'The Bhashini Mission has delivered a working technology at large scale, which is as good as or better than the one with MNC tech giants.'
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
The Indian AI market is expected to grow to over $17 billion by 2027, more than tripling its current size, driven by increased investments in enterprise technology, a flourishing digital ecosystem, and a strong pool of skilled professionals, according to BCG.
"We currently manage collections for over 98 million retail and small-business loan accounts, covering a loan book of about $250 billion," says Rishabh Goel, cofounder and chief executive officer (CEO) of Credgenics, a software-as-a-service platform for debt collection. With more than 700 million smartphone users and over 450 million UPI users, digital access is everywhere.
For financial institutions, it will be an opportunity to provide better lending options. For instance, customers who pay their overdrafts on time will get access to more credit and probably at a cheaper rate.
In this month itself, UPI can hit 2 billion transactions and by March 2021, it should reach 2.15 billion transactions in a month.
'United Health Interface is in line with UPI. UPI is a language of money transfer, similarly, UHI is a set of protocols, which is going to create a language of health service delivery'
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
These top two apps account for more than 78 per cent of the UPI market in terms of volume of transaction, and 86 per cent of the market by value of transactions in December.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
Non-banking entities such as fintech firms will have to tap into use cases beyond peer-to-peer (P2P) and peer-to-merchant (P2M) transactions to scale up the presence of the retail version of the central bank digital currency (CBDC), which is also known as the e, said industry players. These use cases will enable programmable transactions across domains, including the government's direct benefit transfer (DBT) schemes, with subsidies restricted to specific purposes such as food coupons, hospital bills, fertilisers, pesticides, and cross-border remittances.
Mobile wallet adoption is surging in India and swiftly becoming a primary payment option, surpassing traditional methods like cash and cards. Over the next few years, payments via mobile wallets in India are likely to surpass the Rs 531.8 trillion mark in 2028, witnessing a compound annual growth rate (CAGR) of 18.3 per cent between 2024 and 2028, according to GlobalData - a London-based leading data and analytics company. The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion ($2.5 trillion) in 2023.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
New-age stocks to buy: Most new-age stocks have turned out to be wealth destroyers in stock markets, so far, in calendar year 2025. Shares of Ola Electric Mobility, for instance, have plunged nearly 50 per cent in the first half of CY 2025, while those of Swiggy, PB Fintech, Paytm, and Eternal (Zomato) have crashed between 6 per cent and 25 per cent, ACE Equity data shows.
An analysis for the first eight months of CY18 shows that the value of RuPay and UPI transactions constitute 65.2 per cent of all transactions done through debit and credit cards, in value terms, across retail outlets by the end of August.
'Most of the bot attacks have originated from outside India.' 'Our firewalls are resilient and withstood the attacks.'
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
Fair trade regulator CCI on Thursday alleged that Google has created a digital data hegemony and called for a market space with "free, fair and open competition". Concluding the arguments of the Competition Commission of India (CCI) before the appellate tribunal NCLAT in the Google matter, Additional Solicitor General N Venkataraman said a market with greater freedom for all players would be in total sync with principles of free competition rather than the 'walled garden' approach of the internet major. On October 20 last year, the CCI slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices.
'The next decade will be even more transformative,' says Prime Minister Modi. 'We are moving from digital governance to global digital leadership.'
With rising disposable incomes in cities beyond metros, the penetration of credit cards - and consequently, credit card spending - is growing at a much faster pace than in traditional metro cities, primarily driven by e-commerce spending.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
'If you align your ambition with India's rise, the peak of your careers will unfold alongside the peak of India's power.'
Its statement also said Facebook does not use WhatsApp payments information for commercial purposes.
'There is no doubt at all that Jio's disruption of the mobile broadband market was a turning point for India's digital economy.'
While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year. Digital payments, especially UPI, saw increased adoption in 2020 due to the Covid-19 pandemic.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
While six of them have been held from Punjab, five were nabbed from neighbouring Haryana, and one from Uttar Pradesh.
'The country is a good test bed for enterprise adoption, but to scale rapidly, companies will need to look outside the country for customers.'
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
Technology is rapidly reshaping industries that have long been rooted in tradition, driving a wave of innovation that is transforming everything from finance, banking, steel to manufacturing.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
With digital adoption fast gaining currency, India is likely to see retail digital payments double to $7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well.
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
BHIM is a platform designed to make payment through UPI and USSD modes simpler.
'It is the responsibility of industry to take the very bright talent whose knowledge of software engineering basics is very high, and then give them additional skills.'
