Digital Payment

The deputy governor highlighted that despite their importance, MSMEs often struggle to secure timely and adequate credit

About 10 per cent of company's revenue comes from government subsidies on digital payments

Indian instant payment system Unified Payment Interface (UPI) transaction volumes recorded a 52 per cent year-on-year surge to 78.97 billion in the first six months of 2024, according to a report. In its India Digital Payments Report for the first half of 2024 (January to June), payment technology service provider Worldline said on Thursday that UPI continues to rule the payment market and is rapidly expanding its reach. "The number of UPI transactions rose significantly from 8.03 billion in January 2023 to 13.9 billion by June 2024. This growth in volume was matched by an increase in transaction value, which climbed from Rs 12.98 trillion in January 2023 to an impressive Rs 20.07 trillion in June 2024. "When comparing H1 2024 to the same period in 2023, UPI transaction volume saw a substantial increase of 52 per cent, rising from 51.9 billion to 78.97 billion," the report said. The value of transactions grew 40 per cent, increasing from Rs 83.16 trillion to Rs 116.63 trillion. In

Grover will neither be associated with BharatPe nor be a part of its shareholding

Earlier this year, the NIPL signed deals with the central banks of Peru and Namibia to help them build real-time payment systems similar to UPI

Speaking at the Global Fintech Fest, Kenghe said close to 400 million customers are transacting on UPI currently

Digital payment frauds saw a more than fivefold jump to Rs 1,460 crore ($175 million) in the year ended March 2024 from the previous year

More than 40 per cent of consumers in Tier 3 to 6 cities use digital payment on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of digital payments by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by merchants and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment serv

Amazon Pay UPI has become a significant success, said the company, streamlining transactions both on the Amazon.in shopping app and across a wide range of external platforms

Bulusu explains the rationale behind the need for merchant discount rate (MDR) for UPI, the company's focus on Indian languages, and credit strategy

Widespread adoption of digital payments has facilitated rapid, low-cost transactions and easy withdrawals through banking and mobile apps

Ongo, the digital payments platform of AGS Transact Technologies has launched an instant National Common Mobility Card 'Ongo Ride' in association with the Chennai Metro Rail Limited here, the company said on Wednesday. Ongo, in a statement said, it has installed unique card dispensers with the UPI feature to facilitate these ready-to-use Ongo Ride cards at 12 CMRL metro stations in the city. Ongo Ride offers commuters a unified payment solution that integrates various modes of transportation including metros, buses and water ferries, as well as payments at parking lots and toll booths. "Metro railways are a cornerstone of urban mobility infrastructure, with India experiencing a daily metro ridership of approximately 10 million. At AGS Transact, we believe that National Common Mobility Cards (NCMC) have the potential to transform mobility across the nation," AGS Transact Technologies Ltd Chairman and Managing Director Ravi B Goyal said. "With our unique NCMC card dispensers, we are

Minister of State for Finance Pankaj Chaudhary on Tuesday said the government and RBI have been taking various initiatives for expanding the global reach of UPI, which is currently available in seven nations. RBI's Payments Vision Document 2025 has also outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar, he said in a written reply in the Rajya Sabha. "The government along with RBI has been taking various initiatives from time to time for expanding the global outreach of UPI. RBI has been collaborating with various relevant stakeholders (central banks of various countries, Bank of International Settlements, World Bank and other institutions) for expanding the outreach of UPI," he said. With these concerted efforts, he said, UPI is live in seven countries--Bhutan, Singapore, the UAE, France, Mauritius, Sri Lanka and Nepal. Replying to another question, Chaudhary said, the government, Reserve Bank of India .

Digital payments across the country registered a 12.6 per cent on-year rise as on March 31, 2024, according to RBI's index that measures the adoption of online transactions. RBI's Digital Payments Index (RBI-DPI) stood at 445.5 at the end of March 2024 compared to 418.77 in September 2023 and 395.57 in March 2023. "The RBI-DPI index has increased across all parameters driven by significant growth in payment performance and payment infrastructure across the country over the period, Reserve Bank of India (RBI) said in a statement on Friday. 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); .

The Bengaluru-based company is one of the first non-banks to receive the PA-CB licence, according to the RBI's website

Nearly one out of two transactions on the National Payments Corporation of India (NPCI)-run UPI are processed on fintech major PhonePe's platform

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

The QR code scams are rising significantly in the country. In the last 14 days, over 2000 such emails have been sent to over 1100 customers. Check how these phishing scams work

For new UPI users, the daily transaction limit is Rs 5,000 for the first 24 hours

The Adani Group plans to offer new services through its consumer app, Adani One, which was launched in late 2022. The app currently offers travel services such as flight and hotel bookings