Almost half of Indian consumers are more concerned about digital payments fraud now than when COVID-19 first emerged, said a survey on Wednesday. Nearly one third have been recent victims of card or digital payments fraud or know someone among their immediate family or friends who has, said the study conducted by YouGov and US-based electronic payments company ACI Worldwide.
Ahmedabad Municipal Corporation has made it mandatory to accept digital mode of payments through Unified Payment Interface (UPI) and other platforms. Following this new order, Cash on Delivery (COD) will not be permissible from May 15 making it mandatory for home delivery payments to be cashless.
An increase in digital payments in India during the Coronavirus lockdown will benefit 4G/mobile penetration
The nationwide lockdown has benefited digital payment platforms as 42 per cent Indians have increased the use of digital means for payments in the last three weeks, a report said.
Fintech major Paytm on Tuesday said it has witnessed a massive surge in digital payments as more people work from home, avoid venturing out and touching cash to stop the spread of coronavirus.
Cash-strapped Yes Bank has been put under moratorium by the Reserve Bank of India (RBI) and capped withdrawal limit for depositors to Rs 50,000 for at least a month, here's what a cash-strapped bank's customer must know.
Shops, business firms or companies with an annual turnover of Rs 50 crore or more and required to provide digital payment facilities to customers as part of government's stride towards a less-cash economy, will not have to pay any penalty till January 31 for not installing the system.
The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000. PPIs have been playing an important role in promoting digital payments and bringing in the new PPI will further facilitate its usage, as per an RBI statement issued post announcement of the monetary review on Thursday.
The UPI platform was launched before demonetisation in 2016 and has taken digital payment to a new height. Users across the globe can transfer money online without entering their bank account number.
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.
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