Financial organisations have always welcomed new technologies as they are in the business of exchanging information. Now, in addition to the benefits from using technology, they will have to learn how to talk in technological terms
National Security Adviser (NSA) Ajit Doval said there was a 500 percent increase in cyber crimes due to limited awareness and cyber hygiene.
While one segment feels it will help expand the payments pie, others feel it will end up creating walled gardens and raising regulatory challenges for the RBI.
The new platform will allow shoppers to pay via credit when they use their Visa cards at merchant locations that use Innoviti’s payment solutions.
The cumulative value of transactions fall by 25 percent in January-May 2020, compared to the same period in 2019. RuPay card transactions through online portals grow by 237 percent in April 2020 from February.
The RBI wants to create a parallel network to NPCI, keep it interoperable and foster innovations in digital payments space.
The payment apps are likely to come out with the recurring payments offer within a month, sources have said.
Reserve Bank of India’s Governor Shaktikanta Das has announced introduction of an online dispute resolution mechanism for digital payments.
WhatsApp Payments is currently being offered in beta mode to a million users. But a formal launch can take place only after petitions against the service are cleared by the Supreme Court. Until that happens, the RBI, NPCI and the Government may not move forward
It has partnered with State Bank of Mauritius and fintech players Yap and EnKash to launch the card.
For digital payments to grow, India needed to reward innovation and risk-taking abilities, they say.
The RBI is looking to push more innovations in the payments space, says the central bank.
Digital payments have grown in May and June but are still lower than February and January volumes. UPI stands out
ICICI Bank leads the ranking race, according to Meity report card. Public sector lender SBI in tenth spot.
The rise in online transactions can be credited to opening up of e-commerce for non-essential goods and increased number of e-payments for utility, mobile and grocery bills
The report, titled 'Redefining the FinTech experience: Impact of COVID-19', said fintech can act as enablers for the banking and financial sector, playing a crucial role in ubiquity and adoption of digital financial services.
RBI has also asked all authorised payment systems operators to undertake targeted multi-lingual campaigns in the form of SMSs and advertisements as part of its awareness drive.
NEFT down 34%, RTGS more than 50% and debit cards 68% compared to March, RBI data shows.
The RBI will make an initial contribution of Rs 250 crore to the PIDF covering half the fund and remaining contribution will be from card issuing banks and card networks operating in the country, the RBI said in a release.
It has managed to reach March levels in terms of number of transactions, showing rapid adoption of UPI
Gupshup, Minkville and Tonetag will work with NPCI and also get support from CIIE.CO.
While the Libra Association has come out with a new digital currency, expect authorities running fiat currencies to continue their criticism
Going forward, it is critical for India to build an accessible, inclusive and resilient payment system that can withstand sustained shocks in the aftermath of the COVID-19 crisis.
IMPS sees a 43% decline, UPI 17% and FAS Tag collections are down 90%, NPCI data shows.
Razorpay data shows that sectors like entertainment, bill payments have gone up while travel, real estate transactions are down more than 80 percent.