The survival play of real-money gaming firms

Posted By: Anita Mamgai Posted On: Aug 04, 2023
illustration: Mint

On LinkedIn, the professional networking site, Sachin Yadav describes himself as “a passionate entrepreneur, driven by a relentless pursuit of innovation, growth, and success." Three years ago, he co-founded Quizy in Gurugram, a real-money-based gaming company. In such games, users play to win money. Quizy raised venture money from 100X, a venture capital firm that invests in early-stage startups. The company claimed it had scaled to over a million users. But earlier this week, Yadav announced that he was shutting down Quizy.

“Recent developments in the tax landscape and regulatory environment have left us with no choice but to bid farewell to our beloved gaming venture," Yadav posted on LinkedIn. He mentioned the changes around tax deducted at source (TDS) as a hit the company took.

Earlier, 30% TDS was deducted on online game winnings that exceeded the threshold of ₹10,000. But from 1 April, after changes were made to the Income Tax Act, a 30% TDS now applies on net winnings from online games in a financial year. Withdrawal of net winnings get taxed at source either when it crosses ₹100 or at the financial year end.

“This sudden change substantially impacted player earnings and motivation, leading to a decline in user engagement and loyalty," Yadav wrote.

From 1 October, real-money gaming companies, those who offer games like fantasy cricket and rummy, would have to brace for yet another regulatory disruption. Yadav wrote that this would “further compound our woes".

A 28% GST will have to be paid on the full value of amounts deposited by players for betting on online games, casinos, and horse races. However, redeployed winnings will be excluded from the indirect taxation.

How will this impact player motivation? Consider this:

Gaming platforms charge a fee of 10% . In the earlier tax format, platforms had to deduct a GST of 18% on the platform fee. So, if a gamer deposited ₹100 to play, the platform would charge ₹10 as its fee. The GST deducted would be ₹1.8.

From 1 October, 28% GST would be deducted on ₹100. Add to this a 10% platform fee, and the gamer's playing pool drops to ₹62. The collective prize pool of the gaming platform would therefore shrink—gaming companies believe that the smaller prize pool would impact their ability to attract or retain players. And smaller companies will struggle more than the large ones.

“As an entrepreneur, it has been heart-wrenching to see the dream we built with so much dedication and determination now facing an uncertain future. Our team has invested countless hours, sleepless nights into nurturing this platform, hoping to contribute to India's vibrant gaming landscape," Yadav wrote. He ended his long post with a photograph—co-founder Amit Kumar and him sitting together, staring at the camera.

The question other real-money gaming companies are asking is what happens next? There is nervousness in the air as they all wait to gauge how users behave on their platforms. That would determine their survival strategies, going ahead. And the tweaks their algorithms might need.

Keeping the players

Kolkata resident Kaushik Das took to playing rummy online two years ago, as restrictions enforced due to the covid-19 pandemic stalled his construction consultancy business. Since then, Das, 48, discovered online rummy to be an effective distraction. The money he makes only adds to his enthusiasm.

Das is a regular on RummyCulture, an online rummy tournament-based game offered by Bengaluru-based startup Gameskraft. But then, he said that there isn't any reason for him to not shift loyalties to another platform—a platform where his winnings and the money he keeps are maximized. Well, this isn't a sticky business if you can't help the player make enough money.

This poses the biggest challenge for India's online gaming sector. After the changes in the tax regime kick in, will they be able to retain gamers like Das?

Some companies fear they would drift to offshore gaming platforms. Bhavin Pandya, co-founder and co-CEO of Games24x7, a gaming company, believes that gamers could migrate to offshore and illegal platforms that pay no taxes, resulting in loss of revenue for the government and outflow of foreign exchange.

Online betting company FairPlay, which is licensed by Curacao authorities, had appointed Indian rapper Badshah and actor Jacqueline Fernandez as brand ambassadors earlier this year. Recently, it advertised ‘No tax, No GST', along with a ‘300% first deposit bonus' for users.

On Wednesday, the GST Council stated that offshore gaming platforms serving Indian consumers require registration and that GST will be collected from them. Offshore online money gaming platforms who do not comply will be blocked. However, this is easier said than done.

Mint had earlier reported on how banned betting apps, located offshore, are finding ways to circumvent the law. Hundreds of apps have been banned by the Indian government but many remain active. Often, when an app with one domain (for instance, .com) is banned, it resurfaces with another domain (say, .in). Such apps can also tweak their names.

While it is too early for the Indian gaming ecosystem to come up with strategies to retain customers, industry experts suggest that companies can lessen the GST tax burden on the gamer. Rather than let gamers pay the full 28% GST, companies can initially absorb some of the cost. They could also lower the platform fees. That could keep customers from drifting away.

However, such a retention strategy would only work for the larger companies, those who can absorb the loss in revenue for some time.

“Bigger platforms with large fund reserves may take some part of the hit. Smaller companies would need to make greater investments to retain customers and spend on giving them incentives," said Bipin Sapra, partner, indirect tax policy at consulting firm EY. “Investor appetite in the sector has already gone down, and that may impact smaller platforms more," he added.

Considering the funding winter, raising money was anyway difficult. The regulatory changes have now switched off potential investors.

Angel investing platform Inflection Point Ventures was evaluating an investment in a real-money gaming startup late last year but didn't go ahead because it didn't get any regulatory clarity back then. The risk-reward ratio wouldn't play off well if a higher GST were to be levied, the firm had concluded.

“The new tax regime will have a huge negative impact on the businesses, if you purely look at unit economics. Too much money has been invested in this space, so mature companies will eventually find a viable solution. However, early-stage businesses may not have the capability to survive," said Ankur Mittal, co-founder, Inflection Point Ventures.

Larger platforms may need to dole out many more incentives for users in the form of discounts, bonus points and cashbacks.

“Just like footfalls in a mall, this is going to be about how many gamers come to play and who offers what incentives," said a consultant who didn't want to be identified. “Bigger players will now offer even bigger incentives so that the negative impact of GST can get washed down. So, we may see some players moving to larger platforms," he added.

Nonetheless, because of the hit to revenue and higher expense on account of more incentives, the larger companies will have to clamp down on expansion plans for a while to save cash. A gaming executive said that the new tax regime will peg back the industry by at least two years.

The end of small

A second casualty of the higher tax rate will be on market making.

A senior consultant to a leading online gaming firm, who requested anonymity due to ongoing strategy procedures within the firm, said that esports (short for electronic sports, a form of competition using video games) tournaments require niche skill-sets and have fewer organic participants. In contrast, real-money gaming is relatively easier and does not require companies to spend huge marketing budgets for user retention—the growth here is organic due to the prospect of people winning in large numbers. Nonetheless, creating a market for real-money gaming takes time and now, with the higher tax liability, the smaller firms will run out of the bandwidth needed to create that market.

India has about 200 real-money gaming startups. Now, only the top 10 can hope to survive, a second senior policy consultant, who works with an online gaming industry body, said.

“The heavy taxation regime means that only topline-heavy companies can scale up operations, while all small companies will not have the adequate finances to survive in this tax climate," he said.

The industry, therefore, is bracing for a wave of consolidation. The big fish will gobble up the small.

Today, Sporta Technologies (which runs Dream11) and Gameskraft are two of the biggest companies in the sector. Dream11's earnings, filed with the registrar of companies (RoC) under the ministry of corporate affairs and accessed by Mint shows that the company generated an operating revenue of ₹3,841 crore in 2021-22, growing over 50% from the year before. Its profit, however, declined by over 56% to ₹142 crore.

Gameskraft's filing showed operating revenue of ₹2,112 crore in 2021-22, again a rise by nearly 50% compared to the previous year. Its profit rose by over 28% to ₹937 crore.

Large companies such as these can consolidate the market. Sudipta Bhattacharjee, partner at law firm Khaitan & Co, said that most large operators would “perhaps even thrive in the long run."

Subscriptions?

Bhattacharjee informs that one model some gaming operators are experimenting with is subscriptions. Under this, gamers will have to pay a monthly subscription fee to the platform—akin to how one would subscribe to any streaming service today—in exchange for a set number of tokens being awarded on the platform. All games on the platform can be played using these tokens, which substitutes the need for depositing real-money before playing.

Why is subscription not a ‘deposit'? If it isn't a deposit, then the 28% GST doesn't apply—or so the thinking goes.

Well, the money used for subscription services can be used beyond playing real-money games. For instance, it can be used to buy merchandise on the platform. But then, all this is a grey area and not all companies would like to go down this route.

At least three companies Mint spoke to clarified that they are not yet exploring a subscription model for their real-money gaming titles, citing restricted operating procedures, lack of clarity on returns, and potential regulatory scrutiny at a future date as the main reasons.

“While some companies are exploring a subscription model, such an avenue does not have the same revenue potential as real-money gaming," said Bhattacharjee. “As a result, growth in this model could be significantly affected. Further, while a subscription model may not be directly liable for the 28% GST, in case players make withdrawals with monetary value, it could attract scrutiny from the GST authorities," he added.

Go international

Meanwhile, some Indian gaming firms may explore overseas markets as a way to diversify.

Soham Thacker is founder CEO of Gamerji, an esports tournament app. Diversification, he feels, can offset the impact of regulations in India. “While we are going to obey the law of the land, we feel focusing on entering new international markets will serve as a good strategy to manage the impact of the GST levy," he said.

Later this month, Thacker is planning to visit Gamers8, an esports and gaming festival in Riyadh, Saudi Arabia. The country is planning a new esports city, to attract both jobs and tourists.

Gaming executives contrast this to the scenario in India. As the sector consolidates, jobs would be lost. Once seen as a sunrise sector, the industry is now destined to battle a possible decline.

Source: Live Mint
Related Posts: GAMING,ONLINE,GAMING COMPANIES,BETTING,GST,TAX LANDSCAPE,REGULATORY ENVIRONMENT,QUIZY,REAL-MONEY GAMING COMPANY,VENTURE MONEY

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Garena Free Fire Max redeem codes for Sept 23

Posted By: Jogendra Kumar Posted On: Sep 23, 2023
Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more. (Garena Free Fire Max)

Garena Free Fire Max redeem codes can be used to win in-game items like weapons, diamonds, skins and more. These 12 digit alphanumeric codes consist of capital letters and numbers.

For those unaware, Garena Free Fire Max is a revamped version of Garena Free Fire. It debuted in 2021 and became popular after the ban of the former by the Indian government. Developers of the game keep updating these codes daily. There is also a dedicated microsite where players can visit to redeem the available codes.

By redeeming these codes, players will have a chance to win Rebel Academy Weapon Loot Crate, Revolt Weapon Loot Crate, Diamonds Voucher, Fire Head Hunting Parachute using daily redeem codes. Do note that the codes are available for limited hours (up to 12 hours) and for the first 500 users only. So hurry up and redeem the codes before they get exhausted.

Garena Free Fire MAX Redeem Codes for Sep 23, 2023

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How to redeem Garena Free Fire Max codes

Go to the game's official Rewards Redemption site on Chrome

Login to your account using Facebook, Twitter, Google or VK ID

Now, copy the codes mentioned above and paste them in the text box

Click on Confirm to continue. You will receive the rewards in the in-game mail section. Golds or diamonds will add to the account wallet automatically.

Once the codes are redeemed, players can head to the game vault where a game wall will appear. They will also be able to access gold and diamonds in exchange for these codes. As stated above, Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more.

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Source: Live Mint
Related Posts: GARENA FREE FIRE MAX CODES,GAMING,REBEL ACADEMY WEAPON LOOT CRATE,REVOLT WEAPON LOOT CRATE,DIAMONDS VOUCHER,FIRE HEAD HUNTING PARACHUTE,GARENA FREE FIRE MAX,REDEEM CODES,GARENA

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Garena Free Fire Max redeem codes for Sept 22

Posted By: Tarun Kumar Posted On: Sep 22, 2023
Here is a guide to redeem codes for Garena Free Fire Max (Free Fire MAX)

Garena Free Fire Max redeem codes can be used to win in-game items like weapons, diamonds, skins and more. These 12 digit alphanumeric codes consist of capital letters and numbers.

For those unaware, Garena Free Fire Max is a revamped version of Garena Free Fire. It debuted in 2021 and became popular after the ban of the former by the Indian government. Developers of the game keep updating these codes daily. There is also a dedicated microsite where players can visit to redeem the available codes.

By redeeming these codes, players will have a chance to win Rebel Academy Weapon Loot Crate, Revolt Weapon Loot Crate, Diamonds Voucher, Fire Head Hunting Parachute using daily redeem codes. Do note that the codes are available for limited hours (up to 12 hours) and for the first 500 users only. So hurry up and redeem the codes before they get exhausted.

Garena Free Fire MAX Redeem Codes for Sep 22, 2023

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How to redeem Garena Free Fire Max codes

Go to the game's official Rewards Redemption site on Chrome

Login to your account using Facebook, Twitter, Google or VK ID

Now, copy the codes mentioned above and paste them in the text box

Click on Confirm to continue. You will receive the rewards in the in-game mail section. Golds or diamonds will add to the account wallet automatically.

Once the codes are redeemed, players can head to the game vault where a game wall will appear. They will also be able to access gold and diamonds in exchange for these codes. As stated above, Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more.

Source: Live Mint
Related Posts: GAMING,GARENA FREE FIRE MAX REDEEM CODES,GARENA FREE FIRE MAX,REDEEM CODES,GARENA,FREE FIRE MAX REDEEM CODES,GARENA FREE FIRE MAX DAILY REWARDS,GARENA FREE FIRE MAX FREE GIFTS

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Garena Free Fire Max redeem codes for Sept 21

Posted By: Vishal Maurya Posted On: Sep 21, 2023
Garena Free Fire Max redeem codes can be used to win in-game items like weapons, diamonds, skins and more.

Garena Free Fire Max redeem codes can be used to win in-game items like weapons, diamonds, skins and more. These 12 digit alphanumeric codes consist of capital letters and numbers.

For those unaware, Garena Free Fire Max is a revamped version of Garena Free Fire. It debuted in 2021 and became popular after the ban of the former by the Indian government. Developers of the game keep updating these codes daily. There is also a dedicated microsite where players can visit to redeem the available codes.

By redeeming these codes, players will have a chance to win Rebel Academy Weapon Loot Crate, Revolt Weapon Loot Crate, Diamonds Voucher, Fire Head Hunting Parachute using daily redeem codes. Do note that the codes are available for limited hours (up to 12 hours) and for the first 500 users only. So hurry up and redeem the codes before they get exhausted.

Garena Free Fire MAX Redeem Codes for Sep 21, 2023

FF9MJ31CXKRG

FFCO8BS5JW2D

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How to redeem Garena Free Fire Max codes

Go to the game's official Rewards Redemption site on Chrome

Login to your account using Facebook, Twitter, Google or VK ID

Now, copy the codes mentioned above and paste them in the text box

Click on Confirm to continue. You will receive the rewards in the in-game mail section. Golds or diamonds will add to the account wallet automatically.

Once the codes are redeemed, players can head to the game vault where a game wall will appear. They will also be able to access gold and diamonds in exchange for these codes. As stated above, Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more.

Source: Live Mint
Related Posts: GAMING,GARENA FREE FIRE MAX REDEEM CODES,GARENA FREE FIRE MAX DAILY CODES,GARENA FREE FIRE MAX DAILY REWARDS,GARENA,FREE FIRE MAX REDEEM CODES,REBEL ACADEMY WEAPON LOOT CRATE

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Tech Talk | India's eSports Stars Set to Make History at Asian Games

Posted By: Vishal Maurya Posted On: Sep 21, 2023

The increasing availability of affordable smartphones and high-speed internet has made gaming more accessible to Indians than ever before. As per available data, the number of eSports players in India was estimated to be over 600,000 as of 2022.

In addition, the rise of mobile gaming has been a major driver of eSports growth in India. Mobile games are more accessible and affordable than PC or console games, and they can be played anywhere, anytime. This has made them incredibly popular among Indian gamers and has paved the way for the rise of many online tournaments.

Technology is also being used to improve the eSports experience for both players and spectators. For example, artificial intelligence (AI) is being used to develop new tools and strategies for players and to improve the realism and immersion of games. AI is also being used to develop new ways for spectators to interact with eSports tournaments, such as through virtual reality (VR) and augmented reality (AR).

The future possibilities of eSports in India are very bright according to several industry insiders. The country has a large and growing population of gamers, and the government is supportive of the eSports industry. In addition, it is believed that since India is investing heavily in new technologies such as 5G and AI, this will further boost the growth of eSports.

Here are some specific examples of how technology is being used to boost India's eSports sector:

Tech collabs: Through technological collaborations, Indian firms are tying up with global gaming corporations to harness AI-powered goods and services to attract more players and engage viewers.

Broadcasting: Indian eSports tournaments are being broadcast on a variety of platforms, including streaming services, and social media. This is helping to reach a wider audience and increase the popularity of eSports in India.

Game development: Game developers are creating new mobile eSports games that are specifically designed for the Indian market. This is helping to gain the interest of potential Indian gamers.

Consoles: The availability of eSports consoles in India has played a role in the eSports sector's growth. However, console gaming is still considered to be a luxury for many Indians, and mobile gaming is the dominant gaming platform in the country. Despite this, console eSports is still growing in popularity. This is due in part to the increasing availability of affordable consoles, such as the PlayStation and Xbox. This is encouraging more Indian gamers to pick up console gaming and to compete in eSports tournaments.

The inclusion of eSports as a medal event at the 2023 Asian Games is a major milestone for the sector in India. It is a testament to the growing popularity and recognition of eSports in India. It is also likely to further boost the growth of the industry in India, as more young people are inspired to take up eSports as a professional career.

Source: News18
Related Posts: ASIAN GAMES,ESPORTS,GAMING,TECH TALK,TECHNOLOGY

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We’ll soon introduce six local languages

Posted By: Pawan George Posted On: Sep 20, 2023
Omar Tellez, vice-president, emerging markets, Niantic

On 15 September, American augmented reality (AR) technology firm Niantic, which is behind Pokémon Go, entered India, introducing the Hindi version of the popular mobile game. In an interview, Omar Tellez, vice-president, emerging markets, Niantic, said the seventh most-downloaded and highest revenue-grossing game on Android worldwide, according to data from market statistics firm Singular, will be seeking to create interactive extended reality and metaverse gaming experiences.Edited excerpts:

Why is Niantic entering India seven years after the launch of Pokémon Go?

India has been a massive market for Android,and we are seeing fast adoption of new devices, with over 500 million active smartphone users. That is great for us, because for augmented reality, we need to have a graphics accelerator and advanced features in the phones. Today, you can find sub-$100 smartphones that have good enough features to match our needs, and within two years we may find similar features in sub-$50 phones, which will only expand the market. We are doing this because we're seeing immense fandom for the game in India. This is why we are making significant investments here, and over the past year, we've added over 5 million points of interest. We've been working up to this point for over a year now, and Hindi is only the first of the six Indian languages we'll launch. We have set up a team in India, through both direct and indirect association across Bengaluru and Mumbai, working on marketing and business development for Niantic. We're also organizing community days within the game, and we've found people to be excited.

Is the gamer base in India sizeable enough to warrant this move?

India's mobile gaming size is outstanding—500 million is an incredible user base. This makes it a very competent and competitive market, and we wanted to ensure we had the right connections with communities to be able to tap into it. We also want to make sure we had the right devices to play the game. The Pokémon Co. has established an India team and has plans to grow its fan base here. Later this month, we'll be making key brand partnerships for the market. This will be with a quick-service retail (QSR) restaurant—to help us turn QSR into a place of engagement, where gamers can visit to draw promotional discounts on the game, and make it an interesting online-to-offline experience intersection.

We've also launched a new alternate payments platform that can be accessed through browsers, which opens up our games for more payment wallets and platforms that are popular in India.

Does Pokémon Go still have enough interested gamers to warrant such a move?

Pokémon Go was the fastest game to achieve 1 billion downloads globally. In India as well, we've seen tens of millions of downloads, and we still have a sizeable user base in India. The summer of 2016 saw that gamers across the world, of all ages, demographics and socioeconomic classes, came together for the game, and we still retain a very big base today worldwide. As per Data.ai, we have 65 million monthly active users. Even in India, Data.ai's information showed Pokémon Go to be the second most-downloaded and played in the adventure games category a couple of weeks ago.

Are there more plans for localization, given that Diwali was the first Indian festival to feature in the game globally?

Our intent is to work with communities to grow. One of our recent moves is to make Diwali a global event in the game. We want to continue bringing more such localized live events here.

Since Pokémon Go's rise to popularity, the ‘metaverse' has come and gone from the hype cycle. Would Niantic look at such experiences?

I fully agree that the metaverse is overused, and has also gone in decline. We don't really believe in Meta's vision of the metaverse—we believe more in a real-world experience, wherein the real world is augmented that merges the real and digital worlds.

For instance, you should be able to approach a bus stop as you play our game, and within the game itself you should also be able to see a live view of which buses are approaching and their timings.

We are pushing hard on building real-world AR or metaverse experiences. It is going to happen, and we're already working with several head-mounted display companies to make this happen. In this regard, with Apple's Vision Pro headset announcement, we're at a reckoning moment. This can be akin to a moment such as the launch of the Motorola Rokr (a landmark mobile phone that opened up the world to music streaming) in 2005, or the first Apple iPhone in 2007.

Right now, for AR headsets, we're presently somewhere in the middle of the Rokr and the iPhone moments in terms of innovation. Apple's headset is still too bulky, and it's pass-through as opposed to see-through. But Apple's expertise with consumers is pivotal here, and one of the best ways to mature towards a see-through metaverse experience is through games.

Source: Live Mint
Related Posts: GAMING,METAVERSE,OMAR TELLEZ,NIANTIC ,NIANTIC,POKÉMON GO,INDIA,AUGMENTED REALITY,METAVERSE GAMING

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Garena Free Fire Max redeem codes for Sept 20

Posted By: Jogendra Kumar Posted On: Sep 20, 2023
Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more. (Garena Free Fire Max)

Garena Free Fire Max redeem codes can be used to win in-game items like weapons, diamonds, skins and more. These 12 digit alphanumeric codes consist of capital letters and numbers.

For those unaware, Garena Free Fire Max is a revamped version of Garena Free Fire. It debuted in 2021 and became popular after the ban of the former by the Indian government. Developers of the game keep updating these codes daily. There is also a dedicated microsite where players can visit to redeem the available codes.

By redeeming these codes, players will have a chance to win Rebel Academy Weapon Loot Crate, Revolt Weapon Loot Crate, Diamonds Voucher, Fire Head Hunting Parachute using daily redeem codes. Do note that the codes are available for limited hours (up to 12 hours) and for the first 500 users only. So hurry up and redeem the codes before they get exhausted.

Garena Free Fire MAX Redeem Codes for Sep 20, 2023

E2F86ZREMK49

J3ZKQ57Z2P2P

FFDBGQWPNHJX

TDK4JWN6RD6

GCNVA2PDRGRZ

XFW4Z6Q882WY

HFNSJ6W74Z48

HHNAT6VKQ9R7

2FG94YCW9VMV

4ST1ZTBE2RP9

How to redeem Garena Free Fire Max codes

Go to the game's official Rewards Redemption site on Chrome

Login to your account using Facebook, Twitter, Google or VK ID

Now, copy the codes mentioned above and paste them in the text box

Click on Confirm to continue. You will receive the rewards in the in-game mail section. Golds or diamonds will add to the account wallet automatically.

Once the codes are redeemed, players can head to the game vault where a game wall will appear. They will also be able to access gold and diamonds in exchange for these codes. As stated above, Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more.

Source: Live Mint
Related Posts: GAMING,GARENA FREE FIRE MAX REDEEM CODES,GARENA FREE FIRE MAX,REDEEM CODES,GARENA,FREE FIRE MAX REDEEM CODES,GARENA FREE FIRE MAX DAILY REWARDS,GARENA FREE FIRE MAX FREE GIFTS

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Garena Free Fire Max redeem codes for Sept 18

Posted By: Ramesh Sharma Posted On: Sep 18, 2023
Here is a guide to redeem codes for Garena Free Fire Max (Free Fire MAX)

Garena Free Fire Max redeem codes can be used to win in-game items like weapons, diamonds, skins and more. These 12 digit alphanumeric codes consist of capital letters and numbers.

For those unaware, Garena Free Fire Max is a revamped version of Garena Free Fire. It debuted in 2021 and became popular after the ban of the former by the Indian government. Developers of the game keep updating these codes daily. There is also a dedicated microsite where players can visit to redeem the available codes.

By redeeming these codes, players will have a chance to win Rebel Academy Weapon Loot Crate, Revolt Weapon Loot Crate, Diamonds Voucher, Fire Head Hunting Parachute using daily redeem codes. Do note that the codes are available for limited hours (up to 12 hours) and for the first 500 users only. So hurry up and redeem the codes before they get exhausted.

Garena Free Fire MAX Redeem Codes for Sep 18, 2023

FF7MJ31CXKRG

FFPO8BS5JW2D

PJNF5CQBAJLK

F7AC2YXE6RF2

FHLOYFDHE34G

XGW4FNK7ATON

67IBBMSL7AK8G

FEICJGW9NKYT

KEYVGQC3CT8Q

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How to redeem Garena Free Fire Max codes

Go to the game's official Rewards Redemption site on Chrome

Login to your account using Facebook, Twitter, Google or VK ID

Now, copy the codes mentioned above and paste them in the text box

Click on Confirm to continue. You will receive the rewards in the in-game mail section. Golds or diamonds will add to the account wallet automatically.

Once the codes are redeemed, players can head to the game vault where a game wall will appear. They will also be able to access gold and diamonds in exchange for these codes. As stated above, Garena Free Fire Max redeem codes can also be used to buy in-game items like rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute and more.

Source: Live Mint
Related Posts: GAMING,GARENA FREE FIRE MAX REDEEM CODES,GARENA FREE FIRE MAX,REDEEM CODES,GARENA,FREE FIRE MAX REDEEM CODES,GARENA FREE FIRE MAX DAILY REWARDS,GARENA FREE FIRE MAX FREE GIFTS

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Chocolates for defaulters

Posted By: Aditya Gogoi Posted On: Sep 17, 2023
State Bank of India

State Bank of India (SBI), India's largest lender, has now come up with an innovative way to ensure timely repayment of loans- a surprise visit with a pack of chocolates. This novel way is intended to encourage borrowers, especially retail borrowers, to make timely repayments.

According to the State Bank of India, it has been found that a borrower who is planning to default will not answer a reminder call from the bank. So the best way is to meet them at their homes unannounced.

The move comes amid surging retail lending in the system coupled with increasing delinquency levels on the back of the upward movement in the interest rates.

SBI's retail loan book grew over 16.46 per cent to ₹12,04,279 crore in the June 2023 quarter from ₹10,34,111 crore in the year-ago period, making it the largest asset class for the lender whose total book stood at ₹33,03,731 crore, growing at 13.9 per cent on-year.

In fact for the entire system, the double-digit loan growth of around 16 per cent has been led by retail loans only.

"With two fintechs which use artificial intelligence, we are piloting a novel way of reminding our retail borrowers of their repayment obligations. While one is doing conciliation with borrowers, the other is alerting us on the propensity of a borrower to default. And to such borrowers who are likely to default, the representatives from this fintech will visit them, carrying a pack of chocolates for each of them, and remind them of the forthcoming EMIs," Ashwini Kumar Tewari, managing director in-charge of risk, compliance and stressed assets at SBI, said here over the weekend.

According to Tewari, this novel method of carrying a pack of chocolates and personally visiting them is adopted because it has been found that a borrower who is planning to default will not answer a reminder call from the bank. So the best way is to meet them at their own homes unannounced and surprise them. And so far, the success rate has been overwhelming, he said.

Tewari refused to name the fintechs saying the move is just at the pilot stage and has been put into place just about 15 days back and "if successful, we will formally announce it".

We are also talking to a few other fintechs to improve our collection efficiencies and hopefully by the end of the year, we will have formally tied up with at least half of them," he said, adding, "we want to continue the pilot for at least four to five months.

SBI's over ₹12 lakh crore of retail book consists of personal, auto, home and education loans. With a home loan book of over ₹6.3 lakh crore as of June, SBI is the largest mortgage lender too.

Source: Live Mint
Related Posts: SBI HOME LOAN,SBI LOANS,SBI PERSONAL LOAN,SBI CHAIRMAN RAJNISH KUMAR,SBI LOAN REPAYMENT,SBI LOAN PAYMENT ONLINE,SBI LOAN ONLINE,LOAN REPAYMENT,SBI RETAIL LOAN

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India registers 108% surge in transactions for travel

Posted By: Jaydatt Chaudhary Posted On: Sep 17, 2023
BookMyShow (File image)

Consumers in India have begun to spend significantly on events, online home services and other such entertainment avenues on the back of growing demand for convenience, seamless accessibility of these services, increase in purchasing power and propensity to spend. According to insights from leading checkout network 'Simple', there has been a 108 per cent growth in transacting users for varied kinds of services in the first eight months of this year.

Between January-August, several consumers used Simpl's 1-tap checkout to access services from merchants such as BookMyShow (movies and events), My Jio (mobile recharge), DriveU (On-Demand driver services), Park+ (Fastag recharge) and NoBroker (Home services, packers & movers) among others, according to Simpl.

During the same time period, the services segment has witnessed a remarkable 59 per cent increase in total payments volume (TPV), signifying the increasing demand for services among Simpl's users. TPV is a crucial factor in determining the value of payments successfully completed through a checkout network, according to a statement shared by Simpl.

Notably, the demand for services category was led by millennials with an average age of 27 years who were responsible for 42 per cent of this demand. While metros cities are at the forefront of this trend, there is an increasing adoption in smaller cities, especially tier-3 and beyond where customers are increasingly adopting internet services made convenient via Simpl's 1-tap checkout.

"An increasing number of consumers today are resorting to online services for travel, entertainment, and other essential and leisure services and are accessing these seamlessly with Simpl's 1-tap checkout. Over the last eight months since January, we have witnessed a 108 per cent growth in transacting users across a plethora of services-based merchants, in a testament to growing affinity of consumers to seek convenience online,'' said Ashwini Ravindranath, Vice-President, Partner Success at Simpl.

‘'This, complemented with our 1-tap checkout, has played a pivotal role in enabling a seamless checkout experience with near zero transactions for millions of customers across the country,'' added Ravindranath.

Source: Live Mint
Related Posts: ONLINE TRANSACTIONS,BOOKMYSHOW,MYJIO APP,SIMPL,DRIVEU,NOBROKER,ONLINE PAYMENTS

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Flipkart ties up with government for rural livelihood programme

Posted By: Vanshika Pathak Posted On: Sep 16, 2023
Flipkart said this partnership with Flipkart enhances financial inclusion, promotes entrepreneurship, and contributes to NRLM's mission of poverty reduction and rural development. Photographer: Brent Lewin/Bloomberg

New Delhi: Flipkart has tied up with the government’s national rural livelihood mission (NRLM), a poverty alleviation programme to sell products of women artisans from Maharajganj in Uttar Pradesh, the e-commerce platform said on Saturday.

This tie-up will provide these women a broader platform to reach customers nationwide through the online platform, the company said in a statement.

NRLM is administered by the rural development ministry. “ This initiative provides these women a platform to exhibit their skills, expand their market reach, and improve their socio-economic status. This partnership with Flipkart enhances financial inclusion, promotes entrepreneurship, and contributes to NRLM's mission of poverty reduction and rural development," the company statement said.

As part of this, women will be imparted skills to thrive in the world of e-commerce. This workshop will provide essential training, tools, and insights to empower these small women entrepreneurs to succeed online, Flipkart said.

"This collaboration between NRLM and Flipkart represents a powerful stride towards uplifting rural communities. By providing a platform for local artisans, we are not only preserving our rich cultural heritage but also contributing to the economic development of rural India," the statement said quoting Pankaj Chaudhary, minister of state for finance.

The statement also said that the partnership was not just a collaboration but also a promise to transform lives and communities. It highlights the power of e-commerce to drive positive change, preserve traditions, and empower women in rural India, the statement said.

Source: Live Mint
Related Posts: FLIPKART,RURAL LIVELIHOOD MISSION,E-COMMERCE PLATFORM,ONLINE PLATFORM,WOMEN ENTREPRENEURS,ECONOMIC DEVELOPMENT

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