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<ul><li>The Indian government has banned 232 applications over “data storage” issues and “money laundering.”</li><li>Out of 232 apps banned, 138 are betting apps, and 94 are quick-loan apps.</li><li>The banned apps include credit applications such as <keyword id="6591942" type="General" weightage="20" keywordseo="lazypay" source="Orion">LazyPay</keyword> and Kissht.</li></ul> The Indian government recently banned 232 betting and loan applications linked to China and other countries, cracking down on gambling and quick loan apps over “improper data storage” and “money laundering” concerns. In addition to Chinese apps, the ban included Indian ‘Buy Now Pay Later’ (BNPL) apps such as LazyPay and Kissht. Out of the 232 apps banned by the Ministry of Electronics and Information &amp; Technology (MeitY), 138 are betting and gambling apps and 94 are quick-loan-providing apps. According to a<a href="https://economictimes.indiatimes.com/tech/technology/govt-blocks-232-foreign-apps-including-chinese-for-gambling-money-laundering/articleshow/97620408.cms"> report</a> by Economic Times, the government has said that the apps have been banned as they contain materials “prejudicial” to the sovereignty and integrity of India. “These apps contained material which is prejudicial to sovereignty and integrity of India,” an official familiar with the matter said. While some of the apps banned have Chinese links, the list also includes Indian applications such as LazyPay and Kissht. Currently, there is no information from the government why apps such as PayU’s LazyPay and Kissht were banned in the country. Some of the apps banned were involved in predatory lending, wherein such apps offered quick funds to people in emergencies, and subsequently, Soon after the announcement, LazyPay’s website was blocked, with the notice – “The website has been blocked as per the order of the Ministry of Electronics and Information Technology under the IT Act, 2000.” While the website is now accessible, the company’s app has stopped working. <cmsannotation type="cmsannotation" annotationid="Customers raise concerns about the app not working" comment="subhead" text="Customers raise concerns about the app not working">Customers raise concerns about the app not working</cmsannotation> LazyPay customers have taken to social media platforms to complain about LazyPay’s app not working. The company is following a template, asking users to message them about the issue. One issue that has arisen after the ban on LazyPay is the fate of existing customers. Currently, there is no clarity about the ban and the possibility of the issue being resolved. This has resulted in existing customers being concerned about the money they borrowed from the company. Business Insider India has reached out to PayU for a comment on the ban on LazyPay and to know the impact on existing customers who have borrowed money from the company. We will update the story after receiving a response from the company. SEE ALSO: <a href="https://www.businessinsider.in/business/news/swiggy-cracks-down-on-password-sharing-allows-users-to-use-same-account-on-only-two-devices/articleshow/97548345.cms">Swiggy cracks down on password sharing, allows users to use same account on only two devices</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-s23-plus-and-s23-ultra-price-availability-india/articleshow/97544314.cms">Samsung Galaxy S23, S23 Plus, and S23 Ultra priced starting at ₹74,999 in India</a> <a href="https://www.businessinsider.in/tech/news/detectgpt-to-help-teachers-detect-content-generated-using-chatgpt-by-students/articleshow/97438221.cms">DetectGPT to help teachers detect content generated using ChatGPT by students</a>

After Chinese apps, the Indian government cracks down on Indian betting and quick loan apps—here’s why

New Delhi, Jan 10 () PayU on Friday said it will acquire a controlling stake in PaySense and all its assets at a valuation of USD 185 million (about Rs 1,300 crore).
 "PayU's consumer lending business LazyPay and PaySense will merge their business operations to build a full-stack digital lending platform in India. This planned merger is aligned with PayU's long term vision of orchestrating a fintech ecosystem in India by partnering with the right companies and offering multiple financial services," a statement said.
 PayU will also inject up to USD 200 million (about Rs 1,400 crore) in the new enterprise in the form of equity capital, it said.
 It added that USD 65 million of the total amount will be immediately invested, while the balance corpus will be infused in the next 24 months to grow the loan book. 
 Prashanth Ranganathan (currently PaySense CEO) will lead PayU's credit business in India as the CEO of the new enterprise. He will continue to retain a stake in the merged enterprise, while all the other investors and shareholders will exit.
 PaySense's management team will become part of PayU's credit team.
 PayU's understanding of consumer backgrounds and insights into purchase behaviour and affluence levels from its payment gateway business, coupled with LazyPay's experience in driving customer acquisition and engagement and PaySense's analytics, tech and risk management capabilities will enable the combined entity to serve more of the new-to-credit Indian population, the statement said.
 PayU's unified digital credit platform will enable third parties such as banks, NBFCs and alternate lenders to co-lend and grow assets.
 "This merger is the next step in our journey as we accelerate our vision for credit in India. We're delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform..." PayU Global Head of Credit Siddhartha Jajodia said.
 In a separate statement, Nexus Venture Partners said it was the sole initial institutional investor in Paysense.
 Nexus had first partnered Prashanth Ranganathan and Sayali Karanjkar at concept stage of the company in 2015, and further participated in all subsequent rounds of the company, it added. SR RVK

PayU to acquire controlling stake in PaySense

<ul><li>WhatsApp is reportedly working on an instant credit feature. Its latest regulatory filing states that providing credit is one of its main business objectives.</li><li>This comes at a time when instant loans have become popular with companies like Amazon, Paytm and others have started offering these services.</li><li>WhatsApp’s massive user base in India gives it a great platform to launch revenue-generating services like digital loans.</li></ul>WhatsApp loans could be the next big feature for the popular messaging service. With India being one of the biggest markets for WhatsApp and instant loans gaining popularity, WhatsApp loans have the potential to take off. In a filing with the Ministry of Corporate Affairs accessed by <a href="https://techcrunch.com/2020/04/28/whatsapp-eyes-credit-feature-for-users-in-india/">TechCrunch</a>, WhatsApp has listed ‘providing credits or loans’ as one of its main business objectives to be pursued in India. WhatsApp’s parent company <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> recently entered into a partnership with <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, acquiring a stake of 9.9% in a $5.7 billion deal. Subsequently, the Mukesh Ambani-owned company <a href="https://www.businessinsider.in/business/ecommerce/news/how-to-order-groceries-from-jiomart-using-whatsapp/articleshow/75403670.cms">launched JioMart service on WhatsApp</a>, allowing users to order groceries and other essentials from the messaging app. <div type="Article" hostid="261" msid="75283937" title="Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion" mstype="2" mssubtype="0"></div> “In my mind, Whatsapp Pay and Jio money will all hopefully get rolled into one. It will just make it quicker since there is nobody in India that doesn't have WhatsApp,” Vikram Sud, an independent director at DBS <a href="https://www.businessinsider.in/tech/news/whatsapp-is-the-secret-sauce-in-the-deal-between-facebook-and-reliance-jio/articleshow/75296172.cms">told</a> Business Insider. WhatsApp’s existing payments service, WhatsApp Pay, is yet to take off after more than two years of testing. Regulatory hurdles have played spoilsport in this regard, but WhatsApp has reportedly reached out to the National Payments Corporation of India (NPCI) stating that it will ensure compliance with the local data protection laws by May. In January, <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">Mark Zuckerberg said</a> that WhatsApp Pay will roll out in India within six months. Joining the dots, it seems plausible that it could launch by May. “This is an amazing partnership on the payments side. Whatsapp Pay did not have the commercial sides of it as Whatsapp was trying to creep into the business. Now, between Whatsapp, Instagram and Facebook — all the commerce can be done through Whatsapp Pay,” said Sud. Amazon Pay Later makes an entry in India Amazon has also launched its credit service called Pay Later. It allows users to purchase products on Amazon, pay utility bills, do recharges and more. Users can make the payment in the next month at no extra cost. The Amazon Pay Later feature is not available on products like gold, jewellery, Amazon Pay balance top-up and Amazon Pay gift cards. How will WhatsApp loans work? It is not clear as to how WhatsApp plans to offer loans and to which users. However, looking at other companies like Amazon, Paytm, or PayU which offers LazyPay, WhatsApp could offer a fixed credit limit to its users based on certain criteria. Users who avail WhatsApp credit could then be required to repay the amount due in a certain time period. For reference, services like LazyPay Pay Later allow you to make payments once in every 15 days, essentially giving you 15 days of interest-free loan. Paytm Postpaid works on a monthly basis – your credit bill is generated on the first of every month and you are given 7 days’ time to repay. For example, if you avail the credit facility on May 1, you will have to repay by June 7, giving you 36 days of interest-free credit. See also: <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion</a> <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">WhatsApp Pay to roll out in India and other countries over the next six months: Zuckerberg</a>

WhatsApp has reportedly listed giving loans as a ‘main’ objective—  and it could be a big feature in Facebook and Reliance Jio’s partnership

New Delhi, Apr 10 (PIT) Consumer internet firm Prosus, which has invested in companies like Swiggy, Byju's etc, on Friday pledged to donate Rs 100 crore to the Prime Minister's relief fund for supporting coronavirus relief work. "Prosus, the global consumer internet group of Naspers, has committed Rs 100 crore to the Indian government's response to the Covid-19 crisis. The donation will be made to the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund'," the company said in a statement. Prosus has invested around USD 5 billion (about Rs 37,900 crore) in Indian technology companies since 2005. Its portfolio includes Brainly, Byju's, Codecademy, eMAG, Honor, iFood, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payments, Remitly, SimilarWeb, SoloLearn, Swiggy, and Udemy. "These are unprecedented times and we want to play our part in contributing to the efforts underway in India. By working with government and civil society, we hope to help India overcome this very difficult period," Prosus and Naspers Group CEO Bob van Dijk said. In addition to its direct contribution to the PM CARES Fund, Prosus is working closely with the companies it partners with to support measures designed to help Indians affected by the situation, the statement said. Byju's has offered its learning platform for free in India until the end of April to help parents support their children's learning while away from school. On the other hand, Olx is allowing advertisements to stay on its site for an additional 30 days, at no extra cost and PayU has built a platform to enable any brand in India to start raising funds from its customers for the PM CARES Fund. "Swiggy has launched a campaign to donate meals to persons in need in India. The public can also donate to this campaign. The campaign is currently donating approximately 35,000 meals per day, with a goal of raising this to 500,000 meals per day as soon as possible," the statement said. PRS ANU

Prosus commits Rs 100 crore for PM's Covid relief fund

New Delhi, Two men were arrested for allegedly duping people by hacking food and grocery delivery app <keyword id="19896956" type="General" weightage="20" keywordseo="swiggy" source="keywords">Swiggy</keyword> account, a Delhi Police official said on Monday. The accused were identified as <keyword id="20480275" type="General" weightage="20" keywordseo="aniket" source="keywords">Aniket</keyword> Kalra (25), and Himanshu Kumar (23), both residents of <keyword id="19921445" type="General" weightage="20" keywordseo="gurugram" source="keywords">Gurugram</keyword>, Haryana. According to police, the duo was using 'Interactive Voice Response (IVR) system to hack Swiggy accounts of the victims. The official said that after hacking the account, the accused used to place orders from the victims account and then used to sell the grocery products at a lower price. Their arrest came after a woman complainant, a resident of Sultanpur was cheated of Rs 97,197 by some unknown persons from her Lazy Pay account linked with Swiggy account. During the investigation, technical analysis of call details and money transaction was made and it was found that complainant received a call in late night hours from an Automated Telephony Interactive Voice Response (IVR) System and she was told in Pre-Recorded Voice Responses that somebody is trying to access her Swiggy account. Thereafter, her Swiggy account was hacked and online orders of Rs 97,197 were placed using her Lazypay account linked with Swiggy. "Further, CDR analysis of the calling number revealed that the mobile number from which the complainant received the call is an application based generated number connected with IVR System. Simultaneously, details from Swiggy were obtained and it came to notice that the alleged orders were delivered in Gurugram," said the Deputy Commissioner of Police (south) Ankit Chauhan. The mobile number used for delivering the products was found registered on fake ownership. "The team worked on all the available aspects of the case. The efforts of the team bore fruits when during IMEI search, the location of suspect was zeroed in Sector 7, Gurugram, Haryana," said the <keyword id="19916219" type="General" weightage="20" keywordseo="dcp" source="keywords">DCP</keyword>. Raids were conducted and Aniket and Himanshu were apprehended. On interrogation, Aniket disclosed that he used to work as a delivery boy in Zomato and Swiggy. "Thereafter, he started buying grocery items from online selling platform at lower price through offers and then used to sell them in the market, thus saving 5 per cent-10 per cent on every order. Further, he along with co-accused <keyword id="20646636" type="General" weightage="20" keywordseo="ansh" source="keywords">Ansh</keyword>, a resident of Punjab met on telegram and they both started duping people through IVR Calling system," said the DCP. Ansh has the data of people who have linked their credit card/debit card/internet banking with their Swiggy account. "Ansh used to target victims by hacking their Swiggy account through pre-recorded voice responses and thereby accessing confidential data of victims. Then Aniket used to link a phone number registered on fake ownership with the Swiggy account of the victim and then used to place orders of Grocery items for as much amount as available in the account of the victim," said the DCP. The random addresses of Gurugram were provided for delivery of items to avoid any police action. "Aniket and his friend Himanshu used to sell the grocery items in the local market at discounted price and then used to send 50 per cent profit to Ansh via cash depositing machines or various UPI Id's," said the DCP. Himanshu owns a medical shop in Gurugram and under the guise of a medical shop he was involved in transferring the cheated amounts to various UPI IDs and accounts. "Further investigation of the case is in progress to trace the co-accused and to link other cases," the DCP added.

You Searched For "lazypay" and got 5 results

After Chinese apps, the Indian government cracks down on Indian betting and quick loan apps—here’s why

Sourabh Jain

PayU to acquire controlling stake in PaySense

PTI

WhatsApp has reportedly listed giving loans as a ‘main’ objective— and it could be a big feature in Facebook and Reliance Jio’s partnership

Rounak Jain

Prosus commits Rs 100 crore for PM's Covid relief fund

PTI

Hackers place order of over ₹97k from victim's Swiggy account, two held

IANS

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