💳 Payment King!

Plus: The Illusion of Knowledge, From Google to Rejection.

Author

Chai Sip
March 26, 2023

ISSUE #036

☕ Good Morning! Sippers,

Fintech apps are taking over India, and Paytm has set the standard as the OG fintech super app. However, PhonePe, a Walmart-owned company, is now making moves to follow in Paytm’s footsteps and become a super app in its own right.

With a massive market opportunity worth $2.1 trillion by 2030 and 22 unicorns and 33 soonicorns (soon-to-be unicorns) in the sector, it’s no surprise that PhonePe is joining the race.

In today’s Issue 📥 :

  • I Want to be the Payment King!

  • The Illusion of Knowledge.

  • From Google to Rejection.

SIP WORTHY

PhonePe to Paytm: Hold My Beer, I Want to be the Payment King!

👣 Following in Paytm’s Footsteps: With Paytm leading the way, other fintech unicorns and national banks are also looking to become super apps. PhonePe is the frontrunner in this pursuit, hoping to replicate Paytm’s playbook and add profits to sweeten the mix. However, profitability remains a challenge, and PhonePe will need to leverage its massive scale and diversity of services to achieve this.

😃 Scaling New Businesses: To achieve its super app ambitions, PhonePe plans to scale new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators. It has already received a payments aggregator license and is on the path to becoming a super app.

📱 The UPI Conundrum: UPI payments have revolutionized the Indian payments industry, but the profitability of UPI apps has been limited by schemes like zero merchant discount rates. PhonePe is trying to change this by adding features such as UPI Lite and Credit on UPI. However, to become a real revenue source, UPI payments will need to attract an MDR in the near future.

💳 Will It Pay Off?: PhonePe’s super app ambitions are bold, but will it pay off? With $650 million raised since the start of 2023 and another $350 million expected soon, funding is not a problem for the fintech decacorn. However, profitability remains a challenge, and PhonePe will need to align various individual financial products within its app to achieve success.

📡 The Future of Fintech in India: As the fintech sector in India continues to grow, PhonePe’s ambitions to become a super app could be a game-changer. With Paytm and Policybazaar already listed publicly, PhonePe is hoping to join these fintech frontrunners with its own listing around 2024.

Only time will tell if PhonePe’s super app ambitions will pay off, but one thing is certain: the future of fintech in India is bright.

IMPROVEMENT SIP

The Illusion of Knowledge: How Overconfidence Hinders Learning

Learning is a continuous process, and it requires an open mind to gain knowledge and insights into various subjects. Unfortunately, many individuals tend to believe that they already know everything there is to know about a particular topic, which limits their ability to learn and grow. As a result, it is essential to maintain a humble approach towards learning, as this is the surest way to prevent oneself from falling into the trap of overconfidence.

One case study that highlights the importance of humility in learning is that of Kodak. At one time, Kodak was the leading camera manufacturer globally. However, the company failed to embrace digital photography, which led to its downfall. The company’s executives were overconfident in their knowledge and expertise in film-based photography, which led them to overlook the potential of digital technology. As a result, Kodak was left behind as digital photography became the norm.

Another example is that of Blockbuster, a video rental company that failed to adapt to the changing times. In the early 2000s, Blockbuster was the go-to place for renting movies. However, the company failed to recognize the shift towards digital streaming services and continued to focus on its brick-and-mortar stores. As a result, the company lost its market share to streaming services such as Netflix, which offered more convenience and accessibility to consumers.

In the words of American entrepreneur and author Mark Cuban, “The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge.” This quote emphasizes the need to avoid the illusion of knowledge and instead approach learning with an open mind. Cuban’s words remind us that knowledge is not a static concept; it is ever-evolving and requires continuous learning to stay relevant.

To prevent oneself from falling into the trap of overconfidence, it is essential to approach learning with humility. As demonstrated by the examples of Kodak and Blockbuster, believing that one already knows everything about a particular topic can lead to missed opportunities and eventual downfall. As the famous philosopher Socrates said, “The only true wisdom is in knowing you know nothing.”

HOT SIP

From Google to Rejection: The Man Who Nailed the Interview but Failed the Tenant Test in Bengaluru

(Photo by Artur Widak/Anadolu Agency via Getty Images)

What’s sipping? ☕ Google India Employee Rejected as Tenant for Potential Homeownership: The Aftermath of a LinkedIn Post.

🤔 If you thought landing a job at one of the FAANG companies guarantees an easy pass in any interview, think again. Recently, a Google India employee shared his experience on LinkedIn, revealing how he was successful in cracking the Google interview but struggled to find a place to rent in Bengaluru.

🏠 Tenant Screening Process in Bengaluru: The tenant screening process in Bengaluru has become notoriously difficult, with many prospective renters asking for their LinkedIn profiles, CIBIL scores, education details, and more. Several people have shared their stories of trying to find a flat in the city, and some have been rejected for reasons as seemingly arbitrary as their job titles.

🧑🏻‍💼 In the Google employee’s case, he was rejected as a tenant because he worked for Google and was therefore assumed to be able to buy his own home in the future. In his LinkedIn post, he laughed off the situation, writing that he never knew that working at Google could be so “disadvantageous”. Fortunately, he managed to find a place to live after clearing another tenant interview.

💭 LinkedIn post:

📣 Meanwhile, Google has been facing criticism for its handling of mass layoffs. After announcing its decision to fire 12,000 employees globally, reports emerged of employees being fired on vacations, maternity leave, medical leave, and more.

At one Google office in New York, employees were forced to stand in a queue and test their access passes. A group of ex-Google employees sent an open letter to CEO Sundar Pichai, urging him to handle the situation with more sensitivity and honor the pre-approved time off for employees being laid off.

✉️ In the letter, the employees expressed disappointment with Alphabet’s decision to reduce its workforce and the lack of consideration for those affected. They called for five “public commitments” from the Google CEO and emphasized the strength of coming together to be heard.

As we navigate a rapidly changing job market, it’s important to recognize the challenges faced by job seekers and employees alike.

While landing a coveted job at a FAANG company like Google may seem like the ultimate achievement, it’s important to remember that success in one area doesn’t guarantee success in others.

SMALL SIPS

Shocked: IT consulting giant Accenture shocked the industry by announcing plans to trim its workforce by 19,000 over the next 18 months.

Please Resign: An old email dated September 22, 2010, of Meta CEO Mark Zuckerberg, asking a Facebook employee to “please resign” came out in public for the first time on Tuesday. The email was shared by Internal Tech Emails on Twitter.

Specialist: Congress MP from Thiruvananthapuram Shashi Tharoor has praised External Affairs Minister S Jaishankar, saying he is a ‘specialist’ and has been able to hit the ground running.

AI Image: Barack Obama and Angela Merkel’s AI-generated beach day post goes viral! Details.

Tolling GPS: India To Replace Toll Tax Plazas With GPS-Based System Within Six Months. This new GPS technology is expected to reduce traffic congestion and charge motorists for the exact distance traveled on the highways, Nitin Gadkari said.

With CHAI ☕

☕ Ceo: Starbucks CEO Narasimhan’s new role is… be a barista once a month.

🆓 How to: use ChatGPT 4 for Free.

😍 Aww: The way he pulled her to the safe side.

😇 It’s Interesting: Positive affirmations can actually make you feel worse if you don’t believe them. Research has shown that if you try to convince yourself of something that you don’t really believe, it can actually increase feelings of anxiety and self-doubt. However, if you use affirmations that are more realistic and believable, they can help boost your confidence and improve your mood.

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