Page 5 - Digital Payments

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

Smart plans and rising use-cases drive small UPI companies' growth

Smaller players on the UPI leaderboard, such as Navi, Groww, and MobiKwik, have shown remarkable year-on-year (Y-o-Y) growth

NIPL, Trinidad and Tobago ink agreement to develop UPI-like payments system

The partnership follows a series of recent announcements NIPL has made regarding the global expansion of UPI and associated rails

NPCI inks deal to develop digital payments system for Trinidad and Tobago

Earlier in the year, NIPL had agreed to develop digital payments systems for Peru and Namibia, using UPI as a blueprint

Payoneer to adopt localised approach for expanding user base in India

Cross-border business payment services provider Payoneer looks to leverage its global marketplace partnerships and take a localised approach to expand its reach in India amid "rapid expansion" in the country's service export market. According to Payoneer India Vice-President and Spokesperson Gaurav Shisodia, India is a priority country for Payoneer and holds a strategic position. India's service export market is expanding rapidly and Payoneer looks to capitalise on this expansion, he said, adding that the company primarily caters to outsourcing and service export businesses and small and medium businesses (SMBs). Payoneer is well-positioned to capitalise on this expansion and would strategically respond to the strong surge in businesses in the domains of tech and programming, digital marketing, software-as-a-service (SaaS), e-commerce exporters, and marketplace sellers' sectors, Shisodia said. As part of measures to expand its reach in India, Payoneer looks to leverage its global

Payment aggregators to create 'negative' database to tackle digital fraud

The proposed database, to be made accessible to all licensed payment aggregators, will work as an early warning system to help prevent fraud and reducing risks to merchant and consumers

Google Pay launches UPI Circle, other features at Global Fintech Fest 2024

UPI Circle on Google Pay is a feature designed to help users make digital payments without needing to link their own bank account

Despite operational risks, data shows digital payments cruising ahead

In this context, Business Standard takes a look at how digital payments in India have evolved over the years.

Decoded: Buna-Raast connectivity project between Pakistan-Arab world

Raast is Pakistan's first instant payment system, which operates similarly to India's flagship project: Unified Payments Interface (UPI)

We have seen over 30% improvement using CoPilot: Razorpay's Brahmadesam

In the fintech sector, we focus a lot on feature development. While doing so, specifically in India, the regulation and the market landscape is constantly changing, he says

Widespread adoption of digital payments raises operational risks: RBI DG

The 24/7 availability of online and mobile banking can heighten vulnerabilities, potentially accelerating bank runs and liquidity crises during periods of stress, he said

Go cashless in Paris: JioFinance app forays into international segment

Visa, the official payments partner of the Olympic Games Paris 2024, has partnered with JioFinance for its presence at India House

No evidence of systems being compromised: Cryptocurrency platform WazirX

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

India's retail digital payments set to double to $7 trn by 2030: Report

With digital adoption fast gaining currency, India is likely to see retail digital payments double to USD 7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has potentially led to a permanent shift in consumer behaviours, fueling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "Millennials and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity. The research was based on an online survey of over 6,000 consumers along with more than 1,00

Beware! Cashless payments may be making you spend more than you realise

The absence of a physical representation of money might be why people spend more with digital payments

India launches UPI payments at world-renowned Galeries Lafayette in Paris

India has launched the Unified Payments Interface (UPI) at Paris' historic department store Galeries Lafayette after a successful launch at the iconic Eiffel Tower. This significant step is towards realising Prime Minister Narendra Modi's vision of globalising UPI, which is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. "On July 3, 2024, the UPI became live at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris after a successful launch at the iconic Eiffel Tower," the Indian Embassy in France said in a release on Thursday. Ambassador of India to France and Principality of Monaco Jawed Ashraf launched UPI by live use at the store in the presence of Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group, the release said. "Delighted to launch @UPI_NPCI in the world-famous @Galeries_Laf in Paris. After the launch in the Eiffel

Reserve Bank of India to set up platform to curtail payment frauds

Auto replenishment facility for Fastags, NCMCs, UPI Lite wallets

RBI hikes threshold for bulk fixed deposit to Rs 3 crore from Rs 2 crore

The Reserve Bank on India on Friday hiked the threshold for bulk fixed deposits to Rs 3 crore from existing Rs 2 crore. Bulk fixed deposits earn slightly higher interest rate than retail term deposits as banks offer different rates as part of their liquidity management exercise. Now single rupee term deposits of up to Rs 2 crore with Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will be part of retail fixed deposits. On a review of the bulk deposit limit, it is proposed to revise the definition of bulk deposits as 'Single Rupee term deposit of Rs 3 crore and above' for SCBs (excluding RRBs) and SFBs, RBI Governor Shaktikanta Das said while announcing the bi-monthly policy on Friday. Further, it is also proposed to define the bulk deposit limit for Local Area Banks as Single Rupee term deposits of Rs 1 crore and above', as applicable in case of RRBs. To promote ease of doing business, RBI has proposed to rationalise guidelines for export and im

Restrictions on cash transaction: Know details before making any payment

The government's intention is to curb black money, promote digital transactions, and ensure tax compliance