Flipkart’s digital payments firm PhonePe to raise $700 million from existing investors

NEW DELHI (Reuters) – PhonePe, the digital payments unit of Walmart’s Indian e-commerce arm Flipkart, said on Thursday it would sell a stake to existing investors for $700 million, helping it fuel growth in a crowded market that includes Google and Amazon .

FILE PHOTO: The logo of India’s e-commerce firm Flipkart is seen in this illustration picture taken January 29, 2019. REUTERS/Danish Siddiqui/Illustration

PhonePe’s fundraising, from Flipkart investors led by Walmart, will give it a valuation of $5.5 billion, the company said in a statement.

PhonePe is also using the opportunity to assert its independence from the Flipkart Group which runs a successful e-commerce business in India rivalling Amazon’s local unit.

It will have its own board of directors, which will include founder and CEO Sameer Nigam and former Flipkart boss Binny Bansal, who is no longer at the company he co-founded.

PhonePe will also have employee stock ownership

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Juniper Research: Mobile Money Users in Emerging Markets to Exceed 1.2 Billion Globally by 2025, as P2P and Merchant Payments Surge – Press Release

BASINGSTOKE, England–(Business Wire)–A new study from Juniper Research has found that the total number of mobile money users in emerging markets will exceed 1.2 billion in 2025, up from 980 million in 2020; equating to just under 30% of all mobile phone users across emerging markets.

The report predicts that domestic P2P and payments to merchants will be increasingly popular in mobile money schemes and will drive growth. The research recommends that mobile money providers agree partnerships with banks and other financial institutions, so as to increase the sophistication of the products they offer, in order to take advantage of increasing financial and technological literacy.

For more insights, download the free whitepaper: Mobile Money – Unlocking Emerging Market Opportunities.

Payments-as-a-Platform – Driving Future Opportunities

The new research, Mobile Money in Emerging Markets: SWOT Analysis, Vendor Strategies & Market Forecasts 2020-2025, identified that the payments-as-a-platform model, where mobile money payments act

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Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More

(Bloomberg) — Private financial technology business Stripe Inc. is in talks to raise a new funding round valuing it higher than its last private valuation of $36 billion, according to people familiar with the matter.



Patrick Collison sitting in front of a window: John Collison, president and co-founder of Stripe Inc., left, and Patrick Collison, chief executive officer and co-founder of Stripe Inc., sit for a photograph after a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018. Stripe Inc. provides payment software services and solutions by designing and producing software to process online credit and debit card payments.


© Bloomberg
John Collison, president and co-founder of Stripe Inc., left, and Patrick Collison, chief executive officer and co-founder of Stripe Inc., sit for a photograph after a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018. Stripe Inc. provides payment software services and solutions by designing and producing software to process online credit and debit card payments.

The valuation being discussed could be more than $70 billion or significantly higher, at as much as $100 billion, said one of the people, who asked not be identified because the matter is private. That would make it currently the most valuable venture-backed startup in the U.S., according to CB Insights.

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The future of healthcare payments: Predictions for 2021

Technologies that streamline and modernize payment infrastructures have made a major impact within banking and financial services to shore up back-end operations, digitize analog processes and provide better customer experiences. The healthcare industry is primed for this exact transformation, and I expect we’ll see an immense shift in how providers get paid. 

Today, it takes more than 30 days on average for a provider to receive payment for their services due to complexities inherent in today’s reimbursement models. This makes it difficult for providers to predict cash flow. The slow and inefficient process of submitting a claim, waiting for the claim to be adjudicated by the payer and potentially facing denials that need intervention, wastes significant time and resources. Along with this lag, uncertainty around exactly how much will be collected from both the payer and patient only adds to the financial and administrative woes providers face.

Healthcare can learn

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The Payments King Is Dead. Long Live The New King.

When Google
GOOG
unveiled their new candidate for the payments throne last week with the relaunch of Google Pay
GOOG
, there wasn’t much talk of the backstory; little mention of the path walked and the rubble created in order to make the ultimate bank killer app: the new Google Pay. 

What has changed?

The new Google Pay is an app that consumers and businesses can use to send and receive money instantly without any specific hardware. For individuals, it means they can send money to their contact list. Businesses can accept payments with their name or a QR code. This means Google Pay now focuses on hardware-free payments as opposed to payments made to a card terminal. The difference from the old Google Pay is massive, not only in features and focus, but in the effects it will have on the market.

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SSI and SSDI recipients: What to know about stimulus payments, the first and possible second check

money-cash-dollars-bills-bank-stimulus-covid-finance-7157

If a new bill passes and you’re part of the SSI or SSDI programs, you’ll likely be eligible for a second stimulus check.


Angela Lang/CNET

Communications between Congress and the White House about the next coronavirus relief package have stalled, but once they restart, those who qualify for Supplemental Security Income or Social Security Disability Insurance will likely be eligible for a second stimulus check.

The odds on the IRS distributing another economic impact check before the end of 2020 are growing slimmer. President-elect Joe Biden has a stimulus plan that would include a second check, but Inauguration Day is still over 60 days away. 

Read moreJoe Biden is president-elect. Here’s his stimulus plan for the US

If you do participate in the SSI or SSDI programs and didn’t get the first stimulus payment, you must file a claim for yourself or your child dependents in

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SSI and SSDI recipients: Key details to know about stimulus payments, the first and potential second check

money-cash-dollars-bills-bank-stimulus-covid-finance-7157

If a new bill passes and you’re part of the SSI or SSDI programs, you’ll likely be eligible for a second stimulus check.


Angela Lang/CNET

Once talks restart between congressional Democrats and Republicans, those who qualify for Supplemental Security Income or Social Security Disability Insurance will likely be eligible for a second stimulus check

With communications on hold between Capitol Hill and the White House on the next coronavirus rescue package, the odds of the IRS distributing another economic impact check before the end of 2020 are growing slimmer.

Read moreJoe Biden is president-elect. Here’s his stimulus plan for the US

If you do participate in the SSI or SSDI programs and didn’t get the first stimulus payment, you must file a claim for yourself or your child dependents in the next week, by 12 p.m. PT (3 p.m. ET) on Nov. 21. Below, we’ll

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Uber to accept fast payments in Brazil in partnership with Ebanx

FILE PHOTO: An Uber logo is seen during the global outbreak of the coronavirus disease (COVID-19), in Redondo Beach, Los Angeles, California, U.S., November 2, 2020. REUTERS/Lucy Nicholson

SAO PAULO (Reuters) – Uber Technologies Inc started on Monday to take instant payments in Brazil in partnership with payments startup Ebanx, both companies said.

More than 60 million people had already signed up to the newly launched instant payments platform, so-called Pix, before its full operation started this Monday. It allows consumers and companies to make money transfers 24 hours a day, seven days a week, without requiring debit or credit cards.

Uber said in an email to Reuters that instant payments are likely to bring new clients to its services, mainly those who do not use cards. Around one-third of Brazilians do not have a bank account, one of the highest ratios in the world.

Instant payments will initially only

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Paytm on India’s digital payments sector

SINGAPORE — Indian tech start-up Paytm is “super comfortable” with its position in an increasingly competitive payments sector in the country, a top executive at the company said Monday.

Paytm is an ubiquitous name in India’s digital payments sector. Millions of Indians use the service to pay for things including utility bills, groceries, recharging mobile connections or buying movie tickets. Paytm is also a fully licensed digital bank.

The service faces competition from the likes of Google Pay, Walmart’s PhonePe and most recently Facebook’s WhatsApp messaging service, which announced a feature allowing its users to send money through the app.

Paytm, PhonePe, Google Pay (Gpay) and Bhim UPI QR Codes (Standee) are Kept outside for Cashless payments at a medical store in Gurugram on the outskirts of New Delhi, India on 16 May 2020.

Nasir Kachroo | NurPhoto | Getty Images

“It’s no doubt that India is the last big

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