From the Unified Payment Interface to the Real Time Gross Settlement system, the Reserve Bank of India hopes to expand the footprint of locally-developed payment systems across borders. Alongside, the regulator may also look to ring-fence local payments by asking that these be processed within India’s borders. These two steps, along with a host of … Read more
Retail online transaction platform UPI will likely continue to dominate the digital payments space in the country even as newer methods such as BNPL and digital currency are expected to define the future of payments, a study has said. Unified Payments Interface (UPI), Buy Now Pay Later (BNPL), Central Bank Digital Currency (CBDC) and offline … Read more
The launch of feature phone-based Unified Payments Interface (UPI) payments marks a significant milestone in India’s digital-payments journey. Opening up the system to the 400 million-odd people in India who do not own smartphones makes it a more broad-based and inclusive platform. Since its launch in August 2016, UPI has grown in leaps and bounds. … Read more
A day after the Reserve Bank of India (RBI) directed Paytm Payments Bank Ltd (PBBL) to stop onboarding new customers on its platform, Paytm said it is taking immediate steps to comply with RBI directions. Based on certain material supervisory concerns observed in the bank, the central bank on Friday asked Paytm associate PBBL to … Read more