Digital payment volumes set to grow at 20% per annum; initiatives by RBI, Central and state govts to help achieve target
Globally, digital payment market size is expected to touch $10.07 trillion by 2026, the report said.
The government wants to ensure that all the data pertaining to WhatsApp Pay will be stored on servers based in India.
Truecaller had partnered ICICI Bank to launch its UPI-based mobile payment service.
WhatsApp launched its payment feature with ICICI bank but failed due to a lack of localisation of data storage.
Payments Council says abolishing MDR charges to dry up investment capital; will kill revenue source for industry
Abolishing merchant discount rate (MDR) to facilitate digital transaction in the country will dry up foreign capital investment besides leaving the sector without sources of revenue generation, the Payments Council of India (PCI) said on Tuesday
Paytm expects to achieve 2 billion transactions a quarter this year; achieves 1.6 billion transactions in first quarter of current fiscal
Paytm is set to expand the payments market in India with its ambitious target to achieve two billion quarterly transactions this year
The data localisation is completed and after the auditors submit the reports, WhatsApp payment application can go live.
Google Pay has consolidated its lead as the top UPI payment app, closely followed by Flipkart-owned PhonePe.
"If it wasn't for UPI, we wouldn't be where we are right now with digital payments."
Amazon's UPI ambitions had come to a halt after it failed to fulfil the data localisation mandates from RBI.
Blames previous decline on connectivity problems and lack of response from banks’ servers.
Currently, only around 7 lakh WhatsApp users in India can use the WhatsApp Pay beta feature
WhatsApp complying with the central bank's guidelines will enable a wider roll-out of WhatsApp Pay.
Google Pay clocked payments worth Rs 43,000-Rs 45,000 crore in March as per industry sources.
The timeline for implementing phase 2 and phase 3 shall remain unchanged from the date of completion of phase 1, Sebi said in a circular
WhatsApp payment feature called WhatsApp Pay has been in a beta mode since last year.
The growth of UPI is at the expense of wallet transactions but that isn't necessarily a bad thing.
Using Google Pay for IRCTC train bookings also ensures you incur no additional processing fee.
E-commerce revolutionised retail sector, will play major role in India growth story: Niti Aayog CEO Amitabh Kant
Kant noted that driven by the growth in India's retail market, the country's GDP will also witness an increase and result in more job opportunities
SBI announces loan waiver to 23 soldiers killed in Pulwama terror attack; insurance money to be expedited
All the CRPF soldiers were SBI customers under Defence Salary Package where the Bank's provides insurance of Rs 30 lakhs to each of the defence personnel.