#Marketwire: Paytm & PayU Get Approval to Act as BBPOU & More

Amazon accepts minority ownership in Cloudtail

Amazon accepts minority ownership in Cloudtail

#MarketWire is your daily roundup of biggest tech movements of the day. This segment features news from Paytm, PayU, Amazon & Beewise

PayU India and Paytm Get Approvals for Operating as a Bharat Bill Payments

PayU India and Paytm have got amongst the first in-principle approvals for operating as a Bharat Bill Payments Operating Unit (BBPOU). This will allow them to offer interoperable bill payment service to consumers.

Consumers will be able to pay all their bills anytime and anywhere under the Bharat Bill Payment System (BBPS), and the companies will provide platforms to offer these services.

The news has come right after The Reserve Bank of India (RBI) issued guidelines for digital wallet companies  to surrender their licences. The RBI said that it has been receiving requests from prepaid payment instrument (PPI) issuers and overseas money transfer operators for surrendering and canceling of their licences on a voluntary basis. Read more.

Amazon Accepts That it Owns Minority Stake in Catamaran Ventures-backed Cloudtail India

Online retailer Amazon.com Inc. has disclosed to the US stock markets regulator that the company owns an indirect minority stake in a third-party seller on its Amazon India marketplace.

Cloudtail India is a seller on the Amazon India portal. It is dominant in electronics and fashion sales, two of the three largest categories for Amazon India .It is owned by Prione Business Services and claims to have 6,000 sellers from 14 cities on Amazon India as of January this year. Read more.

FinTech Startup BeeWise Launches Savings Wallet

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Mumbai-based fintech startup BeeWise, which is backed by 500 Startups, has launched a ‘Savings Wallet’ to help consumers save money on their daily expenses across online and offline stores through a cashback model.

BeeWise was founded in September, 2015 by Varun Deshpande, Ratnesh Ray and Siddharth Verma. The app helps users manage their expenses and save money. Read more.