PM's Independence Day speech celebrates start-up entrepreneurs in smaller cities and towns
Success shows 'innovation prowess' of indigenous payment structure and fintech companies, he says
Data for 2021 suggest that at least 76 per cent of the global population holds a bank account
While digitisation of payments and banking has benefitted both common people and government, financial fraud has been on the rise, with nearly 42 per cent of Indians becoming victims in last 3 years
According to a media report, Koladiya's departure is due to a disagreement between him and BharatPe as well as the company's Chief Executive Officer Suhail Sameer.
UPI crossed 1 billion transactions for the first time in October 2019, almost three years after its launch
346 million make online transactions for e-commerce and digital payments, with coronavirus boosting practice
The newly constituted RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 as against 304.06 in September 2021 and 270.59 in March 2021
Says no clarity on ONDC network's liability in case a consumer is delivered substandard products; local businesses will also find it hard to compete with e-commerce giants
Protect family's data, finances; consider floater cover as well
Helped disbursals to over 120,000 merchants in Q1FY23, up from 66,000 merchants in Q4FY22
The RBI should take note of some critical lacunae
The RBI came out with its 'Payments Vision 2025' document which also talks about ring-fencing of domestic payment systems, including the need to mandate domestic processing of payment transactions
Sees over 75% of overall insurance purchases from tier 2 & 3 cities
This feature is designed to help ZIP users pay multiple bills such as electricity, water, gas, mobile, DTH, etc. automatically every month using the BNPL credit line
Smaller cities have recorded high acceptance of such transactions as cash use declines in country.
NPCI sets its eyes on processing a billion UPI transactions a day on its platform within the next 3-5 years
Real-time transactions in retail and food delivery have started in Delhi, Bengaluru, Shillong
While the pilot is being conducted in five cities - Delhi, Bengaluru, Coimbatore, Bhopal and Shillong - ONDC is on course for a pan-India launch by August that will see it introduced across 100 cities
Chief operating officer of National Payments Corporation of India, Praveena Rai, had said the aim of RuPay was to serve the entire population. That's an ambitious goal. Let's understand what RuPay is.