Demonetisation, Aadhaar spurred digital payments growth: RBI
5 years, 7 months ago

Demonetisation, Aadhaar spurred digital payments growth: RBI

The Quint  

New Delhi, June 8 After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of India. India recorded an accelerated growth rate of over 50 per cent in the volume of retail electronic payment transactions in the last four years, said the report titled "Benchmarking India's Payment Systems". "In India, the smartphone revolution has seen an explosion in digital payment options, from e-Money to the Unified Payments Interface to a combination of the two. The digital landscape changed with higher usage of e-Money, UPI, Aadhaar Payments Bridge System, RuPay, and Bharat Bill Payment System, among others.

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History of this topic

Paytm leads India payments from disruption to monetisation: Bernstein
19 hours, 52 minutes ago

Paytm leads India payments from disruption to monetisation: Bernstein

India Today  

Brokerage firm Bernstein’s latest report positions Paytm as a leading player in India’s digital payments ecosystem. Assigning the company an "Outperform" rating with a target price of Rs 1,100, the report titled, ‘India Payments: From Disruption to Monetisation – Can Payments Be Profitable?’, highlights Paytm’s ability to monetise its core payments business despite the challenges posed by the zero-MDR environment. …

How 16.73 billion UPI transactions killed the ubiquitous toffee business
3 days, 3 hours ago

How 16.73 billion UPI transactions killed the ubiquitous toffee business

Live Mint  

India's Unified Payments Interface transactions rose to 16.73 billion in December 2024, National Payments Corporation of India data revealed. Commenting on this narrative, Harshad Shah, a chartered accountant, said, “Before UPI, shopkeepers would trade Toffees for small change, stating shortage of Coins.” “These small amounts of change over weeks would amount to becoming vast sums of Money, which were never …

UPI hits record with ₹16.73 billion in transactions in December 2024
Trending News
1 week ago

UPI hits record with ₹16.73 billion in transactions in December 2024

Live Mint  

Unified Payments Interface transactions hit a record 16.73 billion in December 2024, shows data released by the National Payments Corporation of India. NPCI also reported that the total value of transactions in December amounted to ₹23.25 lakh crore, which is significantly up from ₹21.55 lakh crore in November. NPCI data NPCI extends deadline for compliance with UPI volume cap On …

India Likely To Log Over 171 Billion UPI Transactions In 2024, NPCI Data Shows
Trending News
1 week, 3 days ago

India Likely To Log Over 171 Billion UPI Transactions In 2024, NPCI Data Shows

ABP News  

The Unified Payments Interface is estimated to surpass 171 billion transactions in 2024, official data from the National Payments Corporation of India revealed. The data showed that this represents a 45 per cent surge in the UPI transactions in the country, as against the 117 billion transactions recorded via UPI in 2023, reported Moneycontrol. On an average, the UPI platform …

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024
3 weeks, 4 days ago

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024

Hindustan Times  

The Finance Ministry said on Saturday that from January to November of this year, 15,547 crore transactions of ₹223 lakh crore were handled through the Unified Payments Interface. From January to November of this year, 15,547 crore transactions of ₹ 223 lakh crore were made over the Unified Payments Interface, "demonstrating its transformative impact on financial transactions" in India.) The …

UPI enables expansion of credit among underserved borrowers: Study
1 month ago

UPI enables expansion of credit among underserved borrowers: Study

New Indian Express  

BENGALURU: Unified Payments Interface has enabled underserved borrowers to access formal credit for the first time as loans to new-to-credit borrowers in regions with high UPI adoption have increased by 4% and to subprime borrowers by 8%, according to a study. Titled Open Banking and Digital Payments: Implications for Credit Access, the study points out that the UPI, since its …

India at the Forefront of Digital Revolution: RBI’s Patra
1 month, 3 weeks ago

India at the Forefront of Digital Revolution: RBI’s Patra

Deccan Chronicle  

Mumbai: India is at the forefront of the digital revolution and financial technology is speeding up digital payments, the Reserve Bank of India Deputy Governor Michael Debabrata Patra said on Wednesday. Patra in his inaugural address at the DEPR Conference on 'Digital Technology, Productivity and Economic Growth in India' said that the country is uniquely positioned to unlock new growth …

India’s digital payments to grow threefold from 159 bn to 481 bn by FY29: PwC re
4 months ago

India’s digital payments to grow threefold from 159 bn to 481 bn by FY29: PwC re

Live Mint  

- India's digital payments industry is witnessing a huge surge, with transaction volumes growing by 42 per cent year-on-year in FY 2023-24, according to a new report by PwC. In FY 2023-24, UPI saw an impressive 57 per cent YoY growth in transaction volume, surpassing 131 billion transactions. Growth trends The report estimates that by FY 2028-29, UPI transactions could …

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS
4 months, 1 week ago

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS

India TV News  

India's Unified Payments Interface processed nearly ₹ 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase and surpassing all world's leading digital payments platforms. According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second …

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
5 months ago

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project

The Hindu  

Google, PhonePe, Amazon Pay, Cred and Mobikwik are looking to join Indian central bank’s digital currency project by offering transactions in e-rupee, a digital alternative to the physical currency. The news comes as transactions using the digital currency reached over a million a day last year, however, they have declined ever since, to about 100,000-200,000 a day. However, in April …

UPI transactions cross ₹20 trillion for third successive month in July 2024
5 months ago

UPI transactions cross ₹20 trillion for third successive month in July 2024

The Hindu  

Payments through the Unified Payments Interface reported a 45% yearly growth, according to data from the National Payment Corporation of India. In the first four months of the current fiscal year, UPI recorded transactions amounting to ₹80.79 trillion across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin …

UPI grows in India: Here's how many users adopting it every month, what's fueling it
5 months, 2 weeks ago

UPI grows in India: Here's how many users adopting it every month, what's fueling it

India TV News  

The digital payment sector continues to grow rapidly, with the Unified Payments Interface adding up to 60 lakh new users every month. According to the latest data from the National Payments Corporation of India, the number of transactions on the UPI platform increased by 49 percent year-on-year to 13.9 billion in June, with the transaction value rising by 36 percent …

Digital penetration: 65% of transactions done online in small towns
5 months, 4 weeks ago

Digital penetration: 65% of transactions done online in small towns

New Indian Express  

BENGALURU: Digital payments have penetrated small towns, as 65% of their transactions are digital, compared to 75% in larger cities. Interestingly, DDPU surpasses retail potential in some cities, such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad, and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top …

UPI transactions increasing in small towns in India but THIS age group still uses wallet, card
6 months ago

UPI transactions increasing in small towns in India but THIS age group still uses wallet, card

India TV News  

A new report revealed that approximately 65 percent of transactions by consumers in small-town India are now digital, while in larger cities, this ratio is around 75 percent. The report, conducted by Kearney India and Amazon Pay India, highlights the leading role of India's millennials and Gen X in spearheading the digital payment revolution. Shashwat Sharma, Partner and Financial Services …

RBI’s digital rupee must leap over many hurdles for wider adoption
6 months, 3 weeks ago

RBI’s digital rupee must leap over many hurdles for wider adoption

Live Mint  

The Reserve Bank of India has been striving to boost the adoption of its Retail-Central Bank Digital Currency or e-rupee. RBI is also aiming to onboard more non-bank payment service operators and make the e-rupee inter-operable with India’s Unified Payments Interface. Despite having clearly defined use-cases for their country-specific CBDCs, these pilot projects suffered from weak internet connectivity and poor …

UPI increases convenience but leading to another problem: Here's what experts have to say
7 months, 4 weeks ago

UPI increases convenience but leading to another problem: Here's what experts have to say

India TV News  

As more and more people in India embrace digital and cashless payments, they are using the Unified Payments Interface to purchase not only daily essentials but also expensive home appliances, high-end gadgets, and designer clothing. However, experts warn that the seamless and quick digital transaction process via UPI may lead people to overspend on items they may not need. According …

Banks rely on AI as digital transactions grow, and methodology of frauds evolves
8 months ago

Banks rely on AI as digital transactions grow, and methodology of frauds evolves

Hindustan Times  

India’s digital transactions continue to see rapid growth, and that translates to big volumes. On April 24, the Reserve Bank of India barred Kotak Bank from issuing new credit cards for now, due to “the absence of a robust IT infrastructure and IT Risk Management framework.” It draws on a mix of factors, including reliability of the bank’s infrastructure alongside …

The UPI paradox: Making you overspend but helping others save
8 months ago

The UPI paradox: Making you overspend but helping others save

India Today  

A small UPI code peeks out of the green coconuts heaped on Yuvraj Yadav's handcart outside a park in Delhi's GK-1. "A significant majority, 74.2% of the respondents, admitted to experiencing increased spending after adopting UPI," Dhruv Kumar, Assistant Professor of IIIT Delhi, tells IndiaToday.In. "Academic research suggests that paying with cash makes people spend more consciously than using digital …

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging
8 months, 2 weeks ago

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging

Hindustan Times  

There is little doubt that Indians are spending more than ever before. You cannot use your credit card or debit card for subscriptions and recurring payments on the Apple App Store or the Google Play Store, be it for any app or service. Then there was a pursuit of getting RuPay credit cards aboard the UPI or unified payments interface. …

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments
11 months ago

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments

New Indian Express  

The Reserve Bank of India today released a major policy statement outlining several developmental and regulatory initiatives covering financial markets, regulations pertaining to lending institutions, and payment systems including digital currency and fintech. On the financial markets front, RBI announced that it will comprehensively review the existing regulatory guidelines for Electronic Trading Platforms that enable transactions in financial instruments regulated …

Pandemic to Prosperity: Finance Ministry's Report Says India's Digital Infra Empowers Citizens, Fuels Growth
11 months, 1 week ago

Pandemic to Prosperity: Finance Ministry's Report Says India's Digital Infra Empowers Citizens, Fuels Growth

News 18  

The Ministry of Finance’s recently released report, ‘The Indian Economy – A Review’, has lauded India’s digital transformation, highlighting the success of the Digital Public Infrastructure and its significant role in delivering services with a citizen-centric focus. The report noted that as the pandemic disrupted economic activities, the government responded swiftly, leveraging the strength of digital public infrastructure, commonly known …

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher
1 year ago

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher

Live Mint  

The volume of UPI transactions continues to rise month after month as the total monthly transaction amount touched ₹18.23 lakh crore in Dec last year, 54 percent higher than the corresponding data of 2022. Also, the number of UPI transactions hit 11.24 billion in November and 11.41 billion in October. Month Transaction amount No of transactions Oct 17.16 11.41 billion …

UPI crosses 10 bn transactions second time in September
1 year, 3 months ago

UPI crosses 10 bn transactions second time in September

Deccan Chronicle  

Chennai: With Unified Payments Interface crossing 10 billion transactions for the second straight month, this seems to have become the new normal for the payment interface. UPI recorded 10.56 billion transactions worth Rs 15.8 lakh crore in September, according to the National Payments Corporation of India. While the transaction volume marginally increased from Rs 15.76 lakh crore in August to …

Digital payment trends: UPI transactions skyrocket to an astounding 9.3 billion in June 2023, says study
1 year, 3 months ago

Digital payment trends: UPI transactions skyrocket to an astounding 9.3 billion in June 2023, says study

Live Mint  

Worldline, a prominent player in payment services worldwide, has released its India Digital Payments Report for H1 2023. The total value of card transactions in H1’23 amounted to Rs 11.35 trillion, representing an 11.7 per cent increase from H1’22. Concerning transaction value, NB transactions in H1’23 totalled Rs 468.8 trillion, compared to Rs 442.4 trillion in H1’22, indicating a 5.9 …

UPI transactions surged to 9.3 bn in June 2023, driven by P2M: Worldline report
1 year, 3 months ago

UPI transactions surged to 9.3 bn in June 2023, driven by P2M: Worldline report

Live Mint  

The United Payments Interface transactions in India surged by 62% in the first half of 2023 compared to the same period last year. The UPI transactions reached 9.3 billion in June 2023, up from 151 million in January 2018, primarily driven by the growth in Person-to-Merchant transactions, a report by the global payments service provider Worldline revealed Tuesday. In January …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 4 months ago

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:

ABP News  

In a recent keynote address at the G20 TechSprint Finale, Reserve Bank of India Governor Shaktikanta Das drew attention to the challenges surrounding cross-border payments, emphasising the issues of high costs and slow transaction speeds. Das indicated that the central bank digital currency — dubbed Digital Rupee — instant-settlement feature could offer a viable solution to these challenges. Despite advancements …

Digital payments move beyond just scan to pay
1 year, 4 months ago

Digital payments move beyond just scan to pay

Live Mint  

India’s digital payment infrastructure was under the spotlight earlier this week, for all the good reasons. Scanning to pay remains the most popular way of making digital payments as many people still haven’t tried the other ways one can pay via smartphones and/or the UPI apps. Also, even though several premium smartwatches support tap-to-pay, you can’t make NFC payments via …

India ranks first in digital payments made globally: Report
1 year, 4 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

Data | UPI payments: relief for users, a headache for banks
1 year, 6 months ago

Data | UPI payments: relief for users, a headache for banks

The Hindu  

The dizzying array of daily limits on United Payments Interface transactions set by apps and banks — both in terms of value and volume — has put the spotlight on the rapid rise in such transactions in India in recent years. Such limits were introduced given the surge in the volume of UPI transactions in India in recent years after …

The Maths behind the rise in credit card transactions in India
1 year, 6 months ago

The Maths behind the rise in credit card transactions in India

Live Mint  

Rise in credit card transactions in India: After the Unified Payments Interface, now credit card transactions have surpassed debit card usage in India. When compared to debit cards, credit card transactions had a total value of ₹1.33 lakh crore as opposed to ₹53,000 crore. Historically dominated by debit card transactions, the shift towards credit cards is driven by several factors, …

India tops in digital payments, records 89.5 mn transactions, says MyGovInd
1 year, 6 months ago

India tops in digital payments, records 89.5 mn transactions, says MyGovInd

Live Mint  

India global rankings in digital payments for the year 2022, according to data from MyGovIndia. As per the data, India in the year 2022 accounting for 46 per cent of the global real-time payments, adding that the digital payment transactions in India is more than the other four leading countries combined. In digital payments, India has been witnessing new milestones, …

India tops world ranking in digital payments in 2022, leaves behind THESE countries including China
1 year, 6 months ago

India tops world ranking in digital payments in 2022, leaves behind THESE countries including China

India TV News  

Digital India: A latest data from MyGovIndia suggested that India has topped the list of five countries in digital payments, with 89.5 million digital transactions in the year 2022. As per the data, India in the year 2022 accounted for 46 per cent of the global real-time payments, adding that the digital payment transactions in India are more than the …

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points
1 year, 7 months ago

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points

Hindustan Times  

The Unified Payments Interface hit record 9 billion transactions in May, according to data released by the National Payments Corporation of India. Let's continue this journey of growth and innovation!” The overall value of the transactions in May stood at 14.89 lakh crore and saw an increase of 43% on year-over-year basis. The overall value of the transactions in May …

Aadhaar authentication surges with 1.96 billion transactions in April 2023, indicating digital economy expansion
1 year, 7 months ago

Aadhaar authentication surges with 1.96 billion transactions in April 2023, indicating digital economy expansion

Live Mint  

New Delhi: Aadhaar holders have executed 1.96 billion authentication transactions in April 2023, underlining the growing usage of Aadhaar and growth of digital economy in the country, according to an official release. “Aadhaar holders executed 1.96 billion authentication transactions in April 2023, a jump of more than 19.3 per cent over April 2022, indicating the growth of digital economy and …

UPI And Aadhaar-Enabled Payment Most Used Banking Services By MSMEs: Report
1 year, 7 months ago

UPI And Aadhaar-Enabled Payment Most Used Banking Services By MSMEs: Report

News 18  

The MSME sector in India is on an ambitious growth curve and in recent years, there has been a progressive change in the mindsets of small business owners towards technology adoption. In a new study, PayNearby, the digital financial services network, said that more than 71% Micro, Small and Medium Enterprises in retail, use some form of digital technology for …

India expected to become 50% non-cash economy in consumption by 2026
1 year, 8 months ago

India expected to become 50% non-cash economy in consumption by 2026

Firstpost  

India is expected to become a 50 per cent non-cash economy in consumption in the next three years. According to a new report, the person-to-merchat digital transactions could reach over $1.5 trillion by the Financial Year 2026. Saurabh Trehan, Partner and Leader of the Financial Services practice, Bain & Company, said, “With the current technical and financial momentum, India is …

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED
1 year, 9 months ago

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED

News 18  

National Payments Corporation of India on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface transactions above Rs 2,000 while using PPI. “The interchange charges introduced are …

Digital transactions to soon exceed cash in India: PM Modi
1 year, 10 months ago

Digital transactions to soon exceed cash in India: PM Modi

Deccan Chronicle  

New Delhi: As people take to India’s real-time payment mechanism, the Unified Payments Interface, Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash payments in the country. Besides, the linkage will also help migrant workers, professionals, students and their families as well," Mr Modi said, while launching the service at a virtual event through …

Digital payments will soon overtake cash transactions: PM Modi on UPI-PayNow link between India, Singapore
1 year, 10 months ago

Digital payments will soon overtake cash transactions: PM Modi on UPI-PayNow link between India, Singapore

India TV News  

PM Modi on digital payments system: Prime Minister Narendra Modi today expressed hope that digital transactions will soon surpass cash as Unified Payments Interface is increasingly becoming the most preferred payment mechanism in the country. PM Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to over Rs …

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records
1 year, 11 months ago

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records

News 18  

The number of digital transactions in India in this financial year is at a historic high, zooming past the last fiscal’s figure with still three months to go. The latest government data reveals that 9,192 crore digital transactions have been done in the country in this financial year till December 31, 2022. The total value of digital transactions in India …

Explained | India’s UPI push
1 year, 11 months ago

Explained | India’s UPI push

The Hindu  

The story so far: On January 10, the National Payments Corporation of India paved the way for international numbers to be able to transact using UPI. Addressing theinfrastructural and technological changes required to support such payments, he said, “Currently, all the internal systems as well as ecosystem players such as banks, NPCI, etc only understand India-based mobile numbers for UPI …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 11 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

India records more digital payments than US, UK, Germany & France: Vaishnaw
1 year, 11 months ago

India records more digital payments than US, UK, Germany & France: Vaishnaw

Hindustan Times  

Union minister Ashwini Vaishnaw on Friday said India's digital payments transactions last year exceeded those of the combined digital payments of United States, United Kingdom, Germany and France, ANI reported. "In December 2022, the digital payments transactions amounted to $1.5 trillion annualised basis. If you compare total digital transactions in US, UK, Germany and France and combine them, India's figures …

Cabinet clears ₹2,600 cr scheme to promote RuPay debit card
1 year, 11 months ago

Cabinet clears ₹2,600 cr scheme to promote RuPay debit card

Hindustan Times  

The Cabinet on Wednesday approved a ₹2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions. "India's strides in digital payments will be further strengthened by today's Cabinet decision regarding promotion of RuPay Debit Cards and BHIM-UPI transactions," Modi said in a tweet. "The approved incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions in …

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments
1 year, 11 months ago

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments

The Hindu  

The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface, Union Minister Bhupendra Yadav announced on Wednesday. Banks will be provided this incentive money to promote such digital payments, the Cabinet said in a press release. “The scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly …

RBI’s digital rupee useful in overseas payments: IMF
2 years ago

RBI’s digital rupee useful in overseas payments: IMF

Deccan Chronicle  

Chennai: India can effectively use a Central Bank Digital Currency as an avenue for cross-border payments in view of high volume of inbound remittance, said the International Mone-tary Fund, adding that international cooperation would be a key factor for its success. The RBI could opt for introducing both a retail and wholesale CBDC, addressing inefficiencies for both retail and wholesale …

Explained: How Reserve Bank's e-rupee is different from UPI?
2 years ago

Explained: How Reserve Bank's e-rupee is different from UPI?

Hindustan Times  

The Reserve Bank of India has recently scaled the pilot of Central Bank Digital Currency or e-rupee for the retail sector. The CBDC or e-rupee is a legal tender money backed by the RBI similar to cash, but for UPI payments, it has to be linked with bank accounts. E-rupee is a legal tender money As the name suggests, the …

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI
2 years, 1 month ago

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI

ABP News  

The Reserve Bank of India on Wednesday clarified the key differences between the Central Bank Digital Currency and Unified Payments Interface. Speaking with the media after the monetary policy announcement, Das said, "Any UPI transaction involves the intermediation of the bank. Further elaborating on CBDC, RBI Deputy governor T Rabi Sankar said that similar to cash, CBDC can enable the …

India's digital rupee fails to excite interest, bankers say
2 years, 1 month ago

India's digital rupee fails to excite interest, bankers say

The Hindu  

A month into India's pilot project for using an official digital rupee for inter-bank and institutional transactions, stakeholders are seeing no benefits, several bankers said. Indeed, the e-rupee, one of several central bank digital currencies being tried around the world, had a drawback, they said: each trade using it had to be settled individually, whereas trades in the established interbank …

Time is right for a digital rupee
2 years, 1 month ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

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