Digital Payment

Merchant payments (P2M) through the UPI route expanded faster than person-to-person (P2P) payments, by 37 percent to nearly 67 billion transactions, showed the report, as compared to a 31 percent growth in P2P transactions.

Digital payments worth Rs 12,000 trillion via 65,000 crore transactions in last six fiscals: Pankaj Chaudhary, MoS Finance

This expansion points to a largescale adoption of digital payments across consumers and geographies. Digital payments have enabled more people to access formal credit channels, empowering economic participation, MoS Finance Pankaj Chaudhary said.

Keep UPI free, keep it fair

India’s UPI, a public digital payment system, thrives on zero-cost, trust, and inclusion. Reintroducing fees or enabling market concentration risks undoing progress. This article talks about why India must resist UPI fees and rein in market power

Top challenges and opportunities in the digital payments ecosystem in India

India's digital payments ecosystem faces challenges in pricing models, regulatory balance, and fraud prevention. However, opportunities lie in international expansion, leveraging data analytics, and supporting digital-first platforms, driving growth and innovation in the sector

Tackling Payment Fraud: The industry is solving it the wrong way

Digital payment fraud has evolved beyond stolen identities to sophisticated networks using synthetic identities and manipulated trust scores. The industry must shift from post-transaction detection to proactive, real-time, dynamic fraud prevention, focusing on continuous verification and ecosystem-wide intelligence sharing

Digital payments system needs to adapt to rural India’s realities

Digital payment mechanisms offer significant potential to empower rural and semi-urban borrowers. However, their success depends on addressing underlying infrastructural and educational challenges. Achieving financial inclusion in India’s heartland will require an approach that blends the innovation of digital systems with the reliability of traditional cash methods.

UPI’s democratised cashless payments but not grievance redressal

Medium-to-low digital proficiency users experience anxiety when they have to use in-app mechanisms to deal with problems. It has got to do with designs that do not account for user proficiency and expectations. A few changes could uplift the experience for all users

Future of UPI: The transformative power of credit integration

Digital payments in India is set to revolutionize with the integration of credit into UPI. By enhancing financial flexibility and accessibility, this development promises to expand credit access, democratize financial services, and drive significant growth and innovation in the sector

RBI's new diktat could alert users for suspicious activities during online transactions

The directions have come into effect from July 30, but the Reserve Bank has also prescribed a phased implementation to provide adequate time to PSOs to put in place the necessary compliance structure

India’s digital payments system needs simpler KYC process to reach newer heights

Two challenges that need to be addressed to build on the initial success is to make it easier for more people to enter the ecosystem. At the same time, protecting privacy and safeguarding users from cyberattacks are essential to retain trust

India, Cambodia discuss investment treaty, UPI collaboration

Both sides also deliberated upon diversification of the trade basket by identifying new products, bilateral investment treaty, recognition of Indian pharmacopoeia and collaboration in the pharma sector.

IndusInd Bank launches India’s first contactless payment wearable ‘Indus PayWear’

The offering will be exclusively available for Mastercard holders now, but will soon be extended to other card networks as well, the private sector lender said.

Budget 2024 slashes incentives for RuPay debit cards, low-value UPI transactions

The scheme was introduced to compensate acquiring banks and fintechs for promoting Point-of-Sale and e-commerce transactions using RuPay debit cards and low-value BHIM-UPI transactions (P2M) up to Rs 2,000, giving up on the MDR earned.

AIIMS Delhi will switch to 100% digital payments after March 31, adopt smart card facility

The AIIMS Smart Card will be the only way to make payments for all investigations and procedures other than electronic payments via UPI, debit cards, credit cards, etc, an order issued by the AIIMS Director stated.

Digital Lending: It is time to save the golden goose from the wolves

Easily accessible but predatory lending apps charging usurious rates of interest need immediate attention. A public whitelist constantly updated to keep track of every digital lending app out there and notifying RBI as a nodal regulatory agency are key first steps that can help India get cracking on a scourge that threatens to damage a sector with immense growth potential

CBDC to be the future currency of the world: RBI governor

RBI Governor Shaktikanta Das remains bullish on India's growth in the digital sector. Speaking with IMF's Asia & Pacific Director Krishna Srinivasan, the RBI chief discussed the frontier issues of central banking in the context of the post-pandemic recovery.

Can AI-powered voice payments for UPI transactions impact India's digital payments?

Voice-based payments are new but could change how we shop. Users can now begin payments in chat or message conversations, turning regular interactions into fast cash transfers.

BCI conference: 'Bharat' is present and future of world, says Solicitor General Tushar Mehta

Bharat, he said, is leading the world in terms of digital payment, and justice is being delivered to the litigants at their doorstep because of the government's initiative for digitisation.

Digital payment industry facing tough competition, says PhonePe VP

A report published by Bernstein in September 2023 said that 95 percent of the transactions on UPI are captured by top four players

German minister uses UPI to buy chillies from vegetable vendor in Bengaluru. Watch

The German embassy described digital infrastructure in India as one of the country's success stories.

Digital payments across country jumped in March 2023 on YoY basis: RBI data

The apex bank’s digital payment index (RBI-DPI) stood at 395.57 in March 2023 against 377.46 in September 2022 and 349.30 in March 2022, the central bank said in a press release

NPCI recommends additional charges for merchant transactions via UPI

According to the NPCI circular, using PPIs on UPI will attract interchange at 1.1 percent of the transaction value for transactions worth over Rs 2,000.

GrayQuest announces Series A equity funding round of Rs 56 crore

The funding round was led by Pravega Ventures, with the participation of leading family investors such as the Weizmann Group, the Telama Family Office, and Apurva Parekh from the Pidilite Family Office.

Aditya Birla Capital makes a foray into digital payments

The company, a part of the Aditya Birla Group, announced a tie-up with National Payments Corporation of India to develop and promote digital payment alternatives, a statement said.

Union Minister Ashwini Vaishnaw to inaugurate Digital Payments Utsav today

A comprehensive campaign, Digital Payments Utsav, has been planned between 9th February and 9th October this year, in celebration of the ‘Azadi ka Amrit Mahotsav’ and G20 Presidency. The campaign aims to promote Digital Payments across the country.