Digital transactions via UPI are increasing in India. As per NPCI data, there has been a 50 percent increase in UPI transactions on a year-on-year basis in April this year but this is also leading to a new problem.
In August, UPI-based payments in India achieved a milestone by surpassing 10 billion monthly transactions for the first time, as reported by the National Payments Corporation of India (NPCI). Monthly transaction counts on UPI reached 10.24 billion, with a net transaction value of Rs 15.18 trillion.
The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022.
"Mann ki Baat" is the Prime Minister's monthly radio address, which is broadcast on the last Sunday of every month at 11 am.
Digital 2.0 programme of the bank is designed to provide products to its customers for frictionless financial experience. It will help customers to move from a single transaction to a complete financial solution journey such as loan disbursement, payments and investment.
The Central Board of Direct Taxes (CBDT) on August 30 asked banks to refund any charges they collected after January 1 on transactions made through electronic means. According to a circular, this comes after the CBDT received several representations that said banks are charging an additional fee on transactions made through UPI.
Nearly half of Indian consumers are more worried about frauds while making digital transactions amid the coronavirus crisis, shows a study.
Private sector banks HDFC and ICICI have asked customers to use digital means for transactions and said they have reduced their staff in office as a precautionary measure against the spread of coronavirus.
Bank customers who are expecting the issuance of their new credit, debit cards after March 16 should know about a number of things that they will have to keep in mind while doing any type of transactions after 16th March.
The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) which could be used only for the purchase of goods and services up to a limit of Rs 10,000 per month.
Digital payments app Paytm, clarifies no transaction fee from our customers on using any payment method
As of April 2019, Paytm Payments Bank had more than Rs 500 crore deposits in savings accounts, which makes it the largest payments bank in India in terms of deposits.
An RBI draft report had made a case for restructuring MDR on the basis of merchant turnover rather than the present slab-rate based on transaction value.
Global payment solutions company Visa today said there is a high inclination among Indian consumers to embrace new forms of payments, according to a study.
Government's demonetisation decision a year ago led to 58 per cent growth in digital transactions and an increase in the number of tax payers, Union minister Nitin Gadkari said today.
Transaction cost on payments made by credit cards stand at 3.5 per cent while payments through debit cards attract 1.25-1.50 per cent transaction charges
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