News
Navi Surpasses Cred to Become Fourth Largest UPI App in India!
Published
1 month agoon
Sachin Bansal’s fintech platform Navi has emerged as the fourth largest UPI app in India, overtaking Kunal Shah-led Cred. According to data from the National Payments Corporation of India (NPCI), Navi witnessed a significant 31% month-on-month growth in October, registering 158 million transactions compared to 120 million in September.
Market Dynamics
Despite Navi’s impressive growth, Cred also saw an increase in transactions, growing from 140 million in September to 152 million in October. However, Navi’s expansion came even as it scaled back its cashback and incentive programs, demonstrating its ability to attract users through its core offerings.
UPI Market Leaders
The UPI market continues to be dominated by:
- PhonePe: 48% market share
- Google Pay: 37% market share
- Paytm: 7% market share
Both Navi and Cred now account for approximately 1% of the UPI market each. Additionally, Flipkart Group’s super.money app has shown rapid growth, doubling its transaction count to 50 million in October and achieving a 0.3% market share.
Impact of Festive Sales
The festive season contributed to an overall 11% increase in UPI transaction volumes and a 14% rise in transaction value during October. This surge highlights the seasonal boost that often accompanies major shopping events in India.
Navi’s Unique Offerings
Unlike many UPI and fintech apps, Navi operates as a manufacturer of financial products. It offers a range of services including:
- Personal loans
- Home loans
- Mutual funds
- Insurance
- Digital gold
This approach distinguishes Navi from competitors who typically act as third-party distributors of financial products.
Resilience Amid Regulatory Challenges
In October, the Reserve Bank of India (RBI) directed Navi Finserv and three other non-banking financial companies (NBFCs) to halt lending practices due to concerns over high interest rates and hidden charges. Notably, this directive did not impact Navi’s UPI operations, allowing it to continue expanding its user base.
Challenges in Market Regulation
The NPCI has faced challenges in implementing a proposed 30% market share cap for UPI apps, aimed at preventing concentration risk within the ecosystem. Currently, PhonePe and Google Pay collectively account for about 85% of UPI transactions, highlighting the dominance of these two players.
NPCI’s Strategic Moves
To foster competition, NPCI has spun off its BHIM app into a separate entity and appointed veteran banker Lalitha Nataraj as its CEO. However, despite these efforts, BHIM has not seen significant growth in transaction volumes this financial year.
Future Prospects
As tier-two UPI apps like Navi and super.money gain traction, competition in India’s UPI ecosystem is intensifying. With plans to introduce innovative credit products—such as RuPay credit cards on UPI—emerging players are poised to disrupt the market further. Meanwhile, the dominance of leading apps remains a challenge for regulators aiming to promote a more balanced ecosystem.
Conclusion
Navi’s rise to become the fourth-largest UPI app marks a significant milestone in India’s digital payment landscape. By leveraging its unique business model and navigating regulatory challenges effectively, Navi is positioned for continued growth. As competition heats up among fintech players, the evolution of the UPI ecosystem will be crucial for enhancing financial inclusion across India.
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News
Starlink’s Shadow Over Manipur: A New Frontier in Insurgency
Published
6 hours agoon
December 25, 2024A recent discovery of a Starlink device in the hands of insurgents in Manipur has raised serious concerns about the evolving tactics of militant groups in India. The device, a high-speed satellite internet terminal, was recovered alongside a cache of weapons during a security operation in the state. This development has significant implications for national security, as it demonstrates how insurgents are exploiting advanced technology to enhance their capabilities.
Starlink’s Potential for Misuse
The implications of using Starlink technology by insurgent groups are alarming:
- Enhanced Communication: Starlink offers high-speed, low-latency internet access, enabling insurgents to communicate securely and efficiently across vast distances. This capability is crucial for coordinating operations and maintaining contact with other groups.
- Real-time Intelligence: The technology could be used to gather and share real-time intelligence on security forces’ movements and operations. This information could provide insurgents with tactical advantages during confrontations.
- Global Connectivity: Insurgents could potentially connect with international networks, seeking support, funding, and training from external sources. This global reach could embolden local groups and complicate counterinsurgency efforts.
- Cyber Threats: The device could be utilized to launch cyberattacks against critical infrastructure or government systems, posing an additional layer of risk to national security.
Security Challenges and Countermeasures
The emergence of such technology in the hands of insurgents presents several challenges for Indian security agencies:
- Monitoring and Tracking: Security agencies must develop advanced surveillance and tracking techniques to monitor the use of satellite internet by insurgent groups. This includes employing technology that can detect unauthorized satellite communications.
- International Cooperation: Collaboration with other countries is essential to share intelligence and coordinate efforts to counter the misuse of satellite technology. Engaging with international partners can help in tracking the flow of such technologies into conflict zones.
- Cyber Defense: Strengthening cyber defenses is crucial to protect critical infrastructure and prevent cyberattacks. This includes investing in cybersecurity measures that can detect and mitigate threats posed by insurgent groups utilizing advanced technologies.
- Regulatory Framework: India needs to establish a robust regulatory framework for satellite internet services to ensure responsible use and prevent misuse. Clear guidelines regarding the deployment and operation of such technologies can help mitigate risks.
Recent Developments
On December 13, 2024, a joint team of security forces recovered a Starlink dish and router along with an MA4 assault rifle, grenades, and ammunition during a raid in Keirao Khunou, Imphal East district. The police identified the seized items as “internet satellite antenna and internet satellite router.” This incident highlights the ongoing security challenges faced by Indian authorities in regions affected by insurgency.
Despite Elon Musk’s assertions that Starlink does not operate in India—stating that “Starlink satellite beams are turned off over India”—the discovery raises questions about how such devices were acquired by insurgent groups. The Revolutionary People’s Front (RPF), linked to the Meitei insurgent group People’s Liberation Army (PLA), has been known to operate near the India-Myanmar border, where access to such technologies may be less regulated.
Conclusion
The incident underscores the need for a proactive approach to addressing the challenges posed by emerging technologies in the context of counterinsurgency operations. By understanding the potential threats associated with advanced communication tools like Starlink and developing effective countermeasures, India can safeguard its national security while maintaining peace and stability in regions affected by insurgency. As the landscape of conflict evolves with technological advancements, continuous adaptation will be essential for security agencies tasked with maintaining order in these volatile areas.
Startup News
Amazon Partners with Startup India to Boost Startup Growth!
Published
3 days agoon
December 23, 2024Amazon India has joined forces with Startup India, a flagship initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), to empower Indian startups and help them scale their businesses through e-commerce. This collaboration aims to leverage Amazon’s extensive resources and expertise to foster innovation and entrepreneurship in India.
Key Features of the Partnership
Through this partnership, eligible startups will gain access to a dedicated page on the Startup India portal, facilitating their registration on Amazon’s marketplace. This initiative will enable startups to tap into the vast domestic market while benefiting from various support services, including:
- Mentorship from Amazon Leaders: Startups will receive guidance from experienced Amazon executives, helping them navigate challenges and refine their business strategies.
- Go-to-Market Support: Assistance in developing effective marketing strategies and reaching target audiences.
- Logistics Guidance: Expertise in optimizing supply chain operations and delivery processes.
Sanjiv, Joint Secretary at DPIIT, emphasized the significance of this collaboration, stating, “By combining Amazon’s e-commerce expertise with Startup India’s role as the Government of India’s flagship initiative, we aim to create a powerful platform for Indian startups to thrive.”
Empowering Women Entrepreneurs
A notable aspect of this partnership is its focus on supporting women-led startups through the Saheli program. This initiative offers a range of services designed specifically for women entrepreneurs, including:
- Access to Amazon’s Suite of Services: Women-led startups will benefit from tools such as Amazon Pay, Amazon Incentives, Amazon Business, AWS, Amazon Advertising, and Mini TV.
- High-Impact Learning Programs: These programs will include masterclasses led by industry experts, focusing on capacity building and upskilling in areas like marketing, supply chain management, funding, technology, and procurement.
The Saheli program aims to create an inclusive ecosystem where women entrepreneurs can showcase their products and achieve sustainable growth.
Promoting BHASKAR
The partnership will also focus on raising awareness about the Bharat Startup Knowledge Access Registry (BHASKAR) initiative. BHASKAR is a platform designed to connect startups, investors, mentors, and government bodies, fostering a collaborative ecosystem for entrepreneurship. By centralizing information and resources, BHASKAR aims to streamline interactions among key stakeholders within the entrepreneurial landscape.
Commitment to Innovation
This collaboration between Amazon and Startup India underscores the commitment of both organizations to fostering innovation and supporting the growth of Indian startups. By leveraging Amazon’s e-commerce expertise alongside Startup India’s government backing, this partnership has the potential to significantly impact the Indian startup ecosystem.
Amazon has been actively involved in supporting India’s startup landscape through various initiatives such as Amazon Launchpad, which helps emerging Indian brands reach global customers through e-commerce exports. The company’s ongoing efforts reflect its dedication to nurturing a diverse and inclusive entrepreneurial environment.
Conclusion
The alliance between Amazon India and Startup India represents a significant step toward empowering Indian entrepreneurs. By providing essential resources and support tailored to the unique needs of startups—especially women-led ventures—this partnership aims to enhance the overall startup ecosystem in India. As both organizations work together to drive economic growth through innovation and entrepreneurship, they are poised to create lasting positive impacts on the Indian economy.
Wipro has announced the appointment of Omkar Nisal as the Chief Executive Officer for its Europe Strategic Market Unit (SMU), effective immediately. Nisal, who has been with Wipro since 2012, will be based in London and will report directly to CEO and Managing Director Srini Pallia. He will also join Wipro’s executive board.
Nisal succeeds Pierre Bruno, who is stepping down after a four-year tenure leading Wipro’s European operations. Bruno will continue to work with Nisal during the transition period to ensure a smooth handover of responsibilities.
Omkar Nisal’s Role
In his new role, Nisal will be responsible for leading Wipro’s growth and expansion in Europe. He brings a wealth of experience and a deep understanding of the European market. Prior to this appointment, he served as Senior Vice President and Managing Director for the UK and Ireland, overseeing a significant portion of Wipro’s European business with a regional profit and loss (P&L) exceeding $1 billion.
Nisal has established himself as a trusted advisor to clients, particularly in the banking and finance sectors. He has played a key role in enabling digital transformation for numerous financial institutions across the UK, Europe, the Middle East, and Africa, focusing on customer journey redesign, enterprise engineering, and AI-led automation.
A Focus on Digital Transformation
Nisal is recognized for his expertise in digital transformation and his ability to build strong client relationships. Under his leadership, Wipro aims to strengthen its position in the European market by leveraging innovative technologies and enhancing service delivery. His strategic vision is expected to play a pivotal role in driving future growth and improving operational efficiency within the region.
Context of the Appointment
Nisal’s promotion reflects Wipro’s ongoing strategy to promote internal talent to key leadership positions amidst significant changes within the company. In recent months, Wipro has experienced several high-profile departures, including former CEO Thierry Delaporte and other senior executives. This shift in leadership is part of a broader effort by Srini Pallia to revitalize Wipro’s operations and improve performance in key markets.
Wipro views Europe as a crucial growth market and is prioritizing strategic investments to solidify its foothold. The company has faced challenges in this region, with reports indicating that its European operations accounted for 27.9% ($742 million) of its total revenue for the quarter ending September 2024, down from previous periods. This underperformance highlights the importance of effective leadership in revitalizing growth.
Conclusion
The appointment of Omkar Nisal as CEO of Wipro’s Europe SMU marks a strategic move aimed at enhancing the company’s competitive edge in a rapidly evolving technological landscape. With his extensive experience and proven track record in digital transformation, Nisal is well-positioned to lead Wipro’s efforts in expanding its presence and delivering exceptional results for clients across Europe.
As Wipro navigates these changes, stakeholders will be closely watching how Nisal’s leadership influences the company’s trajectory in one of its key markets. His focus on innovation and customer-centric strategies is expected to play a vital role in shaping Wipro’s future success in Europe.
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