Page 3 - Digital Payments

UPI transactions see 650% rise at semi-urban, rural stores: Report

The unified payments interface (UPI) transactions witnessed a meteoric 650 per cent rise at the semi-urban and rural stores in India this year, a report showed on Tuesday

Growth restrictions

Limits on digital payments should be avoided

Digital payments in India touch Rs 38.3 trn at over 23 bn transactions

The Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 bn transactions amounting Rs 38.3 trn in the third quarter

Anonymity achieved in all retail CBDC wallet-to-wallet dealings done so far

Around 2,000 transactions recorded in first three days of pilot; aim now is to erase digital trails between wallets

India extends deadline to levy cap on digital payment transactions

India has decided to extend the deadline on capping the share of digital payment transactions by about two years to Dec. 31, 2024, the National Payments Corporation of India (NPCI) said on Friday

Food-delivery firm Swiggy shuts cloud kitchen brand in Delhi, NCR

Expansion of The Bowl Company in these places was an experiment, says company

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

PhonePe set to acquire fintech start-up ZestMoney for about $300 mn

Deal expected to be closed in two-four weeks, says source

Journey towards strong governance a work in progress: Deepak Parekh

The ultimate objective is that corporate governance systems must become simpler; not more complicated, Parekh said

Review needed

Govt should address consumer complaints, not monitor product reviews

Paytm stock crashes 11% to end at all-time low of Rs 477 a share

Macquarie report says the fintech firm could face headwinds with the entry of Jio Financial Services, which may focus on consumer and merchant lending, the mainstay of Paytm's business

Comviva partners with KIIT, ITER to develop market-appropriate talent

Comviva will provide content, technologies, faculty training, and access to industry experts in its core areas of focus like digital payments, real-time marketing & analytics, etc

Paytm reports 76% rise in Q2 revenue to Rs 1,914 cr on surge in loan growth

Consolidated net loss widened to Rs 5.71 billion from a loss of Rs 4.73 billion a year earlier, the company said in an exchange filing

RuPay credit card UPI to succeed if small transactions under 10%: Asbe

'RuPay credit card UPI to see good traction if small merchant transaction stays within 10%'

Amid heavy sell-off, FPIs dump 30 mn Paytm shares in less than a year

The retail shareholding has increased to 6.37% at the end of September, as compared to 2.79% at the time of listing

UPI processes over 7 bn transactions in Oct, record high since inception

Transactions on UPI amounted to Rs 12 trillion in October, a record high for the platform

Remove withdrawal restrictions on digital BSBD accounts payment: Report

The Reserve Bank needs to keep digital payments outside the purview of withdrawal restrictions on zero-balance basic savings bank deposit (BSBD) accounts and let the government allow a uniform fee of 0.3 per cent, in lieu of the Merchant Discount Rate (MDR), on e-commerce transactions, as per a report. The IIT Bombay report further said as much as Rs 5,000 crore can be raised per annum through a 0.3 per cent fee on payments through all electronic modes at e-commerce platforms, which could be used to maintain and strengthen the UPI infrastructure. Such a fee imposed on e-commerce merchants and institutions who cannot transact in currency notes would be more in line with 'digital payment facilitation fee'. On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit." Some banks have .

Madras HC orders status quo against digital payment app MobilePe

The Madras High Court has ordered maintenance of status quo against digital payment app MobilePe and its group companies in the matter of offering unified payments interface (UPI) and Bharat interface for money (BHIM) services. Justice M Sundar granted the injunction while passing interim orders on an application arising out of a civil suit from PhonePe on October 19. In its suit, PhonePe contended that the defendant companies had infringed upon its trademark. The judge found the logos of the plaintiff company PhonePe and the defendant companies (MobilePe) were similar. The plaintiff company made out a prima facie case of possible deception, the judge said and passed the interim order and issued notice to the defendant companies returnable by November 2.

Play Store policies: CCI lands second blow, Google fined Rs 936 crore

Regulator suggests eight corrective steps

PhonePe in talks to raise $700 million at $12 billion valuation

Digital payments firm seeking investors' support to scale up operations and compete with rivals