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Payments and fintech roundup: Cash Suvidha, Benow and eBay

Cash Suvidha raises $2.7 million in institutional debt

More action in the fintech lending space. Cash Suvidha, which provides loans to small businesses and individuals, has raised institutional debt of $2.7 million from various six financial institutions. Cash Suvidha has disbursed to over 27,000 borrowers and it has an average loan size of around Rs 50,000. The company says that it gets around 15,000 loan applications per month and has disbursed a total amount of Rs 102 crore since it began operations. Note that the company also has its own credit scoring mechanism as well pulls data from social media to check educational & professional backgrounds, tracking lifestyle spends, payments behavior, and spending patterns. The funds will primarily be used to facilitate further lending to SMEs and personal Loans, particularly in Delhi NCR, Bangalore, Pune, Hyderabad & Mumbai.

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Benow integrates BharatQR and ties up with APT online

Payments company and merchant acquirer Benow has now enabled BharatQR solution. Merchants onboarded under this solution will be given a single QR code that can be used to accept UPI & debit/credit card payments following BharatQR standards. Earlier this year, the NPCI started to merge the QR codes generated by the UPI and BharatQR. The QR codes had to carry both UPI, BharatQR credentials and apps were directed to update themselves to the new specifications.

Separately, Benow partnered with APT Online to enable UPI and BharatQR code payments for over 4800 Common Services Centres (CSCs). The company says that it now has 10,000 merchants across Maharashtra and Andhra Pradesh. APT Online is a joint venture between Andhra Pradesh Technology Services Limited (APTS) and TCS and run a number of CSCs in the state.

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Ebay is looking to accept bitcoin as a payment method

E-commerce company eBay said that it might be looking at accepting bitcoin as a form of payment for products, reports Yahoo Finance. The publication quoted Scott Cutler, senior vice president of eBay Americas, that the e-commerce company was seriously considering the option but “was not quite there yet.” Note that online games marketplace Steam, run by the Valve Corporation, ended support for bitcoin as a payment method for game purchases last week. Valve said that the high fees and the volatility of the price of bitcoins have made it untenable for the company to support bitcoin purchases. Meanwhile, there are payment aggregators such as Stripe and Square which enable bitcoin payments for merchants as well.

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