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Venmo announced early Thursday that an issue impacting the payment service had been fixed and it was back up and running, after users reported trouble sending and receiving money for hours. We're sorry for the inconvenience and appreciate you bearing with us while our team addressed this, the company said in a post on the social platform X. Downdetector, a website that tracks online outages, showed reports that problems began spiking at about 6:30 p.m. Eastern Standard Time on Wednesday. Many people posted on social media about experiencing problems with the service, including some who said they were unable to pay for medication or buy dinner. Venmo had said Wednesday night on X that it was working on a fix. The company didn't provide any additional details about what caused the problem or how it was fixed. Peer-to-peer payment apps have exploded in popularity in the last decade. Venmo had 92 million active users as of last year.
Indian instant payment system Unified Payment Interface (UPI) transaction volumes recorded a 52 per cent year-on-year surge to 78.97 billion in the first six months of 2024, according to a report. In its India Digital Payments Report for the first half of 2024 (January to June), payment technology service provider Worldline said on Thursday that UPI continues to rule the payment market and is rapidly expanding its reach. "The number of UPI transactions rose significantly from 8.03 billion in January 2023 to 13.9 billion by June 2024. This growth in volume was matched by an increase in transaction value, which climbed from Rs 12.98 trillion in January 2023 to an impressive Rs 20.07 trillion in June 2024. "When comparing H1 2024 to the same period in 2023, UPI transaction volume saw a substantial increase of 52 per cent, rising from 51.9 billion to 78.97 billion," the report said. The value of transactions grew 40 per cent, increasing from Rs 83.16 trillion to Rs 116.63 trillion. In
More than 40 per cent of consumers in Tier 3 to 6 cities use digital payment on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of digital payments by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by merchants and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment serv
India and Zimbabwe have agreed to explore an opportunity to ink a pact for regulatory cooperation in tele-medicines, rough diamonds, and fast payments system, an official statement said on Wednesday. It was agreed during the third session of India-Zimbabwe Joint Trade Committee (JTC), which was held here on May 13 and 14. They also agreed to make concerted efforts towards enhancing bilateral trade. "Both sides agreed to explore signing of Memorandum of Understanding (MoUs) for regulatory cooperation in digital transformation solutions, tele-medicines, rough diamonds, fast payments system and traditional medicine among others," the commerce ministry said. They also identified several areas of focus for enhancing bilateral cooperation in pharmaceuticals, healthcare, machinery, vehicles, electrical machinery, mineral fuels, iron and steel, agriculture and food processing, and renewable energy, it added. The two countries "agreed on closer collaboration between the Investment Promotio