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Monday, December 23, 2024 | 07:20 PM ISTEN Hindi

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Page 6 - Digital Payments

More nations interested in using UPI: RBI deputy governor T Rabi Sankar

Speaking about India's central bank digital currency (CBDC, also known as e-rupee), Sankar said the RBI was looking to expand the use cases for wholesale CBDC

More nations interested in using UPI: RBI deputy governor T Rabi Sankar
Updated On : 23 Feb 2023 | 10:51 PM IST

UPI: Local & global

India-Singapore link is an encouraging first step

UPI: Local & global
Updated On : 22 Feb 2023 | 10:26 PM IST

'Cheaper, faster, safer': India, Singapore launch real-time payments link

UPI-PayNow linkage world's first to feature cloud-based infra

'Cheaper, faster, safer': India, Singapore launch real-time payments link
Updated On : 21 Feb 2023 | 11:57 PM IST

HDFC Bank begins offline payment pilot under RBI sandbox facility

The country's largest private sector lender HDFC Bank on Monday said it is attempting to execute digital payments in an offline mode under a regulatory facility to test innovations. Apart from executing transactions in no network areas, such a facility will be of help in urban pockets experiencing bad networks and also in aircraft, according to a statement. It can be noted that there is a facility which helps users with feature phones undertake Unified Payments Interface (UPI) transactions. HDFC Bank has begun the pilot in a partnership with Crunchfish, IDFC Bank and M2P Fintech under the RBI's regulatory sandbox programme after getting the nod in September 2022, it said. The lender will roll-out this service as part of a limited pilot for four months in more than 16 cities and towns across the country. The offline transaction amount would be limited to up to Rs 200 per transaction. Digital payment typically requires one either the customer or the merchant to be online to get ...

HDFC Bank begins offline payment pilot under RBI sandbox facility
Updated On : 13 Feb 2023 | 11:48 PM IST

2023 is for complete rollout of Digital Credit System: Ashwini Vaishnaw

The minister further said that that Mission Bhashini - National Language Translation Mission and Digital Payments have come together to make UPI 123 Pay available in the local language

2023 is for complete rollout of Digital Credit System: Ashwini Vaishnaw
Updated On : 10 Feb 2023 | 10:44 AM IST

Trade leaders demand to constitute digital payment regulation board

Faster adoption and acceptance of digital payments in India if transaction charges levied by the banks on digital payments is waived and a Digital Payments Regulation Board is constituted.

Trade leaders demand to constitute digital payment regulation board
Updated On : 09 Feb 2023 | 3:56 PM IST

Fintech firm mPokket says app impersonating it has been blocked by govt

Fintech firm mPokket on Wednesday said that an app impersonating it has been blocked by the government and it has no partnership with the blocked platform. The government has last week ordered blocking of 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan service "The domain in the list issued by MeiTY this week, mpokket.en.aptoide.com, is a clear instance of impersonation and has no affiliation with mPokket whatsoever. Aptoide is a third-party app store with which we have no official or unofficial partnership," mPokket said in a statement. Meity issued blocking orders on Saturday based on an emergency request issued by a nodal officer of the home ministry comprising 138 betting and gambling websites and 94 loan apps that were engaging in illegal money laundering and posing threat to financial security of the country. "We suspect that it may be a proxy app on Aptoide and are looking into it further. Blocking of s

Fintech firm mPokket says app impersonating it has been blocked by govt
Updated On : 08 Feb 2023 | 10:35 PM IST

Sebi amends rules governing mode of payment by market intermediaries

Sebi has notified rules asking all market intermediaries and companies to make regulatory payments to it by way of direct credit into the bank account through digital payment systems. Under the rules, market intermediaries and companies are required to pay various fees to the Securities and Exchange Board of India (Sebi). In a notification, Sebi said that the fee can be paid to the regulator by way of direct credit into the bank account through digital payment systems -- NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Mobile Payment Service) -- or online payment using the Sebi Payment Gateway. To give these effects, the regulator has notified Sebi (Payment of Fees and Mode of Pay). The amendment has been brought into various regulations with respect to fees to be paid to Sebi. Last month, the market regulator clarified that all payment mechanisms provided by banks and payment aggregators authorised by the Reserve Bank of India (RBI)

Sebi amends rules governing mode of payment by market intermediaries
Updated On : 08 Feb 2023 | 8:53 PM IST

Digital payments record 24% annual growth at end of Sept 2022: RBI data

Digital payments across the country registered a growth of 24.13 per cent in a year through September 2022, as per RBI's index that measures the adoption of online transactions. The newly-constituted RBI's Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021. "The RBI-DPI Index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period," Reserve Bank of India (RBI) said in a statement on Tuesday. 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 (weight 25 per cent); Payment Infrastructure Demand-side factors

Digital payments record 24% annual growth at end of Sept 2022: RBI data
Updated On : 31 Jan 2023 | 7:26 PM IST

Elon Musk plans WeChat-like payments system on Twitter that includes crypto

Twitter under Elon Musk is now working on a payments system that will support accepted currencies with crypto functionality embedded into it

Elon Musk plans WeChat-like payments system on Twitter that includes crypto
Updated On : 31 Jan 2023 | 12:23 PM IST

Budget 2023: Fintechs expect subsidies for growing digital payments network

Firms operating in this space expect easing of taxes alongside special budgetary allocations for the sector to grow

Budget 2023: Fintechs expect subsidies for growing digital payments network
Updated On : 30 Jan 2023 | 8:48 PM IST

India Stack 2.0 to be more nuanced, intelligent: Rajeev Chandrasekhar

India Stack will become more nuanced, intelligent and sophisticated in its next avatar, Rajeev Chandrasekhar, Minister of State of Electronics and IT, has said

India Stack 2.0 to be more nuanced, intelligent: Rajeev Chandrasekhar
Updated On : 26 Jan 2023 | 12:52 PM IST

Govt expects 5-7 countries to sign up for India's tech stack by March

The government expects five to seven countries to sign up for adopting India-developed technology platforms like UPI and Aadhaar by March for accelerating digitisation, according to Union minister Rajeev Chandrasekhar. While speaking at India Stack Developer Conference, the minister said that the Prime Minister has decided to offer India technology platforms to countries to help them accelerate digitisation. "I expect by February-March, about 5-7 countries around the world to sign up (for adopting platforms)," Chandrasekhar said. The government plans to reach out to several countries to offer them technology stack (Aadhaar, UPI, Digi Locker, Co-Win, GeM, GSTN etc) as part of its responsibility as G20 Presidency and expects Indian startups and system integrators to gain from the exercise.

Govt expects 5-7 countries to sign up for India's tech stack by March
Updated On : 25 Jan 2023 | 12:08 PM IST

Google pilots 'Soundpod by Google Pay' for UPI payments in India: Reports

The search giant is piloting a soundbox of its own in the country to alert sellers of confirmations for Unified Payments Interface (UPI)-based payments, reports TechCrunch

Google pilots 'Soundpod by Google Pay' for UPI payments in India: Reports
Updated On : 17 Jan 2023 | 9:41 PM IST

Paid most of $1 bn tax for PhonePe shifting base to India, confirms Walmart

The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies

Paid most of $1 bn tax for PhonePe shifting base to India, confirms Walmart
Updated On : 05 Jan 2023 | 2:39 PM IST

UPI processes record 7.82 bn transactions in December, ends 2022 on a high

In the calendar year 2022, UPI processed over 74 billion transactions, worth Rs 125.94 trillion, NPCI data showed

UPI processes record 7.82 bn transactions in December, ends 2022 on a high
Updated On : 02 Jan 2023 | 2:23 AM IST

How financial reforms can quicken pace for India to become a $5-trn economy

In the Union Budget for FY22, no funds were earmarked for recapitalising state-run banks. This was a decadal first, and will temper their eagerness to lend

How financial reforms can quicken pace for India to become a $5-trn economy
Updated On : 01 Jan 2023 | 7:27 PM IST

Expect bold changes in the year 2023

India is making rapid strides in the area of digital banking, meeting the expectations of a digitally agile customer base in the information age

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Updated On : 01 Jan 2023 | 6:47 PM IST

Indian rupee goes digital

Digital currency and fail-safe wireless connectivity should have preceded demonetisation

Indian rupee goes digital
Updated On : 28 Dec 2022 | 11:09 PM IST

RBI to migrate payments fraud reporting module to Daksh on January 1

Reporting on the existing Electronic Data Submission Portal (EDSP) to stop completely once migration happens

RBI to migrate payments fraud reporting module to Daksh on January 1
Updated On : 26 Dec 2022 | 8:26 PM IST