Page 28 - 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

PhonePe expands into financial services, launches int'l travel insurance

PhonePe, which competes with Alibaba-backed Paytm, Amazon Pay and Google Pay, claimed it is India's first digital payment platform to launch international travel insurance.

Digital on-boarding key to retail growth, says Pine Labs' Kush Mehra

Fintech companies will need to design solutions with merchants in focus to encourage faster adoption, he says

PhonePe's fundraising process hits roadblock over valuation mismatch

The Walmart-owned firm has been in talks with several large global investors, to raise up to $1.2 billion

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

Internet shutdowns: Amazon, Flipkart may have lost 18-20% business

E-commerce companies like Amazon, Flipkart witness at least 20% decline in business due to internet shutdowns in India, say sources

FM's New Year gift: No MDR charges on RuPay, UPI payments from Jan 1

Department of Revenue (DoR) will soon notify RuPay and UPI as the prescribed mode of payment for digital transactions without any Merchant Discount Rate

Bridges to the digital mainstream

Book review of Bridgital Nation: Solving Technologies People Problem

Retail loan book of banks, NBFCs will double to Rs 96 trn in 5 yrs: Report

Loans to MSMEs are also likely to double to Rs 13.2 trillion from Rs 6.6 trillion in FY19

Digital payments: Google wants US Fed to replicate India's UPI model

Launched in 2016, the UPI is the country's flagship real-time payments system

NPCI enhances UPI 2.0, allows customers to make recurring payments

NPCI is also working on proximity payment option for the platform where one can make payments from a mobile phone that uses near-field communication technology

Over 21 billion digital transactions carried out in FY20 till Nov 13: Govt

Prasad noted that in 2018-19, 3,134 crore digital transactions were recorded, translating into y-o-y increase of 51%

UPI bucks slowdown, records highest ever volume in September at 955 mn

Total value of transactions surpasses Rs 1.6 trillion, or 4.5% higher than that achieved in August

Cash may be king in India, but Google is prince of mobile payments

The company has one of its fastest-growing hits ever with Google Pay, a two-year-old app that millions of consumers are using to spend and transfer tens of billions of dollars

Reserve Bank wants stricter rules for e-commerce payments gateways

Payment gateways and payment aggregators refer to entities, which provide technology infrastructure to route and facilitate processing of an online payment transaction

From UK to India, drivers of digital payments explained in three charts

Data also shows the spread and intensity of digital payments does not always increase in tandem with a country's GDP

Currency in circulation jumps 17% to Rs 21.10 trillion: RBI annual report

The demand for the Rs 500 bill, which is the second highest denomination after the Rs 2,000 note, has soared the highest and now accounts for over 51 percent of the value of currency in circulation

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

Soon, transfer or receive money 24x7: RBI removes NEFT time limit from Dec

Last month, the banking regulator had scrapped the levy on online transactions such as NEFT to make the transfer of funds cheaper

Digital transaction volumes up 51% in 2018-19 to Rs 3,133.5 crore: Govt

Transaction volumes in the first month of the current financial year alone stood at about 313 crore, says Ravi Shankar Prasad.