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.
The Centre on Sunday said there are no plans to levy charges for making payments through Unified Payments Interface (UPI) while saying the service is a "digital public good with immense convenience". The ministry of finance said the concerns of service providers for cost recovery have to be met through other means. "UPI is a digital public good with immense convenience for the public & productivity gains for the economy.
The temptation to get into businesses that are hot is perhaps too great for any politician, no matter what his public slogans are. Nehru plunged into hot sectors of his time -- engineering and iron and steel. Modi has plunged into digital payments -- the hot sector of his time, notes Debashis Basu.
As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent.
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
At a time when the Modi government is attempting to push cashlessness with coercive means, Devangshu Datta explains why cash usage is popular even in nations with good cashless infrastructure.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
Ways on how consumers can maximise benefits.
The camera phone market is skyrocketing with worldwide annual shipments up more than 200 per cent in 2004, a new report has said.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
There are also lingering concerns over the culture of misuse of pharmaceutical products in India, which has, in the past, led to other drugs becoming increasingly ineffective.
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
The World Health Organization's Global Tuberculosis Report 2014, published recently shows that 9 million people developed TB in 2013, and 1.5 million died, revealing that there are almost half a million more cases of the disease than previously estimated.
From liquidity, monetary policy operations to financial inclusion, know about RBI monetary policy
Rita Katz, the head of the SITE Intelligence Group, wrote on Twitter that 35 minutes of footage of the attacks were posted online, and that the attacker said in English before the shooting that the "root of all problems are the Jews."
Terming demonetisation as an 'unplanned and unthought process', Vadra wrote, "The government seems to have reached its levels of desperation to overcome the initial blunder it created."
Monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount from January 1
Indian mobile gaming market will generate $26 million in revenue in 2004, and will increase to $336 million in annual revenue by 2009, according to a new report.
US-based pharmaceutical major Eli Lilly on Thursday announced a $70 million initiative as part of its effort to combat the spread of Multi-Drug Resistant Tuberculosis in India and other developing countries.
India will be a significant engine of the global wireless subscriber growth as over 2.5 billion people world over would use mobile phones by 2009, according to a report released by market research firm In-Stat/MDR.
Surge in UPI transactions is because of an increased consumer interest in making bill payments and recharging mobile phones online, and purchase of non-essential goods on e-commerce platforms.
Gift your brother/sister something smart, useful and trendy, says Ashish Narsale/Rediff.com.
Banks and oil companies are in discussions as to who should bear these charges, it said a day after averting a crisis that would have hit millions of people as oil pump owners threatened to stop taking card payments.
Arundhati Bhattacharya talks about SBI's strategies, its aim to be among the top 30 banks globally, and stressed assets resolution.
A large number of people using cards at PoS Cards being used more frequently Small-ticket transactions Mastercard South Asia head Porush Singh calls these the three key trends for a cashless future. And post-demonetization India, he believes, is steadily moving towards it.
Shine Jacob & Karan Choudhury highlight the red flags raised by the Controller General of Accounts.
The government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
