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The Hindu
25-06-2025
- Business
- The Hindu
Cheap data, banking access & digital ID helped UPI transform India's payments landscape: IMF
A new paper published by the International Monetary Fund has lauded the impact of the Unified Payments Interface (UPI) system in India and has said those looking to move from cash to digital payments should also carry out the other mobile data, banking, and digital identity related steps that India did. According to a paper titled 'Growing Retail Digital Payments: The Value of Interoperability', authored by Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria of the IMF and published on June 25, previous research has attributed the success of UPI in India to demographic factors and the 'Demonetisation shock'. However, the authors argue that the interoperability offered by UPI, which means that any company can ride on the platform, has also played a significant role in its widespread adoption. 'UPI has transformed the digital payments landscape in India,' the paper said. 'Evidence from the platform suggests that interoperability can improve users' experience of digital payments and expand overall adoption.' The authors added that interoperability directly increases the users' freedom to choose their favourite apps, thereby allowing them to take full advantage of the variety and quality of apps available, and not just be restricted to a single app. However, apart from setting up the basic infrastructure for an interoperable system like the UPI, countries that want to move their populations from cash to digital payments have to also take other steps that India did, the paper said. 'Providing infrastructure for interoperable systems, or otherwise supporting interoperability through regulation, could be a promising avenue for countries seeking to transition from cash to digital payments,' the paper said. 'For such policies to be effective, policymakers should first ensure that complementary enabling investments are in place—as with the reduction in mobile data costs and the expansion of bank accounts and digital identity in India,' it added.
Gulf Business
24-03-2025
- Business
- Gulf Business
UAE's Majid Al Futtaim posts 2024 results, reports Dhs33.9bn in revenue
Image: Majid Al Futtaim Majid Al Futtaim has reported its financial results for 2024. The company said it achieved a consolidated revenue of Dhs33.9bn, down 2 per cent, while EBITDA grew 1 per cent at Dhs4.6bn, through growth in key business areas across the portfolio and prudent financial discipline. Despite tough circumstances, the group achieved a net profit of Dhs2.5bn, down 6 per cent year on year, a result of currency devaluation, anticipated tax changes and one-off items. However, excluding UAE corporate income tax, valuation gains and impairments, net profit was up 18 per cent. While on a constant currency basis, EBITDA increased 3 per cent, and revenue grew by 1 per cent. Within the group's varied operating companies, revenues grew significantly in key divisions including Properties, Retail Digital and Lifestyle, while overall revenue in the UAE grew by 7 per cent, offsetting challenges in other operating companies and economic headwinds in certain markets. The company also bolstered its financial position by increasing free cash flow by 270 per cent to Dhs2.8bn and cutting net debt by Dhs1bn, reinforcing its BBB credit rating with a stable outlook. Growth across divisions Majid Al Futtaim's Properties division led growth, posting a 25 per cent increase in net revenue, fueled by strong demand for its malls and residential projects. Net revenue grew by 25 per cent year-on-year to Dhs8.7bn and EBITDA increasing by 16 per cent to Dhs4.2bn. The newly launched Meanwhile, the Retail division initiated a turnaround strategy in Q3. Its brick-and-mortar business reported revenue at Dhs22.2bn and EBITDA at Dhs381m while its digital business achieved full-year EBITDA profitability. Majid Al Futtaim's shopping malls continued to thrive with leasing occupancy hitting 97 per cent and footfall remaining stable from record growth in 2023 across its 29 malls. The newly optimised Hotels portfolio also performed well. Majid Al Futtaim results reflect the group's resilience, says CEO Ahmed Galal Ismail, CEO of Majid Al Futtaim, said the results reflect the group's resilience amid macroeconomic challenges and its commitment to long-term value creation. 'Despite geopolitical headwinds and higher corporate tax costs, we delivered strong financial performance, underscored by record free cash flow and robust growth across our key business segments,' he noted. The company also made significant strides in sustainability, achieving a 13 per cent Emiratisation rate — earning the NAFIS award for the second consecutive year — and maintaining a low-risk ESG rating from Sustainalytics.
