Mobile Payment

BoB World app scam cases: FinMin pushes for enhanced KYC procedure

In a bid to check incidence of BoB World app scam and other such financial frauds, the finance ministry makes a case for an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks, sources said. Appropriate due diligence of merchants and Business Correspondents (BCs) who offer banking services in rural and remote areas is necessary not only to check frauds but also to fortify the financial ecosystem, sources said. According to sources, there is a need to strengthen data security and data protection at the level of merchants and BCs as chances of compromise are higher at that level. Therefore, sources said, RBI may advice banks and financial institutions to review the concentration of BCs in cyber fraud hotspots and their onboarding, blocking of micro ATMs found to be involved in frauds. This was one of the suggestions made at an inter-ministerial meeting held recently with the objecti

RBI hikes UPI limit for hospital, educational payments: What does it mean?

RBI MPC: In another key announcement related to digital payments, Governor Shaktikanta Das proposed to hike the e-mandate for recurring payments to Rs 1 lakh from the current Rs 15,000

India has potential to do 100 billion UPI transactions a month: NPCI CEO

India has the potential to do 100 billion Unified Payments Interface (UPI) transactions a month, a top official from the National Payments Corporation of India said on Tuesday. This would be a 10-time growth over the 10 billion transactions achieved by the 2016-launched platform in August. Dilip Asbe, chief executive officer and managing director of NPCI, said there are 350 million UPI users at present and pegged the growth opportunity in merchants and users at 3 times more. "...if you take the combined effect, we have a 10x opportunity from where we stand," Asbe said speaking at the Global Fintech Fest here. He declined to specify a date by which NPCI aims to reach there, but said that by 2030, India will witness 2 billion transactions a day. At present, global giant Visa processes 22.5 billion transactions a month, while its rival MasterCard does over 11 billion transactions. Asbe also said that credit card usage can witness a ten-time growth if the industry shifts to the emerg

Paytm beats peers as highest revenue earner in mobile payments services

Indian fintech giant Paytm on Wednesday reported its financial performance for FY23, where its revenues swelled to Rs 7,991 crore for the fiscal year

Inbound travellers from G20 countries can now use UPI, says RBI

Even delegates from G20 countries would be able to avail this facility at various meeting venues

Samsung Pay, Naver Pay collaborate to improve mobile payment experience

Through the collaboration, Samsung Pay users will be able to enjoy an enhanced online payment experience, and users of Naver Pay will enjoy a better offline payment experience

Amazon rolling out option to pay using Venmo balance, linked bank account

Amazon is rolling out the option to use Venmo balance, a linked bank account, or an associated debit card for payments for its users

Paytm plans to launch India's biggest IPO, aims to raise $3 billion

According to media reports, the board of One97, parent company of Paytm, is all set to meet this Friday to formally approve the IPO plan

Amazon plans to step up e-payments, financial services in India

Wish to convert cash-hardened customer into a digital one: Amazon Pay CEO

Banks face tech resilience test as Covid-19 boosts digital services

Between April 2020 and January 2021, mobile banking transaction volumes doubled to 39 million, while internet banking transaction volumes grew 60 per cent to 7 million

RBI working committee in favour of setting up NPCI-type agency for fintechs

RBI panel favours new structure for better supervision

The zero MDR has affected the PoS business: Worldline's Deepak Chandnani

India has some 5.2 million PoS units, but a country of our size needs more, DEEPAK CHANDNANI, managing director, Worldline (South Asia and the Middle East), tells Raghu Mohan

Faced with high growth in traffic, banks to ramp up digital capabilities

They will soon take a call on tech spending

Cheque payment to FASTag, rule changes that will affect your money in 2021

Cheque payments will be safer; the limit for contactless card transactions to increase

Interchange of Rs 15 makes ATM channel unviable: NCR India's Navroze Dastur

NCR Corporation, the world's largest vendor of ATMs, has over 50 per cent share of the local market, but business could be better, says NAVROZE DASTUR

India's a digital payments hotspot

With social distancing becoming the new norm, there is a behavioural shift across all consumer categories

Promote competition

Govt is turning anti-consumer in digital payments

Financial services becomes next battleground for PhonePe, Amazon and Google

Walmart-owned PhonePe has become the fastest-growing insure-tech distributor in India within just 9 months of the insurance category going live on the digital payments app

Digital payments in India likely to grow to Rs 7,092 trn by 2025: Report

By 2025, wallets are expected to have a higher penetration and lower-income would eventually drive multiple small-ticket transactions

Pay by app: The risks and rewards as Indians chuck cash, go digital

There are 238 digital payment apps to choose from if you still haven't downloaded one for your smartphone