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 Lead at Kearney India, stated, "From the widespread adoption of digital payments in both online and offline transactions to the rise of emerging payment methods like BNPL, this report provides a detailed look at how India is transforming its payment landscape." Vikas Bansal, CEO of Amazon Pay India, highlighted the significant impact of India's digital payment revolution, stating, "India’s digital payment revolution is firing on all cylinders, propelled by consumers and merchants alike.

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History of this topic

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024
1 week, 1 day 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 enabled significant expansion of credit among underserved borrowers: Study
2 weeks, 2 days ago

UPI enabled significant expansion of credit among underserved borrowers: Study

Live Mint  

New Delhi, Dec 7 Unified Payments Interface has brought in a significant expansion of consumer credit among the underserved borrowers who had no credit history, a study said. By October 2023, 75 per cent of all retail digital payments in India were through UPI, according to a study titled Open Banking and Digital Payments: Implications for Credit Access. It has …

‘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. …

India’s digital payments to grow threefold from 159 bn to 481 bn by FY29: PwC re
3 months, 2 weeks 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
3 months, 3 weeks 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 …

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

UPI, digital wallets gain traction, making up 69% of merchant transactions: Report
5 months, 1 week ago

UPI, digital wallets gain traction, making up 69% of merchant transactions: Report

The Hindu  

UPI, digital wallets and cards are making up 69% of merchant transactions, according to a consumer survey by Kearney and Amazon Pay. UPI and digital wallet are preferred for small transaction sizes and online purchases, while credit cards are preferred for high value offline and online purchases. While UPI reigns supreme with 53% of consumers preferring it for online purchases, …

Digital penetration: 65% of transactions done online in small towns
5 months, 2 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 …

Amazon Pay sees big opportunities in India’s small towns, offline payments
5 months, 2 weeks ago

Amazon Pay sees big opportunities in India’s small towns, offline payments

Live Mint  

Amazon Pay India, the digital payments arm of e-commerce giant Amazon India, is focusing on penetrating deeper into offline payments this fiscal year, as it looks to introduce new payment methods and enhance safety and security, chief executive Vikas Bansal told Mint on Tuesday. Amazon Pay will offer a variety of payment options including Unified Payments Interface, credit cards and …

Banks rely on AI as digital transactions grow, and methodology of frauds evolves
7 months, 2 weeks 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
7 months, 2 weeks 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
7 months, 4 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. …

CoWIN Breach, Apple Alerts: What Was It Like Living in Digital India in 2023?
11 months, 3 weeks ago

CoWIN Breach, Apple Alerts: What Was It Like Living in Digital India in 2023?

The Quint  

Flip-flop on laptop, tablet imports: Initially, the central government placed imports of laptops, tablets, all-in-one personal computers, and ultra-small form factor computers, and servers under the ‘restricted’ category, making their imports permissible only under a valid licence. Apple retail stores in India: In April, CEO Tim Cook made his way to India to launch the first Apple retail stores in …

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access
1 year ago

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access

The Quint  

The committee on Deepening Digital Payments constituted by the RBI in 2019 under the chairmanship of Nandan Nilekani had recommended that market forces should drive transaction prices for the inclusion of small startups and incentivising innovation. It underlined that while banks have a role in contributing to the payment system, the government and the RBI should also share the cost …

Digital payment trends: UPI transactions skyrocket to an astounding 9.3 billion in June 2023, says study
1 year, 2 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, 2 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 …

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 …

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, …

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points
1 year, 6 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 …

UPI Supremacy In Retail Sales: 70% MSMEs Believe UPI Drives More Sales For Them
1 year, 7 months ago

UPI Supremacy In Retail Sales: 70% MSMEs Believe UPI Drives More Sales For Them

News 18  

70% of Ministry of Micro, Small & Medium Enterprises believe more than half of their retail sales will be via UPI, found NeoInsights study titled ‘Decoding Digital Payments: A Retailer Perspective’, recently released by NeoGrowth, an MSME-focused digital lender in India. The study covered the digital payments adoption behaviour of Indian retailers across 25+ cities and 70+ industry segments. UPI …

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, 7 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 …

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, 10 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 …

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 …

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 …

76% Indians prefer to make payments through UPI: Know-why
2 years, 1 month ago

76% Indians prefer to make payments through UPI: Know-why

India TV News  

Nearly 76 per cent of Indians now prefer using UPI during online checkouts while more millennials are now using UPI when shopping online, a report showed on Tuesday. While 78 per cent Indians say they are likely to purchase fashion products such as clothing, shoes and accessories, 70 per cent would shop for groceries within social media apps. About 63 …

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 …

UPI expands further globally; Indian travellers to U.K. to enjoy hassle-free digital transactions
2 years, 4 months ago

UPI expands further globally; Indian travellers to U.K. to enjoy hassle-free digital transactions

The Hindu  

Expanding further outside India, the indigenously developed real-time payments solution the Unified Payments Interface will foray into the United Kingdom market starting with QR code-based transactions. The NPCI International Payments Ltd has forged a partnership with payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in the U.K. NIPL is the wholly-owned subsidiary of National Payments Corporation …

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 …

Modi govt 8 years: How India outpaced world in UPI, digital payments
2 years, 6 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 …

Digital payments are growing in India but many want cash
2 years, 11 months 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 …

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record
3 years ago

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record

News 18  

The volume of digital payments made by Indians in the current financial year is set to hit 70 billion at the current pace and easily surpass the record levels of 2020-21 when the Covid-19 pandemic had hit home and made people shift to doing digital payments in a big way. This is already in touching distance of 45.72 billion digital …

The other digital divide
3 years, 1 month ago

The other digital divide

The Hindu  

“Your phone is your wallet,” said Bill Gates in 1996. When smartphones and apps took over, Internet banking moved to apps and IMPS transformed into mobile wallets, which was one step removed from your bank account. Pick an app, download and install it on your smartphone, authenticate your SIM through an OTP process, enable your mobile number-linked bank account, and …

What's behind Indians' credit card spending surge in recent months?
3 years, 1 month ago

What's behind Indians' credit card spending surge in recent months?

Business Standard  

Indians’ credit card spends in September jumped 57% on a year-on-year basis to Rs 80,000 crore, according to the latest data from the Reserve Bank of India. This represents 3.2% sequential growth, despite a high base of Rs 77,981 crore in August.In the past six months, the average monthly spending on a credit card increased to about Rs 12,400 from …

Digital Indians are enamoured with Buy Now Pay Later credit
3 years, 5 months ago

Digital Indians are enamoured with Buy Now Pay Later credit

Live Mint  

After two decades of innovation in financial services in India, one statistic stands out in its lack of scale—the number of unique credit card holders. But while BNPL sought to disrupt credit cards in the West, in India it represents a unique opportunity to leapfrog into an entirely new digital-first paradigm to enable small credit for the retail consumer. This …

Consumers more concerned about digital payment frauds: Survey
3 years, 6 months ago

Consumers more concerned about digital payment frauds: Survey

Live Mint  

Bengaluru: Indian consumers are increasingly concerned about digital payments and look to exercise greater caution, according to a new study conducted by YouGov and digital payment software, ACI Worldwide. Almost 71% of consumers surveyed by YouGov and ACI Worldwide are more concerned about scams and fraud owing to the shift to digital methods of payments due to covid-19. When it …

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third
3 years, 9 months ago

PhonePe Continues to Lead UPI Payments Space With 42% Share, Paytm Remains Distant Third

News 18  

Digital payments company PhonePe has said the platform emerged as the largest player on UPI merchant transactions capturing over 42 percent of the overall market share in February 2021. The latest data on the National Payments Corporation of India website shows that the digital payments platform had witnessed over 975.53 million UPI transactions, worth Rs 1.89 lakh crore for the …

Amazon, Google vie for piece of India’s digital payments market
3 years, 9 months ago

Amazon, Google vie for piece of India’s digital payments market

Live Mint  

Technology giants Facebook Inc., Amazon.com Inc. and Google and credit-card providers Visa Inc. and Mastercard Inc. are among those vying for unprecedented access to India’s burgeoning digital retail payments market. In a market where cash is still king, digital payments are quickly gaining ground as India’s 1.3 billion people are starting to embrace online shopping and services such as online …

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why
3 years, 11 months ago

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why

News 18  

Customers using UPI for online transactions may face errors between 1 AM to 3 AM IST for the next few days as the National Payment Corporation of India is upgrading its digital payment platform. The development essentially means that users who are transacting through the UPI gateway via BHIM or third-party apps such as Google Pay, Paytm and PhonePe may …

Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards
3 years, 11 months ago

Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards

News 18  

The year 2020, because of the circumstances as they unfolded, gave digital payments the sort of push that couldn’t have been expected in just less than 12 months. Around the same time, digital payments platform PhonePe confirmed that they had now crossed the 250 million user mark, with 100 million monthly active users and clocked 2.3 billion app session in …

Digital Payment Security Control Rules Incoming For UPI And Credit Cards: How Does This Impact You?
4 years ago

Digital Payment Security Control Rules Incoming For UPI And Credit Cards: How Does This Impact You?

News 18  

The Reserve Bank of India has confirmed that they will be releasing the new digital payment security control rules. The Reserve Bank of India Directions, 2020 will come at a time when digital transactions are at their highest in terms of popularity as well as transaction value and will cover multiple instruments and methods including internet banking, mobile banking, UPI …

Digital outages show volumes outpacing IT upgradation in India
4 years ago

Digital outages show volumes outpacing IT upgradation in India

Live Mint  

Mumbai/New Delhi: Frequent outages in digital delivery of financial services in India could be a concern in a post-covid world, where such transactions are of significant importance for consumers and providers alike. However, recent experiences like that of HDFC Bank customers and more recently for customers of India’s largest lender State Bank of India on the Yono mobile app say …

UPI transactions rise 6.7% to 2.2 billion in November
4 years ago

UPI transactions rise 6.7% to 2.2 billion in November

Live Mint  

Unified Payments Interface transactions grew 6.7% sequentially to 2.2 billion in November, data released by the National Payments Corp. of India showed. For the first time, UPI transactions breached the 2-billion mark in October. Last month, NPCI managing director and chief executive Dilip Asbe said that daily UPI transactions could touch 1 billion in two to three years as new …

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture
4 years ago

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture

The Hindu  

About 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to USD 856.6 billion by 2030, a report by Accenture said on Tuesday. This rapid shift to digital payments due to the COVID-19 pandemic is urgently increasing the need for banks to modernise their …

A cap on UPI transactions could hold digital India back
4 years ago

A cap on UPI transactions could hold digital India back

Live Mint  

While India entered a technical economic recession in the first half of 2020-21, some sections of the bureaucracy seem unaware of the situation on the ground and continue to announce policies without due consideration of their potentially adverse impact on businesses and the Indian economy. A volume-based cap would compel TPAPs to either limit the number of transactions on their …

EXPLAINED: UPI Transaction Cap For Google Pay, WhatsApp Pay, PhonePe And Others, But Should You Worry?
4 years, 1 month ago

EXPLAINED: UPI Transaction Cap For Google Pay, WhatsApp Pay, PhonePe And Others, But Should You Worry?

News 18  

The digital payments space in India, specifically the UPI payments services, is about to undergo a major shakeup. At this time, PhonePe and Google Pay will be the most impacted, since both players are completing closely with each other with around 40% each of the total UPI transactions. According to the data by the National Payments Corporation of India, the …

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