With Tech Startups On Its Side, Kirana Store Inventory Gets Digitised

#kirana #digital #startups #forabettertomorrow #inventorymanagement #paymentsolutions #technology #grocery #fmcg

Inc42 Media covers the report of RedSeer on how with tech startups on its side, kirana store inventory gets digitised.

Key takeaways:-

1. Three out of four kiranas do not have exposure to technology platforms, says RedSeer

2. Digital payments platforms like Google Pay, Paytm and PhonePe have emerged as popular solutions. Besides this, private companies like PineLabs enable more digital transactions through their smart point-of-sales machines

3. Local startups udaan.com, ShopX - 10i Commerce Services Pvt Ltd, Jumbotail and NinjaKart are pivoting kiranas in a big way and are significantly working with them on last-mile deliveries, maintaining supply chains, effective inventory management, credit and more.

4. Besides this, he also mentioned B2B startup Khatabook, which is enabling digital bookkeeping services for these local neighbourhood stores.

5. India’s retail sector is set to grow to $1.3 Tn by the fiscal year 2025, as per RedSeer. However, the fast-moving consumer goods (FMCG) will continue to make for 90% of the sales in the sector. The report also noted that organized retail, both online and offline, is poised to grow from 16% to 22%.

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With Tech Startups On Its Side, Kirana Store Inventory Gets Digitised

Three out of four kiranas do not have exposure to technology platforms, says Redseer Udaan, ShopX, Jumbotail and NinjaKart have been popular for their supply chain solutions India's retail sector is set to grow to $1.3 Tn by the fiscal year 2025, Redseer added The neighbourhood pop and mom stores which have been a lifeline during the pandemic, woefully fall short when it comes to exposure to technology platforms for payments or procurement.

India: Google Pay says it works with banks to allow payments via UPI, transactions fully protected

Google Pay on Wednesday said it works with banks to allow payments via UPI, and all transactions made through its platform are fully protected by redressal processes laid out by guidelines of RBI and NPCI. 

The clarification came after a buzz on social media that issues arising while transferring money through Google Pay are not protected by law as the app is unauthorised. 

"Some quotes on social media, wrongly attributed to the RBI, claim that issues arising while transferring money through Google Pay are not protected by the law, since the app is unauthorised. This is incorrect and can be verified on NPCI's website," a Google spokesperson said.

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Google Pay says it works with banks to allow payments via UPI, transactions fully protected

Google Pay on Wednesday said it works with banks to allow payments via UPI, and all transactions made through its platform are fully protected by redressal processes laid out by guidelines of RBI and NPCI. The clarification came after a buzz on social media that issues arising while transferring money through Google Pay are not protected by law as the app is unauthorised.

Startup Payment Technology: PayID - Open Source, Universal Payment Identifier

#fintech #crossborderpayments #moneychanger #foreignexchange #transfers #blockchaintech #blockchain #RBI #license

In June, leading technology, finance and nonprofit companies announced the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency. GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps and others have collaborated on the development of PayID.

PayID allows individuals to send and receive money across any payment network using an easy-to-read address versus one that’s awkward and unintuitive - such as a bank account, routing or credit card number. With PayID, sending money is as simple as sending an email directly to friends and family, no matter which provider is used, at a lower cost.

Whether a bank, payment provider or processor, digital wallet, or remittance provider, PayID is designed for any business that sends or receives money. Implementing PayID is simple.

For money transfer across currencies, Indian companies need to take Full Fledged Money Transfer (FFMC) license from RBI. More details about FFMC license at: https://lnkd.in/gBgzr2K

Read more about PayID at

Open Source, Universal Payment Identifier

PayID provides a single ID for anyone needing to send or receive money. Learn about PayID's open-source protocol & how to connect users on any payment network.

Court Litigation: Google Pay says it works with banks to allow payments via UPI, transactions fully protected

#GooglePay #UPI #RBI #NPCI

Google Pay says it works with banks to allow payments via #UPI, and all transactions made through its platform are fully protected by redressal processes laid out by guidelines of RBI and NPCI.

Read on

Google Pay says it works with banks to allow payments via UPI, transactions fully protected

Google Pay on Wednesday said it works with banks to allow payments via UPI, and all transactions made through its platform are fully protected by redressal processes laid out by guidelines of RBI and NPCI. The clarification came after a buzz on social media that issues arising while transferring money through Google Pay are not protected by law as the app is unauthorised.

Google Pay not a payment system operator: RBI to Delhi High Court

#paymentsolutions #rbi #litigation #regtech #fintech #paymentservices

In an ongoing PIL, RBI has also told the Delhi High Court that since Google Pay does not operate any payment system, it does not find a place in the list of authorised payment system operators published by the National Payments Corporation of India (NPCI).

The bench said the matter requires detailed hearing as it affects other third party apps and listed it on July 22.

All FinTech startups using user consent to make payments in their payment apps should be careful and make it clear on their websites that they are not a payment register operator approved under NPCI and they are only user consent based payment solution provider.

Now the question is whether such services also come under the purview of NPCI?

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Google Pay not a payment system operator: RBI to Delhi HC

Reserve Bank of India (RBI) Governor Shaktikanta Das. The Reserve Bank of India (RBI) has told the Delhi High Court that Google Pay is a third party app provider (TPAP) and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007, RBI has told a bench of Chief Justice D N Patel and Justice Prateek Jalan.

The Ideal Neobank: We're still a long way from the perfect digital bank | Sifted

#fintech #startupstrategy #neobanks #challengerbanks #digitalbanks

Former Lloyds Bank director Alessandro Hatami explains what he thinks digital banks need to do next and feels that the so called neobanks are not doing the right thing.

He opined that there are three things banking customers fundamentally need — and are worth disrupting to look like in ‘The Ideal Neobank’:

1. A Payment Account: Imagine a bank that allows you to seamlessly pay anyone, anywhere: be it your babysitter, your favourite retailer or a holiday home abroad.

2. A Credit Line: Instead of an overdraft, personal loan, credit card, car finance or a mortgage you get a credit line. The bank knows you and will advance cash (with guarantees if required) as you need it. You make one payment a month — like a subscription — to pay for it.

3. A Savings/Protection Tool: You have some excess capital and the bank enables you to buy any product in the market that allows you to protect and grow it. And your bank would sell you any such product in the market that meets your needs — whether or not it’s their product or a third party’s.

Many banks and fintechs claim they already offer this, but he is not sure their customers agree. These neobanks still sell financial products rather than financial solutions.

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We're still a long way from the perfect digital bank | Sifted

Over the last decade, so-called "challenger" banks like Monzo, Starling and Revolut have served as beacons of opportunity, promising a new way of banking. This has prompted their predecessors - the incumbents - to undergo several phases of digital transformation; something I watched first-hand when I was a digital exec at Lloyds Bank.