Digital Transactions

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.

Launched in 2019, Flipkart Axis Bank Credit Card surpasses 2 mn users

The card covers 18,000-plus pin codes, with nearly a million cards issued in under a year owing to the increase in online adoption and digital transactions

Mapping India's digital transactions

UPI is set to grow bigger now, after the RBI introduced it in feature phones. Other digital transaction platforms are growing as well. Find out the changing landscape of virtual transactions

TMS Ep129: KYC challenges, digital transactions, Raamdeo Agrawal, NEFT

What are the KYC challenges facing financial institutions? How have digital transactions changed in India? What opportunity does Raamdeo Agrawal see in markets? What is NEFT? All answers here

Statsguru: From UPI to IMPS, mapping digital transactions in India

Wallets have also made a comeback, with rising transaction volumes

Agri-tech firm Samunnati's gross transactions cross Rs 10,000 crore

50% of the GTV came during the past 18 months. Samunnati said its vision is to make markets work for smallholder farmers and make agri value chains operate at a higher equilibrium