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The increasing adoption of digital transactions is evident in the robust growth of India's real-time payments system, Unified Payments Interface (UPI)
UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report. Moreover, insurance policy purchases and premium collections saw a 127 per cent increase in transaction volume and a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby said. "The data highlights the role digital retail stores play in overcoming the challenges of insurance penetration across Bharat," it stated. The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions. The findings compare business data from January to November 2024 with the same period in 2023. The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across
The Kantar and GroupM study highlights a nearly 60 per cent growth in the average FMCG basket size for rural consumers, increasing from 5.8 in 2022 to 9.3 in 2024
BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor
Business Standard BFSI Insight Summit 2024: Industry leaders discuss KYC, anti-fraud tech, and user education as essential defences against rising digital financial crime
We have 50 different teams, each pursuing separate goals, which allows us to innovate and launch new products, said Shashank Kumar, co-founder and managing director of Razorpay, at the BFSI Summit
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
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
Smaller players on the UPI leaderboard, such as Navi, Groww, and MobiKwik, have shown remarkable year-on-year (Y-o-Y) growth
The partnership follows a series of recent announcements NIPL has made regarding the global expansion of UPI and associated rails
Earlier in the year, NIPL had agreed to develop digital payments systems for Peru and Namibia, using UPI as a blueprint
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
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
UPI Circle on Google Pay is a feature designed to help users make digital payments without needing to link their own bank account
In this context, Business Standard takes a look at how digital payments in India have evolved over the years.
Raast is Pakistan's first instant payment system, which operates similarly to India's flagship project: Unified Payments Interface (UPI)
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
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
Visa, the official payments partner of the Olympic Games Paris 2024, has partnered with JioFinance for its presence at India House
A 'multisig' or multisignature wallet is a crypto wallet that requires two or more private keys to unlock and withdraw funds