digital payments

“One in every six face-to-face transactions is contactless in India," said Ramakrishnan Gopalan, vice-president and head of products and solutions, India and South Asia, Visa. Visa isn’t the only one experiencing such a growth. Moreover, contactless payments include much more than debit and credit cards designed to remove contact from offline payments. View Full ImageMint  Contactless payments…

Amazon Pay announced that it has reached to over 85 lakh offline small business owners and entrepreneurs with its digital payments infrastructure. Earlier, these merchants largely transacted in cash for business operations, now they accept payments from their customers using Amazon Pay’s QR Code. Furthermore, initiatives such as Amazon Pay for Business App, voice notification feature, easy availability of working capital loans, have enabled such micro-businesses, and merchants to experience a…

The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform. At present, UPI facilitates transactions by linking savings or current accounts through users' debit cards."…it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review.He said that to start with RuPay credit cards issued by the…

Non-cash payments using modes like UPI will account for 65 percent of all the transactions by 2026 against the 40 percent level estimated at present, a report said on Thursday. The report — which comes amid a rapid rise in unified payments interface (UPI) since the onset of the COVID-19 pandemic over two years ago — also said that the digital payments industry will be $10 trillion (roughly Rs. 7,75,40,800 crore) opportunities by 2026 against $3 trillion (roughly Rs. 2,32,62,800 crore) at present.Consultancy firm BCG and…

WhatsApp is offering cashback to attract more users to its payment service, days after the messaging platform was allowed by the National Payment Corp. of India (NPCI) to add 60 million more users. On Wednesday, Reuters reported that the messaging platform is planning to give cashbacks of up to ₹33 for peer-to-peer payments, while a similar incentive is being tested for merchant payments. The rewards will be given in three phases regardless of the size of the transaction. WhatsApp…