Online Transaction

Reserve Bank of India Deputy Governor M Rajeshwar Rao on Sunday emphasized that banking services, including digital platforms, are designed for public convenience and must be used responsibly. The Bankers' Club, Chandigarh, organized a walkathon on Cyber Security Awareness at Sukhna Lake here on Sunday which was flagged off by Rao. Rao noted that such physical initiatives, alongside RBI's online campaigns, are highly effective in spreading awareness. According to an official statement here, Rao said that while counterfeit currency circulation is minimal, the public must continue to use the "look, touch, and feel" method to verify notes. With growing adoption of digital payments, reliance on cash is declining, ensuring safer and more secure transactions. The walkathon event witnessed enthusiastic participation from bankers across the region, who came together to spread awareness on safe banking and responsible digital practices, the statement said. Rao congratulated the banking ..

The Payments Council of India has reappointed Vishwas Patel and M N Srinivasu as chair and co-chair while inducting Nalin Bansal, alongside naming heads for key payments committees

UPI transactions in July climbed to 19.47 bn in volume and Rs 25.08 tn in value, with AePS and IMPS also rising while FASTag saw a dip in both volume and value

A new report shows nearly half of MSMEs now prefer UPI for transactions, highlighting a major shift towards digital tools to boost efficiency and income across small businesses

To curb cyber fraud, market regulator Sebi has mandated a new Unified Payments Interface ID format for all registered intermediaries collecting investor funds

The rebound follows a dip in April, when UPI volumes declined from 18.3 billion in March. That slump was attributed to multiple service disruptions that affected payment flows

Outlines operational guidelines for 10 APIs linked to UPI

UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report. Moreover, insurance policy purchases and premium collections saw a 127 per cent increase in transaction volume and a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby said. "The data highlights the role digital retail stores play in overcoming the challenges of insurance penetration across Bharat," it stated. The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions. The findings compare business data from January to November 2024 with the same period in 2023. The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across

With global fraud losses surging past $5 trillion annually-a staggering 56 per cent increase in the past decade-the demand for advanced fraud prevention has never been more critical

UPI, credit cards, QR codes adoption increasing but debit cards may be losing their sheen

A 'multisig' or multisignature wallet is a crypto wallet that requires two or more private keys to unlock and withdraw funds

The Department of Telecom has allocated a separate 10-digit numbering series starting with 160 for service and transactional calls made by government, regulators and financial entities, according to an office memorandum issued on Tuesday. The 10-digit number series has been designed by the DoT in a manner that telecom subscribers will get an idea about calling entities as well as the telecom operator and the place from where it has originated. "It has been decided to allocate a separate numbering series 160 exclusively for service and transactional voice calls as per Telecom Commercial Communication Customer Preference Regulation (TCCCPR) 2018," the official note said.. The move is aimed at helping subscribers differentiate between calls made by government bodies and regulated entities from those made by fraudsters masquerading as government officials. The 10-digit number will be issued in 1600ABCXXX format for government and regulators where AB will show the code of telecom circle

Shaktikanta Das said there's considerable scope for expanding digital payments

In volume terms, transactions were seen at 12.10 billion, compared to 12.20 billion in January

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

Most banks now toggle off the control limit of a card at the time of issuance. To make online or offline transactions, the users must first enable the controls. Know how here

ONDC is working on a mechanism to enable merchants to make their products visible globally and expects international transactions on the platform soon, ONDC Managing Director and Chief Executive Officer T Koshy said here on Monday. "There is an interest... and we are enabling merchants to make their products visible globally. We expect to... formally inaugurate international transactions (on the ONDC) in the SME forum next week," Koshy said at the DPG Dialogue here. The ONDC model is meant to protect the interest of both buyers and sellers, Koshy said. "If I come on the platform as a buyer looking for a mobile phone, (a platform owner's) job is to look at the buyer's interest... "If you're a seller, the platform should try to say how to present yourself... in the best way... so that you are more appealing to the buyer network," Koshy said. The ONDC top boss also hinted at the possibility of exploring a collaboration with Bhashini, an AI-powered language translation platform. "As

To drive card payments and reduce dependence on cash, the government had abolished merchant service fees on transactions with state-owned RuPay cards from January 2020.

The offline unorganised segment will drive merchant payment digitisation with QR codes and sound boxes - devices with speakers that display alerts for merchants when transactions are processed

The government expects five to seven countries to sign up for adopting India-developed technology platforms like UPI and Aadhaar by March for accelerating digitisation, according to Union minister Rajeev Chandrasekhar. While speaking at India Stack Developer Conference, the minister said that the Prime Minister has decided to offer India technology platforms to countries to help them accelerate digitisation. "I expect by February-March, about 5-7 countries around the world to sign up (for adopting platforms)," Chandrasekhar said. The government plans to reach out to several countries to offer them technology stack (Aadhaar, UPI, Digi Locker, Co-Win, GeM, GSTN etc) as part of its responsibility as G20 Presidency and expects Indian startups and system integrators to gain from the exercise.