Digital payments platform PhonePe has recently launched a new feature called ‘pre-approved term life insurance’ on its platform. According to a statement released by PhonePe, this innovative feature aims to enhance the accessibility of insurance coverage for millions of individuals in India. PhonePe’s new initiative is aimed at revolutionising financial inclusion in India. The step … 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
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
Sending money from India to Singapore? Look no further than the UPI-PayNow link for fast, safe, and affordable transfers. The cross-border linkage between the Unified Payments Interface (UPI) and PayNow enables Indians to receive instant, secure, and cost-effective remittances from the Singapore-based Indian diaspora directly into their bank accounts. Users of BHIM, PhonePe, and … 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
ACKO General Insurance has joined forces with PhonePe to offer comprehensive car and bike insurance products directly to consumers on the PhonePe platform. This partnership marries ACKO’s customer-first approach with PhonePe’s massive distribution network, making insurance a readily accessible financial category for its users. An ACKO press release states, “The collaboration will also see ACKO … Read more
Deal activities declined 35 per cent to USD 9.7 billion across 332 transactions in the first quarter of 2023 due to an overall decline in deal activities as the fear of a global recession has gained more traction amid the continuing war on Ukraine, according to an industry report. Of the total deals, M&As constituted … Read more
The coronavirus pandemic, which crippled many sectors, has inadvertently aided India’s credentials as an innovative and digital payments market rapidly gaining in scale. Every day, more than 100 million Indians use a plethora of digital and electronic channels such as debit cards, Unified Payments Interface (UPI), e-wallets, Fastag, or Aadhaar Enabled Payment Systems (AePS), putting … Read more
According to KPMG India’s estimates, over one-third of first-time users of several digital platforms during the pandemic belong to the 55+ cohort. Synopsis The fear among senior citizens around stepping out to run errands during the pandemic has pushed many to let go of technology-related inhibitions and embrace digital platforms. Prior to the pandemic, the … Read more