The worth of digital funds has surged to ₹1,669 lakh crore within the first 5 months (April-August) of the present monetary 12 months 2024-25, in response to Union Finance Ministry. The ministry acknowledged that the transaction quantity of digital funds has reached 8,659 crore throughout the identical interval. The worth of UPI transactions has grown … Read more
The variety of bank cards in India is predicted to achieve 200 million with a CAGR of 15 per cent, highlighted a report by PwC. The report said that the bank card trade has skilled important enlargement, doubling the variety of bank cards issued over the previous 5 years. This momentum is predicted to proceed, … Read more
Whilst India is making concerted efforts to develop the worldwide attain of the Unified Funds Interface (UPI), together with by way of interlinkage with the quick funds techniques (FPSs) of different international locations, a prime US Fed official mentioned he isn’t totally satisfied that interlinking preparations will essentially ship on the targets of more cost … Read more
Fintech main PhonePe has clocked a revenue after tax of ₹197 crore, excluding ESOP prices, within the monetary 12 months 2024, in comparison with a lack of ₹738 crore final 12 months. The corporate’s income rose by 74 per cent to ₹5,064 crore for FY23-24 from ₹2,914 crore. The Bengaluru-based firm’s standalone funds enterprise additionally … Read more
Trade executives have welcomed the transfer by the Reserve Financial institution of India (RBI) on the proposed introducing Delegated Funds function on Unified Funds Interface (UPI). With the brand new Delegated Funds may simplify the UPI funds expertise for these customers who might not have a checking account, and will enhance entry to digital funds … Read more
NPCI Worldwide Funds Restricted (NIPL) has achieved a serious milestone by surpassing 100,000 cross-border Unified Funds Interface (UPI) Individual-to-Service provider (P2M) transactions in Nepal, the NIPL mentioned in a press release. NIPL is a world arm of the Nationwide Funds Company of India (NPCI). NIPL collaborated with Fonepay, Nepal’s largest cost community, to launch the … Read more
India and Maldives have signed an settlement to introduce the Unified Funds Interface within the archipelago nation, which could have a “very optimistic” impression on its tourism sector, Exterior Affairs Minister S Jaishankar has stated. The Memorandum of Understanding was signed on Friday throughout Jaishankar’s three-day official go to to the Maldives. Additionally learn: UPI … Read more
RBI Financial Coverage, RBI MPC Assembly Reside Updates August 2024: The Reserve Financial institution of India’s Financial Coverage Committee (MPC) is anticipated to maintain the repo charge unchanged at 6.5% in its August 2024 assembly. Inflation breaching the 5% mark in June and protracted strain on the headline charge from elevated meals costs to doubtless … Read more
NPCI Worldwide Funds Restricted (NIPL) has signed an settlement with Qatar-headquartered QNB to launch QR code-based Unified Funds Interface (UPI) funds throughout the nation. This initiative will allow UPI cost acceptance in Qatar via the QNB (the most important monetary establishment within the Center East and Africa) service provider community, benefiting Indian travellers visiting and … Read more
Practically 90 per cent of Indian customers with web entry want digital fee choices for on-line purchases, in keeping with a report by Amazon Pay India and Kearney India. And that is true of small-town India as effectively. About 65 per cent of transactions by customers in small-town India are actually digital, whereas in bigger … Read more