The Indian Express
"While the process is expected to add some friction to digital payments, officials are of the view that it is necessary to mitigate cybersecurity concerns."
"Customers who file complaints and do not receive a response from credit information businesses or credit institutions within 30 days are entitled to collect Rs 100 each calendar day from the Reserve Bank of India (RBI)."
"Indian banks are offering incentives for conducting transactions using the central bank digital currency, the e-rupee, nudged by the Reserve Bank of India to boost volumes, three sources said."
"Google has partnered with banks and other lenders in India to offer loans to individuals and merchants on the Google Pay app as the tech giant broadens its Indian payments app, processing about 4 billion transactions monthly, and makes its strongest push for financial inclusion in the South Asian market."
"India has reportedly launched the next phase of its wholesale digital rupee pilot, according to the Indian media MoneyControl...Reserve Bank of India (RBI) governor Shaktikanta Das said that the digital rupee had been made available to 1.5 million users, that the pilot is being operated through 13 banks in 26 cities and that just over 300,000 merchants are currently accepting payments in the digital fiat currency."
"India's central bank has urged lenders to tighten controls on tiny personal loans following a surge in borrowing by low income consumers and may impose stricter measures to avert risks of a blowout in defaults, two people familiar with the matter said."
"India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions."
"India's UPI is "fantastic at many levels" but remains an "incredibly painful experience" for ecosystem participants, Mastercard CFO said at a recent conference, underscoring tensions around the mobile payments rail that facilitates over 10 billion transactions monthly in the nation with low card penetration."
"The UPI online payment system that is familiar, fast, and free has clearly only scratched the surface of its potential. For India’s initially reluctant banks that have turned a giveaway into a catalyst for last year’s 38% revenue growth, it makes sense to not upset the status quo."
"Teenagers-focused neo-banking platform Akudo is shutting down its core UPI and card business, according to three sources aware of the details. The move is a result of Reserve Bank of India (RBI) direction which forbade Unified Payments Interface (UPI) in a co-branding arrangement."
"The Reserve Bank of India (RBI) has recently approved the provision of pre-sanctioned credit lines for Unified Payments Interface (UPI) users, a move that significantly expands the scope of the digital payments platform. The decision broadens the reach of UPI by incorporating pre-sanctioned credit lines in addition to traditional deposit accounts."
"The Reserve Bank of India (RBI) is working with lenders to introduce new features to popularise the central bank digital currency (CBDC), the so-called e-rupee, according to six people familiar with the matter. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end."
"India is replacing a complete crypto ban plan with regulations, The Indian government is reportedly developing a legal framework on cryptocurrency following the G20 Summit on September 9 and 10. Accordingly, the 2023 G20’s outcome shed light on the coming crypto guidelines, which was crafted in a joint policy recommendation by the International Monetary Fund (IMF) and the Financial Stability Board (FSB)."
"India’s rapidly developing instant payments system, the Unified Payments Interface, drove digitization in the world’s most populous country. Now, risks need to be managed for its new voice-enabled feature to ensure further inclusion, according to bankers. The government-backed feature called Hello UPI will allow users to pay via apps and calls in Hindi and English, and will soon roll out services in other regional languages."
"Advocating DPI's potential in helping nations leapfrog digital transformation, a G20 document prepared by World Bank has praised India's approach in unlocking the power of digital public infrastructure, including Aadhaar and UPI, for financial inclusion."
"The State Bank of India, the largest lender in the country, has introduced the ‘Nation First Transit Card’ during the Global Fintech Fest 2023. This newly unveiled card, RuPay NCMC Prepaid Card, aims to provide a hassle-free commuting experience for customers by enabling effortless digital fare payments across various modes of transportation such as metro, buses, water ferries, and parking."
The Economic Times
"National Payments Corporation of India (NPCI), which operates the Unified Payments Interface (UPI) network, has launched new products that include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI as well as conversational bill payments with BillPay Connect."
"India is planning to showcase five of its digital payment initiatives at the upcoming G-20 Leaders’ Summit and is also setting up a crafts bazaar to exhibit and sell local handicrafts."
"With Paytm Card Soundbox, the company said its aims to solve two problems for merchants — accepting card payments along with getting instant audio alerts for all payments"
"India is galloping on the digital horse when its ingenious Unified Payments Interface (UPI) crossed 10 billion transaction marks for the very first time. Launched in India in 2016 by National Payment Corporation of India (NPCI), UPI, the country’s very own developed real-time payment method, has grown in leaps and bounds in the last seven years."
"One97 Communications Limited, parent company Paytm, a payments and financial services company has announced that its wholly-owned subsidiary Paytm Payment Services Limited has introduced EMV 3DS upgrades for Visa cards."
"The Reserve Bank of India has announced three new features for UPI (Unified Payments Interface) and UPI Lite. The new features bring Artificial Intelligence (AI), NFC support, and increase in transaction limit. Here’s a detailed look at all the new UPI and UPI Lite features that have been rolled out."
"A ingle judge HC bench had ruled that PayPal was liable to be viewed as a payment system operator under PMLA and had to report suspicious forex transactions.
Business News This Week
"Cashfree Payments, India’s leading payments and API banking solutions company, has launched ‘Vendor Payments’, a comprehensive platform that empowers businesses to streamline and manage their purchase-to-pay cycle, improving efficiency and reducing processing time."
"YES BANK has introduced its mobile banking app, iris by YES BANK, which aims to reform India’s digital banking landscape."
"The Reserve Bank of India (RBI) has proposed the integration of artificial intelligence (AI) into its instant payments system, enabling users to make conversation payments."
"Reserve Bank of India (RBI) has announced the development of a Public Tech platform for Frictionless Credit. The platform is being developed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI."
"The Reserve Bank of India (RBI), the country’s central bank, has published a press release that floated the idea of using artificial intelligence (AI) on conversational payments in the unified payments interface (UPI), which is an instant payment system developed in India."
"In collaboration with the National Payments Corporation Of India (NPCI), CRED, an India-based FinTech, has launched RuPay credit card-based UPI payments for community members."
"Mastercard today announced the introduction of Cardholder Verification Code (CVC)-less online transactions for its debit and credit cardholders who have tokenized their cards on merchant platforms. The move aims to reduce the checkout time and make virtual transactions hassle-free and more secure."