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Jio Payment Solutions Secures RBI Approval to Compete with Paytm in Digital Payment Services!

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Jio Payment Solutions, a branch of Jio Financial Services (JFS), has received regulatory approval from the Reserve Bank of India (RBI) to function as an online payment aggregator, effective from October 28, 2024. This approval allows Jio Payments to facilitate digital transactions for both merchants and consumers, positioning it to compete directly with established players like Paytm.

Strategic Significance of the Approval

This development marks a pivotal moment for Jio Payments, as it joins a select group of RBI-certified online payment aggregators in India. The timing of this approval creates a strategic opportunity for Jio Payments to increase its influence in the digital financial services sector, especially as competitor Paytm faces recent regulatory limitations. Due to compliance issues, Paytm’s financial arm, Paytm Payments Bank, has been restricted from onboarding new customers, curbing its expansion. This situation opens a potential market gap that Jio can leverage as it establishes itself as a prominent player in the digital payments landscape.

Features and Offerings

As an online payment aggregator, Jio Payments will empower businesses to accept a broad range of payment options, including debit and credit cards, Unified Payments Interface (UPI), e-wallets, and more. These offerings will complement Jio Payments Bank’s existing services, which include digital savings accounts with biometric access and physical debit cards, currently serving over 1.5 million active users.

Market Context

With RBI’s approval, Jio Payments is well-positioned to compete in India’s expanding fintech sector. This authorization reflects RBI’s confidence in Jio’s regulatory compliance and reinforces JFS’s aspirations to deliver comprehensive digital banking and payment solutions across the country.

Competitive Landscape

The regulatory nod comes at a critical time for Paytm, a leader in India’s digital payment space, which is confronting ongoing challenges. Paytm’s Payments Bank recently faced restrictions from the RBI on onboarding new customers, impacting its ability to expand. As Paytm grapples with these challenges, Jio Payments has an opening to broaden its reach and capture new users in India’s fast-growing digital finance arena.

Future Growth Potential

Jio Financial Services has ambitious plans for growth within the digital payments sector. With a suite of licenses covering lending, insurance broking, and payment aggregation, Jio processed approximately 1.8 million UPI payments in April 2024 alone. This underscores its goal to become a major player in digital finance.

Rising Demand for Digital Payments

The demand for digital payments continues to surge in India, driven by increasing smartphone penetration and the growing popularity of UPI transactions. As cash usage declines—representing about 60% of consumer spending as of March 2024—digital payment methods are becoming essential for consumers seeking convenience and efficiency.

Conclusion

Jio Payment Solutions’ recent approval from the RBI marks a significant step forward in its efforts to establish itself as a key player in India’s digital payment ecosystem. By leveraging this opportunity amidst challenges faced by competitors like Paytm, Jio aims to expand its customer base and enhance its service offerings.

As the digital finance landscape evolves, Jio’s entry into online payment aggregation could reshape consumer behavior and preferences in India. The company’s commitment to integrating advanced technology into its services positions it well for future growth in an increasingly competitive market.

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Apple to Shift Entire US iPhone Assembly to India by 2026

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Apple - StartupStories

Apple is set to relocate all assembly of iPhones destined for the US market from China to India by the end of 2026, marking its biggest manufacturing shift in decades. The move is driven by escalating US-China trade tensions and steep tariffs—up to 145% on Chinese imports—making Chinese assembly increasingly costly for Apple. Although some smartphone imports are temporarily exempt, a 20% duty still applies to Chinese-made iPhones entering the US.

 

India, in contrast, offers a more favorable trade environment, with a paused 26% reciprocal tariff and ongoing negotiations for a bilateral trade deal with the US that could shield Indian exports from future levies. Apple plans to more than double its current iPhone output in India, aiming to assemble over 60 million units annually for the US market. The company already produces about 25% of its global iPhones in India, working with partners like Foxconn, Tata Electronics, and Pegatron.

 

This shift is part of Apple’s broader strategy to diversify its supply chain and reduce reliance on China amid geopolitical risks. However, the transition’s success will depend on how quickly India can scale up its manufacturing capabilities and the outcome of ongoing trade negotiations.


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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe

PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payment - StartupStories

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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