Digital Payments Revolution

Central bank plans to introduce Aadhaar-based face and fingerprint authentication for popular digital platform

Digital payments across the country registered an 11.11 per cent year-on-year rise as on September 2024, according to RBI's index that measures the adoption of online transactions. RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 as against 445.5 for March 2024, the Reserve Bank said in a statement on Wednesday. "The increase in RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period, it said. The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country. The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weightage 25 per cent); Payment Infrastructure Demand-side factors (10 per cent); Payment Infrastructure Supply-side factors (15 per cent);

Indian e-commerce major Flipkart on Wednesday said it has partnered with payment solutions company BillDesk to expand its digital payment offerings with five new categories. The expansion includes recharge and bill payment categories, including FasTag, DTH recharges, landline, broadband, and mobile postpaid bill payments, on the Flipkart app. The home-grown marketplace has partnered with BillDesk to help integrate the new services with Bharat Bill Payments System (BBPS), developed by the National Payments Corporation of India (NPCI). The new services are in addition to the existing electricity bill payment and mobile prepaid recharge options. "We have diversified our selection of services in line with Flipkart's vision to simplify the digital payments journey for customers and further the government's vision of a cashless economy. "From buying their favourite products to addressing digital payment requirements, this enhancement has created a one-stop destination for customers to .

UPI transaction volumes rose 54% in March, as compared to 60% a year ago

For lenders, however, the problem with adding new borrowers is the incremental cost

Current practices involve routing funds through banks using the Swift platform. CBDCs could enable direct settlements between parties, offering advantages such as speed and cost-efficiency

At the BS BFSI Insight Summit 2023, top digital payment experts discuss the next leg of growth of digital payments and the issues it is facing

Chennai has emerged as one of the top digital payment transactions cities in 2022 in the country, a report by payment services firm Worldline India said on Tuesday. The capital city in terms of volume has made 14.3 million transactions with a value of USD 35.5 billion, Worldline India said in its report. Bengaluru emerged on top with 29 million transactions worth USD 65 billion followed by New Delhi 19.6 million transactions worth USD 50 billion, Mumbai (18.7 million transactions worth USD 49.5 billion), Pune (15 million transactions valued at USD 32.8 billion), the report said. "I am amazed every day to see the incredible progress we have made in the digital payments ecosystem over the past few years. The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India," Worldline India CEO Ramesh Narasimhan said. "In 2023 and beyond, Worldline will continue to collaborate with our merchants, partner banks, fintechs, e-commerce players and

Comviva will provide content, technologies, faculty training, and access to industry experts in its core areas of focus like digital payments, real-time marketing & analytics, etc

Use case to be settlement of secondary market transactions in g-secs; RBI says digital rupee is expected to make inter-bank market more efficient, as settlement will reduce transaction costs

There are 238 digital payment apps to choose from if you still haven't downloaded one for your smartphone

Many merchants, especially in rural areas, remain unable or unwilling to accept digital transactions due to network connectivity issues and reluctance to pay charges for low-value transactions

The pace at which this transformation can take place is breathtaking