Page 3 - Digital Payment Wallet

RBI to come out with regulatory architecture on digital lending platforms

The Reserve Bank of India will soon come out with regulatory architecture for digital lending platforms, many of which are unauthorised and illegal, Governor Shaktikanta Das said on Thursday. There have been increasing cases of alleged suicides of borrowers due to harassment by a few of the operators of digital lending apps. "I think very soon we will be coming out with a broad regulatory architecture, which should be able to address the challenges that we are confronted with regard to lending through digital platforms, many of which are unauthorised, unregistered and, should I say, illegal," Das said while delivering a lecture on - Indian Businesses (Past, Present and Future). He was speaking at the Iconic Week celebration as part of the 'Azadi Ka Amrit Mahotsav' to mark the 75th anniversary of Independence, organised by the Central Board of Indirect Taxes and Customs (CBIC). Das on Wednesday suggested that customers borrowing from unregistered digital lending apps should approach

Digital payments in India projected to reach $10 trn by 2026: Report

Smaller cities have recorded high acceptance of such transactions as cash use declines in country.

Ashneer Grover writes to Bharatpe, demands action against CEO

In response to a comment by Ashneer's sister on a social media post by former Bharatpe employee, Sameer said: "Sister, your brother has stolen all the money. Very little left to pay salaries"

DMI Finance acquires wallet service provider Oxymoney's parent firm

Oxymoney plans rolling out pre-paid cards and expand its distribution network.

Digital payments start-up Mobikwik nears filing for $300-million IPO

MobiKwik plans to lodge the listing documents with the Indian securities regulator as soon as the next few days

With $700-mn war chest, PhonePe to fight Google, Amazon in rural India

PhonePe recently crossed the 250-million registered user milestone, with over 100 million monthly active users generating nearly 1 billion digital payment transactions in October alone

In a first, UPI transactions exceed ATM cash withdrawals, courtesy pandemic

But while cash withdrawals and dealings are declining, there has been a 20% YoY spike in the quantum os notes and coins help with the public

Diversifying contactless payments a way ahead during coronavirus outbreak

Some countries have already quarantined cash, while others like South Korea, have burnt, or high-heat laundered their notes

WhatsApp Pay set for phased roll out in India; granted NPCI permission

NPCI nod for phased launch comes 2 years after trial run

MDR waiver to hit fintechs, payments companies' business model

Industry fears the move to drag the growth of digital payments

Google Pay leads UPIs in digital payments, Amazon Pay most favoured wallet

All the findings in this report are based on transactions held on the Razorpay platform from January 2018 to December 2019

Paytm launches all-in-one QR for merchants, to enable unlimited payments

This QR will enable merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI-based payment apps directly into their bank account at zero per cent fee

Now, you can use RBI's prepaid card for small-ticket retail purchases

When it comes to safety, this card will be on a par or perhaps even better

Over 80 payments apps face an uphill battle to turn the country cashless

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

Beware digital promise

With these big firms keeping data of whatever we do and increasingly of our spending as well, the society is becoming more vulnerable

Payments data must be stored in systems located in India, says RBI

The clarification has come a week after the government said the RBI would examine concerns around its strict data-localisation guidelines

Here's why you shouldn't ditch your digital payment wallet just yet

UPI transactions are growing faster, but wallets remain relevant for those without a bank account and seeking cashbacks