Flipkart rolls out partial payments to reduce order cancellations
4 years, 5 months ago

Flipkart rolls out partial payments to reduce order cancellations

India Today  

Flipkart is rolling out a new payment system for customers that is aimed at reducing the number of returns and cancellations on its e-commerce platform. According to Flipkart, the CoD is still the most used payment method, despite the steep rise in online transaction ever since the pandemic hit businesses and caused consumer's buying habits to change drastically. But while Flipkart's new strategy to cut down on the cancellation rate is welcoming for the e-commerce sector, it presents a different, and rather underwhelming, picture of India's digital payments space. India's metropolitan and tier-I cities are the biggest drivers in the high adoption rate of digital payments, while the tier-II and tier-III cities are lagging behind due to manifold reasons. The populace of India's tier-II and tier-III cities are still struggling to trust online payments as an option to purchase goods and lessen their dependence on hard cash.

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History of this topic

UPI, digital wallets gain traction, making up 69% of merchant transactions: Report
5 months, 2 weeks 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 …

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. …

Flipkart to launch instant-delivery service: All you need to know
9 months, 2 weeks ago

Flipkart to launch instant-delivery service: All you need to know

India TV News  

Flipkart, an e-commerce major has been planning to enter the quick-commerce business, which aims to deliver orders to customers instantly after purchase. As per the TechCrunch report, citing sources, the e-commerce intends to launch the instant-delivery service in select locations as early as May this year. Flipkart spokesperson was quoted saying, "The e-commerce firm is committed to meeting evolving customer …

Flipkart brings new UPI handle to drive digital economy in India
9 months, 3 weeks ago

Flipkart brings new UPI handle to drive digital economy in India

India TV News  

Flipkart, an e-commerce marketplace launched its Unified Payments Interface handle to enhance further its digital payment which will offer all the customers, including its 500+ million customers. In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with @fkaxis handle for their digital transactions using the Flipkart app. Dheeraj Aneja, Senior Vice President - …

From Kirana Stores To Chai Shops, Paytm Credit Card On UPI Is A Gamechanger For Payments
11 months, 1 week ago

From Kirana Stores To Chai Shops, Paytm Credit Card On UPI Is A Gamechanger For Payments

ABP News  

The convenience of digital transactions have become a fundamental aspect of our daily lives in today’s fast paced world. One such transformative force in the digital payment landscape is the integration of UPI payments through credit cards on the Paytm app. With just a smartphone, users can easily make UPI payments via credit cards on the Paytm app, powered by …

Photo Essay | Going QR: A Code for All Seasons
1 year, 5 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 …

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, …

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 …

5 Most Common Online Payment Frauds in India That You Must Know
2 years, 3 months ago

5 Most Common Online Payment Frauds in India That You Must Know

News 18  

With digital transactions taking over, we are increasingly seeing more online payment fraud. WATCH VIDEO: iPhone 13, 12 Prices Slashed After iPhone 14 Launch 1) UPI Frauds It is widely acknowledged that UPI is the most common way to make day-to-day payments in India. 2) Remote Access/Screen Sharing Frauds Time and again, we have seen the elderly and people new …

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 …

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-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform
2 years, 6 months ago

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform

News 18  

UPI-Credit Card Linking: As the Reserve Bank of India has proposed to link credit cards to Unified Payments Interface, the homegrown virtual payment system has got yet another filip for its growth. Here’s details about UPI and credit card usage in India: Total UPI Transactions in India RBI Governor Shaktikanta Das, while announcing the decision, said, “UPI has become the …

Flipkart’s ‘Pay Later’ doubles customer base to over 6 million in 7 months
2 years, 7 months ago

Flipkart’s ‘Pay Later’ doubles customer base to over 6 million in 7 months

The Hindu  

Flipkart, a homegrown e-commerce marketplace, said it has witnessed a strong customer adoption of its 'Pay Later' facility with a user base doubling to over six million in the last seven months. Dheeraj Aneja, SVP & Head – Fintech and Payments Group, Flipkart, said, “As per research, the Buy Now Pay Later market will grow 10x over the next five …

Tech tips: How to make UPI payments without using the internet
2 years, 8 months ago

Tech tips: How to make UPI payments without using the internet

India Today  

India is on its road to becoming a cashless economy. Until now, the UPI payments could only be done from a smartphone, and people owning feature phones would still have to go for cash mode. “UPI 123PAY is an instant payment system for feature phone users who can use Unified Payments Interface payment service in a safe and secure manner. …

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today
2 years, 9 months ago

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today

News 18  

You don’t need a smartphone or internet connection to do Unified Payments Interface payments anymore. To enable thousands of feature phone users with the digital payment ecosystem in the country, the Reserve Bank of India is all set to launch UPI123Pay on Tuesday. Why UPI Payment for Feature Phones RBI governor Shaktikanta Das announced to launch a UPI-based payment system …

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 …

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 …

Flipkart introduces QR-based pay on delivery for consumers
3 years, 6 months ago

Flipkart introduces QR-based pay on delivery for consumers

India TV News  

Flipkart on Monday launched a contactless, QR-code based payment facility for all its pay-on-delivery shipments. Consumers who earlier opted for cash on delivery can now use this facility, scan the QR code attached to their purchase and make a digital payment for their order through any UPI app at the time of delivery, the company said in a statement. The …

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it
3 years, 7 months ago

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it

News 18  

Amid rising cases of banking frauds in the country, the Reserve Bank of India has introduced several measures for secure debit and credit card transactions. For online transactions: To enable any other facilities including online transactions, international transactions and contactless transactions in the debit and credit cards, customers need to approach the bank. How to activate online transactions in your …

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 …

PhonePe Continues to Lead UPI-Based Payments Market With Over 970mn Transactions in February 2021
3 years, 9 months ago

PhonePe Continues to Lead UPI-Based Payments Market With Over 970mn Transactions in February 2021

News 18  

PhonePe continued to lead the UPI-based digital payments market in India in February 2021, with over 970 million transactions, the company announced earlier today. The National Payments Corporation of India website shows that roughly 2,292 million UPI transactions worth Rs 4,25,062 crores took place in India last month, though the full report is yet to be shared. PhonePe’s domestic rival …

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 …

Flipkart partners Paytm for The Big Billion Days sale
4 years, 2 months ago

Flipkart partners Paytm for The Big Billion Days sale

Live Mint  

Walmart-owned Flipkart on Monday said it has partnered with fintech major Paytm to provide customers a slew of offers and benefits during its festive season sale. "This partnership will enable millions of Paytm users to conveniently pay through their Paytm Wallet and Paytm UPI while shopping on Flipkart during The Big Billion Days. Flipkart will host its annual 'The Big …

Big Billion Days: Flipkart to offer instant Paytm cashback during festive sale
4 years, 2 months ago

Big Billion Days: Flipkart to offer instant Paytm cashback during festive sale

India TV News  

Flipkart on Monday said that its partnership with Paytm will enable millions of users to conveniently pay through their Paytm Wallet and Paytm UPI while shopping on Flipkart during the ‘Big Billion Days sale that starts from October 16. "This festive season, millions of Paytm users across the country will have access to their wallets and UPI on Flipkart. With …

Opinion | Bridging the financial divide digitally
4 years, 3 months ago

Opinion | Bridging the financial divide digitally

Live Mint  

The world economy has succumbed to the covid-19 pandemic over the past few months, leading to steep cuts in discretionary purchase. The phenomenal growth of the Unified Payment Interface in a country as diverse as India has drawn attention of all the big tech companies around the world with firms like Google requesting the US Federal Reserve to build a …

The crisis has pushed card payments to shift to UPI: Ashneer Grover
4 years, 4 months ago

The crisis has pushed card payments to shift to UPI: Ashneer Grover

Live Mint  

India’s digital payments economy made a strong comeback during the pandemic as lockdown restrictions and fears of contracting infection forced consumers to look for alternatives to cash transactions. Covid-19 is not only providing strong tailwinds to the digital payments ecosystem but will also lead to digitizing and improving the underwriting capabilities of digital lenders in the long term, Ashneer Grover, …

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