Google writes letter to US Federal Reserve to adopt UPI-like payments mechanism; draws cheers among Indian entrepreneurs
A top banker told Tech2, UPI is being pushed to go global and now if it manages to draw the attention of the US Federal Reserve it will be big fillip for NPCI.
Google Pay clocked payments worth Rs 43,000-Rs 45,000 crore in March as per industry sources.
The Google Tez app was launched back in August 2017 and then rebranded as Google Pay in Sep 2018.
PUBG Mobile, YouTube TV in the app section were crowned as Google Play's fan favourites in the US.
Earlier this month, reports said Warren Buffett's Berkshire Hathaway was set to invest about $300-350 million in Indian digital payments major Paytm, according to sources
Consolidation of the Tez mobile wallet into Google Pay would allow UPI for app purchases on Play Store.
WhatsApp Payments expected to roll out out next week: Here's all you need to know about the peer-to-peer payments feature and how it works
Waiting for its partners to have necessary systems in place, WhatsApp in February released its payments system in a Beta update to check its stability.
WhatsApp who have had the feature ready for a while now has been waiting for its partners ICICI, HDFC, Axis Bank and the SBI to begin a widespread rollout.
Bank employees are going on a strike (again) on 30 and 31 May and ATM services may get affected. Nikita Rana explores.
"There are currently no tests planned for recharges or peer-to-peer payments on Messenger in India," the sources told IANS.
Tez is built on the Unified Payments Interface, allowing users make payments from their bank accounts to other accounts from over 70 UPI-enabled banks.
The Google Pay app provides a convenient and simplified interface that lets you store your credit card, debit cards, loyalty programs, offers and even gift cards.
Users would also be able to view all past payments grouped by bill, as well as manage bills from multiple accounts on the Tez app.
WhatsApp to launch 'full-feature' inter-bank money transfer service soon says NPCI with four banks handling UPI to process fund transfers
Friday’s statement marks the de facto official launch of WhatsApp’s new service as NPCI is the body set up by the central bank and lenders to oversee payment services.
WhatsApp Payments will impact home-grown players but existing customers won't switch to it easily, say experts
One of the reasons that digital payments have not really gone by beyond the billion mark is because people have moved back to using cash as it is back in the system.
The feature is currently in beta but has not been publicly announced because it is not widely available on WhatsApp at this moment.
Paytm vs FreeCharge vs MobiKwik vs Google Tez vs others: Here's a look at the existing digital wallets ecosystem
If you are confused about this whole online payments revolution, here's a quick rundown of the features and capabilities of various popular services
WhatsApp had sought permission from the National Payments Corporation of India (NPCI) to allow UPI payment system through their channel.
The payment method, which has seen rapid adoption in the past year, can be used for all transactions on Amazon India which are valued at Rs 10,000 or lower.
Google Pay is the latest digital payment platform by Google; merges Android Pay and Google Wallet in one solution
Google Pay will make it easier for users to save the payment information with their Google account so that they can make quick payment checkouts.