People in India are transacting digitally more during Coronavirus lockdown
4 years, 8 months ago

People in India are transacting digitally more during Coronavirus lockdown

India TV News  

Digital payments in India are surging in the ongoing Covid-19-caused lockdowns which will accelerate mobile data/4G penetration and build an ecosystem of services. Already, India's retail digital payments were expanding with retail digital volumes expanding at 56 per cent compounded annual growth rate from December 2015 to December 2019 and value expanding at 30 per cent CAGR. "Our talks with a leading mass-market DTH operator reveals that the ongoing all-India lockdown has propelled digital DTH recharges from 60 per cent to 80 per cent within weeks," the report said. Launched in April 2016, UPI monthly transactions have risen to 1.3 billion with Rs 2.2 trillion transaction value implying 43 per cent of total digital payment volume and 32 per cent of the total value. UPI transactions now account for 41 per cent of total mobile banking transactions in value, up from 14 per cent in January 2018 and the government is now taking even more steps to aggressively promote digital payments via UPI in ongoing lockdowns.

India Data Payments Mobile Digital Payments Digital Cent Upi Clsa Penetration  digital  accelerate  cent  digitally  data  transacting  payments  coronavirus  penetration  lockdown  transactions  mobile  value  services  india

History of this topic

The digital frontier of inequality
3 weeks, 4 days ago

The digital frontier of inequality

The Hindu  

India stands at a pivotal moment in its digital revolution, underpinned by an internationally recognised model of digital public infrastructure. In response, the Union Ministry of Women and Child Development, Government of India, recently launched ‘Ab Koi Bahana Nahi ’, a national campaign aligned with the global ‘16 Days of Activism Against Gender-Based Violence’. Already constrained by societal norms, many …

Mint Explainer: Does India's telecom sector need more reforms?
1 month, 1 week ago

Mint Explainer: Does India's telecom sector need more reforms?

Live Mint  

India's telecom sector is a critical pillar of the country’s digital economy. Major telecom operators, especially Bharti Airtel and Vodafone Idea, have been able to improve their financials with increased average revenue per user, consolidation within the sector, and a reduced need for competitive price cuts. These reforms were a turning point, aimed at providing relief to the cash-strapped telecom …

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 …

Cyber-Secure India: A Collective Effort to Protect Citizens from Digital Crimes
2 months ago

Cyber-Secure India: A Collective Effort to Protect Citizens from Digital Crimes

Hindustan Times  

Cybersecurity is a top priority for the Indian government, with the country witnessing a surge in digital connectivity and a corresponding rise in cybercrimes. However, authorities have been proactive in safeguarding citizens from these threats, disconnecting fraudulent mobile connections and blocking over ₹2,400 crore in suspicious transactions. The government has also launched an indigenously developed International Incoming Spoofed Calls Prevention …

Transforming India's Economy: The Power of Digital Public Infrastructure
2 months, 2 weeks ago

Transforming India's Economy: The Power of Digital Public Infrastructure

Live Mint  

The article highlights the importance of digitalization in transforming India's economy. It emphasizes the role of open platforms and collaboration between the public and private sectors in building a robust digital infrastructure. The government's initiatives, such as the Unified Payments Interface (UPI) and the Open Network for Digital Commerce (ONDC), demonstrate the government's commitment to fostering a digital economy.

Cybersecurity vital for progress: Shah
3 months, 4 weeks ago

Cybersecurity vital for progress: Shah

New Indian Express  

Highlighting the ‘1930’ national cyber helpline telephone number, the home minister said there is an urgent need to popularise this as part of a special campaign, which is going to be launched by I4C from Wednesday to spread awareness about cybercrimes. Shah also stressed effective counter-measures against cybercrimes while asserting that the country’s development was “impossible in current times” without …

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 …

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 …

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 …

Tamil Nadu: 13 lakh more pay electricity bills online compared to 2023
7 months, 3 weeks ago

Tamil Nadu: 13 lakh more pay electricity bills online compared to 2023

New Indian Express  

CHENNAI: Year on year, the state is marking a sharp increase in the number of consumers making their electricity bill payment online, according to the data accessed by TNIE from Tamil Nadu Generation and Distribution Corporation. A senior Tangedco official told TNIE, “Out of the total 3.5 crore consumers, which include domestic users, commercial establishments, and industries, Tangedco collects payment …

Robust digital infrastructure set to bring gigabit connectivity to over 100 million Indians by 2030
7 months, 3 weeks ago

Robust digital infrastructure set to bring gigabit connectivity to over 100 million Indians by 2030

India TV News  

As India continues to build a robust and resilient core digital infrastructure, the nation can achieve gigabit connectivity to all households or at least 100-110 million households by 2030, industry experts stated. Furthermore, fixed broadband subscriptions in India are at a mere 2.85 per 100 people, and almost one-fourth of the global average. "With fixed broadband data usage reaching 10-20 …

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 …

Setting the rules in disputes over apps
10 months ago

Setting the rules in disputes over apps

Hindustan Times  

Last week, Google delisted the apps of 10 Indian businesses from its proprietary app store. This incident, which saw some apps relisted after mediated discussions, highlights the need for a thoughtful resolution of business disputes in the digital economy, increasingly contested on the notion of “fairness”. The margins-led fight between apps and their distributors has many analogues, such as telecom …

India excels in AI, but lags in adopting basic broadband and internet
10 months, 2 weeks ago

India excels in AI, but lags in adopting basic broadband and internet

New Indian Express  

As Gartner’s Hype Cycle would suggest, many of these technologies are in the innovation trigger phase and are likely to be adopted only by innovators in the country. India’s progress in digital payment India has made remarkable progress on the use of digital payments, especially in the public sector. Data from the World Bank’s Findex Survey shows that digitally delivered …

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 …

How the Digital India Act will shape the future of the country’s cyber landscape
1 year, 3 months ago

How the Digital India Act will shape the future of the country’s cyber landscape

The Hindu  

October 09, 2023 08:30 am | Updated 08:30 am IST Nations worldwide are grappling with the need to update their legal frameworks to adapt to the evolving digital landscape. The recent announcement of the Digital India Act 2023 represents a significant step towards establishing a future-ready legal framework for the country’s burgeoning digital ecosystem. The primary motivation behind the DIA …

India tops global mobile subscription growth, contributing over 7 million users
1 year, 4 months ago

India tops global mobile subscription growth, contributing over 7 million users

India TV News  

Global 5G mobile subscriptions have reached a milestone of 1.3 billion, with significant growth in the second quarter of the year. During the same period, the total number of mobile subscriptions worldwide reached 8.3 billion, with a net addition of 40 million subscriptions in Q2. In terms of mobile subscription penetration, the global rate stood at 105 per cent in …

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 …

Photo Essay | Going QR: A Code for All Seasons
1 year, 6 months ago

Photo Essay | Going QR: A Code for All Seasons

The Hindu  

Published : Jun 29, 2023 11:00 IST - 4 MINS READ My father used to say that when he was young, just one rupee was enough to buy himself groceries for a whole week. With a smartphone connected to the Internet, an active bank account, and a mobile number linked to that bank account, one can make instant digital payments …

India set to achieve 700 million 5G mobile subscriptions by 2028: Report
1 year, 6 months ago

India set to achieve 700 million 5G mobile subscriptions by 2028: Report

India TV News  

A recent report from Ericsson has revealed that the number of 5G mobile subscriptions in India reached approximately 10 million by the end of 2022. The study estimates that this figure will skyrocket to around 700 million by the end of 2028, constituting roughly 57% of all mobile subscriptions in the country. The report forecasts a compound annual growth rate …

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 …

IMF report hails India's digital infrastructure as a model for other nations to follow
1 year, 9 months ago

IMF report hails India's digital infrastructure as a model for other nations to follow

India TV News  

The International Monetary Fund, in its working paper, has said that India's creation of a world-class digital public infrastructure serves as an example for other countries going through digital transformation. The report "Stacking Up the Advantages: Lessons from India's Digital Journey " stated that the success of India's digital public infrastructure is attributed to the country's building block strategy and …

The world can learn from India’s digital public infra experience
1 year, 10 months ago

The world can learn from India’s digital public infra experience

Hindustan Times  

Last week, the Digital Economy Working Group of G20 met for the first time under India’s presidency. We draw from a recent study of three state-level digital ecosystems for the delivery of social protection and observe the following learnings for India to take to a global stage: First, well-defined data privacy and security laws are critical to the success of …

Har Payment Digital: RBI launches mission to make every citizen a user of digital payment
1 year, 10 months ago

Har Payment Digital: RBI launches mission to make every citizen a user of digital payment

India TV News  

Reserve Bank of India governor Shaktikanta Das launched the "Har Payment Digital" mission on Monday, as part of the Digital Payments Awareness Week 2023. Image Source : PIB TWITTERHar Payment Digital: RBI launches mission to make every citizen a user of digital payment The HPD mission will run until the period of Vision 2025, to convert non-users into users of …

'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 …

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 …

Top technology trends that will change people’s lives in the new year
2 years ago

Top technology trends that will change people’s lives in the new year

Live Mint  

In recent years, technology permeated almost every aspect of our lives as we witnessed a surge in digitalization across sectors. India made significant strides in its digitalization journey with expansion of internet connectivity across rural and urban areas, a wealth of data generated and consumed, and an ever-increasing number of digital services. Similarly, in the first half of the year, …

Women, Unemployed, Rural Poor Lagging Due to Digital Divide: Oxfam India Report
2 years, 1 month ago

Women, Unemployed, Rural Poor Lagging Due to Digital Divide: Oxfam India Report

News 18  

The percentage of men owning phones is as high as 61 per cent while only 31 per cent of women-owned phones in 2021, according to a new report, which claimed that India’s growing inequalities based on caste, religion, gender, class, and geographic location are being worryingly replicated in the digital space. Oxfam India’s latest ‘India Inequality Report 2022: Digital Divide’ …

Shift from phone banking to digital banking put India on sustained growth path: PM
2 years, 2 months ago

Shift from phone banking to digital banking put India on sustained growth path: PM

Deccan Chronicle  

New Delhi: Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 Digital Banking Units to the nation. The banking sector has become …

'1GB data's cost was ₹300, now…': PM Modi at launch of 5G in India
2 years, 3 months ago

'1GB data's cost was ₹300, now…': PM Modi at launch of 5G in India

Hindustan Times  

Prime Minister Narendra Modi on Saturday said 5G technology will revolutionise the telecom sector and it's a historic day for the 21st century of India as he launched the 5G services in the country at the Indian Mobile Congress 2022 at Pragati Maidan in New Delhi. Capable of supporting ultra-high-speed internet, the fifth generation or 5G service is expected to …

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 4 months ago

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar

The Hindu  

Central bank digital currency, to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T. Rabi Sankar said on Wednesday. Explained | RBI’s digital currency plans Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. …

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains
2 years, 4 months ago

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains

News 18  

Reserve Bank of India deputy governor T Rabi Sankar on Wednesday said that the central bank was going to find a solution to the problem of payments done on the United Payments Interface getting concentrated on two big players — Google Pay and PhonePe. We are also looking at Europe to see how we can address this issue,” said T …

Digital India: The Indian way | OPINION
2 years, 4 months ago

Digital India: The Indian way | OPINION

India Today  

The digital policies that are being picked up in India do not really reflect the digital issues that are important from an India perspective. While India is hurtling in an accelerated manner towards an ever-increasing digitalisation of our economy and of our society, we also need to ensure that it is happening the Indian way, supporting the issues that are …

India to have around 900 million internet users by 2025: Report
2 years, 5 months ago

India to have around 900 million internet users by 2025: Report

Live Mint  

Around 346 million Indians are engaged in online transactions including e-commerce, and digital payments, according to a report published by the Internet and Mobile Association of India. The IAMAI report titled 'Internet in India' stated that the global coronavirus pandemic has witnessed a record increase of 51% from 230 million in 2019 in India, in online transaction in the past …

We are well placed to let fintech lead the success of Digital India
2 years, 5 months ago

We are well placed to let fintech lead the success of Digital India

Live Mint  

From a 6.6% contraction in 2020-21, the Indian economy recorded a sharp rebound of 8.7% growth in 2021-22, by provisional estimates. The Niti Aayog report, India’s Booming Gig and Platform Economy, has underscored the role of fintech and a regulatory sandbox regime in helping India achieve its $5 trillion target. Broadly, the fintech sector is regulated under five regulations: the …

UPI: the dawn of digital fintech nirvana
2 years, 6 months ago

UPI: the dawn of digital fintech nirvana

The Hindu  

If you own a smartphone, you have most probably done UPI-based payments using BHIM or some other mobile application. Secondly, a Payment Service Provider takes care of the to-and-fro transactions to this VPA and finally, the UPI software orchestrates the fund movement from a customer’s VPA to a target VPA and completes the transaction. A ubiquitous payment system The popularity …

5G to account for 39% of India’s subscriptions by 2027: Ericsson
2 years, 6 months ago

5G to account for 39% of India’s subscriptions by 2027: Ericsson

The Hindu  

The number of subscriptions to India’s 5G services, which are likely to be rolled out from later this year, is expected to reach about 500 million, or 39% of all mobile subscribers, by 2027, telecom equipment maker Ericsson said in a report on Tuesday. Noting that 4G was currently the dominant subscription type driving connectivity growth in India, Ericsson said …

Contactless payments in India surge six times in three years: Report
2 years, 6 months ago

Contactless payments in India surge six times in three years: Report

Firstpost  

The report titled ‘India taps into a Contactless Future’ has been done jointly by global digital payments leader Visa and payments processor Worldline Mumbai: Contactless payments in India surged by six times in the last three years led by huge growth in adoption by sectors like quick-service restaurants, pharmacies, food, and grocery amid COVID-19 pandemic, as per an industry report …

UPI, CoWIN, ONDC: Public Digital Infrastructure Has Put India on the Fast Lane of Tech-led Growth
2 years, 7 months ago

UPI, CoWIN, ONDC: Public Digital Infrastructure Has Put India on the Fast Lane of Tech-led Growth

News 18  

“Government 2.0, then, is the use of technology – especially the collaborative technologies at the heart of Web 2.0 – to better solve collective problems at a city, state, national, and international level”, Tim O’Reilly, Chief Executive Officer of O’Reilly Media said in a paper published in 2010. This paper is considered the origination of the term “Government as a …

Modi govt 8 years: How India outpaced world in UPI, digital payments
2 years, 7 months ago

Modi govt 8 years: How India outpaced world in UPI, digital payments

India TV News  

Long gone are the days when people use to stand in the long queue at ATMs or at banks to withdraw money. Today, his will effort towards the technological advancement, and support of great engineers, UPI payments were launched in the nation on 11th April 2016 by Dr Raghuram G Rajan, Governor, RBI. And eventually, various banks started to upload …

Data | India transitions from money purse to digital wallets
2 years, 9 months ago

Data | India transitions from money purse to digital wallets

The Hindu  

The pandemic has accelerated India’s transition to a digital economy. The RBI’s newly introduced digital payments index also shows that digital payments surged in India, especially during the pandemic. However, the currency in circulation as a % of the GDP has crossed pre-demonetisation levels in India and is the highest among the economies compared Wallets preferred The chart shows the …

Mapping India's digital transactions
2 years, 9 months ago

Mapping India's digital transactions

Business Standard  

Last week, India's central bank finally rolled out Unified Payments Interface for low-cost feature phones. The need for the new service arose because despite transaction volume for digital payments growing, transactions from USSD service were declining. In February, 14 crore rupees worth of transactions were done using the USSD service, way lower than 21 crore rupees value achieved in January …

India’s digital economy to see exponential growth to $800 bn by 2030: FM
2 years, 9 months ago

India’s digital economy to see exponential growth to $800 bn by 2030: FM

Live Mint  

India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said on Friday. "They may function from one place but they may serve any number of districts but we are also targeting 75 districts to be covered and I guess the DPU …

Govt testing UPI Lite to allow payments without internet
2 years, 11 months ago

Govt testing UPI Lite to allow payments without internet

Live Mint  

BENGALURU :The National Payments Corp. of India is testing a solution that will allow Unified Payments Interface -based digital payments without active internet connection, according to multiple people familiar with the development. The solution, called UPI Lite, will likely be used first to enable digital payments under ₹200 in rural areas, the people, including three government officials and a senior …

The digital divide and is it holding back women in India?
2 years, 11 months ago

The digital divide and is it holding back women in India?

Hindustan Times  

Despite rapid advancements in internet access in India, particularly via mobile internet use, which has nearly doubled from 2018-2020, the digital divide between Indian men and women remains stark. Given the important role of internet access for information access and social participation, this digital divide will further compromise the equal opportunity for women and girls in India if not addressed …

Digital payments are growing in India but many want cash
3 years ago

Digital payments are growing in India but many want cash

India Today  

When the government announced demonetisation in 2016, the biggest change that it expected to see was Indian consumers shifting from cash to cashless mode of payments. A survey by the Reserve Bank of India suggests that despite the increase in use of digital payments in India, a large group of people still prefer cash over digital payments. Too confusing Despite …

Here's How 5G Rollout Will Boost Mobile Gaming in India
3 years ago

Here's How 5G Rollout Will Boost Mobile Gaming in India

News 18  

With cutting-edge technologies now available in smartphones, the mobile gaming industry is among the fastest booming segments in India. As the Indian gaming market is poised to hit $3.9 billion by 2025, over 40 per cent of hardcore mobile gamers are paying for their games with an average spend of Rs 230 per month. “Advent of 5G in India will …

Discover Related