Page 2 - Digital Transactions

Indian Bank rolls out digital services under 'Project WAVE' initiative

Public sector lender Indian Bank has unveiled new services under its digital transformation initiative -- Project WAVE -- the bank said on Sunday. Accordingly, the city-headquartered bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes. This move will also reduce the turn-around time of the bank guarantee issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes, a bank statement said. Besides, the facility would replace the need for physical stamp paper and physical signatures of customers by replacing them with digital stamping and e-signing making the entire process digital. Indian Bank has launched a facility to avail pre-approved business loans, an end-to-end digital journey, for eligible individuals and proprietor firms to cater to their respective businesses. "The newly launched digital vehicle loan product enables ...

India tops world ranking in digital payments with 89.5 mn transactions

Second, on the list is Brazil which amounted to 29.2 million transactions followed by China with 17.6 million transactions

e-Rupi to wearables: How 50% of all transactions will be digital in 3 years

As of January 2022, there were 65 crore RuPay debit cards in circulation, accounting for 65% of the total debit cards issued

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

How are PPI wallets different from UPI? All that you need to know

The rising popularity of UPI-based transactions is eating up traditional payment options like debit cards

Huge volumes reflect ease, security of UPI transactions, says PM Modi

Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dolla, was done through UPI in 2022. "Many experts are estimating that very soon India's digital wallet transactions are going to overtake cash transactions," he said. A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said. Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore via video conferencing. The first transaction was done by Reserve Bank of India Governor Shaktikanta Das and Monetary ...

UPI to now allow blocking money for multiple debits, paves way for ASBA

The RBI said the Bharat Bill Payment System (BBPS) will now include a wider variety of recurring and non-recurring payments

Transactions in CBDC pilots gather pace, all minor glitches fixed swiftly

Wholesale segment averages Rs 325 crore per day in November

Credit card use at PoS higher than at e-com sites in July-Sept: Report

Attributes trend to value-added services such as EMI and BNPL which are allowing consumers to use cards for big-ticket transactions, as opposed to small-ticket earlier

Goyal calls for IITF-like fairs for showcasing swadeshi capabilities

This year, India's largest annual fair will see the participation of nearly 2,500 exhibitors from India and abroad

Infibeam Avenues gets RBI in-principle nod for payment aggregator licence

The RBI allowed another window to PAs existing as of March 2020 to apply to the central bank for a license

India leading globally in digital payments, says Rajeev Chandrasekhar

Under PM Kisan Samman Nidhi Yojana, up to Rs 19,000 crore were transferred directly into bank accounts of 95 million beneficiaries in a single day, he added

State funds to popularise digital payment appropriated by banks: PCI chief

Payment aggregators have received nothing, says Vishwas Patel as RBI discussion paper starts debate

India saw 9.36 bn transactions worth Rs 10.2 trn in Q1 2022, UPI leads

India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter (January-March period) via various payment modes led by UPI, a new report showed

UPI processed nearly 6 billion transactions worth Rs 10 trillion in May

NPCI sets its eyes on processing a billion UPI transactions a day on its platform within the next 3-5 years

Indian fintech's success an example of popular support for reforms: Modi

India got record amount of foreign investments last year during the coronavirus pandemic, says Prime Minister in Hyderabad.

Collapsed stablecoin TerraUSD announces recovery plan, seeks outside funds

Stablecoins are digital tokens pegged to the value of traditional assets, such as the US dollar.

Digital transactions worth Rs 20,000 crore taking place daily: PM Modi

Prime Minister Narendra Modi on Sunday said digital transactions worth Rs 20,000 crore are now taking place daily in the country

Mapping India's digital transactions: Cashless, but still card dependent

UPI transactions grew faster than credit or debit card transactions, but growth in average transaction size was still considerably lower than debit and credit card usage

Nepal adopts UPI developed by India for digital transactions

Nepal has adopted the unified payment interface developed by India for digital transactions, a government periodical said in its latest edition.