Few realise that the most noticeable change in leisure spending lately has little to do with new shows or games and everything to do with the quiet mechanics of moving money from one account to another.

Payment innovations now sit at the heart of how consumers access digital entertainment, and startups in this space are drawing steady attention from business observers. The same tools that let someone settle a restaurant bill in seconds also support smoother transactions inside an online casino, turning what used to feel like a slow process into something almost invisible.

Early Experiments That Set the Pattern

Startups began testing real-time payment rails several years ago, often focusing first on small-ticket leisure purchases. These early trials showed that speed alone could lift completion rates by noticeable margins. Entrepreneurs noticed that when checkout took under ten seconds, repeat engagement rose without any extra marketing spend. Traditional banks watched from the sidelines at first, but the pattern soon spread beyond niche services into mainstream consumer habits. Over time, developers refined the underlying rails by studying user behaviour across different regions, learning that even minor delays could cause people to abandon a booking or in-app purchase. Leisure services that adopted these faster options reported higher average session lengths, as customers spent less time staring at loading screens and more time enjoying the content itself. This shift also encouraged smaller operators to experiment with new pricing tiers, such as pay-per-minute streaming or instant top-ups for virtual goods.

Why Fintech Moves Matter for Broader Markets

Established financial institutions have had to respond as newer entrants introduced lower-friction options for everyday spending. A recent analysis of payment apps highlights how these newcomers challenged older systems by removing several layers of verification that once slowed things down. The result is not only faster transfers but also fresh business models built around recurring micro-payments rather than larger one-off charges. UK small-business owners in the leisure sector now factor these options into their own cash-flow planning, recognising that customer expectations have shifted permanently. Many now compare how fintech threatens banking when deciding which rails to support. Larger chains have begun integrating multiple services side by side, allowing users to choose their preferred method at checkout and thereby reducing cart abandonment across both mobile and desktop experiences. Observers note that this competitive pressure has also prompted traditional banks to accelerate their own digital upgrades, including improved APIs that make it easier for leisure apps to connect directly to customer accounts.

Security Features That Travel with the Transaction

Security upgrades have kept pace with speed gains. Tokenisation and device-bound authentication now travel with each payment, reducing the visibility of sensitive data while still allowing instant confirmation. This matters especially for leisure services that see high volumes of smaller transactions. Developers building these tools often come from backgrounds in both cybersecurity and consumer apps, bringing a hybrid mindset that treats trust as a product feature rather than an afterthought. Regular audits and real-time fraud monitoring have become standard practice, helping services spot unusual patterns before they affect users. Leisure operators appreciate that these measures rarely interrupt the flow for legitimate customers, yet they still provide strong protection against common threats such as stolen credentials or account takeover attempts.

Inclusion Questions Surface in New Research

Payment methods that once required established credit histories are giving way to alternatives that work from simpler starting points. Payment aspects of financial inclusion in the fintech era recent BIS analysis explores how lighter verification routes can open access without compromising oversight. For leisure operators, this expands the reachable audience while also prompting new questions about how to design experiences that feel welcoming across different financial profiles. Research teams have started tracking how users from varied income brackets interact with these new tools, revealing that many appreciate the option to pay in smaller increments rather than committing to large upfront sums. This flexibility can turn occasional visitors into regular participants, especially when combined with clear explanations of fees and limits.

Looking Ahead at Startup Activity

Investment continues to flow toward companies that specialise in seamless cross-border movement of small sums, often with an eye on entertainment verticals. These firms tend to operate with lean teams and focus on modular technology that larger leisure groups can plug into existing systems. The pattern suggests that payment infrastructure itself is becoming a distinct competitive layer, separate from the content or experience it supports. Business decision-makers tracking this space note that partnerships between payment startups and leisure operators are forming earlier in the product cycle than they did even a few years ago. Some of the most promising projects involve shared ledgers that let users move value between different services without repeated currency conversions. Early data from pilot programmes shows reduced costs for both companies and customers, which in turn supports more frequent engagement with digital leisure services. As these technologies mature, analysts expect further consolidation among smaller players while the biggest leisure brands continue to maintain relationships with several services at once.

Practical Takeaways for Decision Makers

Owners of smaller leisure ventures increasingly treat payment choice as part of the overall customer journey rather than a back-office detail. Testing multiple rails, monitoring drop-off points, and adjusting for regional preferences all feature in routine reviews. The underlying technology keeps evolving, yet the core principle remains consistent: the less friction a transaction carries, the more likely it is to complete and repeat. This steady refinement continues to shape how people move through their chosen forms of digital downtime. Forward-thinking operators also schedule regular staff training so teams understand the latest options and can guide customers smoothly when questions arise.

India’s wealthy investors are increasingly turning to luxury real estate as a store of value and long-term wealth creation asset, with veteran investor Madhusudan Murlidhar Kela becoming the latest to make a marquee purchase.

DLF has sold a residential apartment in its ultra-luxury project The Dahlias in Gurugram to Kela for Rs 120.71 crore, according to media reports. This reinforces the growing appetite among high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) for premium residential assets.

According to the latest corporate shareholding data filed with stock exchanges and compiled by Trendlyne, Kela publicly holds stakes in 19 listed companies with a combined net worth of over Rs 2,571.6 crore as of March 2026.

Located in Sector 54 on Golf Course Road, The Dahlias sits in one of Gurugram’s most sought-after residential micro-markets. DLF describes the locality as an affluent residential and investment destination with significant potential for capital appreciation and rental income.

Also Read: DLF sells The Dahlias apartment to Madhusudan Kela for Rs 121 crore

“Sector 54, Golf Course Road, Gurgaon, is an affluent residential and investment hub. The property prices are exorbitantly high in this area. Investing in DLF Sector 54 Gurgaon guarantees higher ROI, assured rental income and a steady rise in the property value, making it an ideal and safe investment opportunity for the residents,” the developer said on its website.
The transaction comes as DLF continues to benefit from robust demand for premium housing. The company’s Q4FY26 pre-sales surged 95% year-on-year to around Rs 3,970 crore, although FY26 bookings declined 5% to approximately Rs 20,100 crore, said a brokerage note.Collections for the year rose 15% to nearly Rs 13,500 crore, taking net cash to around Rs 14,200 crore. Brokerage Nuvama said management is targeting approximately Rs 20,000 crore each of launches and pre-sales in FY27, reflecting confidence in sustained demand for luxury projects.

The latest deal also highlights the strong capital appreciation enjoyed by early investors in India’s luxury real estate market, with well-located and supply-constrained micro-markets continuing to command premium valuations.

Luxury homes emerge as wealth preservation assets

Samir Chopra, President & CEO of eXp Realty India, said high-value transactions such as Kela’s purchase reflect a structural shift in the way affluent Indians are allocating capital.

“High-value transactions such as these reflect a broader shift in how India’s affluent buyers are approaching real estate. Luxury residential assets are increasingly being viewed not just as lifestyle purchases, but as long-term wealth preservation assets,” Chopra said.

He noted that wealth generated through entrepreneurship, capital markets, startup exits and global business expansion is increasingly finding its way into premium residential properties in established and supply-constrained markets such as Gurugram, Mumbai and Bengaluru.

“What makes locations like DLF particularly attractive is scarcity, address value, strong end-user demand and long-term capital appreciation potential. For many HNIs and UHNIs, these homes offer a combination of lifestyle, legacy value, portfolio diversification and wealth preservation. As India’s wealthy population continues to grow, we expect premium residential real estate to attract an increasingly larger share of investor capital,” he added.

Gurugram’s investment appeal continues to strengthen

Manik Malik, President & CEO of BPTP, said Gurugram has emerged as one of India’s most compelling real estate destinations, backed by infrastructure-led development and a thriving corporate ecosystem.

“Gurugram has firmly established itself as one of India’s most attractive real estate destinations, driven by infrastructure-led growth across corridors such as Golf Course Extension Road, Dwarka Expressway and Southern Peripheral Road, alongside a strong corporate ecosystem and world-class social infrastructure. As India urbanises and premiumisation gathers pace, Gurugram is well positioned to remain one of the country’s most compelling investment markets,” Malik said.

Rishi Raj, CEO of Conscient Infrastructure, believes rising HNI and NRI participation in Gurgaon’s luxury housing market reflects changing global capital allocation strategies.

“The surge in HNI and NRI participation in Gurgaon’s luxury housing market is not happening in isolation. It is a direct response to how capital is being reallocated globally. When equity markets become volatile and fixed-income returns remain uncertain, investors naturally gravitate towards assets that offer both capital preservation and long-term appreciation,” he said.

“Today, luxury real estate is increasingly being viewed as a strategic asset allocation decision rather than a discretionary purchase. Golf Course Extension Road is a prime example of this trend. Over the past decade, the corridor has transformed into one of Gurgaon’s leading luxury markets, driven by infrastructure upgrades, improved connectivity and the entry of top developers.”

Echoing similar views, Rajat Khandelwal, Group CEO of Tribeca Developers, said Gurugram’s emergence as a corporate and lifestyle hub has fuelled demand for world-class residences.

“Over the past few years, Gurugram has evolved into a magnet for professionals and entrepreneurs drawn by its cosmopolitan lifestyle, robust infrastructure and status as one of India’s most prominent corporate hubs. This intersection of economic expansion and lifestyle aspiration has fuelled demand for larger, smarter and more refined living spaces that align with global benchmarks of luxury,” Khandelwal said.

ET Intelligence Group: The initial public offering (IPO) of Jio Platforms, based on the data from the DRHP filing, is priced at a premium to listed peers given its market leadership and large scale of operations across telecom and digital services.

In addition, though small in terms of annual revenue and profits, Jio commands a significant valuation premium over its global peers, reflecting its differential offerings aided by a pureplay 4G and 5G network and proprietary digital platforms compared with global giants that are mature utility providers with legacy 2G and 3G infrastructure.

Jio Platforms plans to issue 270 million fresh equity shares, taking the total paid-up equity to 9.21 billion shares. At an anticipated market capitalisation of over ₹12-14 lakh crore, the company is estimated to raise up to ₹42,000 crore, or more than $4 billion, from the primary market.

This implies a price-earnings (P/E) multiple between 40 and 46, while its enterprise value (EV) will be 16-19 times of the operating profit before depreciation and amortisation (Ebitda). In comparison, Bharti Airtel trades at a P/E of 43.6 and an EV/Ebitda of 10.8.

Top global telecom giants based on market capitalisation including T-Mobile, Verizon and AT&T trade at P/E multiples between 10 and 17 while their EV/EBITDA is between 7 and 11. In revenue terms, these companies are six-nine times bigger than Jio Platforms.

Jio Platforms’ revenue from operations increased by 16% annually to ₹1.5 lakh crore between FY24 and FY26 while net profit grew by 18.4% to ₹30,049 crore. The Ebitda margin remained in a tight range of 50-52% during the period. For Bharti Airtel, revenue grew by 19% annually to ₹2.1 lakh crore while net profit increased four times to ₹33,823 crore. Bharti’s operating margin improved to 57% in FY26 from 52% in FY24.
Bharti’s net debt relative to Ebitda was 1.4 times while its return on capital employed was 19%. This compares with 0.4 times and 10.8% for Jio Platforms in that order.On the operating front, Jio Platforms had a larger scale with 524.4 million customers at the end of FY26 compared with 482.4 million for Bharti’s Indian business. In addition, Jio handled data traffic of 241.4 billion gigabytes (GB), more than two times when compared with 101.3 billion GB for the latter. However, Bharti’s average revenue per user (ARPU) at ₹257 was higher than ₹214 for Jio Platforms.

The business model of launching a public company to buy crypto is falling apart. As a result, those in the queue to do so through blank-check companies are facing pressure from investors against a market backdrop that is fiercely unfriendly.

Take ReserveOne Inc., a cryptocurrency asset manager that had prominent associates, including private equity magnate and former US Commerce Secretary Wilbur Ross.

ReserveOne had agreed to combine with M3-Brigade Acquisition V Corp., a special-purpose acquisition company, or SPAC, whose sole purpose is to find another entity to buy, taking it public in the process. Ross did not back the deal financially, but after it closed, he was slated to join ReserveOne’s board. Other promoters of the effort are a who’s who of big names in finance and crypto.However, the $1 billion transaction collapsed after at least two large investors in ReserveOne demanded the sale be terminated, according to people familiar with the matter.

Those investors believed ReserveOne’s shares would inevitably trade at a discount to its net asset value if they listed because of how far Bitcoin and other tokens have fallen since the tie-up was announced nearly a year ago, said the people, who were not authorized to discuss details publicly. Combined with fees that would’ve been owed to bankers and sponsors for completing the deal, it simply wasn’t worth it, the people said.

Ultimately the two firms agreed to bid each other farewell, according to a June 12 filing.
A spokesperson for M3 declined to comment. ReserveOne didn’t respond to requests for comment.The scuttled ReserveOne-M3 transaction is emblematic of problems with trying to introduce a digital-asset treasury company, or DAT, through a SPAC these days. Others with similar plans have either failed or flopped, reflecting the market’s deterioration.

For instance, Avalanche Treasury Corp., which combined with a SPAC called Mountain Lake Acquisition Corp. on June 11, has been mercilessly pummeled since its debut.

Avalanche Treasury shares have tumbled almost 90% since shareholders approved the combination, with the price dropping to around 85 cents on Thursday. A spokesperson for Avalanche Treasury directed Bloomberg to a press release about its Nasdaq debut, but declined further comment.

The DAT trade effectively stopped working when it became dilutive for companies to raise money through equity markets to buy crypto, said Jan-Philip Grabs, a partner at the digital-asset advisory firm Areta. DATs have sometimes characterized their long-term plans as being not just crypto accumulators, but companies that facilitate payments or perform other, more important work.

“We expect this bear market to be a decisive filter for the category: some of these companies will use it to build a genuine operating model and make accretive acquisitions, while others will remain capital-markets vehicles with no underlying business and struggle to survive as token prices stay depressed,” he said.

DAT Plunge

Michael Saylor engineered the idea of DATs in 2020, turning his software company MicroStrategy into one focused on buying Bitcoin instead. The market took off: shares of the company, now called Strategy Inc., hit a high above $500 by 2024. A number of companies including Metaplanet, BitMine, Twenty One Capital and SharpLink followed in its footsteps that year or the next.

Strategy’s stock closed at $112.53. Bitcoin itself is down roughly half since hitting a high last October, which has left some firms that sought to replicate Saylor’s idea out of luck.

Those still waiting in the wings include BSTR Holdings Inc., whose initials stand for Bitcoin Standard Treasury Company. A blank-check entity sponsored by an affiliate of Cantor Fitzgerald agreed to combine with BSTR in a deal with as much as $1.5 billion in equity financing last July, but its fate is now in question.

The Cantor-linked SPAC has scheduled a vote on June 26 about whether to proceed with the merger, according to a recent filing. Its board is unanimously in favor of the deal going through and recommends a “yes” vote, but it’s not clear that will happen.

BSTR is led by Adam Back, co-founder and chief executive officer of Bitcoin infrastructure firm Blockstream Corp. The British cryptographer was recently in the news after the New York Times portrayed him as Satoshi Nakamoto, a pseudonym used by the inventor of Bitcoin, a claim he denies.

Investment firm Meteora Capital was involved in both the BSTR and ReserveOne deals through a strategy known as private investment in public equity, or PIPE, according to the people. That means it put up capital to participate after privately negotiating terms with sponsors.

But because PIPE investors have less sway in the outcome than sponsors, who are the key decision makers, Meteora also decided to build up positions in the two related SPACs in the public market, they said. Meteora had been pushing for the deals not to close given the fundamentals, said the people.

Representatives for Meteora and Cantor Fitzgerald declined to comment. BSTR didn’t respond to requests for comment.

Other crypto treasury firms that were pursuing SPAC deals remain in limbo as the financials for doing so have turned upside down. DATs that already trade publicly shed some $62 billion in market value between Bitcoin’s peak in October and early June, Bloomberg previously reported, citing Artemis data.

“Only real operating companies in the digital-asset industry will succeed long-term,” said Alexander Blume, CEO of crypto asset manager Two Prime. “DATs aiming to just follow the Saylor playbook will have a hard time going forward.”

Costly Bet

Up until fairly recently, crypto accumulation seemed like a winning bet.

Public companies that did everything from operate hotels to facilitate sports gambling decided to pursue the DAT idea instead. Others that launched as private crypto buyers agreed to be absorbed by SPACs, ultimately creating hundreds of publicly traded DATs.

The frenzy created lots of wealth for founders, investors and sponsors, sometimes at the expense of retail investors who have cumulatively lost tens of billions of dollars investing in the idea.

Though pursuing a SPAC-quisition has become unpopular, canceling a planned deal can also be costly, as The Ether Machine Inc. and Dynamix Corp. learned.

In April, the two agreed scrap a $1.5 billion pact that would have created an Ether-focused accumulator. That meant Dynamix was entitled to $50 million because of a termination agreement, according to a filing.

“Current market conditions make it impractical to move forward with the transaction,” Andrew Keys, co-founder of The Ether Machine, told investors in an email obtained by Bloomberg.

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Traders added to wagers for Federal Reserve interest-rate hikes, fully pricing a quarter-point increase by September after a spike in oil prices revived inflation concerns.

Swaps tied to policy-meeting dates imply 25 basis points of hikes, up from 23 basis points on Thursday and eight basis points earlier in the week. The move came during thin trading volumes with US markets closed for a public holiday.

Investors are pricing in tighter policy from the Fed after new Chair Kevin Warsh said the central bank won’t tolerate high inflation at his first meeting this week, sending yields higher on Wednesday. Oil has climbed by around 4% from a three-month low on Thursday as doubts linger around the recently signed peace deal between the US and Iran.

“We’re now at a point where it wouldn’t take much to tip the balance in favor of a hike,” said Matthew Ryan, head of market strategy at Ebury, pointing to the rhetoric at this week’s Fed decision. “Multiple references to the Fed missing its inflation target for five years running, all support the narrative that higher rates may not be too far away.”

Investors hadn’t expected Warsh to strike such a hawkish tone. US President Donald Trump elevated him to the central bank post after repeatedly lashing out at his predecessor, Jerome Powell, for not slashing borrowing costs enough.

Meanwhile, Brent crude steadied after topping $80 a barrel earlier in the session. Israel and Hezbollah reportedly agreed to a ceasefire starting Friday.

Irina Ciochiu is a Romanian entrepreneur and legal professional best known as the Founder and CEO of FlightHelp, a company focused on passenger rights and flight compensation across Europe.

With a legal background from the University of Craiova, she has built her career at the intersection of aviation, regulation, and consumer advocacy.

Ciochiu entered the passenger rights industry after recognising a major gap between legal protections and the average traveller’s ability to use them. While regulations such as EU261 provide strong protections for passengers affected by delays, cancellations, and overbookings, many people still struggle to understand the claims process or challenge airline decisions effectively.

Through FlightHelp, she has worked to simplify that process by creating systems that help passengers navigate complex airline regulations and compensation procedures. Her work focuses on combining legal understanding with operational efficiency, particularly in cases where airlines cite extraordinary circumstances or provide limited information about the real cause of disruptions.

Over the years, Ciochiu has expanded her work across several European markets, including Romania, the United Kingdom, Italy, Spain, and Germany. She is recognised for her practical, results-driven approach and her focus on turning complex legal frameworks into accessible solutions for everyday travellers.

Today, Irina Ciochiu continues to advocate for greater transparency, accountability, and passenger awareness within the European aviation industry.

Q&A with Irina Ciochiu

Q: What first led you towards the aviation and passenger rights industry?

Irina Ciochiu:
My background is in law, and during my studies at the University of Craiova I became very interested in how regulations work in practice. I noticed that many industries had strong legal protections on paper, but ordinary people often struggled to use them effectively. Aviation stood out because passengers were frequently left confused after delays or cancellations, even when regulations like EU261 existed to protect them.

That gap between the law and the real-world experience is what pushed me towards this industry.

Q: Was there a specific moment when you realised this could become a business opportunity?

Irina Ciochiu:
Yes. I realised that most passengers simply did not know what they were entitled to or how to challenge airline decisions. Many accepted a rejection immediately, especially when airlines mentioned extraordinary circumstances.

At the same time, airlines rarely provide the actual operational reason for a disruption in writing. That creates a situation where passengers are trying to navigate a highly technical process without access to the necessary information.

I saw an opportunity to build systems that could simplify that process and provide proper support.

Q: What were the early challenges of building FlightHelp?

Irina Ciochiu:
The aviation industry is extremely complex. You are dealing with multiple countries, different regulations, airline procedures, and operational issues all at once.

One of the biggest challenges was navigating regulatory complexity across multiple jurisdictions while still building something scalable. Early operational problems actually helped improve our systems because they forced us to refine processes very quickly.

Those experiences made the business much more resilient over time.

Q: What do you think passengers misunderstand most about EU261?

Irina Ciochiu:
A lot of passengers believe that if an airline rejects a claim, that is the end of the process. That is often not true.

Even when airlines cite extraordinary circumstances, passengers may still qualify for compensation depending on the actual details behind the disruption. The problem is that most travellers do not have access to that information or know how to assess it properly.

That is why professional support can be very important during the claims process.

Q: How does FlightHelp approach these situations differently?

Irina Ciochiu:
We focus on simplifying the process for passengers. Most people do not want to spend hours studying regulations or dealing with complicated airline communication.

Our role is to help bridge that gap. We combine legal understanding with operational systems designed to review claims properly and guide passengers through the process.

The goal is not just filing claims. It is helping people understand their rights and their options.

Q: Your work spans several European markets. Has that shaped your perspective on the industry?

Irina Ciochiu:
Definitely. Working across countries like Romania, the United Kingdom, Italy, Spain, and Germany shows you how different passenger experiences can be, even under the same regulations.

It also highlights how important consistency and transparency are. Travellers should not need legal expertise just to understand whether they may qualify for compensation after a disrupted flight.

The more accessible these systems become, the better the experience is for passengers overall.

Q: What is your leadership style like?

Irina Ciochiu:
I am very structured and focused on execution. I like breaking large problems into smaller, measurable steps.

I also believe strongly in iteration. Every challenge, good result, or failure gives feedback that helps improve the system.

In industries like aviation, where things constantly change, adaptability is extremely important.

Q: What keeps you motivated in this industry?

Irina Ciochiu:
I think it comes back to solving real-world problems. Passenger rights are important, but they only matter if people can actually access them.

That is what motivates me. Building systems that make complicated processes easier for ordinary travellers and helping people feel less powerless during stressful situations.

Q: What do you think the future of passenger rights looks like in Europe?

Irina Ciochiu:
I think awareness will continue to grow. More passengers are starting to understand that they have rights and that airline decisions are not always final.

At the same time, the aviation industry will continue evolving, which means regulations and operational processes will also change. Transparency and accountability will become even more important.

My focus is continuing to improve systems that help passengers navigate that environment more effectively.