Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
The cash crunch following demonetisation and transaction fees that do not cover costs are among the reasons why the sector is struggling.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
The new requirements include a shift to cassette swap system, mandate armed guards while transferring money as well as a host of other measures that would require huge investments.
After a gruelling 24 hours, the PhonePe team has fully restored UPI on the payment platform. The app is up and running again with ICICI Bank as its new partner with all payment instruments enabled.
'RuPay' is developed by National Payments Corporation of India.
Data processing compliance is the main reason behind the delay. The government, on several occasions, has made it clear that Indian financial data needs to be stored exclusively onshore and if it is processed outside, it needs to be brought back in 24 hours.
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
Employers are now looking to hire professionals who can demonstrate their skills rather than reel off a catalogue of undirected theoretical qualifications.
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
Home ministry sources say there are fears that international lobbies might have been involved in spying, to create a narrative around Indian governance as well as the economy.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
The finance ministry on Tuesday cited "green shoots" of recovery in agriculture, manufacturing and services sectors, and said the prompt policy measures taken by the government and RBI have helped reinvigorate the economy with minimal damage. Stating that the agricultural sector remains the foundation of the Indian economy, the ministry said that a normal monsoon, as has been forecast, should support the rebooting of economy.
India's Internet economy has two choices: An immediate $30 billion Sale-and-Leaseback or a $3 trillion value harvesting over decades, observes Vibhu Arya.
That's the government's goal for the Unified Payment Interface by March. Are they close? A P Hota, the man at the helm, answers.
The government has opted for the RuPay debit card over the Aadhaar-based platform for "last-mile" authentication in its Pradhan Mantri Jan Dhan Yojana.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
Why is the government unwilling to disclose the winners of its DigiDhan Yojana?
Fund transfer through Facebook is meant for tech-savvy customers.
'If there are any incidents of cyberattacks, they should immediately inform CERT.'
2017 saw the highest-ever mobilisation by way of IPOs of close to Rs 700 billion. The momentum is expected to continue this year as well.
The bank's response came to a clarification sought by stock exchange on recent reports on debit cards blocking in the wake of suspected data breach
Watal panel had suggested an independent payments regulator be set up.
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
Tripti Rai explains the unique features of Bharat Interface for Money (BHIM) app developed by the National Payment Corporation of India.
The project, anchored by National Highways Authority of India in partnership with National Payments Corporation of India, is gaining momentum, with big banks such as ICICI and non-bank entities like Paytm have also entered the arena.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
The intention is to have a model with a single-clearing house.
The Bharat Interface For Money app was launched on the iOS platform earlier this month. It is also available on the more popular Android platform. There have been over 17 million downloads of the BHIM app so far.
Around 10 crore bank accounts opened under the Jan Dhan scheme.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
Cash withdrawal limits likely to continue
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
Things are expected to change dramatically in a few years for urban consumers.
Prime Minister Narendra Modi on Thursday launched his government's mega scheme ' Pradhan Mantri Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.
