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January 4, 2024
On the web
India’s Digital Currency Transactions Top 1 Million/Day in Dec
Reuters
"Indian banks disbursed some employee benefits through the digital rupee in December, helping the Reserve Bank of India meet its target of one million daily transactions by end-2023, three sources directly familiar with the development said."
January 3, 2024
On the web
Tata Pay Gets Payment Aggregator License: Why It Is Significant [India]
NewsBytes
"The Tata Group's digital payments app, Tata Payments, has been granted a payment aggregator (PA) license by the Reserve Bank of India (RBI), reports the Economic Times (ET) allowing the company to facilitate e-commerce transactions on its platform, joining the likes of Razorpay, PhonePe, and Google Pay."
December 20, 2023
On the web
Cash Rules in India Despite Digital Payment Boom
BBC
"In November 2016 India abruptly scrapped two banknotes constituting 86% of all currency in circulation, in a move aimed at combating corruption and curbing undeclared wealth. But seven years later, cash continues to hold ground."
December 8, 2023
On the web
RBI Increases UPI Transaction Limits and e-Mandate Rules
OPP.Today
"The Reserve Bank of India (RBI) has made significant updates to the Unified Payments Interface (UPI) transaction limits and e-mandate rules, according to Governor Shaktikanta Das."
IDFC First Bank Launches Digital Credit Cards on the Rupay Platform
IBS Intelligence
"IDFC FIRST Bank announces the launch of its IDFC FIRST Bank digital RuPay Credit Card, powered for UPI keeping in sync with its focus on enhancing customer convenience and revolutionizing transactional experiences."
December 7, 2023
On the web
Reserve Bank of India Opens Talks With US, Hong Kong for Cross-Border CBDC Features
CoinGeek
"The Reserve Bank of India (RBI) has started discussions with the Hong Kong Monetary Authority (HKMA), the U.S. Federal Reserve, and the international payment platform SWIFT to explore cross-border payments for central bank digital currencies (CBDCs)."
On the wires
India’s Paytm to Curtail Low-Value Personal Loans After Cenbank Clampdown
Reuters
"India's Paytm will issue fewer sub-50,000-rupee (about $600) personal loans, the digital payments firm said on Wednesday, weeks after the central bank tightened rules on consumer lending after a surge in demand."
December 6, 2023
On the web
Nepal-India Digital Payment System Launch Delayed
Asia News Network
"The much-awaited Nepal-India digital payment system has been postponed to December, as Indian banks delayed the technical work."
India Central Bank Reins in Peer-To-Peer Lending Practices
Reuters
"India's central bank has told peer-to-peer lending platforms to halt certain activities after inspections found rule violations and misleading sales practices, four sources with direct knowledge of the matter said."
November 28, 2023
On the web
To Curb Fraud, 4-Hour Delay Likely in First UPI Transfer over Rs 2,000
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."
October 30, 2023
On the web
RBI’s New Rule! Customers Entitled to Rs 100/Day Compensation for Credit Institutions’ Delays
DNP INDIA
"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)."
October 27, 2023
On the web
Indian Banks Offer Incentives to Lift Digital Currency Transactions
Reuters
"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."
October 23, 2023
Top Post
Google Makes Big Consumer and Merchant Lending Push in India
TechCrunch
"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."
October 20, 2023
On the web
India Reportedly Expands CBDC Pilot
Kapronasia
"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."
October 19, 2023
On the wires
Surge in Tiny Personal Loans Sparks Indian Central Bank Concern
Reuters
"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."
October 13, 2023
On the web
India's Central Bank Imposes Penalty on Paytm Payments Bank
Reuters
"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."
October 11, 2023
On the web
Mastercard CFO Says India's UPI 'Incredibly Painful Experience' for Ecosystem Participants
Yahoo News
"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."
October 6, 2023
On the web
India’s Banks Are Making $64 Billion From Free, Cashless Payments
Moneycontrol
"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."
September 25, 2023
On the web
Y Combinator-backed Akudo to Shut Down Operations
Entrackr
"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."
September 13, 2023
On the web
Reserve Bank of India Greenlights Pre-Sanctioned Credit Lines for UPI Users
Investing
"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."
On the wires
India Central Bank, Banks Plan New Features to Boost Digital-Currency Transactions
Reuters
"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."
September 12, 2023
On the web
India Shifts Cryptocurrency Focus to Regulations
Blockonomi
"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)."
September 11, 2023
On the web
Bankers See Risks in New Voice Payment Feature on India’s UPI
Bloomberg
"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."
September 8, 2023
On the web
World Bank Praises India's Digital Infrastructure for its Transformative Potential
Business Insider
"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."
September 7, 2023
On the web
SBI Launches ‘Nation First Transit Card’ to Enable Digital Fare Payment Through a Single Card [India]
Business Today
"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."
September 6, 2023
On the web
NPCI Introduces Credit, NFC-Based Payments to Scale UPI Service
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 to Showcase Digital Payment Initiatives at G20 Leaders' Summit
Business Today
"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."
September 5, 2023
On the web
Paytm Launches Paytm Card Soundbox In India
Entrepreneur
"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"
September 1, 2023
On the web
UPI Creates History, Payment Transactions Touched 10+ Bln Mark For First Time In August [India]
MSN
"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."
Paytm Payment Services Introduces EMV 3DS Upgrade For Visa Cards
Entrepreneur
"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."
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