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March 4, 2024
On the web
Google vs Indian Apps: Payments Industry Seeks Legal Changes Against Google’s App Billing Policy
The Economic Times
"Payments Council of India urges the government to amend laws and protect startups and payment aggregators from Google's monopolistic policies."
February 23, 2024
On the web
RBI Asks NPCI to Examine Paytm’s Request to Become 3rd Party App Provider
Business Standard
"Reserve Bank of India on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued UPI operations of the Paytm app."
February 15, 2024
Top Post
India Central Bank Asks Visa, Mastercard to Stop B2B Payments via Fintech Platforms
Reuters
"India's central bank has asked Visa and Mastercard to stop card-based business-to-business payments such as rents or money transfer to vendors routed through third party fintech firms, according to two sources familiar with the matter."
On the web
Mastercard & Bank of Punjab to Boost Commercial Digital Payments in Pakistan
IBS Intelligence
"Mastercard and the Bank of Punjab have expanded their partnership to cover the commercial segment, ranging from large corporate entities and small and medium enterprises to freelancers and gig workers."
February 14, 2024
Top Post
Visa Halts Intermediated Commercial Card Payments in India Following RBI Order
Nasdaq
Visa V.N on Wednesday said it received directions from the Indian central bank to halt all transactions for business payment solution providers (BPSPs) in commercial and business payments in the country.
NPCI Seeks For Real-Time Payment Connectivity Between Indian and US Banks
StartupNews
"The National Payments Corporation of India (NPCI) and banks in the United States and India are reportedly in advanced talks to establish a real-time payment linkage between the two countries."
February 9, 2024
On the web
Indian Parliamentary Panel Red-flags PhonePe and Google Pay Cornering 83% of India's UPI Payments
TechCrunch
"An Indian parliamentary panel has urged the government to support the growth of domestic fintech players that can provide alternatives to the Walmart-backed PhonePe and Google Pay apps that currently command more than 83% of the country’s fast-growing digital payments market."
February 5, 2024
On the wires
Thousands of Accounts at India’s Paytm Payments Bank Set Up Improperly, Sources Say
Reuters
"India's central bank has found hundreds of thousands of accounts at Paytm Payments Bank created without proper identification and has passed the information on to the country's financial crime fighting agency, three sources familiar with the matter said."
January 31, 2024
Top Post
India Orders Paytm Payments Bank to Halt Business
TechCrunch
"The Reserve Bank of India (RBI) issued new strict curbs on Paytm’s Payments Bank, which processes transactions for financial services giant Paytm, barring it from offering many banking services, including accepting fresh deposits and credit transactions across its services."
January 12, 2024
On the web
Dubai First Takes the Lead as the First Issuer in the Region to Leverage Mastercard Token Connect Services
Zawya
"Dubai First, the consumer services platform under First Abu Dhabi Bank (FAB), has become the first issuer in the region to leverage Mastercard Token Connect to push customers’ tokenized card details from its mobile app to Click to Pay and digital wallets."
Major UPI Apps Enabled to Receive Remittances from Singapore via UPI-PayNow Linkage
NPCI
"The cross-border linkage between Unified Payments Interface (UPI) & PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts."
January 4, 2024
On the web
Fan of UPI? Watch Out for These Five New Rules Introduced This New Year
MobileAppDaily
"In its pursuit of providing cutting edge services, NPCI has introduced five new UPI rules that will make the system more secure, seamless and convenient for users."
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."
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