Payments News

On The Web

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Global

This Digital Payments System From India Is Becoming a Role Model for Many Countries

“A cashless India may still be a distant dream, but if it does come true, one entity would have spearheaded the mission: the National Payments Corporation of India (NPCI). This umbrella organisation processes around half of all digital payment requests in India. Its wildly popular Unified Payments Interface (UPI), launched in 2016, has simplified digital […]
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Global

Amazon Pay Makes an Offline Push With ‘scan and Pay’ Service

“Amazon Pay, the online payments service owned by the world’s biggest online retailer, is planning to introduce “scan and pay” service at neighbourhood stores, said three people familiar with the matter, requesting anonymity. Amazon has already introduced the payments service in department store chain Shoppers Stop, in which the online retailer owns a 5% stake, […]
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Global

Exclusive: Tencent Is Launching UPI-powered Payments App WeChat Pay in India

“Ever since its launch in April 2016, Unified Payment Interface (UPI) has been growing quickly and reached a milestone of Rs 1 trillion worth monthly transactions in December 2018. Sensing the opportunity in digital payments space, several global behemoths including Google, Amazon, WhatsApp and Xiaomi jumped to UPI bandwagon. Following the footprints of above four […]
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Global

M-wallet Transactions Rise After a 5-month Gap in March: RBI Data

“Mobile wallet-based transactions witnessed an increase for the first time in five months, clocking transactions worth ₹15,990 crore in March, an increase of 12% from the preceding month, Reserve Bank of India (RBI) data shows. There were 384.89 million transactions in March as compared with 345.03 million in February worth ₹14,279 crore. The growth can be attributed […]
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Global

India’s Largest Mobile Wallet Company Paytm Now Offers a Credit Card

“The firm, operated by One97 Communications, today unveiled Paytm First Credit Card with lofty benefits as it races to bulk up its financial offerings. The cards, issued by Citi Bank, will be the first in the country to offer unlimited, one percent cashback on purchases, Paytm claimed in a statement. The company is hoping to […]
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Global

Indian Central Bank to Review Data Storage Rules for Payment…

“India’s central bank will look into concerns about data storage rules that have been raised by companies, a government statement said on Tuesday, months after entities such as Mastercard and Visa were forced to store more of their data locally in the country. The Reserve Bank of India (RBI) last year mandated companies to store […]
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Global

Credit Cards Usage on the Rise in India

“Indian consumers have showed their preference for credit cards, with 47.99 million credit cards in operation in April 2019, according to the Reserve Bank of India . At the same time, the number of debit cards has declined to 884.78 million, a reduction of 39.8 million existing cardholders. Between April 2018 and April 2019, India […]

On The Wires

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Global

RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 – 2021’

“The Reserve Bank of India has today placed on its website the “ Payment and Settlement Systems in India: Vision 2019 – 2021 ”. The Payment Systems Vision 2021 with its core theme of ‘Empowering Exceptional (E)payment Experience’ aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, […]