Digital Wallets

RBI proposes new PPI norms to tighten risk controls, enable interoperability with UPI and cards, and streamline wallet classification

Reserve Bank of India has begun informal consultations with EV charging-point operators and other app-based EV platforms to assess potential consumer risks

The reactivation effort comes at a time when the payments bank has lost 72.25 per cent of its prepaid payment instrument (PPI) wallets from 363.15 million

Over 600,000 incidents of fraud have been reported in the ongoing financial year till September

The Reserve Bank on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets to promote small-value digital payments. Currently, the UPI Lite has a daily limit of Rs 2,000, while the upper limit for a single payment is Rs 500. UPI Lite is a simplified version of the Unified Payments Interface (UPI). It acts as an on-device wallet for small-value transactions. Presently, the UPI Lite app can only hold a maximum of Rs 2000 at a time. "To encourage wider adoption of UPI Lite, it is now proposed to bring it under the e-mandate framework by introducing a facility for customers to automatically replenish their UPI Lite wallets if the balance goes below the threshold limit set by them," RBI Governor Shaktikanta Das said. This will further enhance the ease of making small value digital payments, he said while announcing the bi-monthly monetary policy here. UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamle

The wallet app, which has gone live in the country, will cater to non-payment use cases and complement Google Pay - the payment app of the tech giant, said company

Unlike the Google Pay, which is a payments platform, Google Wallet offers options to save digital documents, gift cards, tickets, and boarding passes for quick access

Google has introduced a private digital wallet for Android users in India, allowing users to securely store cards, tickets, passes, keys and IDs, an official said on Wednesday. Google Wallet can be downloaded from Play Store and would allow users to store their debit cards, credit cards, loyalty cards, and gift cards among other things. It is different from Google Pay app which helps manage money and finances. "Google Pay is not going anywhere. It will remain our primary payments app. Google Wallet is specifically tailored for non-payment use cases," said Ram Papatla, GM & India Engineering Lead, Android at Google.

The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app

In value terms, commercial payments account for 56 per cent, while retail make up around 44 per cent of total payments value

The NPCI's decision to levy 1.1 per cent fees on the UPI-wallet payments has led to a lot of speculation on social media, people are worried this will make the transactions costlier. But is it true?

While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do: Dan Schulman

The company is in talks with SoftBank Group Corp.'s Vision Fund, an investor in PhonePe's parent entity Flipkart, although Walmart will remain top investor, the people said

Wholesale segment averages Rs 325 crore per day in November

Around 2,000 transactions recorded in first three days of pilot; aim now is to erase digital trails between wallets

Aims to involve 50,000 merchants, customers in the next few days

RBI says digital rupee for retail segment will be in the form of a digital token that represents legal tender, to be issued in same denominations as paper currency and coins

Regulator suggests eight corrective steps

Triggered by the growing use of digital wallets, the total cost of e-commerce fraud to merchants is likely to exceed $48 billion globally in 2023

The move will breathe life into the RBI's January 3 framework which sought to give a fillip to offline payments and lead to the activation of the One Nation, One Card for on-the-go payments