DIGITAL PAYMENT
AvenuesAI Q2 revenue jumps 47% as AI-first fintech transformation gathers momentum
AvenuesAI reported a steady set of second-quarter FY27 numbers, with the company continuing to build momentum behind its broader transformation from a payments gateway-led business into an AI-first financial technology infrastructure platform.
MobiKwik shares jump 4% as RBI approves NBFC licence; co targets Rs 5,000 crore loans
MobiKwik shares gained on Friday after the RBI granted its subsidiary a licence to operate as an NBFC, enabling the fintech company to enter direct lending. MobiKwik plans to disburse Rs 5,000 crore in loans over the next three to four years, targeting consumers and MSMEs through secured and unsecured products.
India’s new wealth rituals: What are millennials and Gen Z buying on Dhanteras?
Dhanteras investing is evolving from physical gold purchases toward diversified digital portfolios. Younger investors are embracing gold ETFs, mutual funds, Bitcoin and tokenised assets while retaining the festival’s core goal of building wealth and financial security patiently.
Cashfree opens checkout to AI agents, leaves final say with shoppers
Cashfree has introduced Checkout for Agents, allowing AI agents to assist with online payments. This feature utilises WebMCP technology to simplify the checkout process for AI shopping assistants. Customers still maintain control over final payment authorisation and sensitive information is protected. While AI agents currently represent less than 1% of checkout traffic, Cashfree aims to enhance their efficiency. The company limits agent access to sensitive payment steps to ensure security.
UPI MDR proposal: Street vendors may pass on charges to customers or switch to cash, ISB survey finds
Payments by street vendors exceeding Rs 2,000 may incur charges under the proposed merchant discount rate framework. Many vendors may switch to cash transactions if additional costs are imposed by suppliers. Awareness of the framework varies among vendors in different city tiers, affecting their payment acceptance practices. A significant percentage of Tier 1 vendors are likely to pass on additional charges to customers.
Bengaluru woman calls customer care to seek Rs 441 refund for ill-fitting clothes, loses Rs 1.05 lakh
A Bengaluru woman lost Rs 1.05 lakh while trying to get a Rs 441 refund for ill-fitting clothes after contacting a fake customer care number found online. In a separate incident, another woman lost Rs 98,000 while seeking a replacement for a damaged curd packet ordered through Blinkit.
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Over half of street vendors may cut UPI acceptance if 0.4% MDR is introduced: ISB study
More than 67% of street vendors in India currently accept UPI payments for transactions. A proposed 0.4% merchant discount rate could lead to reduced acceptance among vendors. Concerns arise particularly for vendor-supplier transactions, as many vendors make payments above ₹2,000. A significant portion of vendors faced additional charges from suppliers and might pass costs onto customers.
OneStack raises Rs 12.5 crore to take cooperative banks deeper into UPI ecosystem
OneStack, a fintech provider, secured ₹12.5 crore funding to enhance cooperative bank participation in UPI payments. The funding will help expand services among cooperative banks and NBFCs while developing compliance offerings. Partner banks can now act as UPI issuers and acquirers, which improves revenue opportunities. This shift allows banks to maintain direct relationships with customers and merchants while managing transaction data.
Premji's deeptech bets; Razorpay gets IPO nod
Happy Thursday! Premji Invest is stepping up its bets on defence and aerospace manufacturing.This and more in today’s ETtech Morning Dispatch.
Razorpay gets Sebi nod for Rs 5,000-6,000 crore IPO: sources
ET reported on April 20 that Razorpay was preparing a confidential IPO filing to raise Rs 5,500-6,500 crore at an expected valuation of $5 billion (Rs 49,000-50,000 crore), below the $7.5 billion (around Rs 6,000 crore then) it commanded in its last major private funding round in 2021.
Is there shortage of Rs 10, Rs 20 and Rs 50 currency notes this Diwali? RBI clarifies
The Reserve Bank of India has reassured the public that there will be an ample supply of currency notes for the upcoming Diwali festival. They have dismissed a false rumor suggesting a shortage of small denomination notes. The RBI urges everyone to disregard this misinformation and rely only on their official announcements, while also emphasizing the need to plan cash needs ahead of the festivities.
Kaspersky flags QR code payment scams as a key cyber risk for Indians travelling to Indonesia
As more Indian tourists move to Indonesia, Kaspersky's cybersecurity experts are sounding the alarm on rising online threats. They point out that travellers should be particularly careful about things like fake QR codes and phishing attacks, which are becoming more common. It's crucial for tourists to stay vigilant to protect themselves from these digital dangers.
New Rs 10, Rs 20 & Rs 50 notes to run short before Diwali? PIB Fact Check debunks viral RBI circular
A viral WhatsApp message claiming that new Rs 10, Rs 20 and Rs 50 notes may be in short supply ahead of Diwali has been debunked by PIB Fact Check. The agency clarified that the RBI has made no such announcement and urged people not to share unverified claims.
Zee 5 launches ZAP with Saptharushi to deliver privacy-first audience intelligence
Zee 5 has introduced the Zee 5 Audience Platform, called ZAP, to enhance advertising through targeted audience insights. The platform uses viewing behavior and consented signals from various sectors to optimize campaigns. It allows brands to create precise audience cohorts based on specific business objectives and viewing patterns.
Fintechs fortify cyber defences; Logistics cos in the speed lane
Happy Monday! Fintechs are stepping up security as AI-powered cyberattacks become more sophisticated. This and more in today’s ETtech Morning Dispatch.
Digital payments firms race to fortify defences as cyberattacks intensify
At Bengaluru-based Cashfree, attempted attacks have been taking place repeatedly over the past three weeks, occurring at least 10 times as frequently as a year ago, chief technology officer Ramkumar Venkatesan told ET. Attackers are increasingly combining multiple vulnerabilities to attack systems, he said.
GST collections jump 22.9% to Rs 2.31 lakh crore in October as festive demand beats high inflation and interest rates
India's GST collections in October reached ₹2.31 lakh crore, reflecting a 22.9% year-on-year increase. Strong consumption trends are indicated by rising passenger car sales and record digital payments. Power consumption also surged nearly 22% compared to last year, further emphasizing economic strength. Despite a high inflation rate of 5.5%, demand has remained robust, supporting growth forecasts. Analysts suggest this growth aligns with leading indicators of a consumption-driven economy.
Crypto cards enter RBI's radar as Indians use offshore wallets for everyday payments
Offshore crypto cards that allow Indian residents to spend digital assets on domestic purchases and withdraw cash have come under the scrutiny of the RBI and Financial Intelligence Unit. Several users have reported card deactivations in recent days, while authorities are understood to be examining potential violations of payment regulations and FEMA.
Festive spending drives record UPI transactions in October
UPI processed transactions worth Rs 31.53 lakh crore during the month, a 16% rise from a year earlier and the highest on record, signalling that the platform continues to expand even as consumers navigate higher prices of electronics and other festive purchases this year.
CCI clears Prosus' proposal to acquire stake in Sachin Bansal-led Navi
Competition Commission of India has approved Prosus' acquisition of a stake in Navi Ltd. This move aims to enhance Prosus' position in India's digital financial services market. MIH Payments Holdings BV, part of Prosus, will acquire certain shareholding in the fintech firm. Navi Ltd provides various financial services, including loans, insurance, and digital payments. This investment marks a significant milestone in Navi's growth after securing USD 100 million from Prosus.
ET AI Business Transformation Masterclass & Awards: Inside the future of agentic payments
Synopsis: AI tools are all set to perform tasks that go beyond answering questions or making recommendations. A live demonstration at the ET AI Business Transformation Masterclass and Awards 2026 will show how AI agents can make UPI payments through P3P without manual intervention, and what this could mean for the way people make digital payments and business transactions in the future.
45.6% of Indian households use digital channels for at least one purchase: Report
Around 45.6 percent of Indian households currently utilize online shopping and digital payments for various purchases. Despite this growth, 54.4 percent still prefer traditional payment methods for their transactions. Digital adoption varies significantly across categories, with consumables and services leading at 39.68 percent. The report shows that higher Monthly Per Capita Consumption Expenditure correlates with increased online shopping.
The next problem to solve: When money arrives, what can merchants do in the meantime?
At GFF 2026, PRISM founder Ritesh Agarwal and Adyen’s Chief Commercial Officer Roelant Prins discussed why, for merchants such as small hotel owners, how quickly money arrives now matters as much as whether a payment is accepted, and why AI is changing back offices faster than it is changing how people buy.
Digital payments mandatory for liquor purchases above Rs 1,000 in Tamil Nadu from November 1: Check what changes
Tamil Nadu’s state-run TASMAC will make digital payments mandatory for liquor purchases exceeding Rs 1,000 from November 1. Customers can pay through UPI, debit cards or credit cards, while cash payments will remain an option for purchases within the limit. The move aims to improve transaction transparency, address complaints of overcharging above the maximum retail price (MRP) and reduce risks associated with handling cash across the state’s 4,048 liquor outlets.
Paytm’s Q2 profit jumps 10-fold to Rs 225 crore, revenue up 28%
Revenue growth was in line with brokerage estimates, but net profit fell short of expectations. Brokerages had projected operating revenue of Rs 2,575-2,641 crore, up 25-28% year-on-year, and net profit of Rs 271-279 crore for the second quarter of FY27. Paytm shares ended 2.7% higher at Rs 1,655 on the BSE on Monday. The results were announced after market hours.
UPI handles nearly 80 crore transactions daily, says Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman highlighted the impressive growth of India's digital payments ecosystem. The Unified Payments Interface processes over 2,400 crore transactions every month, showcasing its effectiveness. Sitharaman emphasized the expansion of fintech initiatives that enhance access to credit and investment opportunities. Data centres were granted infrastructure status in 2022, aiding digital infrastructure. The Reserve Bank's new campus will bolster payment systems and provide cybersecurity training.
Elon Musk announces $1 tipping feature for X Money
When users press and hold the Like button, they will be able to tip a creator or another user whose posts they appreciate and want to support. The transaction would be processed via X Money. The feature will make it easier for users to send small payments to other users without leaving the platform.
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