- Thirty-two entities, including Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google Pay, Amazon.Com Inc’s (NASDAQ: AMZN) Amazon Pay, and Reliance Payment Solutions won the Indian banking regulator’s approval for online payment aggregator.
- The Reserve Bank of India assessed 18 other applications, including Walmart Inc’s (NYSE:WMT) PhonePe.
- Also Read: Jack Ma’s Ant Financial Wants To Become Leading Global Payments Aggregator; Clocks 1B Users
- Four applications, including PayTM, failed to cut. They can continue to operate without adding new merchants and reapply within 120 days from the return date.
- Recently PhonePe raised additional funds at a $12 billion valuation reaching $450 million.
- PhonePe plans to deploy these funds to scale up its Payments and Insurance businesses in India and launch and aggressively scale new businesses like Lending, Stockbroking, ONDC-based Shopping, and Account Aggregators.
- India, the second-largest internet market, became a critical overseas market for Walmart and Amazon.Com.
- Price Action: GOOG shares closed higher by 2.26% at $97.10 on Wednesday.
Northland Capital Markets Initiates Coverage On Alta Equipment Group with Outperform Rating, Announces Price Target of $25
Northland Capital Markets analyst Ted Jackson initiates coverage on Alta Equipment Group (NYSE:ALTG) with a Outperform rating and announces Price Target of $25.
