Page 15 - Digital Payments

PhonePe becomes largest platform for buying digital gold with 35% mkt share

With over 35%market share, the Walmart-owned firm which competes with Google Pay, Amazon Pay and Paytm has seen a more than 6X jump in the volume of Gold sold in the festival season

Flipkart, PhonePe monthly active customers at 'all time high': Walmart

Walmart International CEO Doug McMillon says group committed to high-value markets like India.

Promote competition

Govt is turning anti-consumer in digital payments

Best of BS Opinion: India's embrace of Quad, local and global this Diwali

Here's a selection of Business Standard opinion pieces for the day

The local and the global this Diwali

Govt is pushing for buying local and going digital. The contradiction between the two cannot be missed

4 years on, PM Narendra Modi says demonetisation demolished corruption

On November 8, 2016, Modi announced the decision to ban all currency notes of denomination of 500 and 1,000 from midnight

Digitisation will help measure GDP accurately: FM Nirmala Sitharaman

FM Sitharaman said increased digitisation will help in making better assessment of the country's economic growth and nudged tax practitioners to suggest their clients to shift towards digital payments

Google, Walmart hit by India's move to limit some digital payments players

More than 2.07 billion UPI transactions were processed in October, according to NPCI, with Walmart's PhonePe accounting for just over 40% of those transactions

Capping mkt share of UPI players to impact users, may hit adoption: Experts

Google Pay, Walmart's PhonePe and Paytm are among the TPAP players in the fast-growing UPI ecosystem, amid the sustained push for boosting digital payments in the country

NPCI allows WhatsApp to start payments service in a 'graded' manner

The decision came after the NPCI also issued a statement saying that it had decided to impose a 30% cap on the share of UPI transactions that a single payment application can process

PhonePe breaches 250-mn user mark; logs 925 mn transactions in October

Walmart-owned digital payments firm hits $277-billion annual TPV run-rate

In a first, UPI transactions exceed ATM cash withdrawals, courtesy pandemic

But while cash withdrawals and dealings are declining, there has been a 20% YoY spike in the quantum os notes and coins help with the public

Paytm to deploy 1 mn IoT-based devices at merchant counters by FY21 end

Paytm Soundbox is an IoT device that lets merchants get instant voice confirmation of payments in different languages

Local kiranas hop on to digital bandwagon to manage their daily business

Start-ups such as Max Wholesale, Jumbotail and ShopKirana are helping them place orders, maintain inventory, optimise delivery routes and make payments, all digitally

Currency with public rises 22.5% YoY to Rs 26.09 trillion as on Oct 9

Latest data showed that in the first 15 days of October, UPI transactions crossed 1 billion, experts say in the festive season this could breach 2 billion

UPI transactions cross 1 billion in first 15 days of October: RBI data

The transactions were worth Rs 1.92 trillion and broke previous records

Retail cheque payments down to a trickle in FY20 to 2.96%: RBI data

That the efforts towards digitization have been very successful is clear from the steady fall in the share of paper clearing

To avoid Covid-19 risk, switch to contactless cards before festive shopping

However, beware that if they're stolen, a few transactions of below Rs 2,000 can be made

How a bunch of young Indian CEOs is taking on dark 'Chinese' lending apps

The term Chinese isn't country-specific but refers to shady lenders who trap borrowers with super high interest rates and threats of bodily harm when the money isn't repaid

Contactless conundrum: More blind spots on the nature of proximity payments

The Covid-19 pandemic has given proximity payments a shot in the arm, but clarity on their nature is still elusive