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Global

E-RUPI Is Tamper Proof and Secure, Says NPCI

“Earlier this week, Prime Minister Narendra Modi launched a new mode of cashless and contactless digital payment called e-RUPI to ensure seamless transfer of benefits to citizens in a leak-proof manner. e-RUPI is an electronic voucher, which can be delivered to beneficiaries in the form of a QR code or through an SMS and the […]
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Global

India Soars To Historic High In Digital Payments: UPI Records Over 3 Billion Transactions Worth Over Rs 6 Lakh Crore In July 2020

“Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), breached 300 crore (3 billion) monthly transactions valued at over Rs 6 lakh crores in July 2021. According to data made available by the National Payments Corporation of India , UPI processed 324 crore transactions worth Rs 6.06 lakh […]
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Global

Fino Payments Bank Starts QR-based Payments for Merchants

“MUMBAI: Fino Payments Bank on Monday said it is facilitating person-to-merchant (P2M) payments through QR code-based unified payments interface (UPI) solution. Fino’s initiative comes amidst a surge in QR-code based payment solutions riding on increased smartphone penetration, usage of high-speed internet and Aadhaar-linked bank accounts.”
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Global

India’s RBL Bank Signs up Visa After Cenbank Ban on Mastercard

“India’s RBL Bank (RATB.NS) said on Thursday it has signed up Visa Inc (V.N) for its credit cards, a day after India’s central bank decided to bar rival payments company Mastercard Inc (MA.N) from issuing new debit or credit cards in the country. The lender aims to issue new credit cards under the Visa network […]
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Global

RBI Bars Mastercard From Issuing New Debit, Credit Cards in India From 22 July

“The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Mastercard Asia / Pacific Pte Ltd (Mastercard) from onboarding new domestic debit, credit or prepaid customers on its card network. The ban on Mastercard issuing new cards takes effect on 22 July. The action has been against the payment system operator for violating RBI’s […]
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Global

After El Salvador, India May Move to Classify Bitcoin As an Asset Class

“After El Salvador’s historic move to adopt Bitcoin as legal tender (rendering it full currency status), things are looking brighter back home in India for crypto-enthusiasts. Top sources tracking the industry told this publication that the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify Bitcoin as […]
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Deals

Naspers-Backed PayU In Race To Acquire BillDesk

“Mumbai-based fintech giant PayU, which is backed by Naspers, is exploring the possibility of acquiring top domestic payment gateway firm BillDesk in what could be the second biggest indian internet-based acquisition since the  $16 Bn Walmart-Flipkart deal according to a report.”