This year, PhonePe is focussed on bringing more partners across categories, including travel, commute, food, hyper-local, retail and entertainment on the platform.
Things are expected to change dramatically in a few years for urban consumers.
The Reserve Bank of India on Thursday said banknotes in circulation witnessed higher than average increase during 2020-21, on account of precautionary holding of cash by people due to the COVID-19 pandemic, and its prolonged continuance. The value and volume of banknotes in circulation increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21, as against an increase of 14.7 per cent and 6.6 per cent, respectively, witnessed during 2019-20, said the RBI annual report. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 85.7 per cent of the total value of banknotes in circulation as on March 31, 2021, as against 83.4 per cent as on March 31, 2020.
Professionals with sharp technical skills and knowledge of emerging markets will continue to be in demand, says Nikhil Barshikar, founder and CEO of Imarticus Learning, a tech learning and training company.
Shine Jacob & Karan Choudhury highlight the red flags raised by the Controller General of Accounts.
'There is no doubt at all that Jio's disruption of the mobile broadband market was a turning point for India's digital economy.'
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
With the use of e-wallets gaining momentum after the note ban, e-wallet service providers have doubled down on developing new security features in their apps. Sharath Chowdary reports.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
Organisations value employees who go beyond their boundaries and step up to the occasion when the need arises.
We spoke on a wide range of subjects, particularly leveraging the power of technology to transform the lives of India's farmers, youngsters and entrepreneurs, the PM said.
Modi also thanked the media for understanding the gravity of the pandemic threat and appreciated the role played by the news channels in spreading awareness.
The next meeting of the GST Council will be held on September 28-29 in Goa.
The government needs to make the right policies and further execute them properly if it wants to move towards this goal
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
The Indian government is concerned only because Indian names are involved, the source said.
Whether one likes it or not, services constitute the value-addition sector that the country has to build on, using its comparative advantage in infotech and related skills, suggests T N Ninan.
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
Sectoral cyber security teams to be set up to curb attacks, cyber coordination centre likely be set up in New Delhi by June.
CAIT has attributed its displeasure to the economic downturn, and indifferent attitude of ministers/officials towards domestic trade.
Cyber crimes in 2016-2017: 1,372 cases. Cost: Rs 423 million.
Under the scheme coming into effect from April 1, 2018, a donor could purchase bonds from authorised banks against cheques or digital payments. These would be redeemed only in the designated account of a registered political party.
Mastercard recently launched an authentication product called Identity Check Express that enables customers to verify transactions on their own.
Experts believe that the sector should not jump to conclusions on WhatsApp Pay, which is still in its 'Beta testing' phase.
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.
Retailers are also demanding that home delivery across all forms of retail should be allowed to ensure a level playing field.
'Clearly, the next few months will be very challenging for industry.' 'We are clearly in a phase where recovery is a dream.'
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
Ending Paytm's monopoly as the only wallet payment option on Uber, the ride-hailing service has decided to allow payments through Jio Money. Alnoor Peermohamed reports.
The hotels in shopping malls, however, will not be allowed to reopen.
From offering office premises that can be converted into isolation wards to earmarking funds to be used for procuring kits, ventilators as well as personal protective equipment for health care workers, India Inc has put a united front to combat the unprecedented crisis facing the country.
The minister also exempted components from taxes to encourage domestic manufacturing of these devices.
The prime minister initiated the discussion on the move, which was announced last month, with the ministers after the meeting of the Union Cabinet ended in New Delhi.
Modi said "timing" is very important to deal with any crisis and "decisions taken at the right time have helped a lot in controlling the coronavirus infection in the country".
Foreign Direct Investment into India rose by 13 per cent in 2020, boosted by interest in the digital sector, and while fund flows "declined most strongly" in major economies such as the UK, the US and Russia due to the Covid-19 pandemic, India and China "bucked the trend", the UN has said.
The PM asked people to pay school fees, buy medicines or items from fair price shops or purchase air and train tickets digitally.
Here's the full text of address to the nation by President Ram Nath Kovind on the eve of the Republic Day 2022.
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options.
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