91mobiles.com
"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."
Money Control
"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."
IBS Intelligence
"YES BANK has introduced its mobile banking app, iris by YES BANK, which aims to reform India’s digital banking landscape."
CoinGeek
"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."
IBS Intelligence
"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."
Cointelegraph
"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."
IBS Intelligence
"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
"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."
Electronic Payments International
"India’s card payments market is expected to almost triple from INR21.7trn ($262.1bn) in 2022 to INR60.2trn ($728.2bn) in 2027, driven by rising consumer spending, says GlobalData, publishers of EPI. GlobalData’s Payment Cards Analytics reveals that card payments value in India registered a strong growth of 26.2% in 2022, supported by the improving economic conditions."
Live Law
"The Delhi High Court has held that payment platform PayPal is liable to be viewed as a “payment system operator” and consequently obliged to comply with reporting entity obligations as placed under the Prevention of Money Laundering Act, 2002."
CNBCtv18.com
"Prime Minister Narendra Modi on Thursday said that India and France have agreed on usage of United Payments Interface (UPI) mechanism."
The Economic Times
"The Reserve Bank of India (RBI) is proposing that banks and card network providers like MasterCard, VISA and American Express cannot get into exclusive arrangements that curbs competition and puts the consumer at a disadvantage.Card issuer banks will henceforth have to issue cards from more than one network provider and will have to provide an option to customers to choose any one among the multiple card networks, RBI said in a draft circular."
Reserve Bank of India
"The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards for feedback from stakeholders."
Cointelegraph
"The Reserve Bank of India (RBI) is currently in discussions with its counterparts from at least 18 other countries on the possibility of cross-border payments using its central bank digital currency (CBDC), the “digital rupee.”"
Reuters
"India is shaping its digital payments system into a credit engine. It wants banks to offer small loans through the channel residents use to transfer money via their mobile phones. But while the latest official effort to accelerate financial inclusion is gaining traction and will finally allow banks to monetise the homegrown system, it will test the safe limits of growing lending fast."
CIO News
"Cashfree Payments, India’s leading payments and API banking company, announced the launch of CVV-free card payments for partner businesses. CVV-free payments allow customers to experience faster, smoother, and more convenient checkouts for saved(tokenized) cards on major networks such as Visa, Mastercard, and RuPay."
The Times of India
National Payments Corporation of India (NPCI), the platform for operating retail payments and settlement systems in India, is planning to introduce a new way for feature phone users to make payments.
Business Insider
"In a bid to provide more payment options for Indians travellers abroad, the Reserve Bank of India (RBI) has decided to allow Indian banks to issue RuPay prepaid forex cards. These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas."
The Week
"Tide, the UK's leading SME-focused business financial platform in partnership with Transcorp International Limited, a Reserve Bank of India (RBI) regulated Prepaid Payment Instrument (PPI) license holder, today announced the launch of India's first recycled (rPVC[1]) Rupay card, along with MCT Cards & Technology Pvt. Ltd. and NPCI (National Payments Corporation of India)."
Reuters
"India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth."
NewsBytes
"Checking the CVV (card verification value) before making any payment is one of the hassles associated with credit or debit cards. India's homegrown card network Rupay has a solution for this: CVV-less payments.This would mean cardholders can make payments without reaching into their wallets. Let's see how RuPay's CVV-less payment works. Rupay's CVV-less payment experience is available to credit, debit, and prepaid cardholders. The feature is only available to those who have tokenized their cards on the merchant application or webpage."
Reuters
"India's antitrust body said an inquiry is needed into allegations that service fee charged for in-app payments by Google breach a competition watchdog directive, a regulatory order seen by Reuters showed on Friday."
CXOToday.com
"BharatPe Group, one of India’s leading names in the fintech industry, today announced that it will be rebranding PAYBACK India, the country’s largest multi-brand loyalty program to Zillion. This new brand identity is in line with the company’s vision to make Zillion ubiquitous to loyalty and rewards across the country. The new brand identity aims to target customers across age groups and add a new dimension to their overall shopping experience, across categories and brands."
The Hindu Businessline
"Unified Payments Interface (UPI) transactions declined in volume as well as value terms in April 2023 after peaking in the previous month. Transaction volumes declined 7.96 per cent month-on-month (m-o-m) in April 2023 to 796.29 crore against 865.16 crore in March 2023, per the National Payments Corporation of India’s “UPI Monthly Product Statistics”."
Biometric Update
"A move by the government of India to amend the Aadhaar Authentication for Good Governance (GG) Rules, 2020, is attracting widespread criticism as experts say the plan would violate the Supreme Court’s 2018 ruling which prevents private entities from performing Aadhaar authentication. This development comes as the government is reporting a jump in figures for digital ID authentication transactions for the month of March, with Aadhaar-powered KYC increasing by 16 percent."
Business Wire
"PPRO, the leading digital payments infrastructure provider, has signed a strategic agreement with NPCI International Payments Limited (NIPL) to offer global partners access to Unified Payments Interface (UPI), India’s fastest-growing, real-time payment system, for cross-border transactions. Today’s agreement, supported by a new framework co-developed with NIPL, paves the way for the first merchants to go live in the coming months."
Medium
"India’s largest retailer Reliance Retail is accepting the Reserve Bank of India’s Digital Rupee (e₹-R) Central Bank Digital Currency (CBDC). Customers can pay with Digital Rupees at some Reliance Retail stores, TechCrunch reports. Shoppers will use a quick read (QR) code they scan with their phone to pay with digital rupees."
Reuters
"The Reserve Bank of India (RBI) is proposing expanding the reach of the popular Unified Payments Interface (UPI) digital payments system by allowing credit to be offered via pre-approved bank lines."
Business Insider
"The National Payments Corporation of India (NPCI) has introduced an interchange fee of up to 1.1% on UPI transactions done via prepaid payment instruments (PPI) from April 1.The charge will be applicable on payments of over ₹2,000, but it has caused confusion amongst users as to who will be charged for these transactions and which payment modes will be chargeable."