Oyo bets on Ayodhya🏨, Visa pauses single-click checkout💳, FM on ponzi fin apps✂️

Oyo to open 50 properties in Ayodhya, Visa pauses single-click checkout, Clamp down on ponzi finance apps: FM, Funding Deals and more.

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Apr 24, 2023

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Oyo to open 50 properties in Ayodhya, places big bets on religious cities
Visa pauses single-click checkout for Indian ecommerce transactions
Working to clamp down on ponzi finance apps: FM Sitharaman
Funding Deals

Oyo to open 50 properties in Ayodhya, places big bets on religious cities🏨

Indian multinational hospitality chain Oyo said that in 2023, it would add 50 properties in Uttar Pradesh's Ayodhya.

According to a report, of these 50 properties, 25 properties will be homestays run by homeowners, and the rest 25 will be small and medium size hotels that will accommodate between 10 to 20 rooms each.

The Uttar Pradesh government expects tourism in Ayodhya to boost ten times by 2024, once the construction work and development of the Ram Temple are completed.

UP government is spending nearly Rs 30,000 crore for Ayodhya's transformation, with the aim of making it a spiritual center with a global appeal, said the report.

Visa pauses single-click checkout for Indian ecommerce💳

Card payments company Visa has paused its single-click checkout service for online transactions in India, amid the Reserve Bank of India (RBI) tightening the security net around the digital payments industry.

In 2019, Visa launched ‘Visa Single Click’ in India to enable a smooth checkout for consumers buying goods online worth up to Rs 2,000, needing no OTPs (one-time password) or CVV (card verification value).

Industry insiders pointed out that single-click checkouts could build a more convenient checkout experience than transactions based on Unified Payments Interface (UPI), which dominates small-value transactions. Hence, saved cards with single-click checkout remained key to ensure transactions continue through card rails.

Working to clamp down on ponzi finance apps: FM Sitharaman✂️

Finance Minister Nirmala Sitharaman on Sunday said that the government is working with the Reserve Bank of India (RBI) to crack down on ponzi apps attempting to fool investors and cheat them out of their life savings.

“There are apps which are coming out and reaching out to people saying we can do this, we can do that. Your money will fetch you this much. Many of them are ponzi, the apps on which we are working with the Ministry concerned, the Ministry of Electronics & Information Technology (MeitY) and with the Reserve Bank and clamping down on them like never before,” Sitharaman said.

Clarifying that the government does not have proposals before it to regulate financial influencers as of now, FM Sitharaman advised investors to be prudent with their hard-earned money.

EcoSoul Home Inc. has raised $10 million in Series A round led by Accel Partners and Singh Capital Partners.
Bidra Innovation Ventures (Bidra) received $200 million in funding from Morocco-based Mohammed VI Polytechnic University (UM6P) and the OCP Group to back sustainable technology in India and emerging markets.