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No MDR charges applicable on payment via RuPay, UPI from Jan 1: Sitharaman

Sunday, December 29, 2019, 4:01 PM

No MDR charges applicable on payment via RuPay, UPI from Jan 1: Sitharaman

Finance Minister Nirmala Sitharaman said that from 1 January, 2020, businesses with annual turnover of more than Rs.50 crore will have to offer low cost digital payment options to customers and MDR will not be levied on either customers or merchants. Low cost digital payment modes will include options such as BHIM UPI, UPI QR Code, Aadhaar Pay, Debit Cards, NEFT, RTGS, among others.

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MEITY launches Smart-board for effective monitoring of the key programmes

Friday, October 4, 2019, 8:25 AM

MEITY launches Smart-board for effective monitoring of the key programmes

The ministry of electronics and IT (MEITY) launched an Automated Real Time Performance Smart-board on Thursday for effective monitoring and measurement of the key programmes of the government such as Digital India, Aadhaar, Digital Payments etc. The dashboard was launched by Ravi Shankar Prasad, minister for electronics and IT, communication and law and justice while celebrating the 150th birth anniversary of Mahatma Gandhi.

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PM pushes for digital payment with 'yes to digital payment, no to cash' motto

Thursday, August 15, 2019, 6:08 PM

PM pushes for digital payment with 'yes to digital payment, no to cash' motto

Giving a fresh-push to digital-transactions in the country, PM Modi gave the motto of 'yes to digital payment, no to cash". Modi said, "We should encourage digital-payment. Today also when we go to villages, there are boards at shops saying "Today Cash, Tomorrow-Debt". I want to tell the countrymen that now instead of this there should be a-board-reading, 'yes to digital-payment, no to cash'."

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Strong regulations help India's payments system grow, says RBI

Wednesday, June 5, 2019, 11:55 AM

Strong regulations help India's payments system grow, says RBI

The Reserve Bank of India has said that strong regulations have helped India's payments system grow rapidly and earned leadership position in the world even as bringing down volume of paper clearing along with raising acceptance of digital utility bill payments still remains a challenge. There has been substantial growth in e-payments by government and also in digital infrastructure in terms of mobile networks.

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RBI releases payments systems roadmap for a cash-lite India

Thursday, May 16, 2019, 8:22 PM

RBI releases payments systems roadmap for a cash-lite India

A four-fold increase in digital payments, reduction in paper-based transactions, improved pricing, better customer grievance redressal mechanisms and establishment of new payment system operators (PSO) are among the list of twelve objectives the Reserve Bank of India seeks to achieve in the next three years. RBI sees sixfold increase in card-based transactions in next 3 years, propelling economy to a 'cash-lite' one.

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Ola launches credit card, targets 10 mn cards by 2022

Wednesday, May 15, 2019, 3:57 PM

Ola launches credit card, targets 10 mn cards by 2022

Soon after Paytm's foray into the credit card business, Softbank-backed ride hailing firm Ola has also taken the plunge with the launch of its credit card in partnership with public lender State Bank of India on May 15. With this launch while Ola gets to widen its financial products base. The company is targeting to issue 10 million cards by the end of 2022.

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RBI sets up panel under Nandan Nilekani to boost digital payments

Tuesday, January 8, 2019, 7:27 PM

RBI sets up panel under Nandan Nilekani to boost digital payments

The Reserve Bank of India Tuesday constituted a high-level committee under Aadhaar architect Nandan Nilekani to suggest measures to strengthen the safety and security of digital payments in the country. The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the RBI said in a statement.

News

 
UPI transactions cross 500 million in November

Saturday, December 1, 2018, 7:58 PM

UPI transactions cross 500 million in November

Monthly transactions through the UPI crossed the 500 million mark for the first time in November, data released by the National Payments Corporation of India (NPCI) on Saturday showed. Under the UPI, 524.94 million transactions amounting to Rs 82,232.21 crore were carried out during the month, a 9% increase in transaction volume, compared with 482.36 million transactions worth Rs 74,978.27 crore in October.

News

 
Mastercard, Visa losing market share to local rivals: Arun Jaitley

Friday, November 9, 2018, 11:05 AM

Mastercard, Visa losing market share to local rivals: Arun Jaitley

Finance minister Arun Jaitley said on Thursday Mastercard and Visa were losing market share to domestic payments networks, months after Mastercard complained to the US government that Prime Minister Narendra Modi was using nationalism to promote a local rival. Share of UPI and RUPAY Card have reached 65% of the payments done through debit and credit cards, Jaitley said.

News

 
Reserve Bank of India plans payments ombudsman

Thursday, November 8, 2018, 12:18 PM

Reserve Bank of India plans payments ombudsman

The RBI is likely to establish an ombudsman for digital payments by March to take the load-off the increasing number of complaints currently being handled by the banking ombudsman, said two-senior-bankers with knowledge of the matter. The central bank is presently in process of creating a scheme for establishing offices across the country for the digital payments ombudsman, ET has learnt.

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