No Payment access for online games🎮, Go Digit, Policybazaar served notices⚠️, Netflix leads📺

Payment gateway access may be blocked, Law enforcement agency sends notices, Netflix is responsible for 15% of Global Internet, Funding Deals and more.

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Apr 17, 2023

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Today, we are covering:

Payment gateway access may be blocked for online games
Law enforcement agency sends notices to Go Digit, Policybazaar, others
Netflix leads the pack in global Internet consumption
Funding Deals

Payment gateway access may be blocked for online games✋🏻

As online gaming companies and the government take a step closer to implementing a self-regulatory mechanism for the sector, the IT ministry plans to close loopholes that could let illegal betting and gambling platforms flourish.

The move, however, aims to ensure that whitelisted games do not face issues from banks and payment gateways.

Ministry of Electronics and Information Technology (MeitY) will likely issue a set of orders for financial services companies asking them to disallow their payment gateways for games that are not ‘permissible’ by the self-regulatory organizations (SROs).

This is expected to further help the authorities in cracking down on the operations of illegal online betting and gambling companies.

Law enforcement agency sends notices to Go Digit, Policybazaar, others⚠️

The Directorate General of GST Intelligence (DGGI) — a law enforcement agency under the Ministry of Finance — has served show cause notices to insurance intermediaries, including Go Digit Insurance, Policybazaar, and HDFC Bank, for wrongful input tax credit claims.

The notices, sent by the Mumbai, Ghaziabad and Bengaluru offices of the DGGI, alleged that these companies issued fake invoices for many insurance companies without providing any service, which is an offence punishable with prosecution under the GST law.

The investigation was initiated in 2022 and so far, authorities have detected evasion to the tune of Rs 2,250 crore and have centered on invoices raised from 2018 to March 2022.

Netflix is responsible for 15% of Global Internet Traffic📺

A new report by Sandvine has revealed the web applications responsible for the world's most downstream internet traffic. Underlining the popularity of streaming services, Netflix accounts for the most megabytes with 14.9 percent.

YouTube isn't too far behind with 11.4 percent. Further back but still with a significant share, Disney+ is responsible for 4.5 percent. Adding to video streaming's contribution, Amazon Prime Video has a share of 2.8 percent.

CYFIRMA, an external threat landscape management company, has secured $5.5 million in a pre-Series B round led co-by Israel-based OurCrowd and L&T Innovation Fund.
E-commerce platform Direct2U has raised Rs 1.8 crore in a seed round led by Inflection Point Ventures.