RBI allows credit cards on UPI💳, SMS alerts 🔁 App notifications, BetterPlace acquires EzeDox💰

RBI allows RuPay credit card transactions, Replace SMS transaction alerts with app notifications, BetterPlace completes fourth acquisition, Funding Deals and more.

Jun 09, 2022

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RBI allows RuPay credit card transactions on UPI💳

The Reserve Bank on Wednesday allowed credit cards – starting with RuPay cards – to be linked with the Unified Payments Interface (UPI).

The central bank said the facility would be available after a required system development was complete. It said the National Payments Council of India, which runs UPI, would issue instructions separately.

By adding your credit or debit card to a UPI app, you will be able to pay with cards without the need for a point-of-sale (POS) machine. When you initiate a UPI payment through a debit or credit card, a one-time password (OTP) will be sent to your registered mobile number to complete the payment.

UPI has the most inclusive mode of payment in the country, with over 260 million unique users and 50 million merchants onboarded on the platform.

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Replace SMS transaction alerts with app notifications, say fintech firms📩

Fintech majors including the likes of GooglePay and Paytm are among those petitioning the government to consider in-app alerts as an alternative to SMS notifications for banking transactions. They said SMS notifications cost more and present security risks.

For a smooth transition to the new system, customers could be allowed to choose either option, or both, the industry proposed.

Currently, the RBI requires banks to send SMS alerts to customers for each transaction at their own cost. The industry lobby said that SMS charges are estimated at Rs 0.12 each while the cost of an in-app notification would be just Rs 0.001.

Jiraaf, an alternative fixed-income investment platform, has bagged $7.5 million in a Series A funding round led by Accel Partners, Mankekar Family Office and Aspire Family Office (Dr. Bhaskar Shah).
Venture debt firm Stride Ventures has announced funding worth Rs 50 crore in fintech startup Uni, which raised one of India's largest Series A rounds with a corpus of $70 million last December.
Samudai, a decentralized autonomous organization (DAO) platform for managing and building communities in the Web3 ecosystem, has announced the close of its pre-seed funding round with $2.5 million.
Plant-based protein startup Alt Co. has raised more than $1 million in a funding round led by investors from Singapore, the Middle East, and India.
SubCom (Subconscious Compute), a deep-tech cybersecurity startup, has raised $1 million in a seed funding round from YourNest Venture Capital, ISV Capital and an existing investor Entrepreneur First.
Redbasil, a zero-inventory marketplace for wholesale food supply for restaurants and cloud kitchens, raises $330,000 as part of its seed funding round led by Mumbai Angels.

➡️ Check out our LinkedIn space for more on the funding deals.

BetterPlace completes fourth acquisition in 10 months💰

In an all cash deal, BetterPlace has acquired EzeDox — a no-code workflow builder platform. The acquisition is set to help reduce platform deployment time, enabling a much faster go-to-market strategy for BetterPlace, which offers frontline workforce management platform for enterprises.

With over 1,500 companies using the BetterPlace platform, the company aims to bridge the demand and supply gap in the frontline worker economy, which includes e-commerce delivery riders, nurses, health workers, volunteers, ambulance drivers and others.

BetterPlace acquired gig-worker platform OkayGo in May 2022. Microlearning platform Oust Labs, workforce fulfillment platform Aasaanjobs and frontline jobs classified platform Waah Jobs were acquired in October 2021.

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