, they agree, isn't coming number of unicorns in India since 2021 is as follows:'Fund managers are now strongly committed to thesis-driven investing and a metric-driven valuation approach. This has led to more appropriate valuations in new funding rounds. This is most visible in the slower pace of new unicorn creations in India,' Abhishek Prasad, managing partner, Cornerstone Ventures, told Altman, CEO, OpenAI and Mark Zuckerberg, CEO, MetaThere's a meme doing the rounds on X: 'On the left is Ronaldo. Real Madrid paid $80M to sign him from Man United. On the right is Jiahui Yu. Meta paid $100M to sign him from OpenAI.'It's funny, but it captures the serious, high-stakes race for AI talent in Silicon Monday, Meta showed just how aggressive it's getting. In a major announcement, CEO Mark Zuckerberg introduced Meta Superintelligence Labs , a new unit that will lead its AI charge. The team includes 11 top researchers poached from OpenAI, Anthropic and feeling the heat, has responded with an acquihire of its own.A growing number of Indian venture capital firms are heading to San Francisco to plug into the US AI boom and catch the next big wave before it hits Capital and Peak XV Partners have established a presence in Silicon Valley. Others like Blume Ventures are making regular trips there as the region's AI energy picks Bengaluru-based investors told ET they're flying out more often to track cutting-edge developments. 'Travelling there is eye-opening in terms of what is happening in AI and the kind of talent density that is available there,' one investor said.
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Business Standard
6 days ago
- Business
- Business Standard
UPI transaction volume dips 1.5% in June, after record rise in May
Unified Payments Interface (UPI) transactions dipped 1.5 per cent in June to 18.4 billion, compared to the record 18.68 billion last month. Transaction value declined 4 per cent to Rs 24.04 trillion, compared to Rs 25.14 trillion in May. Transactions in June grew 32 per cent from the year before and their value was up 20 per cent, according to data provided by National Payments Corporation of India (NPCI) on Tuesday. The number of daily transactions increased from 602 million in May to 613 million in June this year. The value of daily transactions fell to Rs 80,131 crore in June, from Rs 81,106 crore in May. June Immediate Payment Service (IMPS) transactions were at 448 million, down 3 per cent from 464 million in May. In value terms, this was a 5 per cent decline to Rs 6.06 trillion in June, from Rs 6.41 trillion in May. There were 449 million IMPS transactions in April and they were valued at Rs 6.22 trillion. IMPS transactions in June declined 13 per cent and grew 5 per cent in value from the year before. The number of daily transactions dipped from 14.96 million to 14.94 million between May and June this year, leading to a drop in daily value from Rs 20,673 crore to Rs 20,212 crore. 'India's digital payment ecosystem continues to defy global benchmarks, reflecting a collective behavioural shift towards a cashless economy driven by convenience, interoperability, and trust. As India advances to the second stage of digital maturity, it stands at a critical juncture to establish a payment ecosystem that is not only scalable but also sustainable, resilient, and equitable in the long term,' said Kunal Jhunjhunwala, founder, Airpay Payment Services. "June's UPI performance is a testament to India's digital maturity, with over 18 billion transactions reflecting both scale and trust in real-time payments. Despite minor seasonal variations, the consistent year-on-year growth highlights the deepening adoption of interoperable, low-cost, and secure digital payment solutions," said Ramakrishnan Ramamurthy, Chief Delivery and Operations Officer – India, Worldline. The number of FASTag transactions witnessed a decline of 4 per cent to 386 million in June, from 404 million in May. Their value dropped 4 per cent from Rs 7,087 crore in May to Rs 6,793 crore in June. In April, this was recorded at 383 million and Rs 6,801 crore, respectively. The June FASTag numbers were 16 per cent up in volume and 18 per cent in value versus the same month in 2024. The number of daily transactions dipped to 12.88 million from 13.05 million. This was reflected in value as well, which declined to Rs 226 crore from Rs 229 crore last month. Aadhaar Enabled Payment System (AePS) transactions in June dipped 8 per cent to 97 million, compared to 105 million in May. The value of transactions during June this year was Rs 26,616 crore, down 7 per cent from Rs 28,703 crore in May. The number of daily transactions was 3.24 million against May's 3.37 million volume. In value too, this was down to Rs 887 crore, as against Rs 926 crore in May. AePS saw a 3 per cent dip in volume and 6 per cent growth in value compared to June 2024.
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Business Standard
6 days ago
- Business
- Business Standard
UPI volume dips marginally by 1.5% in June, value falls 4% from May peak
After hitting an all-time high in May, Unified Payments Interface (UPI) transaction volume dipped marginally by 1.5 per cent in June to 18.4 billion, versus 18.68 billion last month. The decline was sharper in value terms, by 4 per cent, to Rs 24.04 trillion in June 2025, compared to Rs 25.14 trillion in May. The transaction volume also reflects a 32 per cent year-on-year (YoY) growth, while the value was up 20 per cent, showed National Payments Corporation of India (NPCI) data on Tuesday. The number of daily transactions increased from 602 million in May to 613 million in June this year. However, in value terms, daily transactions were down to Rs 80,131 crore in June, from Rs 81,106 crore in May. In June, Immediate Payment Service (IMPS) transactions were recorded at 448 million in volume, down 3 per cent from 464 million in May. In value terms, this was a 5 per cent decline to Rs 6.06 trillion in June, from Rs 6.41 trillion in May. In April, this was seen at 449 million and Rs 6.22 trillion. The month's numbers were down 13 per cent in volume and up 5 per cent in value compared to June 2024. The number of daily transactions dipped from 14.96 million to 14.94 million between May and June this year, leading to a drop in daily value from Rs 20,673 crore to Rs 20,212 crore. 'India's digital payment ecosystem continues to defy global benchmarks, reflecting a collective behavioural shift towards a cashless economy driven by convenience, interoperability, and trust. As India advances to the second stage of digital maturity, it stands at a critical juncture to establish a payment ecosystem that is not only scalable but also sustainable, resilient, and equitable in the long term,' said Kunal Jhunjhunwala, Founder, airpay payment services. The number of FASTag transactions witnessed a decline of 4 per cent to 386 million in June, from 404 million in May. The value also dropped 4 per cent from Rs 7,087 crore in May to Rs 6,793 crore in June. In April, this was recorded at 383 million and Rs 6,801 crore, respectively. The June FASTag numbers were 16 per cent up in volume and 18 per cent in value versus the same month in 2024. The number of daily transactions dipped to 12.88 million from 13.05 million. This was reflected in value as well, which declined to Rs 226 crore from Rs 229 crore last month. During the month under review, the Aadhaar Enabled Payment System (AePS) also dipped 8 per cent to 97 million transactions, compared to 105 million in May. The value of transactions during June this year was Rs 26,616 crore, down 7 per cent from Rs 28,703 crore in May. The number of daily transactions was 3.24 million against May's 3.37 million volume. In value too, this was down to Rs 887 crore, as against Rs 926 crore in May. AePS saw a 3 per cent dip in volume and 6 per cent growth in value compared to June 2024.
Time of India
27-06-2025
- Business
- Time of India
RBI tightens due diligence for Aadhaar payment operators
Reserve Bank of India ( RBI ) directed banks to carry out due diligence before onboarding Aadhaar Enabled Payment System Touchpoint Operators (ATOs) adopting the same process as indicated in the customer KYC issued by the regulator. Aadhaar Enabled Payment System (AePS) enables financial transactions using Aadhaar number and biometrics or OTP authentication. ATOs are individuals onboarded by the acquiring bank who operates the AePS touchpoint. In a new notification issued on Friday RBI said in cases where an ATO has not performed any financial / non-financial transaction for a customer for a continuous period of three months, acquiring bank shall carry out KYC of ATO before enabling him / her to transact further. "In recent times, there have been reports of frauds perpetuated through AePS due to identity theft or compromise of customer credentials. To protect bank customers from such frauds, and to maintain trust and confidence in the safety and security of the system, a need is felt to enhance the robustness of AePS," RBI said. Banks must monitor the activities of ATOs through their transaction monitoring systems on an ongoing basis and set operational parameters, based on business risk profile of the ATOs. Location and type of the ATO, volume and velocity of transactions, etc. shall form part of bank's fraud risk management framework, RBI said. Live Events Operational parameters regarding ATOs shall also be reviewed on a periodic basis, reflecting emerging fraud trends. However, if the due diligence of ATOs has already been done in their capacity as business correspondent / sub-agent, then the same may be adopted
