Page 14 - Digital Payments

Sebi amends rules governing mode of payment by market intermediaries

Sebi has notified rules asking all market intermediaries and companies to make regulatory payments to it by way of direct credit into the bank account through digital payment systems. Under the rules, market intermediaries and companies are required to pay various fees to the Securities and Exchange Board of India (Sebi). In a notification, Sebi said that the fee can be paid to the regulator by way of direct credit into the bank account through digital payment systems -- NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Mobile Payment Service) -- or online payment using the Sebi Payment Gateway. To give these effects, the regulator has notified Sebi (Payment of Fees and Mode of Pay). The amendment has been brought into various regulations with respect to fees to be paid to Sebi. Last month, the market regulator clarified that all payment mechanisms provided by banks and payment aggregators authorised by the Reserve Bank of India (RBI)

Digital payments record 24% annual growth at end of Sept 2022: RBI data

Digital payments across the country registered a growth of 24.13 per cent in a year through September 2022, as per RBI's index that measures the adoption of online transactions. The newly-constituted RBI's Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021. "The RBI-DPI Index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period," Reserve Bank of India (RBI) said in a statement on Tuesday. The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country. The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weight 25 per cent); Payment Infrastructure Demand-side factors

Elon Musk plans WeChat-like payments system on Twitter that includes crypto

Twitter under Elon Musk is now working on a payments system that will support accepted currencies with crypto functionality embedded into it

Budget 2023: Fintechs expect subsidies for growing digital payments network

Firms operating in this space expect easing of taxes alongside special budgetary allocations for the sector to grow

India Stack 2.0 to be more nuanced, intelligent: Rajeev Chandrasekhar

India Stack will become more nuanced, intelligent and sophisticated in its next avatar, Rajeev Chandrasekhar, Minister of State of Electronics and IT, has said

Govt expects 5-7 countries to sign up for India's tech stack by March

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.

Google pilots 'Soundpod by Google Pay' for UPI payments in India: Reports

The search giant is piloting a soundbox of its own in the country to alert sellers of confirmations for Unified Payments Interface (UPI)-based payments, reports TechCrunch

Paid most of $1 bn tax for PhonePe shifting base to India, confirms Walmart

The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies

UPI processes record 7.82 bn transactions in December, ends 2022 on a high

In the calendar year 2022, UPI processed over 74 billion transactions, worth Rs 125.94 trillion, NPCI data showed

How financial reforms can quicken pace for India to become a $5-trn economy

In the Union Budget for FY22, no funds were earmarked for recapitalising state-run banks. This was a decadal first, and will temper their eagerness to lend

Expect bold changes in the year 2023

India is making rapid strides in the area of digital banking, meeting the expectations of a digitally agile customer base in the information age

Indian rupee goes digital

Digital currency and fail-safe wireless connectivity should have preceded demonetisation

RBI to migrate payments fraud reporting module to Daksh on January 1

Reporting on the existing Electronic Data Submission Portal (EDSP) to stop completely once migration happens

Less-cash society more achievable than cashless: E-payment leaders

''When we talk about cashless society, we are not talking about people in Mumbai. We are talking about people who are in the hinterland''

BS BFSI Insight Summit 2022: Fireside chat with Paytm CEO Vijay Sharma

Sharma founded One97 Communications in 2000 and subsequently Paytm a decade later in 2010. In November 2021, Paytm went public, raising $2.5 billion at a valuation of $19 billion

BS BFSI Insight Summit 2022: Who's leading the way in banking technology?

From Ranjeeth Bellary, Partner, EY Forensic & Integrity Services to Rajsri Rengan, HoD - Banking & Payments, India & Philippines, FIS here are panelists who will speak on Technology in Banking

BS BFSI Insight Summit 2022: Meet the leaders of digital, payments banks

From Airtel Payments Bank's COO Ganesh Ananthanarayanan to Parag Rao, Country Head for Payments Business, Consumer Fin, Digital Banking at HDFC Bank, here are panelists from digital & payment banks

WhatsApp Pay's India head steps down amid series of top-level departures

Vinay Choletti leaving as Meta-owned messaging platform ramps up investments in its payment service in India

India has 350 mn digital payment users, count set to double by 2030: Report

India currently has around 350 million online transacting users across e-commerce, shopping, travel and hospitality, and OTT and the number is set to double by 2030, a new report showed on Wednesday

Paytm lending biz at annualised run rate of $4.8 bn, disburses 6.8 mn loans

The usage of Paytm Super App has also hit another high as the company said its average monthly transacting users is at 84 million for the two months ended Nov 2022