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Top 10 stories of the week: January 16th to January 22nd 2017

In no particular order, here are MediaNama’s top 10 stories of the week ended 22nd January 2017

MediaNama would like to thank its sponsors: Indian Express, Bruce Clay and E2E for their support.

Updated: ICICI’s blocking of PhonePe VPA’s raises questions about governance of NPCI & UPI

Why should you build for UPI if individual banks can stop their users from accessing your application, by shutting off the apps bank account?

It has been almost four days since ICICI Bank blocked its customers from using PhonePe, the Unified Payments Interface service from Yes Bank, which is managed by Flipkart owned PhonePe. Read it here

SC issues notice to Govt, TRAI and Facebook in privacy case: report

The Supreme Court has issued a notice to the Government, Telecom Regulatory Authority of India (TRAI) and Facebook over a plea seeking privacy on data, reports the Huffington Post. The court has asked for a reply from the government, Facebook and WhatsApp in two weeks. Read it here

ICICI Bank Block: PhonePe says 20,000 txns of over Rs 5 cr value failed

PhonePe, a Flipkart-owned YES Bank application, which allows money transfer and payments using the Unified Payments Interface (UPI), has said that the company saw around 20,000 transactions with total value of over Rs 5 crore failing because ICICI Bank blocked its customers from using the PhonePe. It hasn’t disclosed as to how many PhonePe users have been impacted, and how many are on ICICI Bank, but suffice to say, prior to demonetization, the company had over 500,000 registered users. Read it here

Practo secures $55 million in funding for international expansion

Doctor discovery platform Practo has raised $55 million in a series D round of funding led by Tencent and participation from ur-Net, RSI Fund, Thrive Capital and existing investors Sequoia Capital, Matrix Partners, Capital G, Altimeter Capital & Sofina. The company will use the funds for international expansion and further improve its platform. Read it here

Zeotap secures $13 million from New Science Ventures & Here

Telecom data analytic firm Zeotap has raised 12 million Euros (~$12.83M) in a series B round of funding from New Science Ventures and Here. Existing investors Capnamic Ventures and Iris Capital also participated in the new round. Read it here

DGCA lost all digitized pilot and plane data in 2015 server crash

The Directorate General of Civil Aviation (DGCA) has revealed that it lost its entire data set regarding to safety and security of planes and pilots, reports Daily Mail. The report mentions that the air safety regulator revealed this information in reply to an RTI query, stating that a server crash in August 2015 caused the data loss. Read it here

FreeCharge will now allow users to invest in mutual funds

FreeCharge’s customers will now be able to invest in mutual funds through its partnership with Reliance Mutual Fund. To invest through FreeCharge, a KYC compliant customer needs to enter their PAN number, bank account number and other details and the folio of the customer will be generated. Read it here

Uber hikes fares for uberGO and uberX rides in Mumbai

Uber has hiked its ‘ride time fare’ by 50 paise per minute on uberGO (hatchbacks) and uberX (Sedans) rides, and also increased base fare for uberX rides by Rs 5 per km in Mumbai. The company added that a 20 km ride from Borivali to Andheri will now cost Rs 112 on uberPOOL (shared cab), Rs 225 on uberGO and Rs 286 on uberX (Sedan) with the updated fares. Read it here

Hotstar’s parent company Novi Digital posts net loss of Rs 409Cr for FY16

Novi Digital Entertainment, the parent company of video streaming service Hotstar has reported a net loss of Rs 409 crore for the financial year 2015-16 (FY16), which widened from Rs 77.1 crore in the previous financial year (FY15), according to its filings with the Registrar of Companies. The development was first spotted by Financial Express. Read it here

This PhonePe-ICICI Bank standoff just doesn’t end. A little game…

So, let’s play a game. It’s called read between the lines. Earlier this week, ICICI Bank blocked UPI payments from PhonePe, a Flipkart-owned YES Bank application; PhonePe said that more than 20,000 transactions with total value of over Rs 5 crore failed because of ICICI Bank’s move. Read it here

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ