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Demo anniversary: 40% of mobile wallet users shift back to cash

Tuesday, November 7, 2017, 7:05 AM

Demo anniversary: 40% of mobile wallet users shift back to cash

More than 40% of the users who had started using mobile wallets post demonetisation have shifted back to cash, said a research report. However, people continue to use e-wallets for electricity charges, payments of online food chains and cab-hailing services due to the convenience it offers. Out of the 2,672 respondents, 22% of the respondents use mobile wallets for online food ordering.

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Paytm integrates BHIM UPI on its platform in bid to double user base

Tuesday, November 7, 2017, 6:57 AM

Paytm integrates BHIM UPI on its platform in bid to double user base

Digital payments firm Paytm has integrated BHIM UPI, the government’s mobile payments interface, onto its platform as it looks to double its monthly user base over the next two years. Paytm currently gets about 100 million monthly users on its platform. Introducing payments via BHIM UPI will help Paytm broaden its customer base and help expand the useability of the instrument.

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Cash comes at a cost, nation moving towards digital economy: Jaitley

Monday, November 6, 2017, 11:16 PM

Cash comes at a cost, nation moving towards digital economy: Jaitley

Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley said today that excessive cash in the economy has "its own cost" and India is gradually moving towards digital transactions. Prime Minister Narendra Modi announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government's efforts to fight black money and corruption.

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Banks opting to set up more currency recyclers, instead of plain ATM's

Monday, November 6, 2017, 3:13 PM

Banks opting to set up more currency recyclers, instead of plain ATM's

Banks are opting to set up multi-functional machines like currency recyclers, instead of plain cash dispensing automatic teller machines (ATM). Although the number of ATMs have gone up between September 2016 and 2017, the number of recyclers are on the rise, according to a senior official of the FIS payment solutions and services provider.

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People are shifting towards digital transaction, says Jaitley

Monday, November 6, 2017, 2:56 PM

People are shifting towards digital transaction, says Jaitley

Finance Minister Arun Jaitley said today that dealing in cash has a cost and a clear trend is emerging in the country which shows a shift towards digital transactions. "Excessive dependence on cash has its cost. It is not just cost but it is a curse on both society and economy," he said at an event organized by Punjab National Bank.

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Digital deals on UPI surge 77 times within year of demonetisation

Sunday, November 5, 2017, 4:57 PM

Digital deals on UPI surge 77 times within year of demonetisation

Digital transactions through Unified Payments Interface (UPI) have surged exponentially 77 times within a year of the demonetisation drive. The number of transactions through UPI, a payments system launched by NPCI, was very low (0.1 million in October 2016), before demonetisation. As per the latest data of the NPCI, the number of payments through UPI has zoomed to 76.96 million at end-October 2017.

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Digital transactions shoot up post demonetisation

Sunday, November 5, 2017, 2:55 PM

Digital transactions shoot up post demonetisation

Digital payment companies have seen a substantial jump in their business as a result of the government’s measures towards promoting cashless transactions post demonetisation last year. These firms are likely to further consolidate their business with more incentives for digital transactions. The growth rate of the digital payments industry, which was earlier in the range of 20-50%, has accelerated post demonetisation to 40-70%.

News

 
Onion farmers in cash crisis as banking system fails to cope

Saturday, November 4, 2017, 2:33 PM

Onion farmers in cash crisis as banking system fails to cope

A year after the government replaced high-denomination currency notes with an aim to encourage a cashless economy, onion farmers in Nashik, India’s onion bowl, are finding themselves without money to make essential purchases. Government prodding has ensured that middlemen pay them by cheque, but banking facilities are so few and cheques move so slowly between branches that they take weeks to encash.

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Demonetisation to power 80% rise in digital payments

Saturday, November 4, 2017, 8:02 AM

Demonetisation to power 80% rise in digital payments

Official statistics indicate an 80% increase in the value of digital transactions in 2017-18, with the total amount expected to touch Rs 1,800 crore in the wake of the impetus provided by demonetization. The value of digital transactions till October this year, at Rs 1,000 crore, was nearly equal to that for the whole of 2016-17, according to the ministry of information technology.

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India Post's payments bank to open 650 branches by April-May

Friday, November 3, 2017, 6:30 PM

India Post's payments bank to open 650 branches by April-May

The government is gearing to open 650 branches of India Post Payments Bank (IPPB) by April-May next year as it looks to facilitate financial inclusion across the country, primarily in rural areas. As per Communications Minister Manoj Sinha, the branches are likely to be functional in all the 650 districts of the country by April-May next year and all the rural post offices will be connected to these branches.

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