"digital-payments"

Payment firms brace for 15 per cent revenue dip as online gaming law tightens; UPI may lose 25 crore transactions monthly

Widespread internet outages in Hyderabad, caused by the power department’s cable-cutting drive, disrupted UPI and card transactions, forcing many shops and restaurants to insist on cash payments. The disruption has sparked public outrage and financial losses across the city

The NPCI will enforce new UPI rules from August 1, limiting balance checks, restricting auto-pay timings, and capping reversal requests. The changes aim to ease network congestion, enhance transaction security, and improve the user experience across payment apps

Post offices have not been able to accept digital payments as they don’t have their accounts synced with UPI (unique payment interface) system 

In the last 11 years, India has seen a remarkable journey under the leadership of Prime Minister Narendra Modi, the finance minister said on a post on X.

India’s first State-run digital wallet, T Wallet, has completed eight years with over 16 lakh users and Rs 34,991 crore in transactions. Integrated across Telangana’s service points, it enables IMPS transfers, utility payments, and seamless banking even in rural areas.

UPI has made everyday transactions seamless, instant, and cashless for millions of people in the country

Union Minister Jyotiraditya Scindia said India leads the global digital payments landscape, with UPI going international and telecom costs among the lowest. He highlighted India's digital-first economy and rapid northeast growth as central to the Viksit Bharat vision.

Frauds have occurred predominantly in the category of digital payments, including card and internet, in terms of number, and primarily in the loan portfolio or advances in terms of value, the RBI report said

In October 2018, RBI had released its ‘Dissent Note’ against having a regulator for payment systems outside the central bank

The rollout of BHIM 3.0 will take place in phases, with full availability expected by April

In February, the number of daily transactions stood at 575 million from 548 million in January

This initiative aims to reduce cyber security threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services, says RBI

Digital payments are now widely available across the country, propelling India toward a digital-first economy. While they provide both security and convenience, it is essential to use them responsibly and remain vigilant against online scams. Recognizing potential scams early can safeguard you and your loved ones, contributing to a safer and more secure less-cash economy for all.

To encourage cashless transactions and increase digital payments, South Central Railway (SCR) has introduced an additional facility for payment of charges through ‘QR code’ at 35 major parcel offices in railway stations across the six divisions of the zone.

In a further boost to Paytm's position, Revenue Secretary Sanjay Malhotra emphasised the absence of any current law enforcement and ED actions against Paytm, echoing the company's denials of any ongoing investigations into its operations or alleged money laundering activities.

SCR officials said that presently, over 466 POS machines have been made available across SCR zone for PRS and UTS ticketing.

The statistical development of digital payments has increased in India as well as worldwide.

Digital payments across the country registered a growth of 13.24 per cent in a year through March 2023

TPDA has made a public appeal urging cooperation from customers in tendering change or embracing digital payments.