India

Buy now, pay later firm Sezzle tests the waters in India for year-end launch

BENGALURU (Reuters) – Sezzle Inc is testing its buy-now-pay-later service in India for a potential launch at the end of the year, its chief executive officer said, capitalising on rapid global growth in online shopping as competition intensifies in the sector.

Moving into India would mark an ambitious plan for the firm as the second-most populous country gravitates more toward a cash-less society and more people purchase goods on the internet during the COVID-19 pandemic.

The Minneapolis-based fintech, which offers interest-free instalment loans at certain online stores, undertook an A$86.3 million ($61.99 million) equity raise in July, out of which nearly a fifth was earmarked to test international markets.

Sezzle currently only operates in the United States and Canada.

“If this works, we have a massive opportunity in India … We think it’s well worth the opportunity,” Chief Executive Officer Charlie Youakim told Reuters, pointing to a digital boom in

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India app ShareChat in talks with Sequoia, others to raise up to $200 million: sources

NEW DELHI (Reuters) – Indian content-sharing platform ShareChat is in early-stage talks with U.S.-based Sequoia Capital and some other investors to raise up to $200 million, which could value the company at over $1 billion, three sources aware of the matter told Reuters.

FILE PHOTO: A man watches a movie on his phone as he waits for the bank to open to exchange his old high-denomination banknotes in the early hours, in the old quarters of Delhi, India, November 16, 2016. REUTERS/Adnan Abidi/File Photo

ShareChat has appointed JPMorgan to advise on the new fund raising which it expects to complete before the end of the year, said the sources, who declined to be named as the talks were private.

The discussions come as Indian apps such as ShareChat are seeing a popularity surge after New Delhi in June banned 59 Chinese origin apps including ByteDance’s TikTok following a border clash

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Samsung crafts India comeback as anti-China wave surges

NEW DELHI/SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) is forging a comeback in India’s smartphone market with a new range of budget devices and a ramped-up online presence, aiming to recoup ground ceded to Chinese rivals such as Xiaomi Corp (1810.HK).

FILE PHOTO: A journalist uses a mobile phone as he works outside the Samsung Electronics smartphone manufacturing facility in Noida, India, July 9, 2018. REUTERS/Adnan Abidi/File Photo

Samsung, the only major non-Chinese player in the country, has already begun to gain ground, and a surge in anti-China sentiment in India following a border clash in June is expected to provide a fresh boost.

Samsung jumped to the No. 2 spot with 26% market share in the second quarter behind Xiaomi’s 29%, according to tech researcher Counterpoint, as the South Korean company’s diverse and inhouse supply chain helped it avoid product delays suffered by rivals

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Exclusive: India found cybersecurity lapses at National Payments Corp in 2019 – government document

NEW DELHI (Reuters) – A government audit of India’s flagship payments processor last year found more than 40 security vulnerabilities including several it called “critical” and “high” risk, according to an internal government document seen by Reuters.

FILE PHOTO: A shopkeeper swipes a customer’s debit card with the logo of RuPay at an electronics goods store in Kolkata, India October 31, 2018. REUTERS/Rupak De Chowdhuri/File Photo

The audit, which took place over four months to February 2019, highlighted a lack of encryption of personal data at the National Payments Corporation of India (NPCI) which forms the backbone of the country’s digital payments system and operates the RuPay card network championed by Prime Minister Narendra Modi.

The March 2019 government document cited the storing of 16-digit card numbers and other personal information such as customer names, account numbers and national identity numbers in “plain text” in some databases, leaving the data

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