Page 8 - Digital Payments

Apple gets warning from top US consumer watchdog on Tap To Pay tech

Tap-to-pay transactions have exploded in recent years as mobile devices became ever-present, making paying via a smartphone more and more desirable

NPCI launches voice-enabled UPI payments, other features; Check details

The launch of the new products comes a day after NPCI chief Dilip Asbe said at a fintech event that UPI had the potential to reach a couple of billion transactions a day by 2030

Monetary policy review: Soon, pay up to Rs 500 at a go via UPI Lite

UPI-Lite was launched in September 2022 to reduce transaction failures and optimise processing resources for banks

The Global South quietly revising economic rules written by US, West

The Global South sees a chance to chart its own future. Nirupama Menon Rao, a former Indian foreign secretary, points to her country's spreading of digital payments to developing nations

Cashfree Payments rebrands Zecpe, a one-click checkout platform, as Ecom360

Ecom360 aims to address core problems of D2C businesses by improving checkout and payment processes

Reserve Bank of India's digital payment index rises to 359.57 in March

The RBI-DPI has been constructed with March 2018 as the base period, i.e. DPI score for March 2018 is set at 100

CESC reports collecting 82% of electricity bills through digital payment

CESC Ltd, RP Sanjiv Goenka's flagship company, on Tuesday said it has seen a tremendous increase in digital payments, with 82 per cent of its total revenue from electricity bill collection coming from online mode. The company provides a discount of one per cent for digital payment. "Thanks to a wide variety of user-friendly online payment options, 74.5 per cent of (total 3.5 million) consumers made online payments in 2022-23, which constituted almost 82 per cent of total revenues," its chairman Sanjiv Goenka said in a message to investors. CESC provided over 1,06,101 new connections in 2022-23. West Bengal Power Minister Aroop Biswas had slammed the power during the recent heat waves for a series of power disruptions under its command area. Distribution of electricity, with its own generation facilities, across its licensed area is in Kolkata, Howrah, Hooghly, North and South 24 Parganas districts. With a return to normalcy in 2022-23, your company's system demand grew at 8.7 per

Phonepe launches point-of-sale systems so vendors can accept card payments

Paytm had been providing all-in-one POS machines to check-out counters across the country, which were earlier only available for bank payments

UPI falls marginally in June to Rs 14.7 trn, with 9.33 transactions

Based on data from NPCI, compared to the same month last financial year, transaction volume rose by 59% and value by 45%

Inkle launches new platform for cross-border payments for startups

Customers will be charged a fixed markup of up to 0.50% on the mid-market forex rate on their transactions

RBI releases draft on cyber resilience, digital payment security controls

According to the RBI's release, the central bank has invited feedback from the shareholders on the same

Digital transactions in India highest in world but why is cash still king?

The Reserve Bank of India believes that households in India hold more high-value currency notes at home while substituting lower-value notes with digital transactions

UPI transactions at record high of Rs 14.3 trn in May, spike in 10 days

Rise at a time when the government is pushing to bring various tax collections under digital payment

UPI to account for 90% of retail digital payments by 2026-27: PwC report

Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report. Unified Payments Interface (UPI), which is driving the digital payments revolution, accounted for about 75 per cent of the total transaction volume in the retail segment during 2022-23, said the PwC report titled "The Indian Payments Handbook 2022-27". UPI is projected to account for 90 per cent of the total transaction volume in retail digital payments over the next five years, the report said. The Indian digital payments market saw steady growth at a CAGR of 50 per cent (volume-wise) and is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23, the report said. "It is estimated that UPI will record 1 billion transactions per day by FY20262027, going from 83.71 billion transactions in 2022-23 to 379 billion transactions by 2026-27," it added. It further sai

Mobile wallets market in India to surpass $5 trn in 2027, says GlobalData

UPI has become one of the most preferred methods for day-to-day payments, said the report

UPI continues to dominate digital payments thanks to wide use of QR codes

According to a Worldline India report on India's digital payments, in 2022, UPI processed over 74 billion transactions, an increase of 70 per cent YoY

Nepal, India to sign cross-border digital payments deal to boost trade

The accord will allow Indian tourists in Nepal to make digital payments using Indian e-wallets like BharatPe, PhonePe, Google Pay and Paytm

A powerful tool for democratising credit access

Credit card growth does not conflict with real-time payment systems, but complements them and offers consumers more payment options

Monetary policy review: UPI payments via pre-sanctioned bank credit soon

This new feature could be seen as a substitute for credit card, which has limited reach, experts say

Necessary to assess cumulative impact of action taken so far: RBI

"It is now necessary to assess the cumulative impact of our action taken so far"