Mobile Wallets

PPI wallets register 20% drop to 1.14 bn in November, says RBI data

But prepaid payment instrument cards grow on a smaller base

EPFO, ESIC subscribers may soon use claim money via e-wallets: Labour secy

Subscribers of retirement fund body EPFO and Employees' State Insurance Corporation may soon be able to use the claim settlement amounts through e-wallets, a top official said on Wednesday. Replying to a question on EPF withdrawal from ATMs, Secretary in the Ministry of Labour and Employment Sumita Dawra told PTI, "This is an area of great interest for the insured person, for a contributor. How can I withdraw my money more easily." In cases of auto settlement... the money goes to the bank account and they in any case are able to withdraw it from the bank account, from any ATM presently, Dawra said. "Now you are talking about how the claim can go directly to probably a wallet or, we'll have to work out some mechanism. So there we have started talks with bankers and also we are going to have a plan in place on how we can do this practically," she said, while speaking on the sidelines of a tourism summit here. "We are reaching out to them (Reserve Bank of India) and we'll have a plan

Is all well with fintech giant Paytm?

Paytm's debut on Dalal Street was disappointing. Last Friday, it announced shutting down its operations in Canada. What is happening inside the country's fintech giant - our next report offers a peek

88% of Indians use mobiles for payments to make purchases: Study

In India, the respondent pool comprised of 2,000 consumers aged 18-74, who owned or used a smartphone and over 300 business influencers or decision makers who sell or accept payments online

Paying your income tax may soon become as easy as swiping a card at a shop

UPI is an instant, real-time payment instrument developed by the National Payments Corporation of India

Mandatory QR codes at commercial establishments to boost mobile wallets

Shopkeepers would have to put at least two or more different QR codes of various payments platforms

RBI extends KYC deadline by 6 months, mobile wallet firms welcome decision

Mobile wallets said this move would have a positive impact on India's financial inclusion story

Banks focusing on card innovations to compete with e-wallets, UPI

NFC transactions account for 2-3% of card transactions in India

2.1 billion users to use mobile wallet globally in 2019, reveals study

More than half of companies surveyed around the globe report higher or much higher revenues in the last 12 months

Fearing worst, mobile wallets plan to diversify; loses 45% of user base

Fintech players are now either completely pivoting towards or finding other businesses to stay relevant

Two hard punches that could knock out the ubiquitous mobile wallet

While tough KYC norms could see users go back to cash deals, the seamless mechanism in UPI-based deals could skim what's left of the digital payments market

Mobile wallets have to comply with February-end KYC deadline, says RBI

RBI said the KYC was designed to strengthen safety and security of transactions and customer protection

Payments banks offer more options

While a wallet is convenient, payments bank offers interest on deposits and ATM facility

Tie-ups and innovation to drive mobile wallet growth

How companies are looking to arrest a decline in the number of transactions following a sudden hike after demonetisation

Amazon gets nod for mobile wallet: 10 other players offering this service

Volume of IMPS transactions shot up from 36.2 million in November to 62.4 mn in January

Mobile wallets, biometric modes of payments to replace cards: NITI CEO

Amitabh Kant said India is growing at 7% but challenge is to grow at 9-10% for next three decades

Mobile wallets may soon have to insure customers' cash

Govt decided cyber labs be notified soon to help make IT-based evidence admissible in courts

E-wallets out of unified payments system

Though an official clarified that UPI wasn't launched to take on wallet players, their exclusion seems to indicate otherwise