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UPI leads digital shift as 48% MSMEs use it for business transactions
Manikant Mishra New Delhi
Nearly 50 per cent of MSMEs prefer UPI for business transactions, followed by Aadhaar-enabled banking, according to a new report.
The MSME Digital Index Report by PayNearby shows that digital payments are seeing growing adoption among MSMEs. UPI was the most preferred method at 48 per cent, while Aadhaar-enabled banking followed at 39 per cent.
Among women-led businesses, Aadhaar-based transactions saw even higher use at 42 per cent, highlighting increased trust in secure technologies such as fingerprint and facial recognition, the report said.
The findings are based on a national survey of 10,000 individuals and MSMEs operating in sectors such as kirana stores, mobile recharge shops, medical stores, customer service points (CSPs) and travel agencies.
Smartphones have become the main business tool for 71 per cent of users. Usage was higher among women entrepreneurs, at 84 per cent.
When asked about the benefits of going digital, one in three respondents reported better operational efficiency. More than 73 per cent of small businesses in semi-urban and rural areas said they had either higher earnings or smoother operations after adopting digital tools.
"A small but notable 7 per cent of respondents have begun exploring automated or AI-powered tools, including inventory apps, automated billing systems and customer engagement platforms, mostly through third-party solutions," the report said.
Anand Kumar Bajaj, founder, MD and CEO of PayNearby, said: "The MSME sector is the backbone of Bharat's economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking and emerging AI workflows is proof that this segment is embracing modernisation."
PayNearby is a DPIIT-certified company offering branchless banking and digital financial services.
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Hindustan Times
24 minutes ago
- Hindustan Times
Elon Musk Is Running Out of Road in China
As Elon Musk confronts deepening business and political challenges in the U.S., he's also facing trouble in his other most important market: China. For a while, Tesla was the hottest car on Chinese roads, and Musk was the toast of Beijing. Government officials showered the company with incentives, part of a concerted strategy to turbocharge the Chinese EV industry by injecting Tesla know-how into the country and spurring competition. Tesla's sales took off. But the risk was always that Tesla would start falling behind the rivals it helped create. Now, that is exactly what's happening. Tesla's market share has shriveled as other Chinese automakers become more popular. Meanwhile, Musk's reputation as a partner for Beijing in Washington took a beating as his relationship with Donald Trump soured. Chinese consumers say Teslas increasingly feel tired and out of touch with local tastes. Top China-designed EVs nowadays come with features that aren't normally found in Teslas, such as multiple big screens to watch films and play games, refrigerators to keep drinks cold and in-car cameras for selfies. BYD, which makes both EVs and batteries; and battery giant Contemporary Amperex Technology, or CATL, recently said they each had developed new technologies that allow users to charge cars in just five minutes. Consumers walk by Tesla cars in a showroom at a Beijing shopping mall. Tesla's China staff have voiced concerns to headquarters about the company's aging products, but their warnings often drew sluggish responses, China-based employees said. The frustrations have built as Chinese salespeople feel more pressure to hit targets, without the sexiest cars to sell. Many Chinese consumers still appreciate Tesla's brand image as an EV pioneer. And the company retains support in Beijing. Chinese leaders see Tesla as a poster child of successful foreign investment and a useful ally in helping China build a green economy, centered on industries such as renewable energy, EVs and batteries. As trade tensions with the U.S. heated up this year, Chinese Premier Li Qiang made clear that Tesla's local operation wasn't to be targeted by any retaliatory measures, people familiar with the matter said. But Beijing hasn't given Tesla full regulatory approval for its so-called Full Self-Driving (Supervised) assisted-driving software, a technology central to Tesla's ambitions to dominate transportation in the future—and which Chinese companies are also racing to master. At the same time, the public breakup between Musk and Trump is limiting Musk's value to Beijing. In January, Chinese Vice President Han Zheng met Musk in Washington and told Musk that Beijing hoped he could play a 'constructive role' in U.S.-China relations, a person familiar with the exchange said. Elon Musk leaves a Beijing hotel in a Tesla in 2023. Musk wasn't receptive to China's overtures, however, people who consult with Chinese officials said. And because of the Musk-Trump feud, Beijing no longer views the Tesla chief executive as a geopolitical asset and will shy away from publicly courting him, the people said. 'Tesla remains important for China,' said one of the people who consults with Chinese officials. 'But for authorities, helping domestic companies still matters more.' For Musk, who has pledged to refocus on Tesla now that he is distancing himself from Washington, success in China is vital. It is Tesla's second-largest market by revenue after the U.S. and the carmaker's biggest production and export hub, making up around half of its global vehicle shipments and supplying components for its worldwide manufacturing. If anything, China's importance to Tesla is growing after its sales declined in the U.S. and Europe due to his earlier association with Trump. China is also a testing ground for technologies that Musk prioritizes, such as FSD and driverless taxis. Tesla has cut prices in China, along with other Chinese EV makers, and aims to launch a new Model Y SUV variant in 2026, which it hopes could help boost sales there. Yet Musk has appeared uninterested in making too many concessions to the market, instead relying on Tesla's reputation for quality and technology to remain a leading player in China. Tesla didn't respond to requests for comment. The company said in April in its earnings presentation about China that while conventional wisdom is that competition will be bad for Tesla, the company believes it would accelerate EV adoption and help Tesla's sales in the long-term. Many experts believe the road ahead for Tesla in China will remain bumpy. American companies have a long history of thriving temporarily in China before falling behind, once local competitors scale up and government officials tilt the playing field in favor of domestic champions. In the early 2000s, Motorola was turfed out by Chinese companies supported by government policies that pressured the American company to share technology and adopt battery standards developed by Huawei Technologies. Apple was China's No. 1 smartphone maker in 2023, but now ranks third behind Huawei and another Chinese brand, which have popular features at lower prices. Apple's slide has been compounded by Chinese restrictions on the use of its devices by government officials and stimulus policies that favor Chinese domestic manufacturers. Under siege 'You never want to bet against Elon Musk and the resilience of Tesla,' said Michael Dunne, a former General Motors executive who now runs an automotive consulting firm. Still, he says Musk likely knows there is a shelf life to many global companies operating in China, and is looking at investments in places such as India in case China becomes more difficult. Musk 'is probably closer to sunset than sun up in his business in China,' Dunne said. Tesla's most immediate challenge in China is its shrinking market share, even as the country's EV market has mushroomed. In May, Tesla sold slightly fewer than 40,000 cars in China, down 30% from the same month a year earlier, while the overall market for new-energy vehicles—a category that includes full EVs and plug-in hybrids—rose 28%. Tesla's market share in the category was down to 4% in May from 11% in early 2021, according to China Passenger Car Association data. BYD, a key competitor, holds around 29% of the EV and plug-in market. Smartphone maker Xiaomi, which only started selling EVs a year ago, has about 3%. Car buyers interviewed by the Journal said Teslas don't seem as leading-edge as before, while government restrictions on Tesla further curbed their popularity. Qian Yang, 34, says he used to have a Tesla Model 3 which he enjoyed driving on weekends until his employer, a state-owned company, last year told him not to park the car in the company compound due to security concerns. China started limiting use of Tesla cars by government and military staff in 2021, citing concerns that data the cars gather could lead to national-security leaks, though some areas have eased the restrictions after Tesla built a local data center to address the concerns. Qian sold his Tesla and paid $34,000 for an SU7 electric sedan from Xiaomi. Now he's a fan of his Xiaomi car, which includes Xiao Ai, a voice assistant that can perform tasks such as opening vehicle doors and connect with other Xiaomi devices. 'You know that feeling when you're leaving work, and you can just tell Xiao Ai in the car to remotely turn on the air conditioning in your room? That's pure bliss,' said Qian. 'Teslas are almost like iPhones now. They're getting uninspired and stale, and don't have revolutionary features anymore.' Tesla salespeople in China say extra features diminish battery range and impede acceleration, and are encouraging buyers to focus on Tesla's safety record. But they also complain privately about the difficulty of meeting rising internal pressure to hit sales targets. One Beijing salesman said his sales target has recently been raised to selling at least one car a day from typically four cars a week. Many colleagues have been working 12 hours daily in recent months, compared with 10 hours previously, the person said. In a report submitted to headquarters in early 2021, Tesla's China team noted that local consumers were keen to have their cars connect seamlessly with their smartphones and include more entertainment applications. U.S.-based Tesla officials replied that such features weren't a priority, people familiar with the matter said. Tesla's China strategy team raised the issue again in 2023 and 2024, and again felt brushed off, one of the people said. Tesla did start providing some popular Chinese apps to local drivers starting in 2023, such as the streaming service Mango TV. Still, Tesla drivers can access fewer apps than users of Chinese cars. After initially pledging to design a new car a few years ago that local consumers would recognize as more distinctly Chinese, Tesla shelved that plan, people familiar with the matter said, as other priorities took precedence. Instead, Musk pivoted to a strategy of designing a more affordable model which would remove or downgrade features from existing models to save costs and make these cars easier to mass-produce on existing manufacturing lines. Some employees and analysts are skeptical about this strategy, which includes the new Model Y variant Tesla plans. They fear that stripped-down models will easily be outmatched by local rivals if they aren't priced significantly lower. Tesla's Model Y SUV, its bestselling model in China, starts at about $36,700. Meanwhile, the Sealion 07, a rival BYD electric SUV, starts at around $26,400. Self-driving stalls Tesla's inability to fully roll out its FSD driver-assistance service is adding to its problems. Unlike older software that preprograms rules about most situations a car might encounter, Tesla's current FSD is built on an AI-driven system that learns how to drive from millions of video clips taken from actual road experience. The system, mainly trained with U.S. data, is considered a technology leader, and has been widely available in the U.S. since early 2024. FSD can help drivers park the car and navigate urban streets as well as highways. Currently, drivers must still pay attention while sitting behind the wheel and be prepared to take over at any time. Musk has wanted to launch FSD in China not just to lift sales there, but also because China's EV market generates copious data that can improve FSD's capabilities, thereby cementing Tesla's global leadership. A Tesla Model 3 travels the streets of Shanghai earlier this year. In April of 2024, Musk flew to Beijing and met personally with Premier Li, winning a tentative nod to move ahead with FSD in China. But he underestimated the roadblocks posed by Chinese regulations, which require car companies to train their systems with local driving data to prove their vehicles can safely handle domestic traffic conditions. Under Chinese law, companies are restricted from sending such data overseas for security reasons—a problem for Tesla, since its FSD training has been in the U.S. Tesla initially offered to redact video from Chinese roads to hide sensitive information. But the sheer volume of data Tesla sought to transfer far surpassed officials' comfort levels, people familiar with the matter said. As a Plan B, Tesla considered expanding its FSD training inside China. To do so, however, its China operations need access to the most advanced semiconductors, which have been blocked by U.S. export controls. After nearly nine months of back-and-forth, talks hit a dead end. While Tesla spins its wheels, local competitors have introduced sophisticated driving-assistance technology, often at lower prices. Users report that XPeng's flagship package, XNGP, has similar functionality to Tesla's. BYD has a system named 'Eyes of God,' after a deity in Chinese mythology with three eyes, which the company says can cruise on city roads with minimal human intervention. Chinese companies are also moving ahead with robotaxi services that use self-driving technologies, including thousands of robotaxis operated by Baidu and Pony AI. Tesla, which launched its robotaxi in Austin in June, has no robotaxis on Chinese roads. Frustrated by the delays, Tesla in February started releasing some features—such as city navigation—that are part of its U.S. FSD package through over-the-air updates, making use of an ambiguity in China's rules, people familiar with the matter said. At the time, carmakers in China needed to seek official approval before releasing major updates to drivers; for smaller updates, they typically only had to notify authorities. Tesla's move upset some officials, the people said, prompting regulators to clarify that carmakers must secure approval before issuing any driver-assistance updates. Tesla halted the updates. But later in March, to help maintain customer interest and collect feedback, it said it would offer a one-month program for drivers to try some FSD features free. Regulators again told Tesla to stop, saying it shouldn't use drivers as guinea pigs. Chinese authorities further tightened oversight across the entire sector, after a crash involving Xiaomi's driver-assistance technology in late March. 'Catfish' effect Tesla's struggles in China today contrast with the prepandemic years, when Chinese leaders appeared willing to do anything to court Musk. Their hope was that Tesla's expansion in China would propel underachieving local automakers and help build out the country's EV market. Chinese officials likened it to lobbing a predatory catfish into a pond full of sluggish fish. China provided Musk and Tesla with cheap land, low-interest loans and tax incentives. In 2018, Tesla announced plans to build its first overseas car factory in Shanghai, becoming the first foreign automaker Beijing allowed to produce cars in China without a local partner. Tesla's sales in China surged, as did its exports from Shanghai to other markets. Tesla's presence also paid off for Beijing, igniting consumer interest in domestically made EVs and accelerating development of China's EV supply chain. Soon, some Chinese automakers were adopting Tesla technologies such as 'gigacasting,' which employs high-pressure aluminum die-casting to create a car's frame, combining hundreds of manufacturing steps into one to save costs and time. Xiaomi was among those that followed suit. In April 2023, Chinese automakers' progress stunned attendees at an annual auto show in Shanghai. During the pandemic, Western auto executives had limited access to the country. But now, they found an utterly changed streetscape, with EVs everywhere and cars that were far more advanced than anticipated. Although Musk came to China to leverage its low costs and enormous market, he wasn't prepared for China's response, said Bill Russo, chief executive of Automobility, a Shanghai-based strategy firm. 'What he didn't bargain for is that Chinese companies would do that, too, and they would probably do it even better than you can,' he said. 'He made the same mistake that every foreign automaker made—to underestimate China's ability to out-innovate you.' Batteries and robots A big risk for Musk now is that the same pattern will play out in other businesses Tesla is banking on for future growth. In late March, Tesla began shipping 'Megapack' batteries, which provide grid-scale energy storage, from a newly built Shanghai factory to its first overseas market, Australia. It's a business Beijing wants to grow and which multiple companies, including CATL, are moving into. Musk also wants Tesla to dominate humanoid robots, a business he says could someday generate revenues north of $10 trillion. Tesla's plans currently call for producing thousands of Optimus humanoid robots in the U.S., a goal that relies on Chinese suppliers for components including planetary roller screws for robot joints and motors for robot hands, people familiar with the matter said. Engineers from Chinese suppliers have worked overtime with Optimus engineers to complete designs. The suppliers' efficiencies have enabled Tesla to cut costs for some components so dramatically that the company didn't bother suspending shipments even after Washington imposed hefty tariffs on Chinese imports, the people said. Visitors look at Tesla's humanoid robot Optimus at its exhibition booth during the World Artificial Intelligence Conference in Shanghai last July. Now, China has its own batch of robotic startups, such as Unitree and Agibot, gearing up to compete with American companies. As Chinese suppliers work with Tesla, it could speed up that process. 'Once you secure contracts with Tesla, domestic robotics companies will be much more willing to collaborate with you,' said Chen Feng, a marketing manager at an Optimus supplier. 'Tesla can play catfish again.' During a recent call with analysts, Musk said he believed his Optimus was No. 1 in the sector. But he worried China would eventually dominate the field. 'I'm a little concerned that on the leaderboard, ranks two through 10 will be Chinese companies,' Musk said. Grace Zhu contributed to this article. Write to Raffaele Huang at Lingling Wei at and Yoko Kubota at Elon Musk Is Running Out of Road in China Elon Musk Is Running Out of Road in China
The Hindu
27 minutes ago
- The Hindu
Kumbhi Kagaz Uses Water Hyacinth to Create Chemical-Free Stationery in Assam
We have seen paper crafted from elephant dung, plantable diaries embedded with seeds, and bamboo pens. Adding to the list of eco-friendly stationery products are Rupankar Bhattacharjee and Aniket Dhar, who are turning water hyacinth into stationery at Kumbhi Kagaz in Guwahati, Assam. The idea for the initiative emerged from an unexpected moment in Nature, says Rupankar, who is also a wildlife conservationist. 'While releasing a rescued python back into the wild, as members of the NGO Help Earth, we became aware of the destructive impact of water hyacinth on local water bodies. During this experience, herpetologist DrJayaditya Purkayastha, also our mentor, shared his frustration with the invasive plant and its ecological consequences,' says Rupankar, 27, adding that under Jayaditya's guidance, he and Aniket began researching the plant. They discovered that water hyacinth has a high cellulose and hemicellulose content, making it a promising raw material for papermaking. 'During the COVID-19 lockdown, we started experimenting with handmade paper using DIY methods and successfully developed our first prototypes. Around the same time, we co-founded The Inside Out Program, focussed on conservation awareness through trekking and biodiversity documentation.' Their current product range includes notebooks, journals, and calendars that are compostable, and chemical-free. In 2021, the duo won the UK-based WasteAid Zero Waste Cities Challenge – Guwahati, and soon after, they bagged the Tide 2.0 title at Assam Downtown University Venture Labs and the India Pitch Pilot Scale Startup Challenge. Taking us through the process, Rupankar says they follow a traditional handmade papermaking process, with modern interventions introduced to improve efficiency and sustainability. First, water hyacinth is harvested from wetlands and allowed to dry naturally, either near the collection site or at the processing area. Once dried, the fibrous parts of the plant are cleaned and cut into small pieces that are ground with water to create a smooth pulp, which forms the base of the paper. Next, this pulp is poured into a vat and lifted with a screen to form a thin, even layer of wet paper that is stacked and pressed to remove excess water. After being air dried, the sheets are flattened and trimmed by hand for final use. 'We've made specific innovations in pulping and machinery, which allow us to produce chemical-free paper using invasive water hyacinth as our primary raw material,' says Rupankar. At the brand's Deepor Beel unit (in Guwahati, Assam), the duo have collaborated with a small group of farmers from the surrounding wetland and trained local artisans from the same community to participate in the paper production process. 'In Kaziranga, we are working closely with Eco Development Committees (EDCs) and Joint Forest Management Committees (JFMCs) to involve local communities in conservation-linked livelihood generation. In Goalpara, where we are setting up a new unit, we aim to engage over 300 farmers in harvesting and supplying water hyacinth,' says Rupankar. But is the process costlier than creating other recycled paper variants? 'Our papermaking process is entirely handmade, which makes it approximately five times higher than conventional machine-made recycled paper. This has been especially evident at our smaller unit, where limited drying space has led to production delays and increased costs,' explains Aniket, 24. However, with the setup of our larger production unit, he aims to significantly reduce per-unit costs. In addition, the duo is looking at creating products beyond stationery. 'We're currently testing vegan leather alternatives derived from plant fibres and waste, aiming to create durable, eco-friendly products for the lifestyle and accessories segment,' he says, 'We're also experimenting with the eco-packaging market, developing products like coasters, honeycomb wraps, and water hyacinth-based paperboard.' As they scale up production, Aniket says their goal is to 'democratise access to sustainable materials'. 'We want to ensure that conscious consumption becomes not just a choice, but the norm. You can also look forward to new product lines, deeper community engagement, and more climate-positive innovations that align with our mission of restoring wetlands and supporting green livelihoods,' he concludes. Journals upwards of ₹500 on
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Business Standard
28 minutes ago
- Business Standard
Sebi cracks down on Jane Street, halts India trading over manipulation
By Anto Antony, Chiranjivi Chakraborty and Tom Redmond Until late 2024, one of the most profitable pockets of global finance was a 24-storey tower in Gurugram, southwest of New Delhi. Home to several high-speed trading firms, the blue-glass building — complete with a rooftop helipad and a bronze bull sculpture in its plaza — stood at the heart of a trading frenzy that made India the world's largest equity derivatives market by volume. In the 12 months to March 2024, foreign funds and proprietary traders using algorithmic strategies earned over Rs 60,000 crore in profits. That run, however, may be nearing an end. On Friday, nearly nine months after India's markets regulator tightened rules on options trading to protect retail investors, Sebi accused Jane Street Group — one of the market's largest players — of manipulating prices to pocket illegal profits running into hundreds of millions of dollars. Sebi imposed a temporary trading ban on the US-based firm and ordered the seizure of Rs 4,840 crore, citing 'an intentional, well-planned and sinister scheme'. Jane Street, which reportedly made over Rs 33,000 crore from India in just over two years, has disputed the regulator's findings. 'Sebi's action against Jane Street is a watershed moment,' said Sonam Srivastava, fund manager at Wright Research. 'It signals an aggressive stance against sophisticated global players potentially gaming the system.' A chilling effect High-speed trading firms such as Jane Street use a variety of strategies — from market making and arbitrage to directional bets that last from microseconds to days. But Sebi's clampdown may spook other foreign players, many of whom were ramping up local investments and hiring in India. Jane Street, Citadel Securities, Jump Trading and Optiver had all expanded their India operations in recent years, drawn by the explosive growth in the country's options market. Even before the latest order, global trading executives were reconsidering plans amid rising regulatory uncertainty. Trading activity, meanwhile, has already taken a hit — volumes fell by 70 per cent in the first five months of 2025. News of the crackdown quickly rippled across global trading floors. Some traders speculated whether other foreign firms would be targeted, while others welcomed the move as a levelling of the playing field. 'It's a landmark order that puts all high-frequency traders on watch,' said Anant Jatia, founder and CIO at Greenland Investment Management. 'The regulator has made it clear: you're welcome in the market, but you must play by the rules.' Profits and concerns Jane Street inadvertently exposed how lucrative Indian markets had become during a court case against Millennium Asset Management last year. It reportedly earned Rs 8,300 crore in 2023 from a secret options strategy — and more than Rs 19,000 crore the following year. India's options market is particularly attractive for high-frequency trading firms because of its structure — small trade sizes, high retail participation, and relatively low costs. Traders can place bets for as little as Rs 10. Speed traders currently account for about 60 per cent of the volume in India's equity derivatives market, which sees Rs 2.5 crore crore (Rs 25 trillion) in notional value traded daily. They also account for around 40 per cent of all stock trading, according to data from the National Stock Exchange. 'India is a bit of a victim of its own success,' said Theodore Morapedi, founder of Onyx Alpha Partners, a London-based quant recruitment firm. 'US and European trading firms saw India as a high-growth alternative to crowded Western markets.' But that success came at a cost. According to a Sebi paper released in September 2024, nine in ten retail traders lost money in derivatives markets. Between 2021 and 2024, retail investors lost around Rs 1.75 trillion. During the same period, foreign algorithmic traders and proprietary firms made more than Rs 61,000 crore in profits. A tower of traders Jane Street was not alone in tapping India's market boom. In Gurugram, a city just outside New Delhi, trading giants including Citadel Securities, Tower Research Capital, Quadeye and Graviton Research Capital operate out of the iconic Two Horizon Center — a curved tower favoured for its top-tier infrastructure. Citadel Securities, the firm founded by billionaire Ken Griffin, employs over 10 people in India, trading local equities and options. The company reported net income of Rs 1,470 crore in the year to March 2024 and recently made key hires to expand operations. 'We are committed to building a strong and long-lasting business in India,' said Vikesh Kotecha, head of Asia at Citadel Securities. Tower Research, which entered India in 2006, employs over 100 staff including a crypto market making team. Israeli firm Futures First and others also occupy offices in the same tower. Though Gurugram once offered tax advantages over Mumbai, that arbitrage has since ended. Still, the city remains a magnet for engineering and tech talent. Entry-level recruits earn upwards of Rs 40 lakh per annum, while senior staff can make over Rs 25 crore annually, according to recruiters. Some trading teams even enjoy party budgets of up to Rs 8 lakh per month. On Friday morning, shortly after Sebi's order became public, a fire drill at Two Horizon Center drew employees into the plaza. Traders huddled outside, speculating on the future of the business — though none were willing to speak on record. The rise and pause of high-speed trading High-frequency trading in India gained momentum after the 2008 financial crisis. The NSE introduced colocation services that allowed firms to place servers close to the exchange's matching engine, enabling faster data access and execution speeds. Initially, Indian tech talent dominated the landscape. But the pandemic ushered in a second wave. With millions of retail investors entering the market, volumes surged. Offshore-based firms like Jane Street significantly ramped up their India exposure. Index options were a particular favourite, especially when exchanges offered daily expiries. Retail investors piled in, seeking quick gains — often with little understanding of the risks. Sebi has since moved to rein in excesses. It has fixed weekly expiry days, raised minimum investment thresholds, and introduced tighter contract duration rules. In July 2025, a new valuation method for outstanding options and futures was implemented, despite industry pushback. The regulator isn't finished. Officials are now reviewing Jane Street's trades across the Nifty 50 and Sensex indexes to assess the full extent of its alleged manipulation. 'People were very excited about India's capital markets, but the tide has turned,' said Morapedi. 'The regulatory headwinds have brought pessimism. Some firms now feel the best days may be behind them.' (With assistance from Alex Gabriel Simon and Preeti Soni)
