UPI - PayNow🔗, Under 18 years is “children”: Data Bill🧒🏻, Walmart happy with Flipkart🛒
India and Singapore launch UPI-PayNow, Data Bill to define under 18 years as “children”, Walmart pleased with Flipkart, Funding Deals, Fact and more.
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India and Singapore launch UPI-PayNow linkage🔗
The launch of cross-border linkage between India and Singapore using UPI and PayNow, respectively, will enable users of the two fast payment systems in either country to make convenient, safe, instant and cost-effective cross-border money transfer using their respective mobile apps.
Money held in bank accounts or e-wallets can be transferred to and from India using just the UPI-ID, mobile number, or Virtual Payment Address (VPA).
"Many experts are estimating that very soon India's digital wallet transactions are going to overtake cash transactions," PM Modi said after the launch.
An Indian user can initially send up to Rs 60,000 in one day (equivalent to around SGD 1,000).
Data Bill to define anyone under 18 years as “children”🧒🏻
Anyone below the age of 18 has been defined as “children” in the upcoming Digital Personal Data Protection (DPDP) Bill. The government will "review” this definition one year after the enactment of the Act, a senior official told.
Further, companies will need to obtain explicit parental consent before processing any data belonging to this user group.
The decision by the Ministry of Electronics and Information Technology comes amid a sustained pushback from internet and social media intermediaries which have argued that keeping the age at 18 is not in line with global standards.
FreshToHome, an online platform for fresh meat, fish and seafood products, has raised $104 million in its Series D round led by Amazon Smbhav Venture Fund.
Upskilling startup NxtWave has raised $33 million in its latest fundraising round led by private equity firm Greater Pacific Capital (GPC).
Scrut Automation, a governance, risk and compliance-focused SaaS startup, has secured $7.5 million in a strategic funding round led by MassMutual Investors.
Chronicle, a firm that is building a modern format of presentations has raised $7.5 million from Accel as well as Square Peg in its seed funding round.
SaaS platform NimbleS2P has raised Rs 4 crore in its pre-Series A round led by Inflection Point Ventures (IPV).
Walmart pleased with Flipkart’s positive contribution margin🛒
Flipkart's parent Walmart is happy to see the etailer expanding on its positive contribution margin and that it plays a key role in overall gross sales and revenue growth of the US firm, a senior executive at the world's largest retail firm said.
Speaking at the post-earnings call, Walmart CFO John David said, “A lot of our GMV (gross merchandise value) and revenue growth comes from Flipkart. We see great progress there and they continue to be a strong player in the market there. Flipkart has invested in infrastructure in the last three years and now we can see the contribution profit and we are excited to see that.”
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