Latest news with #KunalJhunjhunwala
Time of India
04-07-2025
- Business
- Time of India
Airpay targets to onboard 20 million users for financial wellness platform
Synopsis Airpay has launched airpay money, which is a free financial wellness platform, designed specifically for the underserved middle class earning between Rs 20,000-75,000 monthly, the company's founder and CEO Kunal Jhunjhunwala said.
Time of India
03-07-2025
- Business
- Time of India
73% Indians lack financial guidance, sparking new solutions
As India's fintech market is projected to reach a valuation of $420 billion by 2029, a critical gap persists: only 27% of India's population is financially literate, leaving hundreds of millions to navigate complex financial decisions without trusted guidance. Addressing this crisis, airpay has launched airpay money — India's first comprehensive, free financial wellness platform designed specifically for the underserved middle class earning between ₹20,000 and ₹75,000 traditional fintech solutions that prioritize transactions or product sales, airpay money introduces a paradigm shift with its Financial Wellness Score. This proprietary assessment tool evaluates users across income stability, emergency preparedness, debt exposure, and saving behavior to deliver personalized, product-neutral financial guidance. Built for middle-income Indians, often overlooked by premium wealth platforms, airpay money is not another transactional fintech product. Instead, it's a goal-oriented guide that helps users understand where they stand financially and how to build long-term security. India's digital banking revolution, fueled by UPI's 13 billion monthly transactions (NPCI, 2024), has expanded financial access, yet long-term financial literacy remains elusive for most. A 2023 RBI report highlights that 65% of Indians lack an emergency fund , and household debt has risen 14% annually since 2018. 'Unlike transaction-focused fintech apps or those pushing product sales, airpay money prioritizes financial education and habit-building. 'We're not here to sell products, we're here to be a financial friend and mentor, guiding users toward clarity and control,' said Kunal Jhunjhunwala, Founder & CEO of airpay. The platform aims to onboard 20 million users over the next three years, targeting urban and semi-urban Indians, particularly those earning ₹20,000–₹75,000 monthly, who form the backbone of India's growing economy.' The platform specifically addresses the needs of the demographic that's driving India's consumption economy, yet historically underserved by wealth management platforms. This group, comprising over 300 million Indians, faces unique challenges: too affluent for government schemes but lacking access to premium financial advisory services. "Our research with over 150,000 users revealed that this segment doesn't need complex investment products — they need fundamental financial confidence," explained Kumar Binit, CEO of airpay Money. 'Our mission is simple: No Indian should feel hesitant when taking financial decisions towards their financial wellness journey,' added Kumar. A 2023 RBI report highlights that 65% of Indians lack an emergency fund, and household debt has risen 14% annually since 2018. airpay money bridges this gap with a trust-driven, commission-free approach, backed by insights from 150,000 early users and partnerships with trusted financial institutions. Key innovations include: Financial Health Score: Real-time assessment across four critical financial dimensionsGoal-Based Planning: From luxury purchases to children's education and retirementMulti-Language Support: Reaching users in their preferred Indian languages (coming soon)Behavioral Nudges & Habit BuildersZero Product Bias: No commissions or sales pressure—purely educational focusTailored Tools for Women, Youth, and First-jobbers Additionally, by addressing the needs of underserved segments like women and first-jobbers, airpay money taps into a growing demand for equitable financial solutions, positioning it as a game-changer that is working towards bridging gaps where it is most needed — at the foundational pillars. Beyond individual users, airpay money is developing corporate wellness partnerships to integrate financial education into employee benefit programs, recognizing that financial stress directly impacts workplace productivity. This B2B2C approach positions the platform to scale rapidly across India's organized sector. With 80% of Indian employees citing financial stress as a productivity barrier (SHRM India, 2024), these partnerships aim to integrate financial wellness into workplace culture.
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Business Standard
01-07-2025
- 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
01-07-2025
- 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.
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Business Standard
01-05-2025
- Business
- Business Standard
UPI transaction value dips 3% to ₹23.9 trillion in April, volume dips 2%
Unified Payments Interface (UPI) transactions in April declined by 2 per cent to 17.89 billion, while the transaction value dropped by 3 per cent to ₹23.95 trillion, following a stellar performance in March 2025 driven by year-end sales. In March, the transaction volume stood at 18.30 billion and the value at ₹24.77 trillion, reflecting increases of 14 per cent and 13 per cent, respectively, over February, according to data from the National Payments Corporation of India (NPCI). Notably, April 2025 figures were up 34 per cent in volume and 22 per cent in value compared to the same month last year. 'In May 2025, UPI transactions are expected to continue their upward trajectory, building on the remarkable momentum seen in previous months. Digital payments in India are not only growing — they're becoming fundamental to everyday life,' said Kunal Jhunjhunwala, founder of airpay payment services. Interestingly, the number of daily transactions remained flat at 596 million, with a value of ₹79,831 crore, compared to 590 million and ₹79,910 crore in March. Immediate Payment Service (IMPS) transactions also declined by 3 per cent to 449 million in April from 462 million in March. In February, the number stood at 405 million. In value terms, IMPS registered a 7 per cent drop to ₹6.22 trillion in April, compared to ₹6.68 trillion in March. February saw transactions worth ₹5.63 trillion. 'This steady growth reflects the nation's accelerating transition to a cashless economy, fuelled by rising digital uptake in urban hubs and underserved areas. The general adoption of digital platforms democratises access to financial services and brings transparency, efficiency and empowerment to all levels of society,' Jhunjhunwala added. The number of daily IMPS transactions in April rose to 14.98 million from 14.89 million in March. This translated to a value of ₹20,722 crore in April, compared to ₹21,542 crore in the previous month. Compared to April 2024, volume was down 18 per cent, while value rose by 5 per cent. FASTag transactions rose marginally to 383 million in April 2025 from 379 million in March. The value also edged up to ₹6,801 crore from ₹6,800 crore. In February, there were 384 million transactions amounting to ₹6,601 crore. April's figures reflected a 17 per cent rise in volume and a 22 per cent increase in value compared to April 2024. Daily transactions in April rose to 12.75 million, compared to 12.23 million in March and 13.71 million in February. Daily value also climbed to ₹227 crore from ₹219 crore in March. Aadhaar Enabled Payment System (AePS) transactions dipped 16 per cent to 95 million in April from 113 million in March, but were nearly flat compared to February's 94 million. In value terms, AePS recorded a 13 per cent decline to ₹26,618 crore in April, down from ₹30,539 crore in March. February's value stood at ₹24,410 crore. The number of daily AePS transactions in April was 3.18 million, compared to 3.65 million in March. Year-on-year, AePS transactions rose 2 per cent in volume and 6 per cent in value.
