The Reserve Bank of India (RBI) announced on Friday that users of Prepaid Payment Instruments (PPI) are now permitted to conduct UPI payments through third-party UPI applications. While UPI payments between bank accounts can be done using the bank’s own UPI app or any third-party provider’s app, UPI transactions involving PPIs must currently be completed … Read more
The e-rupee, or the digital rupee, is a digital currency issued by the RBI [File] | Photo Credit: REUTERS The story so far: Fintech companies including Google, PhonePe, Amazon Pay, Cred, and Mobikwik are looking to join the Indian central bank’s digital currency project by allowing their users to transact in e-rupee via Unified Payments … Read more
Google Wallet was officially launched in India on Tuesday for Android smartphones. The app available in India is slightly different from its international counterparts. The Indian version has been designed to organise digital tickets for travel, movies, events, public transport passes, gift cards, and more. As per Google Wallet website, Google Wallet is a ‘secure … Read more
There was a 5.51 per cent increase in average monthly cash withdrawals from automated teller machines (ATMs) in FY2024 despite rising Unified Payments Interface (UPI) payments in India. Cash logistics company CMS Infosystems in its report said withdrawals rose from Rs 1.35 crore in FY23 to Rs 1.43 crore in FY24. In 10 of the … Read more
Mobile wallets are gradually gaining popularity in India and it is projected that the digital payment mode will cross traditional methods like cash and cards in the coming years. GlobalData, a leading data and analytics company, in its report, said mobile wallets and their usage is expected to grow at a compound annual growth rate … Read more
UPI transactions in 2023: India has witnessed an exceptional surge in Unified Payments Interface (UPI) transactions in 2023. In FY2022-23, 8,375 crore transactions were reported up from 92 crore transactions in FY 2017-18, showcasing a compound annual growth rate (CAGR) of 147% in terms of volume. UPI has emerged as a significant player in India’s … Read more
As one of the top five mobile payment services, Google Pay accounted for 26% of all online transactions last year. Today, more than 150 million users across 42 markets use Google’s mobile payments service to manage their payments with one tap and swipe. But in some countries, the app is used much more than in … Read more
How can you prevent payments apps from being misused if you lose your phone? With Unified Payments Interface (UPI) in India, services like Paytm, Google Pay, Phone Pe, and others have become something of a necessity. Most users have at least one payment app on their phones linked with UPI. While UPI offers a secure … Read more
Do you know that thieves these days look for just one thing once they get hold of your mobile phones? Your bank details. Not to forget with more and more people opting for digital payment apps, it’s not that difficult for smartphone thieves to access these wallets. To give you an example: criminals in Brazil’s … Read more