Mobile Wallets

But prepaid payment instrument cards grow on a smaller base

Subscribers of retirement fund body EPFO and Employees' State Insurance Corporation may soon be able to use the claim settlement amounts through e-wallets, a top official said on Wednesday. Replying to a question on EPF withdrawal from ATMs, Secretary in the Ministry of Labour and Employment Sumita Dawra told PTI, "This is an area of great interest for the insured person, for a contributor. How can I withdraw my money more easily." In cases of auto settlement... the money goes to the bank account and they in any case are able to withdraw it from the bank account, from any ATM presently, Dawra said. "Now you are talking about how the claim can go directly to probably a wallet or, we'll have to work out some mechanism. So there we have started talks with bankers and also we are going to have a plan in place on how we can do this practically," she said, while speaking on the sidelines of a tourism summit here. "We are reaching out to them (Reserve Bank of India) and we'll have a plan

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In India, the respondent pool comprised of 2,000 consumers aged 18-74, who owned or used a smartphone and over 300 business influencers or decision makers who sell or accept payments online

UPI is an instant, real-time payment instrument developed by the National Payments Corporation of India

Shopkeepers would have to put at least two or more different QR codes of various payments platforms

Mobile wallets said this move would have a positive impact on India's financial inclusion story

NFC transactions account for 2-3% of card transactions in India

More than half of companies surveyed around the globe report higher or much higher revenues in the last 12 months

Fintech players are now either completely pivoting towards or finding other businesses to stay relevant

While tough KYC norms could see users go back to cash deals, the seamless mechanism in UPI-based deals could skim what's left of the digital payments market

RBI said the KYC was designed to strengthen safety and security of transactions and customer protection

While a wallet is convenient, payments bank offers interest on deposits and ATM facility

How companies are looking to arrest a decline in the number of transactions following a sudden hike after demonetisation

Volume of IMPS transactions shot up from 36.2 million in November to 62.4 mn in January

Amitabh Kant said India is growing at 7% but challenge is to grow at 9-10% for next three decades

Govt decided cyber labs be notified soon to help make IT-based evidence admissible in courts

Though an official clarified that UPI wasn't launched to take on wallet players, their exclusion seems to indicate otherwise