Walmart Backed PhonePe’s Payments Business is Booming.

What we’ll cover today:

🚀 Walmart-Backed PhonePe’s Payment Boom.

💸 Mastering Money Movement With Visa.

🤖 How AI is Enhancing Real-Time Data for Investors.

🔗 The Event Roundup.

Walmart-Backed PhonePe’s Payment Boom.

They pulled in $603 million in revenue last year.

A massive 95% of that came from payments, which grew 77% to $570 million.

But here’s the catch: their new ventures—insurance, lending, and stock broking—only brought in $24 million.

That’s less than 4% of the total.

Key figures:

• Payments revenue: $570 million (95% of total)

• Financial services revenue: $24 million (less than 4% of total)

• Losses from new ventures: Over $500 million

Still, they managed to cut overall losses to $240 million, down from $336 million last year.

Here’s the whole article

1. Mastering Money Movement With Visa.

Vera Platonova, Visa Direct's chief revenue officer, spotlights the future of money movement services and the increasingly critical role of partnerships in enhancing current industry practices.

In this video interview, Platonova discusses:

• The regional variances in cross-border transactions and the complexities involved in moving money internationally.

• The restructuring of Visa Direct and enhancing its partnership strategy to serve businesses better navigating these complexities.

• Visa’s latest initiatives to bolster its money movement services with innovations.

Here’s The Interview.

2. How AI is Enhancing Real-Time Data for Investors.

Data management is a vital part of investment management. New technological advancements, particularly AI, are helping transform how investors and portfolio managers can leverage their data.

FinTech Global recently spoke to Jamil Jiva, Executive Vice President at Linedata, to get his thoughts on the role of data management in the AI lifecycle.

Here’s The Interview.

1. AI Takes Center Stage in Banks’ Digital Transformation Strategy.

According to a new study conducted by Publicis Sapient, a leading American digital consulting company, banks spend 29% of their investments in customer experience digital transformation on machine learning, AI and generative AI. 

Banks are also placing AI as their biggest focus for digital transformation over the next three years.

2. Canada’s Koho launches in-app eSIMs with Boxo and Airalo.

Canadian fintech Koho has incorporated a new eSIM feature into its money management app in collaboration with Singapore-founded start-ups Boxo and Airalo.

The feature will allow Koho’s 1.7 million Canadian customers to purchase and activate eSIMs directly within their app.

3. Mitsubishi acquires 50% of Ayala’s stake in Mynt for $320m.

Ayala Corporation, one of the Philippines’ largest conglomerates, has reached an agreement to sell a 50% stake in AC Ventures Holding (ACV) to Mitsubishi Corporation for at least P18.4 billion (approximately $323 million).