12/26/2023 0 Comments Megasync waitingIn taking a more holistic view of the underlying processes, BFSI can streamline business and technology architecture to support a better customer experience, improved risk decision-making, and greater cost efficiencies. With organisations seeking to create new digital customer experiences, applying sophisticated data analytics, and investing in a wealth of other technology innovations, cyber risk management clearly requires governance at the highest levels. This deal will take Prosus investments in India to over $10 billion.īesides payments and financial services, Prosus had among others invested in ed-tech leader Byju’s, food-delivery platform Swiggy and home-services company Urban Company.ĬISOs Discussion: What Will Make BFSI Bulletproof Amidst the Rising Cyber AttacksĬyber risk has become one of the top concerns of financial services firms, and the level of concern seems to be growing day by day. The shares of PayU India are indirectly held by Prosus N.V (Prosus), which is Euronext Amsterdam listed global consumer internet group and one of the leading technology investors in the world The payment aggregator would be PayU’s fourth Indian acquisition after Citrus Pay, Wibmo, and PaySense. “This will not only help to strengthen India’s digital economy, but also bring financial services to those who may have historically been excluded.” “We believe this transaction will stimulate both innovation and competition within India’s digital payments industry,” Laurent Le Moal, CEO of PayU, said in a press release. ![]() Post the acquisition the combined entity of PayU and BillDesk will emerge as the leading online payment providers globally and in India by total payment volume (TPV), a company statement had said. ![]() Both compete with the likes of Paytm, Razorpay, Pine Labs, Infibeam Avenues, and MSwipe, among others.Īlso Read: PayU will be among top 10 global payments firms after BillDesk acquisition: India CEO While the 20-year-old BillDesk has a marked presence in payment processing for government agencies, PayU is widely used by internet companies. In one of the biggest deals in India's payments space, Prosus Ventures (earlier Naspers) in August last year announced its plans to acquire domestic payments gateway firm BillDesk for $4.7 billion. The competition watchdog had last Friday held an oral hearing of the parties concerned on the reply given by them to the notice. The CCI had in July-end sent a 30-page notice contending that the combination is likely to cause an Appreciable Adverse Effect on Competition (AAEC), and sought an explanation from PayU as to why a phase-II investigation (thorough investigation) should not be launched on the deal. This deal is also significant as it is one among the few where CCI had issued a show cause notice on a combination.Īlso Read: PayU acquires BillDesk for $4.7 billion in biggest payments space buyout in India ![]() IIL primarily provides payment aggregation services that enables merchants (and other entities) to receive payments from their customers across various digital payment methods.īillDesk was founded in 2000 by M N Srinivasu, Ajay Kaushal and Karthik Ganapathy and was backed by investors. The Limited (IIL), is an unlisted company that uses the name “BillDesk” as its trading/business/brand name in India. "Commission approves acquisition of 100% of the equity share capital of Limited (IIL) by PayU Payments Private Limited (PayU India) under Section 31(1) of the Competition Act, 2002," the CCI said in a press note.
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