Payments News

On The Web

nbsp;

Global

Payments Council Launches Common Icon Library for Uniformity, Fraud Prevention [India]

“The Payments Council of India (PCI), the apex body of payments and settlement players in the country, has launched an initiative named ‘Project Pratima’ to standardise icons for payments across apps and platforms to make it easier for customers to identify digital payment icons. Gaurav Chopra, Executive Director of PCI told Moneycontrol, “It is a project which […]
nbsp;

Global

India’s Retail Digital Currency Pilot Launches on December 1st

“The Reserve Bank of India (RBI) has announced its first retail digital Rupee pilot will commence on December 1, 2022. “The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real time,” said RBI. The pilot works like this: Participating banks distribute the e-rupee (e₹-R), in the same […]
nbsp;

Global

India Unveils Reworked Data Protection Bill Draft After ‘Extensive Consultations’

“India’s federal government has released a new draft bill for public comment on personal data protection after months of extensive consultations with relevant stakeholders. Labeled the Digital Data Protection Act 2022, the reworked draft bill has been described by the union minister for railways, communications, electronics and information technology Ashwini Vaishnaw as balanced in scope and favorable […]
nbsp; nbsp; nbsp;

Global

Banks Fix Limits on UPI as Conflict Brews Over Cost of Transactions

“While the unified payments interface (UPI) transactions race to reach a billion transactions per day mark, a potential confrontation has been developing between regulations that call for UPI to remain free and Reserve Bank of India regulations that permit banks to cap the number of withdrawals from savings accounts. According to research by Ashish Das […]
nbsp;

Global

India’s Digital Rupee and How it’s Different from China’s

“Finance minister Nirmala Sitharaman first disclosed the government’s intention to introduce India’s own CBDC – the e-rupee (e₹) – in March 2022. Highlighting the significance of CBDCs, the FM said, “We see clear advantages in a central bank- driven digital currency, because in this day and age, large transactions between institutions, bulk payments between countries, […]
nbsp;

Global

Can India’s UPI system Go global?

“In November 2019, Alphabet-owned Google wrote to the US Federal Reserves, asking the central bank to design its upcoming instant payments system FedNow on the lines of India’s Unified Payments Interface or UPI. It said, an open payments system fosters collaboration between technology and financial service providers, adding that India’s approach attained “amazing” results for banks, consumers and […]
nbsp;

Global

India’s Central Bank RBI Publishes Digital Currency Details — Confirms Digital Rupee Pilot Launching ‘Soon’

“India’s central bank, the Reserve Bank of India (RBI), published a report titled “Concept Note on Central Bank Digital Currency” Friday. The 51-page document explains the “objectives, choices, benefits, and risks of issuing” a central bank digital currency (CBDC) in India, the RBI described, adding that it has been exploring the pros and cons of […]

On The Wires

nbsp;

Global

India Extends Deadline to Levy Cap on Digital Payment Transactions

“India has decided to extend the deadline on capping the share of digital payment transactions by about two years to Dec. 31, 2024, the National Payments Corporation of India (NPCI) said on Friday. The NPCI had said in late 2020 that payment firms will not be allowed to process more than 30% of the total […]