Digital payments on the rise!

MeitY, the nodal ministry driving digital payments, has reported that digital transactions rose to 31.34 billion in the last financial year, exceeding the target by 4%. Experts say that as the number of digital transactions rise, the bigger challenge would be to expand payment acceptance points across retail merchant networks.

https://tech.economictimes.indiatimes.com/news/internet/digital-payments-zoom-past-fy19-target-driven-by-private-lenders/69866561

Incentives for businesses embracing digital payments

Budget 2019: Merchant Discount Rate would be scrapped to encourage businesses to accept digital payments. There is also a proposal of a Rs 5,000 penalty per day for big merchants who do not offer UPI, QR-based options. India is set to become an innovation hub for digital payments within the next five years.

https://economictimes.indiatimes.com/industry/banking/finance/banking/budget-2019-govt-announces-more-incentives-for-businesses-embracing-digital-payments/articleshow/70089921.cms

World Cup and IPL help in pushing India’s digital payments

A study has revealed that World Cup and IPL tournaments has contributed to 15% digital payments in the last quarter. This is an increase from the previous 6%! The study shows that consumers now prefer to pay for everything from tickets to snacks via either online payment apps or with their ATM cards! This is a positive step towards digital India.

https://brandequity.economictimes.indiatimes.com/news/digital/world-cup-and-ipl-tournaments-contributed-to-15-of-digital-payments-in-last-quarter-up-from-6-report/70290333

Indians prefer digital payments

In the mobile commerce adoption, India has emerged as a forerunner when compared to its global counterparts. In a study conducted, it was found that Indian consumers prefer to use a mobile device for purchases and payments. India has been rapidly moving towards digitisation and millennials are embracing innovative ways of transacting using technology.

https://brandequity.economictimes.indiatimes.com/news/digital/88-of-indian-consumers-use-mobile-devices-to-make-purchases-or-pay-online-paypal-report/72182209

World’s first non-internet based digital payment solution: Lava

Homegrown handset maker, Lava, has claimed to launch its first non-internet based digital payment solution. Dubbed as Lava Pay, it is said to come with industry-grade security standards. Lava Pay will come pre-installed in all the upcoming feature phones, the company said, adding that existing customers can install the payment app by visiting any Lava service center in the country.

https://cio.economictimes.indiatimes.com/news/corporate-news/lava-says-launched-worlds-first-non-internet-based-digital-payment-solution/74593505

Digital payments slip by 30% thanks to Covid-19 curbs

With shops, travel, going out for movies and dinner on hold for the foreseeable future, India’s fast growing digital payments sector has taken a hit. There has been a decline of 30% by virtue of the Coronavirus. Online transactions or payments which are digitally checked out, have come under scanner due to travel restrictions and slump in miscellaneous spends.

https://cio.economictimes.indiatimes.com/news/internet/digital-payments-slip-30-on-covid-19-curbs/74666181

RBI unveils a slew of measures to boost digital payments

The central bank will soon roll out several projects targeted primarily to overcome the impediments faced by a large part of the country in accessing financial services due to digital and technology disparity seen across districts.

https://tech.economictimes.indiatimes.com/news/internet/rbi-unveils-a-slew-of-measures-to-boost-digital-payments/77392954?utm_source=Mailer&utm_medium=ET_batch&utm_campaign=evening_newsletter_2020-08-06&dt=2020-08-06&em=dmlqYXlhbGFrc2htaS52YXJkYW5AYmN3ZWJ3aXNlLmNvbQ==

Digital payment adoption rates vary across states

Indians averaged about 3.85 digital transactions per person between July 2019 and July this year with Chandigarh leading at 38.4 transactions per person. Delhi averages about 9.3 transactions per person. While Andhra Pradesh, Haryana, Uttar Pradesh and Maharashtra recorded the highest number of digital transactions per person, the laggards include Chhattisgarh, Jammu & Kashmir as well as the North Eastern states of Mizoram, Manipur and Meghalaya.

Retailers need to adapt to the new reality

The coronavirus pandemic has largely affected shopping habits with safety now taking over as a new criterion over price range, variety and convenience, forcing retailers to adapt to the new reality, according to a report by KPMG & RAI. It however says activities like entertainment, physical shopping and dining out could see a surge in demand with gradual opening up of physical marketplaces, specially with the onset of the festive season, as consumers have been missing the touch of reality for so long.

https://retail.economictimes.indiatimes.com/news/industry/strong-digital-wave-sweeps-virtual-stores-off-their-feet-covid-changes-how-people-buy-shopping-habits/78107472

SBI Payments To Launch YONO Merchant App To Provide Low-Cost Digital Payments Infrastructure To Merchants

SBI Payments, a subsidiary of India’s largest lender State Bank of India, will launch YONO Merchant App to provide low-cost digital payments infrastructure to merchants. YONO Merchant App will expand digitisation of merchant payments in the country.

http://bwdisrupt.businessworld.in/article/SBI-Payments-To-Launch-YONO-Merchant-App-To-Provide-Low-Cost-Digital-Payments-Infrastructure-To-Merchants/22-02-2021-380257/

RBI sets rules for digital payments in India

The Reserve Bank of India (RBI) has published detailed guidelines to strengthen India’s digital payments architecture and improve security, control and compliance among banks, gateways, wallets and other non-banking entities that are at the vanguard of helping New Delhi achieve its goal of a ‘less-cash’ economy.

https://cio.economictimes.indiatimes.com/news/government-policy/rbi-sets-rules-for-digital-payments-in-india/81102502