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December 6, 2024
On the web
RBI Rolls Out Measures to Check Digital Frauds, Drive Ethical AI Adoption
Your Story
"RBI Governor Shaktikanta Das has announced the formation of the FREE AI commiee for ethical AI adoption in nance and has launched MuleHunter.AI tool to combat digital fraud through advanced AI/ML technologies. The committee, named FREE AI, will address critical challenges such as algorithmic bias, transparency, and data privacy, and create a roadmap for sustainable AI integration in the financial sector."
November 21, 2024
On the web
NPCI Eyes Rupay, UPI Expansion to 10 Countries
Tice
"The National Payments Corporation of India (NPCI) is in discussions with 10 countries to expand the reach of Rupay and Unified Payments Interface (UPI). While three countries have already signed agreements, further implementation will take a few more weeks. The NPCI hopes to tap into a global market for these platforms."
Is Rupay Set to Break the Duopoly of Visa & Mastercard?
Trade Brains
"Third-party transaction facilitators like VISA and Mastercard play a crucial role in the global payment ecosystem, enabling secure and seamless transactions between consumers, merchants, and financial institutions...RuPay, India’s domestic payment network, is gaining significant momentum as an alternative transaction facilitator to global giants like Visa and Mastercard."
October 22, 2024
On the web
NPCI Partners with Times of India to Promote Digital Payment Safety through RK Laxman’s "Common Man”
NPCI
"National Payments Corporation of India (NPCI), the organisation driving innovation and powering India's digital payment revolution, has announced an exciting partnership with The Times of India to launch a nationwide campaign focused on digital payment safety."
October 2, 2024
On the web
India to Grow Consumer Spending Three Times More Than the U.S. Over the Next Decade, Ebanx Shows
PR News Wire
"India is set to surpass the impressive mark of US$ 5.4 trillion in consumer spending by 2034, up from the current US$ 1.8 trillion, according to data from the World Data Lab analyzed by EBANX, a global technology company specializing in payment services for emerging markets."
September 27, 2024
On the web
India Payments Authority Inks Deal to Develop Payments System for Trinidad and Tobago
MSN
"The overseas arm of India's National Payments Corporation of India (NPCI) will build a digital payments system for Trinidad and Tobago, modelled after India's United Payments Interface (UPI), according to a statement on Friday."
September 24, 2024
On the web
India Payments Authority Eyes Africa, S. America for Digital Payment Push, Official Says
MSN
"India is in talks with countries in Africa and South America to help them build a digital payments system using its homegrown Unified Payments Interface (UPI) as a blueprint and expects two launches by early 2027."
September 4, 2024
On the web
India’s Payment Sector Advances With Selfie Biometrics and Authentication Tools
Biometric Update
"India’s payment industry continues to upgrade and introduce advancements in digital payment systems and user verification technologies, with face biometrics as an increasingly common core feature."
UPI: The World’s Favourite Payment Method Hits $964 Billion in Record Time
Mint
"Unified Payments Interface (UPI) processed ₹80.8 lakh crore ($964 billion) in April-July 2024, marking a 37% year-on-year increase. UPI has become the world's leading alternative payments method, surpassing Alipay, PayPal, and Brazil’s PIX in transaction volume."
RBI Governor Launches Key Digital Payment Initiatives at Global Fintech Festival 2024
Ten News
"The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users."
September 3, 2024
On the web
India's HDFC Bank Launches New UPI and CBDC Features [India]
Bitcoin News
"HDFC Bank, a leading bank in India, introduced new features for Unified Payments Interface (UPI) and central bank digital currency (CBDC) developed in partnership with fintech companies like Kreditpe, Tonetag, and Payu. The new offerings include UPI Circle-Delegate Payment, personalized UPI experiences, and user-level programmable CBDC."
HDFC Bank Steps Back From Apple Partnership, Suspends Cashback and EMI Offers
ER-Edge
"HDFC Bank has temporarily suspended its five-year relationship with Apple, which began in 2019, due to worries over the cost-to-income ratio."
August 29, 2024
On the web
Pine Labs and Visa Launch Soundbox Device for QR Payments in India
IBS Intelligence
"FinTech Pine Labs and Visa have joined forces to expand digital payment acceptance across India by launching Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC) and card payments."
August 28, 2024
On the web
Airtel Payments Bank Unveils NCMC-Enabled Smartwatch with RuPay Chip
The New Indian Express
"Airtel Payments Bank, in collaboration with Noise and NPCI, has announced the launch of its cutting-edge NCMC-enabled smartwatch, integrated with the RuPay chip."
On the wires
India’s Paytm Gets Government Nod for Investment in Payments
Reuters
"India's Paytm has received an approval from the country's finance ministry to invest in its payment services business. With the latest approval, the company will resubmit an application with the ministry to regain a license for its payments services business, Paytm said."
August 26, 2024
On the web
India and Russia May Soon Mutually Recognize Mir and Rupay Payment Systems
Arka
"India may soon start accepting Russia’s Mir payment cards, the Indian Deccan Herald said, Russian news agency Tass reported. According to the newspaper, Moscow and New Delhi continue to discuss an option of bilateral financial relations that would not be affected by the Western sanctions against Russia."
New UPI Fraud Trend: Fraudsters Spamming UPI IDs With Multiple Collect Requests; One Careless Approval Means Money Gone From Bank A/C
The Economic Times
"UPI scam: Fraudsters are decoding your UPI ID to send spam UPI collect money and autopay requests. These requests are all genuine, however the request is being initiated by fraudsters. So instead of paying for Netflix subscription for your account, you may end up paying it for the fraudster's account."
Amazon Pay UPI Surpasses 100 Million Customers, Marking a Major Milestone
Business Standard
"Amazon Pay UPI today announced that its app has crossed a major milestone, having been adopted by over 100 million customers. Leading use cases include mobile recharges, utility bill payments, and e-commerce transactions."
August 19, 2024
On the web
Amazon Takes Strategic Step to Transform Amazon Pay into India’s Standalone App
Silicon India
"Amazon intends to enhance the adoption of its payment service in India by creating a dedicated app. According to two sources, the American technology company has been considering separating its payments platform from the online shopping application for approximately one year and plans to move forward with this strategy in upcoming months. An individual familiar with the situation also stated that they have already contacted NPCI for authorization."
August 16, 2024
Top Post
UPI Circle Lets You Share UPI Account: How It Works
NewsBytes
"The National Payments Corporation of India has launched a new feature called 'UPI Circle-Delegate Payments' on its Unified Payments Interface (UPI) platform...The UPI Circle-Delegate Payments feature is expected to bridge the gap between banked and unbanked users."
August 15, 2024
On the web
Adyen Expands Payment Processing to India, Launches New Technology Hub
Adyen
"Adyen announced its expansion in India, following the grant of authorization from the Reserve Bank of India to operate as an Online Payment Aggregator in India for domestic and cross-border payments. The commitment includes a technology hub in Bengaluru (Bangalore) and the launch of local payment processing capabilities."
August 5, 2024
On the web
RBI Mandates Dynamically Generated Authentication for Digital Payments
Biometric Update
"The Reserve Bank of India (RBI) has mandated the implementation of an additional factor of authentication. These factors must be dynamically generated, meaning they are created after the payment initiation and must not be specific to the transaction or reusable."
On the wires
Google, Amazon, Walmart Seek to Join Indian Cenbank’s Digital Currency Project, Sources Say
Reuters
"GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking to join the Indian central bank's digital currency pilot by offering transactions via the e-rupee, three sources directly involved in the discussions said."
August 1, 2024
On the web
UPI, IMPS, Retail Payments Of These Banks Temporarily Disabled Due To Ransomware Attack
Outlook Business & Money
"In a significant disruption to the financial ecosystem, around 300 small-sized lenders, including cooperatives and regional rural banks, have been unable to provide payment services due to a ransomware attack on their technology service provider, -Edge Technologies."
July 31, 2024
On the web
Reserve Bank of India Tightens Noose on Digital Payments: New Rules for Non-Bank Payment System Operators
The Cyber Express
"Reserve Bank of India has issued directions to bolster cybersecurity and resilience of the digital payment ecosystem in India and apply to authorized non-bank Payment System Operators and their associated unregulated entities, including payment gateways, third-party service providers, and vendors."
RBI Grants Cross-border Payment License to Fintech firms BillDesk, Amazon Pay, and Adyen
Outlook Business & Money
"BillDesk received its cross-border license for both exports and imports on July 29, while Amazon Pay India and Adyen received the license for imports only."
July 30, 2024
On the wires
Bybit Introduces Digital Rupee (eRupee) as the New and Secure INR Payment Method
PR News Wire
"Bybit, the world's second-largest crypto exchange by trading volume, is excited to launch the Digital Rupee (eRupee) as a new payment method for its INR users."
July 22, 2024
On the web
“UPI One World” Wallet Service Extends to All* Inbound International Travellers
NPCI
"National Payments Corporation of India announced the rollout of ‘UPI One World’ wallet for inbound travelers visiting India designed to provide international visitors with a seamless, real-time digital payment experience, making it easier to explore India’s cultural wonders."
July 12, 2024
On the web
What Are RBI’s New Rules for Credit Card Bill Payments via Bharat Bill Payment System?
MSN
"RBI mandates new credit card bill payment system: Starting July 1, the Reserve Bank of India (RBI) has mandated that all banks process credit card bill payments through the Bharat Bill Payment System (BBPS)."
July 8, 2024
On the web
India Digital Currency Transactions Slump After Reaching Initial Central Bank Target, Sources Say
Reuters
"Usage of India's digital currency, the e-rupee, has slumped to just a tenth of the peak hit in December, four sources said, reflecting the struggles several countries have experienced in trying to generate public support for digital currencies."
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