Page 7 - Digital Payments

Large merchants may have to pay reasonable fee on UPI payments: NPCI chief

Asbe said investments will be key to rope in another set of users under the digital payments mode while emphasising that the country has an opportunity to grow ten times in the digital payments space

RBI extends Payments Infrastructure Development Fund scheme till 2025

Apart from physical and digital devices, Soundbox devices and Aadhaar-enabled biometric devices have been made eligible for subsidy under the PIDF scheme

RBI tweaks D-SIB designation methodology, inserts digital payments aspect

The value of securities reported under 'Total Marketable Securities issued by bank' would be based on their market value

9.12 bn merchant transactions made via Paytm in second quarter of FY24

As many as 912 crore merchant transactions were made using Paytm in Q2FY24, parent One97 Communications said on Wednesday. Notably, the maximum number of payments have been done on Saturdays, making it the busiest day in the week for digital transactions, the company said releasing Paytm's 2023 Recap. When it comes to making most payments from midnight to 6 AM, Delhi emerged as Paytm's night owl, outshining cities like Hyderabad, Bengaluru, Chennai, and Goa, the release said. "A whopping 912 crore merchant payments were made using Paytm in Q2FY24," according to the release by One97 Communications Ltd (OCL) that owns the brand Paytm. Releasing Paytm's 2023 Recap, it said if all the Paytm QR codes used this year were stacked up, it would be taller than 40 Qutub Minars. Paytm said it continues to strengthen its leadership in in-store payments, with more than 92 lakh Paytm pioneered devices such as Soundbox, Card Machines, amongst others in the quarter ending September 2023.

ToneTag launches CUSP for digital payments, contactless tokenised cards

It supports secure offline data transfer to enable contactless payments, and voice computing for voice payment experience, among other features

UPI transactions surge 118% in semi-urban & rural stores, shows report

Aadhaar Enabled Payments System (AePS) withdrawals increased 30 to 40 per cent during direct benefit transfer (DBT) releases

Looking forward to ride credit on UPI wave: Amazon Pay India's Jain

Company aiming to redefine access and coverage in financial landscape by early 2024

RBI allows REs to use HDFC Bank-Crunchfish AB's offline payments product

HDFC Bank had stated that it would roll out this service as part of a limited pilot for four months in over 16 cities and towns across India

Razorpay's POS business clocks 60% growth after Ezetap acquisition

Ezetap was Razorpay's sixth acquisition

Credgenics launches debt recovery platform for asset reconstruction firms

Service will help debt recovery by providing information about each stage of delinquent cases

GSPay by Gupshup sees 70% M-o-M growth in UPI123 Pay transactions

The company said the average ticket size of these payments stood above Rs 650, whereas transactions up to Rs 100 constituted 56 per cent of the total payments

Not for everyday transactions, but cash still store of value: RBI report

Currency in circulation up despite rise of digital transactions

RBI in discussions with US, Hong Kong, Swift on digital bank payments

Current practices involve routing funds through banks using the Swift platform. CBDCs could enable direct settlements between parties, offering advantages such as speed and cost-efficiency

FinMin calls meeting of bankers to deal with digital payment fraud

The Finance Ministry has called a meeting of senior bankers and RBI representatives on Tuesday to discuss steps to deal with increasing digital payment fraud and cyber security issue. The meeting to be chaired by Financial Services Secretary will discuss issues related to financial cyber security and increasing digital payment fraud, sources said. During the meeting Indian Cyber Crime Co-ordination Centre will make a presentation on the latest statistics of digital payment frauds as reported in National Cyber Crime Reporting Portal (NCRP), including challenges and issues faced in countering such issues. The meeting is expected to be attended by senior official of Department of Economic Affairs, Department of Revenue, Department of Telecom, Ministry of Electronics and Information Technology (MeitY), Telecom Regulatory Authority of India and National Payments Corporation of India. The meeting assumes significance in view of digital fraud witnessed by UCO Bank and Bank of Baroda in th

RBI and NPCI look for offline methods to boost digital payment adoption

RBI has established a sandbox allowing startups to experiment with various central bank-backed digital currency (CBDC) use cases

7 years of demonetisation: Change in use of cash in Indian economy

It's been seven years since the Centre announced demonetisation. A lot has happened since then. Digital India has risen, and customers' way of spending has changed. But is cash still the king?

Ahead of Diwali, PM Modi pushes for 'vocal for local', digital payments

As India gears up to celebrate Diwali, Prime Minister Narendra Modi on Monday shared a video promoting the use of local products and asserted that the "vocal for local" movement is gaining momentum across the country. In the video shared on his X handle, the prime minister called on people to ensure that their priority during festivals is "vocal for local". "Let us together fulfil our dream of Atmanirbhar Bharat," Modi said. He urged people to try to insist on using the UPI digital payment system to make payments. He also asked them to share selfies with local products or artisans on his NaMo App through a made-in-India smartphone. Modi said he will share some of these pictures on social media to inspire others to be vocal for local, he said. "The vocal for local movement is getting great momentum across the country," he said.

Mobile ownership among women remains low, says DLAI CEO Jatinder Handoo

At the BS BFSI Insight Summit 2023, top digital payment experts discuss the next leg of growth of digital payments and the issues it is facing

BS BFSI Summit: MDR necessary to drive growth in digital payments

Education and awareness among the masses will absorb more users in the fold of digital payments

CCAvenue.ae launches mobile-based QR Code payment solution in the UAE

This is the company's first foray into the offline payment space in the UAE market