Money transfer democratised, digital commerce will grow 10-fold: Experts on India's e-commerce revolution
2 years, 1 month ago

Money transfer democratised, digital commerce will grow 10-fold: Experts on India's e-commerce revolution

India Today  

The digital commerce revolution in India is set to grow ten-fold and money transfer in the country has been democratised with the UPI system, experts opined on Saturday at the India Today Conclave. Deepak Bagla, Managing Director & CEO, Invest India, T. Koshy, CEO, Open Network for Digital Commerce, and Dilip Asbe, Managing Director & CEO of National Payments Corporation Of India were at the Indian Today Conclave Mumbai. WATCH INDIA TODAY CONCLAVE MUMBAI LIVE HERE Dilip Asbe, Managing Director & CEO NPCI said that digital payment is about 60% of personal expenditure in developed countries, and India at the moment, for a developing country is at 25%, and there is space for 10-fold growth and UPI will be core driver of this growth. "49% of real-time transactions happened in India last year and the real impact of digital commerce is that today a brand-new company can get 100 million new customers in 180 days.

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‘India’s risk-taking capacity…’: At HTLS Summit, PM Modi lauds India’s booming Start-up ecosystem, Rupay cards’ success
1 month, 1 week ago

‘India’s risk-taking capacity…’: At HTLS Summit, PM Modi lauds India’s booming Start-up ecosystem, Rupay cards’ success

Live Mint  

Prime Minister Narendra Modi highlighted India’s economic strides and digital revolution during his address at the Hindustan Times Leadership Summit, marking 100 years of the publication. At the event, PM Modi emphasised the remarkable growth of the nation’s start-up ecosystem and the widespread adoption of the Rupay card, celebrating these achievements as milestones of India’s transformation over the past decade. …

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

UPI transactions increasing in small towns in India but THIS age group still uses wallet, card
5 months, 2 weeks 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 …

From Orientalism to Digital Leadership - News18
1 year, 3 months ago

From Orientalism to Digital Leadership - News18

News 18  

For centuries, Western perception of countries like India has been coloured by orientalist narratives, an idea embedded deep within the philosophical works of thinkers like Edward Said in Orientalism. The world watched in amazement as Germany’s Federal Minister for Digital and Transport, Volker Wissing, used India’s Unified Payments Interface to pay a vegetable vendor, illustrating India’s prowess in digital public …

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 …

Time is right for a digital rupee
2 years 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 …

India may soon have single e-commerce platform
2 years, 1 month ago

India may soon have single e-commerce platform

The Hindu  

India may soon have a single e-commerce platform that will bring together buyers, sellers, logistics players, and payment facilitators, empowering consumers with a wide array of products, vendors, and price options. Speaking on the occasion, Piyush Goyal, Union Minister for Commerce and Industry, said this open network would have the ability to transform e-commerce not only in India, but also …

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 …

The promise of ONDC and the challenges it will face
2 years, 3 months ago

The promise of ONDC and the challenges it will face

Live Mint  

In the first half of 2016, when the Unified Payments Interface which enables real-time payment or transfer of funds between banks was launched, a black swan event in the form of demonetisation in November that year provided the major ballast that was required for digital payments to take off in India. What was touted as the WhatsApp moment for India …

Why CCI matters for protecting customers from digital players
2 years, 3 months ago

Why CCI matters for protecting customers from digital players

Live Mint  

The Parliamentary Standing Committee on Finance, headed by Jayant Sinha, is only the latest to voice its concerns about potential risks from the rapid growth of the digital economy. In particular, the risks arising from the inherently anti-competitive nature of players in the digital world due to what are known as network effects, the peculiar feature that makes the value …

Mastercard CEO Applauds UPI, Says India is Set to Become Largest Digital Economy in the World
2 years, 4 months ago

Mastercard CEO Applauds UPI, Says India is Set to Become Largest Digital Economy in the World

News 18  

India has the potential to become the biggest digital economy in the world, Mastercard global CEO Michael Miebach has said. “What I see today, particularly through the lens of our business when we look at the digital economy and how it is growing in India and growth rates of UPI and so forth, there is technology put to work at …

ONDC: Why is govt betting big and how it will democratise India's e-commerce landscape
2 years, 5 months ago

ONDC: Why is govt betting big and how it will democratise India's e-commerce landscape

India TV News  

With an aim to digitise the value chain, standardise operations, promote inclusion of suppliers and enhance value for consumers, the government recently launched an initiative -- Open Network for Digital Commerce. This platform intends to create opportunities, reduce digital monopolies and help MSME and small traders get on digital platforms where businesses and consumers will be capable of carrying out …

UPI: the dawn of digital fintech nirvana
2 years, 5 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 …

UPI, CoWIN, ONDC: Public Digital Infrastructure Has Put India on the Fast Lane of Tech-led Growth
2 years, 6 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 …

ONDC to help small retailers serve customers with modern ways of delivery: Piyush Goyal
2 years, 9 months ago

ONDC to help small retailers serve customers with modern ways of delivery: Piyush Goyal

The Hindu  

The Open Network for Digital Commerce will ensure that small retailers get an equal opportunity to engage with big firms, protect their businesses and serve customers with modern ways of delivery system, Commerce and Industry Minister Piyush Goyal said on March 19. India is leading the world in building digital public infrastructure, he said at an entrepreneurship summit. It will …

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 …

Indian Bank refines focus on digital transformation: CTO
3 years ago

Indian Bank refines focus on digital transformation: CTO

The Hindu  

State-owned Indian Bank, which recently completed a merger with Allahabad Bank, said it has sharpened its focus on digital transformation this year. “In the current financial year our focus is on digital transformation to offer seamless customer experiences across all digital delivery channels,” said the bank’s chief technology officer Deepak Sarda. He said Indian Bank would further strengthen its IT …

WhatsApp Pay to Rely On Fintech Solutions Made By Indian Companies
4 years, 4 months ago

WhatsApp Pay to Rely On Fintech Solutions Made By Indian Companies

News 18  

One of the biggest milestones in India’s quest for becoming a Digital-First Nation has been the introduction of unified payments interface. Recently, Prime Minister Narendra Modi spoke about the growth and gaps in India’s digital economy in a recent address to leaders of the US-India Business Council. It is noteworthy that the National Payments Corporation of India recently put a …

India's digital journey in past 5 years focused on empowerment and transformation: RS Prasad
4 years, 5 months ago

India's digital journey in past 5 years focused on empowerment and transformation: RS Prasad

India TV News  

Union Minister for Electronics & IT, Communications Ravi Shankar Prasad on Wednesday said that the India's digital journey has focused on empowerment, inclusion and digital transformation and its positive impact is being felt in all aspects of the lives of the citizens. Addressing a video conference marking celebration of 5 years journey of India's Digital India Programme, he stated that …

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