Payments News

On The Web

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Global

Cabinet Approves Incentive Scheme To Push Digital Payments

“Aiming to promote digital transactions and incentivise users having Rupay debit cards and BHIM unified payments interface (UPI) system, the union cabinet on Wednesday approved reimbursement of ₹ 1,300 crore on such transactions. Elaborating about the cabinet’s decision, minister for electronics and IT Ashwini Vaishnaw told media persons that the government will reimburse transaction charges levied on digital payments […]
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Global

PhonePe crosses the 2 Billion monthly transaction mark

“PhonePe, India’s leading digital payments platform today announced that it has processed over 2 Billion transactions on its platform in Oct’21. PhonePe is the market leader in UPI transactions, driving the highest number of P2P and merchant transactions in the country. It also has the pole position in Recharge and Bill Payment transactions via BBPS. […]
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Global

Google Pay’s handy split bill feature is coming to India later this year

“Google Pay is one of the most frequently used payment services in India, where it’s the go-to app for UPI payments. Today, at the Google for India 2021 event, the search giant announced a couple of new features that will make the app even better. The bill split feature was first tested in Singapore before […]
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Global

Buy Now, Pay Later Set to Surge Over Ten-fold in India

“India’s buy-now-pay-later (BNPL) industry is booming and set to surge over ten-fold within four years as tens of millions of online shoppers get lured by interest-free credit with fewer hassles, market players told Reuters. Redseer estimates India’s BNPL market will rocket to $45-50 billion by 2026 from $3-3.5 billion now. The research firm also estimates […]
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Global

Why the QR Code Become Ubiquitous in India

“The popularity of QR codes soared after payment companies (and other fintech players) started using it in conjunction with UPI, an instant payment system developed by the National Payments Corporation of India (NPCI). Startups like Paytm and PhonePe revolutionised its use in peer-to-peer payments. This trend started right after demonetisation in 2016, and gathered deeper […]

On The Wires

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Global

DLocal Launches Subscription Payment Solution for the Indian Market

“dLocal, a technology-first payments platform that enables global enterprise merchants to connect with billions of consumers in emerging markets, announces today the launch of a new auto-debit payment solution for subscription business model companies in India. The solution is now available to both local and international merchants and is fully compliant with the new Reserve […]