While Visa and Mastercard slug it out for leadership, analysts say RuPay has the potential to cause disruption and eat into their market share.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.
The One97 Communications stock saw a surge in interest as the company's operating performance update for August was considered positive by the Street. In addition, there was a news buzz as the company released a new hitech soundbox, which has longer battery life and processes all major cards. The performance indicates that the company, which is better known by its Paytm brandname, is still on course to achieve its guidance of going cashflow positive by the end of the 2023-24 financial year (FY24).
Credit cards are no angel or devil. Spending habits and personal finance management make it what it appears to be. Let there be no illusion, think real, be wise.
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
Today pay-later services are available for practically anything under the sun. And these include small purchases like clothes, gadgets, movie tickets, and even food.
Too much unsecured loan can harm your CIBIL rating.
Used prudently, plastic money is among the most useful, powerful and non-polluting kind of plastic invented. Be smart with it!
'You should be able to juggle them, extract the most rewards out of them, and most importantly, be able to repay your dues on time.' 'However, you shouldn't try to get multiple cards at once,' advises Adhil Shetty, CEO, BankBazaar.com.
Both firms have made several applications for patents pertaining to digital payments in the country
In a scenario where credit card limits of credit card holders are being reduced or are being denied credit facilities due to bad credit history, what can one do? Secured credit cards can come to your rescue here.
Customers can link their cards to banks' app and make payments after scanning a 'quick response' code.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
N Sundaresha Subramanian digs deeper into what Catalyst, an Indo-US project, brings to the payments ecosystem.
National Payments Corporation of India is currently in the process of testing sound-based payments with three companies: PhonePe, ToneTag and UltraCash.
The idea of the payment banks is to provide access to banking for people, especially in rural areas.
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.
The UIDAI asserted that the Aadhaar letter, its cutaway portion, downloaded versions of Aadhaar on ordinary paper or mAadhaar are "perfectly valid".
Follow these steps to avoid last-minute surprises while claiming your mediclaim -- via cashless or reimbursement method, says P V Subramanyam
Post Office has 1,54,000 rural branches.
Here are 5 ways you can get a credit card even if you do not have a job.
The regulator said that it is vested within its purview to regulate the bank account for payment systems and the settlement systems are finally posted in the books of account of banks with the RBI to attain settlement finality.
If used well, it can bring a host of benefits.
Do you tend to procrastinate or ignore reading the bill because you do not understand it. The terminology used is confusing? Read on to understand your credit card statement better.
The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
credit cards offer card owners an opportunity to earn while they spend through reward programmes
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.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
Indian consumers are very much interested in owning and using pre-paid payment cards which affords a great opportunity for Indian banks and other financial institutions in this segment, a survey said here.
The next meeting of the GST Council will be held on September 28-29 in Goa.
With over 80 million Unified Payments Interface (UPI) users, Amazon Pay, the payments business of e-commerce giant Amazon, has been growing at 40-50 per cent year-on-year (Y-o-Y), said Mahendra Nerurkar, chief executive officer (CEO) and vice-president (V-P), Amazon Pay India. "Leveraging just the micro peer-to-peer (P2P) transactions on UPI is not a business model. "While we have enabled those features, we do not chase monthly active users based on this.
As many as 641 customers across 19 banks have been duped of Rs 1.3 crore using stolen debit card data
The interest rate charged on your credit card makes your ownership a nightmare if you don't know it in perfect detail. Here's a primer for you
The use of electronic channels, including credit cards, to make payments for various transactions, including shopping is growing at a fast clip in India. The value of total electronic payments (e-payments) showed an almost four-fold growth to cross the Rs 10,00,000 crore (Rs 10,0000 billion)-mark at the end of March 2008.
Foreigners and NRIs would now be able to book train tickets in India online by using international debit and credit cards through IRCTC website.
Currently, the bank charges Rs 50 as cash processing fee.
Move over Visa, MasterCard and American Express. Here's an indigenous, cheaper alternative that will not only benefit Indian banks but Indian who use debit cards and credit cards to make payments.
Of late, card-issuing banks have started charging even for entry-level credit cards. So, how do you select a card? A ready reckoner.
Of late, card-issuing banks have started charging even for entry-level credit cards. So, how do you select a card? A ready reckoner.
