Flipkart UPI Launch, IT Firms Layoffs, Biance Back In India, ETC

April 20, 2024

Flipkart's UPI Launch Sees Rapid Adoption, Aims to Transform Payment Experience for Millions of Users:

Flipkart's UPI handle registered over five million transactions worth Rs 200 crore in March, marking a successful debut month.
The platform aims to enhance payment convenience for users, particularly in tier 2 cities, towns, and villages where Flipkart has a strong presence.
Flipkart's vast user base and high order volume provide a significant opportunity for UPI usage to grow substantially over time.
UPI is the most popular digital payment system in India, with around 75 percent of all online transactions executed through the platform.
Flipkart's UPI initiative seeks to reduce payment failures and provide a seamless checkout experience for customers, aligning with the platform's focus on in-house UPI payments rather than serving as a third-party payment app.
The launch of Flipkart's UPI handle comes amidst concerns about an entrenched duopoly in the UPI market, with PhonePe and Google Pay dominating the sector.
Flipkart cofounder Sachin Bansal's fintech app Navi is also offering rewards and cashbacks for using UPI, indicating the growing competition in the digital payments space.

India's leading IT firms lost 64,000 employees due to global economic uncertainties:

India's largest IT companies, TCS, Infosys, and Wipro, collectively witnessed an exit of 64,000 employees in FY 23-24.
The decline in headcount is attributed to weak demand globally and tighter technology spending by clients.
Wipro reported a decrease in headcount to 2,34,054 in March 2024, down by 24,516 from the previous year.
Infosys' total headcount decreased to 317,240 employees, marking a decline of 25,994 compared to the previous year.
TCS experienced a reduction in headcount by 13,249 employees, ending the fiscal year with 601,546 employees.
The IT industry faces challenges due to global macroeconomic uncertainties and geopolitical tensions, impacting client decisions and discretionary spends.
Infosys and TCS provided cautious revenue growth guidance for the upcoming fiscal year amidst the uncertain macroeconomic environment.

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Founder: Henri Nestle

Year Of Foundation: 1866

Headquarter: Vevey, Switzerland

Industry: Nestlé manufactures and sells food and beverages in several countries.

Why In News In India?

Research revealed that all 15 Cerelac baby food items in India have an average of almost 3 grams of sugar per serving.