Urjit Patel said India’s fintech industry has almost tripled its size since 2013 and the value of transactions has touched USD 30 billion already.
It will offer features such as bank-to-bank, wallet-to-wallet money transfer and mobile recharge options right from the app itself.
Both Apps uses Unified Payments Interface (UPI) technology to transfer money between any two individuals and between an individual and a merchant.
The new fund will also invest in developing a proprietary data science-based investment methodology to quantitatively understand startup health metrics like product market fit and user growth
Payment options provided through PayU Biz are Credit Card, Debit Card, Net Banking, Itz Cash, Yes Pay, Ypay, PayU Money wallet and UPI.
According to R Gandhi, recently retired as the Reserve Bank of India’s Deputy Governor said, "Right now we are trying to do all things including Aadhaar Pay, UPI, BHIM and simultaneously trying to work on MDR (merchant discount rates) on card payments."
In March, digital transaction volume went up 1.43 times. The 23 times increase, as indicated by Niti Aayog, is applicable only for Unified Payments Interface (UPI) volume and not for all digital payments methods.
Hike Messenger is likely to beat competitor WhatsApp to become the first messaging app in India to launch a UPI-backed payments mechanism on its app.
The government and RBI’s pet project UPI witnessed a 26 percent growth from February and 44 percent from January to 6.2 million transactions worth Rs 2,390 crore in March.
Transactions done through the Unified Payments Interface (UPI) have seen a massive jump, in what would be a boost to Prime Minister Narendra Modi’s push towards digital payment.
Facebook-owned messaging app WhatsApp could soon make a foray into digital payment services starting with India and is looking to hire a digital transactions head for the country.
A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China.
"Our latest payment interface - Unified Payments Interface (UPI), backed by leading banks is yet another smart solution that is simple, convenient and secure," Jet Airways Chief Commercial Officer Jayaraj Shanmugam said.
This integration will allow Ola customers to use their unique UPI IDs to pay for all their rides on the Ola platform, the company said in a release.
"There has been a phenomenal 584 per cent increase (0.3 to 4.5 million) in transactions made through the Unified Payments Interface (UPI) since demonetisation. In the same period, payments using Adhaar have also seen an unprecedented jump of 1352 per cent (0.7 to 2.7 million)," a NITI Aayog press release said.
All PoS terminals or machines launched after July 1 will be Aadhaar-enabled and the existing terminals will be upgraded to the same in a year’s time.
National Payments Council of India is tightening mechanisms to make UPI platform more secure and safeguard customers against dubious transactions.
Truecaller will allow the bank to use its 150 million customers to transfer money from the UPI or United Payments Interface application of the bank.
Called Truecaller Pay, it will allow users of the app to instantly create a UPI id, send money to any UPI id or a mobile number registered with the BHIM app, ICICI Bank said in a statement.
Apart from allowing users to simply tap and pay on the go using their registered cards, the service, Samsung Pay, has integrated Paytm as well as the government's Unified Payments Interface (UPI) into the application, the South Korean giant said in a statement here.
IT Secretary Aruna Sundarajan said the government was looking to rationalise charges on digital transactions as part of its push for a less-cash economy.
Latest RBI data suggest that measures implemented to push digital transactions haven’t been able wane citizens off the “touch and feel” of cash.
The tags can be reloaded as and when required and tags are valid at all toll lazas throughout the country, Venkataraman said.
Cyber security has become a hot-button topic particularly after demonetisation gave a huge filip to digital payments. However, banks have still not put in adequate security measures to prevent cyber fraud.