India, Singapore launch project to link UPI, PayNow for instant fund transfers
Business | September 14, 2021 11:48 ISTPayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service.
PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service.
With nearly 70% population living in rural parts of the country and many who migrated to urban centres too facing huge pay disparity, there is little empowerment of those hailing from the interiors of the country.
Prime Minister Narendra Modi on Monday launched e-RUPI, an electronic voucher-based digital payment system. e-RUPI is a cashless and contactless instrument for digital payment. It gets delivered to the mobile phones of beneficiaries through a QR code or SMS string.
FM Nirmala Sitharaman said that Rs 1,500 cr earmarked for scheme to incentivise digital payments
The report further said UPI as a digital payments platform increases efficiency towards tax compliance, and provides overall convenience for public good.
After Brazil suspended newly launched WhatsApp’s payments service to “preserve competitive environment” just after a week of its launch, the Facebook-owned messaging platform said it is committed to launching the digital payment service in India, a process that has been in the works since over two years now.
Fintech major MobiKwik on Sunday said it expects to get back to growth trajectory around August-September as digital transactions pick up at offline retailers, and demand in categories like travel returns.
Almost half of Indian consumers are more concerned about digital payments fraud now than when COVID-19 first emerged, said a survey on Wednesday. Nearly one third have been recent victims of card or digital payments fraud or know someone among their immediate family or friends who has, said the study conducted by YouGov and US-based electronic payments company ACI Worldwide.
The nationwide lockdown has benefited digital payment platforms as 42 per cent Indians have increased the use of digital means for payments in the last three weeks, a report said.
Shops, business firms or companies with an annual turnover of Rs 50 crore or more and required to provide digital payment facilities to customers as part of government's stride towards a less-cash economy, will not have to pay any penalty till January 31 for not installing the system.
The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000. PPIs have been playing an important role in promoting digital payments and bringing in the new PPI will further facilitate its usage, as per an RBI statement issued post announcement of the monetary review on Thursday.
Use of mobile wallets or digital payment has been grown rapidly in the past few months. Following which, the Reserve Bank of India (RBI) is to set-up an internal ombudsman for digital payment or mobile wallet service providers, including Paytm, PhonePe, Amazon Pay and others.
The card-based QR transactions (Bharat QR) MDR also has been reduced to 0.50 per cent with a maximum cap of Rs 150 per transaction, to boost asset lite infrastructure for digital payments.
BHIM UPI Charges: In a move to boost digital payments in small and large merchants' transactions across the country, National Payments Corporation of India (NPCI) has revised BHIM UPI charges for large ticket transactions.
A KPMG report said that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations in 2016-17. Besides, the number of merchants accepting digital payments modes has increased to over 10 million in a short span of two to three years.
With the growing popularity of payment apps based on Unified Payments Interface (UPI), a subsidiary of National Payments Corporation of India (NPCI), scamsters are on the hunt. The phenomenon of fake Paytm apps ripping off shopkeepers has become frequent in recent times.
Facebook has been accused of using a logo for its new cryptocurrency play, similar to the logo of an online banking company called 'Current'.
The real-time bank-to-bank payment system on mobile platform UPI registered 312.02 million transactions in August, up by 32 per cent in July.
A report was doing rounds on the social media that Paytm is sharing its users's data with third parties.
There will be an official announcement when the feature finally goes live in India
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