What Digital Push? Retailers Suffer As Swipe Card Machines Give Up
8 years, 3 months ago

What Digital Push? Retailers Suffer As Swipe Card Machines Give Up

The Quint  

Matai added that bankers should upgrade their servers and all service providers need to address the issue. These complaints come in the aftermath of a big digital push from the government as customers and merchants are being incentivised to carry out transactions through non-cash mediums amidst the shortage of currency in the economy. While the banks have fast-tracked the process of acquiring and deploying ten lakh card payment machines in the next three months, dependence on two international giants has led to roadblocks in quick deployment and upgrade of the existing infrastructure. Even as payment processing companies remain confident that new machines will be deployed in time, doubts persist about the strength of the existing payment infrastructure, which is seeing unprecedented volumes. Deepak Chandani, Chief Executive Officer in charge of South Asia and the Middle East at Worldline, which manages one-third of India’s 15 lakh PoS terminals, said that observed failure rates are not unusual but accepted that there could be some “delay and slowness” in the network due to added traffic.

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History of this topic

UPI dominates digital payments
1 month, 1 week ago

UPI dominates digital payments

Deccan Chronicle  

Mumbai: India’s digital payments landscape is undergoing an unprecedented transformation, with Unified Payments Interface emerging as the dominant force driving financial inclusion, merchant adoption, and cross-border transactions. According to an industry report, “Crafting the Future of Real-Time Payments: From Less Cash to Cashless” by The Digital Fifth, UPI now drives 84 percent of all digital transactions in India, solidifying its …

Mastercard's Malhotra on Digital Payments Industry
4 months, 2 weeks ago

Mastercard's Malhotra on Digital Payments Industry

Bloomberg  

00:00 What do you think is going to be potentially the shift in tone potentially for, you know, the financial the payments industry? So what we're trying to do is create a much more secure by tokenizing, by making the checkout more streamlined and then by removing these OTP, by bringing bringing in this phenomenon called biometric authentication, there's a …

Digital penetration: 65% of transactions done online in small towns
8 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 …

UPI will Act as Delhi’s Digital Bridge to Drive Rupee Across Global Payment Corridors
2 years, 7 months ago

UPI will Act as Delhi’s Digital Bridge to Drive Rupee Across Global Payment Corridors

News 18  

A cash on delivery payment, purchase at a hypermarket, mom-and-pop stores and vegetable cart, mobile recharge, bill payment, filling at a fuel station and an offering at a temple – what cuts across all these activities is a UPI payment — scan and pay. This development of zero dependence on foreign card network operators is India’s response to US sanctions …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 9 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, 9 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 …

RBI's push for card security to hit merchants, lenders
3 years, 3 months ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it
3 years, 10 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 …

Digital outages show volumes outpacing IT upgradation in India
4 years, 3 months 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 …

The crisis has pushed card payments to shift to UPI: Ashneer Grover
4 years, 7 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, …

Coronavirus outbreak boosts digital payments in India as people fear to handle cash
4 years, 8 months ago

Coronavirus outbreak boosts digital payments in India as people fear to handle cash

Live Mint  

The coronavirus outbreak may finally accomplish what India’s shock demonetization four years ago failed to achieve: Use of digital payments is soaring for everything from groceries, electricity bills and cab fares. “What would have taken five years has happened in the last three months.” Prime Minister Narendra Modi’s government has long sought to push digital payments for India, where three …

COVID-19: Digital payments see uptick in user base
5 years ago

COVID-19: Digital payments see uptick in user base

Live Mint  

NEW DELHI: As several states take steps towards a lockdown due to the coronavirus outbreak, digital payment platforms have witnessed a sharp jump in the number of users as cash transactions across the country see a decline. Digital payments giant Paytm said it has witnessed a 20% jump in the number of digital transactions since February, with more merchants willing …

Fund for digital payment infra in cities & towns
5 years, 5 months ago

Fund for digital payment infra in cities & towns

Deccan Chronicle  

Chennai: The RBI has decided to create a fund to increase adoption of digital payment systems, including card payments, in tier III cities and beyond. “In order to increase digitisation in tier III to tier VI centres through wider acceptance infrastructure, and as indicated in the Payment System Vision Document 2021 of RBI and also recommended by the Committee on …

Digital payments will grow phenomenally despite risks, says Dilip Asbe
5 years, 11 months ago

Digital payments will grow phenomenally despite risks, says Dilip Asbe

Live Mint  

Mumbai: Cybersecurity and lack of consumer awareness are threats to growth of digital payments in India, said Dilip Asbe, managing director and chief executive officer of the National Payments Corporation of India. India’s digital payment system would see phenomenal growth as challenges to greater adoption of such payments are addressed gradually, Asbe said. In a cash-driven economy like India, we …

India far away from being less-cash economy, must address digital payments security issues: Nandan Nilekani
6 years ago

India far away from being less-cash economy, must address digital payments security issues: Nandan Nilekani

Live Mint  

India is still very far away from being a less-cash economy and security issues around digital payments system needed to be addressed to make the mode more acceptable, Nandan Nilekani said on Wednesday. Flagging security-related issues with with regard to digital transactions, Nilekani stressed on making the card payments infrastructure more secure in a bid to compete with cash-based system. …

Tokenisation of card payments can simplify and secure financial transactions, services for merchants, consumers
6 years, 2 months ago

Tokenisation of card payments can simplify and secure financial transactions, services for merchants, consumers

Firstpost  

Tokenisation is a process aimed at increasing the security and safety of payment systems by replacing the card details with a unique alternate payment ID or code termed as a ‘token'. In its guidelines which the RBI announced on 9 January, 2019, the central bank has allowed card payment networks like Visa, MasterCard, and India’s RuPay, among others, to offer …

Opinion | Brace for rise of Big Tech in FinTech space
6 years, 3 months ago

Opinion | Brace for rise of Big Tech in FinTech space

Live Mint  

The Economist Intelligence Unit conducted a 73-country survey earlier this year. From 30 million UPI transactions in September 2017 to 405 million in November 2018, UPI will become the de-facto method for all online payments by 2020. What we can expect in 2019 UPI will steal the show: We have only scratched the surface of UPI’s relevance for businesses and …

Digital Payment will soon be country’s norm: Finance Ministry
6 years, 6 months ago

Digital Payment will soon be country’s norm: Finance Ministry

India TV News  

Digital payment will soon be the norm in the country, Finance Ministry officials said on Monday, as the monthly transactions crossed 300 million mark through Unified Payments Interface. With base of 100 million Indians connected with digital payment ecosystem rising at a fast clip, India will soon be a digital payment society.” Financial Services Secretary Rajeev Kumar said the spurt …

Digital payments: 4 emerging trends
6 years, 7 months ago

Digital payments: 4 emerging trends

Live Mint  

New Delhi: To achieve the objective of the financial inclusion, the government is promoting every mode of digital payment. Banks and fintech companies adopting new technologies for ultra-fast transactions, incentivisation of digital payments and use of data are some of the emerging trends that will push forward the adoption of digital payments. A look at four key trends in digital …

5 likely RBI moves to push digital transactions
8 years, 1 month ago

5 likely RBI moves to push digital transactions

Live Mint  

Mumbai: With the launch of the BharatQR on Monday, the Indian banking and payments system has moved another step in the direction of reducing the dependence on cash for transactions. This, along with the Unified Payments Interface, Bharat Bill Payment System, the National Unified USSD Platform and the Aadhaar Payment Bridge, are all moves in this direction, supported by the …

100 days after note ban, have digital payments become more popular?
8 years, 1 month ago

100 days after note ban, have digital payments become more popular?

Live Mint  

100 days after the government scrapped 86% of the currency in circulation, where do digital transactions stand? The digital payment systems commonly used in day to day transactions are: credit and debit cards, mobile wallets, mobile banking and unified payments interface. Except for UPI, for which there is data only from November 2016, it is possible to calculate year on …

58% of rail tickets are sold online: Who says India isn’t ready for e-monetisation?
8 years, 3 months ago

58% of rail tickets are sold online: Who says India isn’t ready for e-monetisation?

Firstpost  

On 8 December, 2016 while announcing a slew of rebates for encouraging digital payments, the Finance Minister Arun Jaitley gave an interesting statistic—-as much as 58 percent of rail bookings are done online. He also said since 8 November, 2016 when demonetisation was announced, digital payments have grown at a healthy clip—from 20 percent of the overall transactions to 40 …

India’s cashless push could hit ATM business in coming years
8 years, 3 months ago

India’s cashless push could hit ATM business in coming years

India TV News  

The government’s push towards a cashless society and curtailing the use of physical currency in the country could hit ATM businesses in India. According to a report prepared by SBI's Group Chief Economic Advisor Soumya Kanti Ghosh, there is excess of Rs 5 lakh crore cash in circulation which is "neither required nor desirable" and that a digital economy needs …

Demonetisation is India's move to less-cash; banks must seize the moment
8 years, 3 months ago

Demonetisation is India's move to less-cash; banks must seize the moment

Firstpost  

There is a sense of urgency in the system, there is a genuine need, desire and willingness to move to a less-cash future In the 21+ odd days post de-legalisation of old high denomination currency – Rs 500 and Rs 1000, there is one clear narrative that has emerged. Basic facts Let us peruse some statistics and facts: • There …

Demonetisation: Overworked, card-swiping machines fail to work
8 years, 4 months ago

Demonetisation: Overworked, card-swiping machines fail to work

Deccan Chronicle  

KOZHIKODE: The card-swiping machines have also started feeling the heat of demonetisation with many breaking down because of overuse by the customers who avoid cash payments. “We have been getting more applications for the machines from the vendors having account in our bank,” said Mr Sachin Gangadharan, an official of Federal Bank, Kozhikode. We are finding it difficult to take …

Move over payment apps. Banks are moving in to claim the digital transactions space
8 years, 4 months ago

Move over payment apps. Banks are moving in to claim the digital transactions space

Live Mint  

United Payment Interface has been by far India’s biggest and boldest payments bet thus far. The ability to build a compelling value proposition would require service providers to build a 360º view of customers’ finances and this is where banks would be better positioned than non-bank entities. Mobile apps of banks have ventured beyond the mundane activities, allowing customers to: …

RBI issues concept paper on card transactions, move towards less-cash society
9 years ago

RBI issues concept paper on card transactions, move towards less-cash society

Firstpost  

The Reserve Bank of India on Tuesday came out with a concept paper to encourage card transactions and move towards ’less-cash’ society by developing a card acceptance infrastructure. The RBI’s over-arching vision for payment systems in recent years has been the encouragement of electronic payments and migration to a ’less-cash’ society. Among other things the paper proposes to promote setting …

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