Fee on UPI payments💸, ChatGPT to help file complaints🖱️, 140 fired at GitHub👩🏻💻
NPCI sets 1.1% interchange fee on UPI, ChatGPT to help file complaints, 140 fired at GitHub, Funding Deals and more.
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NPCI sets 1.1% interchange fee on UPI payments via PPIs, wallets💸
The National Payments Corporation of India (NPCI) has set the interchange fee at 1.1% for merchant transactions initiated using a Prepaid Payment Instrument (PPI) such as mobile wallets on the Unified Payments Interface (UPI) network.
While the 1.1% broad interchange is applicable to transactions over Rs 2,000 in value, NPCI has set different merchant fee structures for PPI payments on UPI, varying as per the industry.
The new interchange structure is a slight relief for UPI players struggling to ring in revenues on the payment network.
ChatGPT may soon help consumers file complaints🖱️
The Ministry of Consumer Affairs (MCA) is working on a ChatGPT-powered mechanism where people can lodge complaints on the National Consumer Helpline, said a senior official.
“We can use the technology to help consumers lodge their complaints on NCH via text messages or voice notes,” the official said on the condition of anonymity, adding that it will be “easier for aggrieved consumers to lodge complaints”.
Ministry officials have also met executives of OpenAI to discuss the way forward. MCA is m exploring how AI-enabled technology can assist aggrieved users in filing cases with consumer commissions.
Hot Shorts⚡
Fashinza, a B2B marketplace for global fashion supply chains, has secured $30 million in working capital funding from Mars Growth Capital and Liquidity Group.
The Souled Store has raised Rs 135 crore ($16.4 million approximately) in a Series C round led by Xponentia Capital Partners with participation from returning investors Elevation Capital and RPSG Capital.
Home interior solutions startup Design Cafe has raised Rs 40 crore, led by private equity fund WestBridge Capital, Mirabilis Investment Trust and venture debt fund Alteria Capital.
One-click payment checkout enabler Nimbbl has raised $3.5 million across its seed and pre-series A rounds from Groww, Sequoia Capital India and Global Founders Capital (GFC).
Student-run startup Plutus has raised its pre-seed funding of $280K co- led by Campus Fund and other investors including CIIE – IIM Ahmedabad, Shruti and Alagu Preiyannan.
Microsoft’s GitHub fires almost half of India workforce👩🏻💻
After announcing in February that it will reduce its overall staff by 10%, Microsoft-owned code-sharing and publishing service GitHub laid off 45% of its India team on Tuesday. The job cuts have mainly impacted engineering roles.
“As part of the reorganisation plan shared in February, workforce reductions were made today as part of difficult but necessary decisions and realignments to both protect the health of our business in the short term and grant us the capacity to invest in our long-term strategy moving forward,” the spokesperson said.
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