Har Payment Digital: RBI launches mission to make every citizen a user of digital payment
1 year, 9 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 digital payments. The campaign will encourage digital payment users to teach non-users about the ease, safety and convenience of digital payments to fulfil the mission of making every citizen a digital payments user. The Har Payment Digital mission is an initiative launched by the Reserve Bank of India to make every citizen in India a user of digital payments.

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History of this topic

Cyber-Secure India: A Collective Effort to Protect Citizens from Digital Crimes
1 month, 2 weeks 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 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.

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
4 months, 2 weeks 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 Disruptions Not NPCI's Fault, Banks' Outdated Tech Is Responsible, Says RBI Guv
6 months, 1 week ago

UPI Disruptions Not NPCI's Fault, Banks' Outdated Tech Is Responsible, Says RBI Guv

News 18  

UPI customers around the country have recently been experiencing difficulties due to issues with digital payments. The National Payments Corporation of India, which oversees the UPI platform, is not the primary cause of the frequent disruptions in UPI payments, according to Reserve Bank of India Governor Shaktikanta Das. Furthermore, UPI transactions reach 450 million per day, and according to NPCI …

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. …

RBI to introduce offline eRupee transactions soon: Shaktikanta Das
10 months, 2 weeks ago

RBI to introduce offline eRupee transactions soon: Shaktikanta Das

The Hindu  

Digital Rupee users will soon be able to execute transactions in areas with limited internet connectivity as the Reserve Bank of India on February 8 announced that offline capability will be introduced on the Central bank digital currency pilot project. RBI Governor Shaktikanta Das said that programmability-based additional use cases will be introduced as part of the pilot project. "It …

Pandemic to Prosperity: Finance Ministry's Report Says India's Digital Infra Empowers Citizens, Fuels Growth
10 months, 3 weeks 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 …

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000
1 year ago

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000

Firstpost  

In order to curb scams that use online transactions, the government of India is thinking of ways to add some friction bewteen first time transactions between two parties, if the amount is over Rs 2,000 The government of India is planning to add friction in the way first-time online transitions are done between two parties, in order to combat online …

NPCI unveils a suite of digital-payment products
1 year, 3 months ago

NPCI unveils a suite of digital-payment products

The Hindu  

National Payments Corporation of India, the developer of UPI, has unveiled several new products — Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI - Conversational Payments on UPI, BillPay Connect - Conversational Bill Payments — with an aim to create an inclusive, resilient, and sustainable digital payments ecosystem. While Credit Line on UPI would enable …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 3 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 …

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 …

Explained | What is RBI’s pilot programme for facilitating ‘frictionless’ and ‘timely’ credit?
1 year, 4 months ago

Explained | What is RBI’s pilot programme for facilitating ‘frictionless’ and ‘timely’ credit?

The Hindu  

The story so far: On August 17, the Reserve Bank of India commenced a pilot programme endeavouring to evaluate the feasibility of the ‘Public Tech Platform for Frictionless Credit’. The suggested platform would strive to “enable delivery of frictionless credit by facilitating seamless flow of required digital information to lenders.” What is the platform for? The central banking regulator has …

Home loan, other borrowers can switch to fixed-rate regime: RBI
1 year, 4 months ago

Home loan, other borrowers can switch to fixed-rate regime: RBI

Hindustan Times  

The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the …

IMF report hails India's digital infrastructure as a model for other nations to follow
1 year, 8 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 …

Paytm unveils fully indigenous technology-powered upgraded payments platform
1 year, 8 months ago

Paytm unveils fully indigenous technology-powered upgraded payments platform

Live Mint  

Paytm, the payments and financial services platform owned by One97 Communications, has announced the release of its new technology platform developed entirely in-house. The company claims that Paytm has been a game-changer in the mobile, QR, and soundbox payments space, and its new platform is set to revolutionize digital transactions, making financial services more accessible and affordable. Paytm, which has …

RBI asks banks, NBFCs to promote digital payments
1 year, 9 months ago

RBI asks banks, NBFCs to promote digital payments

The Hindu  

The Reserve Bank of India has unveiled “Har Payment Digital” as part of Digital Payments Awareness Week 2023 to make every person in India a user of digital payments. Stating that payment systems in India have witnessed over 1000 crore transactions every month since December 2022, he said “This speaks volumes of the robustness of our payments ecosystem and acceptance …

Paytm launches G20-theme QR Code to celebrate India’s presidency: Know-more
1 year, 10 months ago

Paytm launches G20-theme QR Code to celebrate India’s presidency: Know-more

India TV News  

One97 Communications Limited, the owns of Paytm, the online payments and financial services company and the pioneer of QR and mobile payments, has launched a special G20-theme QR Code to celebrate India’s presidency of the intergovernmental forum and the country’s leadership in mobile payments. This QR code was launched by Mr. Ashwini Vaishnaw, Hon’ble Minister for Railways, Communications and Electronics …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 10 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 …

Big boost to Digital India! Govt approves Rs 2,600cr incentive scheme for RuPay, BHIM-UPI transactions
1 year, 11 months ago

Big boost to Digital India! Govt approves Rs 2,600cr incentive scheme for RuPay, BHIM-UPI transactions

India TV News  

In a big boost to Digital India initiative, the Centre has approved has approved an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for a period of one year from April 2022. The approved incentive scheme will focus on promoting Point-of-Sale and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial …

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 …

PayU Lays Off Nearly 150 Employees As Digital Payments Firm Focuses On India Ecosystem
1 year, 11 months ago

PayU Lays Off Nearly 150 Employees As Digital Payments Firm Focuses On India Ecosystem

ABP News  

Online payments solutions provider PayU has laid off close to 150 employees, less than 6 per cent of its total workforce, as part of an "organisational realignment". "As we stay focused on our vision of creating a full-stack digital financial services ecosystem in India, it's important to ensure PayU has the right structure and resources in place and is nimble …

Amitabh Kant pays with Paytm at Udaipur during G20 Sherpas meet — praises the digital payments transformation of India
2 years ago

Amitabh Kant pays with Paytm at Udaipur during G20 Sherpas meet — praises the digital payments transformation of India

India Today  

Disclaimer: The material and information contained are for advertorial purposes only. Fintech pioneer Paytm has taken the QR code to every nook and corner of the country and has revolutionised the digital payments space in India. Recently, this digital transformation was highlighted on Twitter by India’s G20 Sherpa Mr. Amitabh Kant. During the G20 Sherpas meet in Rajasthan’s Udaipur, Kant …

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities
2 years ago

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities

ABP News  

The Reserve Bank of India on Thursday launched the first pilot project for retail digital rupee in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The retail digital rupee project has started in a closed user group with the participation of four lenders -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank -- as well as customers and …

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

RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 1 month ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

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 …

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 3 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. …

Explained | Why has the RBI come out with a framework to regulate digital lending?
2 years, 4 months ago

Explained | Why has the RBI come out with a framework to regulate digital lending?

The Hindu  

The story so far: On August 10, the Reserve Bank of India instituted a framework for regulating the digital lending landscape in the country. The latest set of regulations are based on recommendations received from its Working Group on ‘Digital Lending including lending through online platforms and mobile apps’ which was constituted last January. Lending Service Providers act in partnership …

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents
2 years, 5 months ago

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents

The Hindu  

As many as 7,813 complaints against banks and non-banking finance companies, pertaining to digital lending applications and recovery agents, were received under the Integrated Ombudsman Scheme of the Reserve Bank of India during the last financial year, according to the Central government. In a written reply to a question from Lok Sabha member Aparajita Sarangi, the Minister of State for …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 6 months ago

RBI unveils Payments Vision 2025 with intent to increase e-payments

India TV News  

Highlights The core theme of the vision documents is E-Payments for Everyone, Everywhere, Everytime The volume of cheque-based payments are expected to be less than 0.25% of total retail payments UPI is expected to register average annualised growth of 50% and IMPS/ NEFT at 20% The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a …

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 …

How Digital Banking Units will boost India’s digital economy. Experts weigh in
2 years, 8 months ago

How Digital Banking Units will boost India’s digital economy. Experts weigh in

Live Mint  

The Reserve Bank of India has issued guidelines for the establishment of Digital Banking Units. Hence banks need to be compliant and create a separate reporting to meet the RBI targets so that Digital Businesses cross the bar of, say, “50%”, said Nitin Misra, Co-founder, indiagold He added that this will also prompt the launch of new products or services …

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 …

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 …

WhatsApp empowers 500 villages in India with access to digital payments
3 years ago

WhatsApp empowers 500 villages in India with access to digital payments

Hindustan Times  

Instant messaging platform WhatsApp announced on Wednesday the ‘Digital Payments Utsav’, its pilot program of empowering 500 villages across Karnataka and Maharashtra with access to digital payments through ‘payments on WhatsApp’. We have started this pilot programme in 500 villages across Karnataka and Maharashtra as part of our mission to take on board the next 500 million into the digital …

RBI to soon float paper on reasonableness of charges on transactions via digital payments
3 years ago

RBI to soon float paper on reasonableness of charges on transactions via digital payments

India TV News  

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode. Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been …

IT Minister asks bankers to create robust, digital platform for easy credit availability to small businesses
3 years ago

IT Minister asks bankers to create robust, digital platform for easy credit availability to small businesses

Firstpost  

Speaking to reporters on the sidelines of the event, IT Minister Ashwini Vaishnav further said the idea was to ensure that easy credit at good terms, through a seamless process could be made available to micro and small industries, small businessesmen, street vendors among others New Delhi: IT Minister Ashwini Vaishnaw on Sunday exhorted the banking industry to create an …

This Is Govt’s New Plan To Make More People Use UPI And Other Digital Payments
3 years ago

This Is Govt’s New Plan To Make More People Use UPI And Other Digital Payments

News 18  

The Telecom Regulatory Authority of India has issued a proposal to make digital payments more accessible for Indian users. The TRAI proposal seeks to make Unstructured Supplementary Service Data messages free for all mobile customers in India. In its new report, TRAI said that the proposal to make USSD messages free for all users is based on recommendations of a …

TRAI suggests free USSD messages for all users to encourage digital payments
3 years ago

TRAI suggests free USSD messages for all users to encourage digital payments

India Today  

The Telecom Regulatory Authority of India has released a proposal suggesting rationalisation of Unstructured Supplementary Service Data messages from 50 paise to zero rupees for all mobile customers to encourage digital payments in the country. The regulator said the present tariff per USSD session for mobile banking offered by telecom service providers is several times higher than the average tariff …

RBI's Guidelines For Digital Payment Companies – An Analysis
3 years, 5 months ago

RBI's Guidelines For Digital Payment Companies – An Analysis

Live Law  

India has always been inclined towards cash transactions. With the increase in usage of mobile phones and the accessibility of the internet, the digital payments system in India has witnessed exponential growth. The digital payment system is a revolution in India, and all banks and financial service providers are entering the field, which makes it essential to have specific and …

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 …

Paytm Clocks 1.2 Billion Monthly Transactions As Atmanirbhar Digital Bharat Push Reaps Rewards
3 years, 9 months ago

Paytm Clocks 1.2 Billion Monthly Transactions As Atmanirbhar Digital Bharat Push Reaps Rewards

News 18  

Indian digital payments platform Paytm has clocked more than 1.2 billion monthly transactions and says that this 15% month-on-month growth means that the platform recorded the most number of transactions among all digital payments platforms. Paytm says that there has been a steady increase in the number of users who use the platform for digital payments, also availing financial services …

RBI receives complaints against 1,509 digital lending apps
3 years, 10 months ago

RBI receives complaints against 1,509 digital lending apps

India TV News  

The Reserve Bank of India intimated that it has received complaints against 1,509 digital lending applications, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha on Monday. The RBI has received complaints against 1,019 unregistered or unregulated digital loan applications and 490 registered NBFCs that are engaged in digital lending, he said. …

RBI forms working group on digital lending
3 years, 11 months ago

RBI forms working group on digital lending

The Hindu  

The Reserve Bank of India has constituted a working group on digital lending — including online platforms and mobile apps — to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players. “While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are …

RBI devises index to track digital payments
3 years, 11 months ago

RBI devises index to track digital payments

Live Mint  

The Reserve Bank of India has constructed a composite digital payments index to capture the extent of digitization of payments services in India, the central bank said on Friday. The RBI-DPI comprises five broad parameters, which measure the penetration of digital payments in the country over different time periods. These parameters, include payment enablers, payment infrastructure—demand-side factors, payment infrastructure —supply-side …

Potholes on the digital payment superhighway
4 years, 2 months ago

Potholes on the digital payment superhighway

The Hindu  

Digital payments have found strong ground, especially in India, increasingly relegating all other modes of payments to the background. With such versatility and ease of settling financial transactions, the growth of digital payments is going to be phenomenal, supported by banks and Fin-Tech, or financial technology, companies. An umbrella system The sterling contribution of this robust payment system, especially retail …

PSU Banks Onboard 1 Crore Account Holders on Digital Payment Modes in a Month
4 years, 2 months ago

PSU Banks Onboard 1 Crore Account Holders on Digital Payment Modes in a Month

News 18  

New Delhi: The finance ministry on Friday said that public sector banks have on-boarded about one crore customers on digital payment modes in just one month of the launch of ‘Digital Apnayen’ campaign. The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government’s Digital India initiative. PSBs on-board …

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 …

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