Use of mobile wallets or digital payment has been grown rapidly in the past few months. Following which, the Reserve Bank of India (RBI) is to set-up an internal ombudsman for digital payment or mobile wallet service providers, including Paytm, PhonePe, Amazon Pay and others.
The Reserve Bank of India on Monday directed all state-level bankers' committees to find out one district each on a pilot basis to expand digital payments ecosystem.
The card-based QR transactions (Bharat QR) MDR also has been reduced to 0.50 per cent with a maximum cap of Rs 150 per transaction, to boost asset lite infrastructure for digital payments.
BHIM UPI Charges: In a move to boost digital payments in small and large merchants' transactions across the country, National Payments Corporation of India (NPCI) has revised BHIM UPI charges for large ticket transactions.
A KPMG report said that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations in 2016-17. Besides, the number of merchants accepting digital payments modes has increased to over 10 million in a short span of two to three years.
With the growing popularity of payment apps based on Unified Payments Interface (UPI), a subsidiary of National Payments Corporation of India (NPCI), scamsters are on the hunt. The phenomenon of fake Paytm apps ripping off shopkeepers has become frequent in recent times.
Facebook has been accused of using a logo for its new cryptocurrency play, similar to the logo of an online banking company called 'Current'.
The real-time bank-to-bank payment system on mobile platform UPI registered 312.02 million transactions in August, up by 32 per cent in July.
At its meeting on Sunday, the panel has decided to wait for stabilisation of revenues under GST and the new return filing systems in the current financial year, before considering differential GST rates for people making payments using the digital mode.
A report was doing rounds on the social media that Paytm is sharing its users's data with third parties.
Facebook has no plans as of now to bring digital payment facility to its Messenger application in India, informed sources said on Thursday.
There will be an official announcement when the feature finally goes live in India
Users can pay their mobile, landline telephone, electricity, gas, water and DTH bills using the feature which is facilitated by the National Payments Corporation of India's (NPCI) Bharat Bill Payments System (BBPS).
The government could withdraw the cheque book facility to push debit and credit card transactions, a senior trade body official said.
The debit and credit card transactions have jumped to Rs 74,090 crore in September this year, up a hefty 84 per cent as compared to the same month last year when it stood at Rs 40,130 crore.
Global payment solutions company Visa today said there is a high inclination among Indian consumers to embrace new forms of payments, according to a study.
At launch, Indian consumers can use PayPal to shop online at some of India's most popular businesses.
Mobile wallet interoperability will allow a Paytm user to transfer and receive funds from a FreeCharge or MobiKwik user.
Even though 65 % of rail passengers prefer digital payments while buying a ticket, 50 % of the train tickets are still bought in cash.
Airtel Payments Bank on Sunday said it has become the first payments bank in India to integrate the Unified Payments Interface (UPI) on its digital platform
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