• PhonePe has launched a stock broking app, Share.Market.
• The app facilitates intraday trades and allows users to purchase stocks, mutual funds, ETFs, and WealthBaskets.
• The launch comes as PhonePe is more than three-quarters of the way through its recent $1 billion capital raise target.

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Mobile payments app PhonePe announced today that its subsidiary, PhonePe Wealth Broking, has launched a stock broking app called Share.Market.

The new tool, which is available as a mobile app or web platform, enables retail investors and traders to purchase stocks, mutual funds, and ETFs. Share.Market will also offer WealthBaskets– curated collections of stocks/investment products that align with specific themes, sectors, or market trends– and will facilitate intraday trades.

PhonePe anticipates that, thanks to PhonePe’s existing reach and distribution, Share.Market will help more Indians build wealth. That’s because PhonePe has around 480 million registered users, accounting for one in four adult Indians.

“We are delighted to launch Share.Market which further enables our vision of driving Financial Inclusion at a population scale,” said Share.Market CEO Ujjwal Jain. “Our goal is to offer the benefits of discount broking while creating lasting value for our customers as they invest and trade.”

The app will embed real-time, value-rich insights into its products and will offer DIY tools that help investors make informed decisions. There is also a Markets section that enables users to track the stock market, indices, individual stocks, and sectors. 

“We will continue to invest in advanced technology, data, research, and immersive experiences to offer these benefits at scale and drive this new era of Value led Discount Broking coupling intelligence with Broking,” Jain added.

The launch of Share.Market comes in the midst of PhonePe’s recent capital-raising streak. Since 2021, the company has brought in $850 million from General Atlantic and Walmart, pushing PhonePe close to the $1 billion capital raise target it announced earlier this year.

PhonePe, which launched in 2015, began offering investing tools, mutual fund products, and insurance tools in 2017. In the six years since, the company has launched several mutual funds and insurance products. PhonePe was most recently valued at $12 billion earlier this spring.

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Photo by Anna Nekrashevich

• Aumentum Technologies and InvoiceCloud have launched a new joint solution that enhances the tax payment experience for tax organizations.
• The two companies have been collaborating on digital payment solutions since April 2022.
• Earlier this month, InvoiceCloud announced a partnership with Finovate alum, D3.

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A 16-month collaboration between Aumentum Technologies and InvoiceCloud has yielded its latest creation this week. The two companies announced a new integrated solution that enhances the tax payment experience for tax organizations.

“InvoiceCloud’s market-leading solution and seamless integration capabilities made it an easy decision to work together to provide tax organizations with best-in-class, robust payment solutions,” Aumentum Technologies EVP Andrew Wright said. “Together, we remain dedicated to helping our customers save both time and money with our streamlined, joint offering.”

The new joint solution leverages SaaS technology to offer county tax offices the latest functionality in electronic bill presentment and payment processing. The new offering promotes digital payment adoption, discourages taxpayer delinquencies, and lowers customer service calls by an average of 39%. The solution offers a variety modern payment options – including PayPal, Venmo, and Pay by Text – as well as traditional payment methods, and features an intuitive design based on actual customer usage.

“The expansion of InvoiceCloud’s relationship with Aumentum Technologies is a testament to the value our integrated solution is driving, not just to county treasurers and tax collectors, but to taxpayers, as well,” InvoiceCloud VP, Alliances and Business Development, Paul Applegate said.

Founded in 2009, InvoiceCloud specializes in cloud-based electronic bill presentment and payment (EBPP). The company’s technology has delivered a 59% average increase in e-payment adoption, a 104% average increase in paperless enrollment, and a 39% average decrease in billing and payment-related customer service calls. The firm was acquired by EngageSmart in 2018.

Earlier this month, InvoiceCloud announced the launch of a new digital payment experience, in partnership with Finovate alum D3. In May, the company unveiled new enhancements to its Online Bank Direct solution. InvoiceCloud began the year with a collaboration with tax core software provider DEVNET. The company is headquartered in Braintree, Massachusetts.

Aumentum Technologies has been providing property tax valuation and recording solutions software since 1972. Headquartered in Niagara Falls, New York, the company is an independent business unit within Harris Computer Corporation’s Public Sector Group. A subsidiary of Constellation Software, Harris Computer Systems serves more than 125,000 customers in more than 100 countries.

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Photo by Nataliya Vaitkevich

• Bank of America is launching Global Digital Disbursements for commercial clients in Canada.
• The launch in the Canadian market is facilitated via a partnership with Canadian interbank network Interac.
• Global Digital Disbursements enables fast mobile B2C payments, helping businesses replace cash or check payments.

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Bank of America has teamed up with Canadian interbank network Interac today. The bank announced today it is launching its Global Digital Disbursements product for commercial clients in Canada.

Global Digital Disbursements enables fast mobile B2C payments for users in multiple industries, such as insurance, healthcare, and education. The solution, which uses a person’s email address or mobile phone number as their identifier, works for companies seeking to replace cash or check payments.

“This is a milestone for Bank of America in Canada, as we continue to meet the evolving digital needs of our multinational clients, providing them with enhanced speed, flexibility and transparency to manage their payment and receipt flows,” said Bank of America Head of Product for Global Transaction Services, Canada Leslie Konecny.

The solution, which is available to Bank of America’s commercial clients that hold deposit accounts at the bank’s branch in Canada, uses Interac’s e-Transfer service, a solution that moves money across Canada to more than 300 other banks.

Unique to the Canadian market, Bank of America is making the Request for Pay feature available with Global Digital Disbursements. This feature enables businesses to text or email customers an invoice that contains a link to pay the required amount, which ultimately results in faster payments.

“The launch of Global Digital Disbursements in Canada follows the bank’s 75^th anniversary in the country,” said Bank of America head of GTS Canada Maureen Jarvis. “This much anticipated launch speaks to our commitment to local innovations in financial services that help our clients realize cost savings and a competitive edge.”

Bank of America serves 68 million retail and small business clients through operations across the United States, its territories, and more than 35 countries. The bank is listed on the New York Stock Exchange under the ticker BAC and has a current market capitalization of $232 billion.

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Photo by Toa Heftiba on Unsplash