Page 3 - Digital Payments

One-third of digital payments in 2024 are driven by credit use: Report

Nearly one-third of all domestic digital payment transactions in 2024 were credit-driven, facilitated through credit cards or interest-bearing EMIs, according to a report. According to a report by digital payments fintech Phi Commerce, UPI has become a transformational product in digital payments responsible for 65 per cent of total transactions. While UPI dominates small and mid-value transactions, credit cards and EMIs (equated monthly instalments) are increasingly used for big-ticket purchases, with education, healthcare, and auto ancillary sectors seeing strong growth in digital credit adoption, the report said. Festive shopping, school admissions, and seasonal trends drive spikes in credit usage, showing that consumers rely on short-term credit for high-spend periods, it said. The report is based on analysed transaction data from over 20,000 merchants across the country. As UPI and flexible credit options become mainstream, the future belongs to those who leverage these tools

PoS transformation in progress, but business model needs a rethink

The real-time confirmation builds efficiency and trust, keeping operations smooth and allowing the merchant to focus on business

UPI outage due to financial year-end transaction rush at banks, says NPCI

Transactions volumes declined 7 per cent on March 26 after the UPI network had reported an outage

RBI hikes ATM withdrawal fees; higher charges from May 1 - check details

The revision in fees follows requests from white-label ATM operators, who sought higher withdrawal charges due to increasing operational costs affecting their business

NPCI's international arm partners with Singapore firm to expand UPI

UPI services will be expanded to more than 12,000 merchants in Singapore

Paytm Money gets Sebi registration as research analyst, investment adviser

With this registration, Paytm Money Limited can offer Sebi-compliant research services, including investment insights, research reports, and data-driven analysis, the company said in a statement

UPI posts 5% dip in volume to 16.11 billion, 7% in value in February

The value declined to Rs 21.48 trillion in February, compared to Rs 23.48 trillion in January

UPI Autopay surges threefold as customers shift from cards to digital

Set up of UPI Autopay for various services, including OTT subscriptions, insurance premiums, loan repayments, and utility bills has paved the way for UPI dominance

40% of Indian farmers now paying electronically, says McKinsey survey

But they're still relying on traditional farming methods, says McKinsey survey

Fighting digital fraud: From KYC processes to advanced authentication

To prevent fraud, we need better know-your-customer (KYC) processes

Digital payments rise 11.1% at Sept end 2024: RBI data on DPI

Digital payments across the country registered an 11.11 per cent year-on-year rise as on September 2024, according to RBI's index that measures the adoption of online transactions. RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 as against 445.5 for March 2024, the Reserve Bank said in a statement on Wednesday. "The increase in RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period, it said. 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 (weightage 25 per cent); Payment Infrastructure Demand-side factors (10 per cent); Payment Infrastructure Supply-side factors (15 per cent);

Fintech Skydo receives in-principle approval to operate as PA-CB entity

About 11 existing cross-border payment companies can operate as PA-CB with their applications under process, according to the RBI website

Small ticket transactions drag avg retail payments value by 48% in 3 years

The increasing adoption of digital transactions is evident in the robust growth of India's real-time payments system, Unified Payments Interface (UPI)

UPI QR transactions jump 33% at retail stores this year: PayNearby

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

Rural India's appetite for FMCG grows by 60%; what's behind the surge?

The Kantar and GroupM study highlights a nearly 60 per cent growth in the average FMCG basket size for rural consumers, increasing from 5.8 in 2022 to 9.3 in 2024

ULI will be for lending what UPI is for payments: RBI Dy Guv at BFSI Summit

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

At the BS BFSI Summit, experts stress KYC, and tech to curb digital fraud

Business Standard BFSI Insight Summit 2024: Industry leaders discuss KYC, anti-fraud tech, and user education as essential defences against rising digital financial crime

BS BFSI Summit: Our company culture key to innovation, says Razorpay MD

We have 50 different teams, each pursuing separate goals, which allows us to innovate and launch new products, said Shashank Kumar, co-founder and managing director of Razorpay, at the BFSI Summit

Digital payments double in 3 years, cash transactions fall: RBI report

The study highlights that the share of digital payments more than doubled between 2021 and 2024, with UPI playing a key role in this transformation, particularly for small-value purchases

Women entrepreneurs prefer gold as collateral to secure loans: Survey

The survey found that gold and property are the two most favoured assets when women entrepreneurs seek loans. The trend is most prevalent in Chennai, followed by Mumbai and Delhi