Fintech firm PhonePe has partnered with The Singapore Tourism Board to allow its users to make payments through UPI in Singapore. This collaboration leverages the existing UPI linkage between India and Singapore, enabling customers to make cross-border transactions directly from their Indian bank accounts. The partnership aims to promote seamless UPI experiences across key tourism hotspots and enhance the visitor experience for Indian travellers in Singapore.
Payments firms like PhonePe and Paytm are exploring sound boxes for audio advertisements, opening up new opportunities for marketers to reach consumers.
PhonePe’s CEO, Sameer Nigam, anticipates a boost in market share following the recent actions taken by the Reserve Bank of India (RBI) against Paytm.
India’s startup ecosystem faced a funding decline of 65.8%, raising only $6.9 billion across 1,013 venture capital (VC) deals during January-November 2023, compared to $20.2 billion in the previous year. A report by GlobalData reveals that the US also experienced a decline of 42% in deals volume and 44% in deals value. Despite the challenging funding winter, Indian startups remain optimistic as VC firms still find India an attractive market.
Private equity firms are increasingly investing in Indian IT services, Dunzo is facing a funding crunch and delaying employee salaries, PhonePe is entering the stockbroking space, and the Indian fintech sector is expected to reach a value of $400 billion by 2030.
