UPI transactions in India hit a new high in November, reaching 15.48 billion, a remarkable 38% year-on-year growth. This surge reflects the increasing adoption of digital payments across the country, with significant growth also seen in FASTag and AePS transactions. The integration of RuPay credit cards with UPI further fuels this digital revolution.
Credit card spending in India reached a record ₹2.02 lakh crore in October, a 13% year-on-year increase, driven by the festive season and promotional offers. This surge contrasts with a decline in debit card transactions, highlighting the increasing popularity of credit cards and the rise of digital payments.
Nepal is welcoming a wave of digital payments as Alipay+, a leading mobile payment platform, partners with Nepal Clearing House Limited (NCHL) to enable seamless transactions for travelers from Asia and Europe. This partnership, announced at the Singapore Fintech Festival 2024, aims to boost tourism and enhance the country’s global payment connectivity.
The Reserve Bank of India (RBI) has significantly boosted the transaction limit for UPI 123Pay, a service designed for feature phone users in India. This move, coupled with new language options and an expanded suite of payment methods, makes digital transactions more accessible and convenient for millions of Indians who rely on non-smartphone devices.
India’s Unified Payments Interface (UPI) achieved a record-breaking 16.58 billion transactions in October, fueled by increased spending during the festive season. This marks a 45 percent jump from the previous year. The top banks for UPI transactions are SBI, HDFC Bank, and YES Bank. While other payment systems like FASTag saw growth, IMPS experienced a slight decline.
India’s digital payment landscape is experiencing a significant shift, with UPI-based transactions soaring while debit card usage declines. Credit card transactions, however, are on the rise, driven by a combination of factors including festival season promotions and a lower base compared to the previous year. This trend reflects a rapid transition towards a cashless society in India, where digital payments are becoming increasingly prevalent.
Capella Hotel Group has taken a leap into the future of hospitality by introducing digital payment tokens (DPTs) at its luxury properties in Singapore and the Maldives. This move allows guests to pay using popular cryptocurrencies like Bitcoin and Ethereum, offering a convenient and secure alternative to traditional payment methods.
A new survey reveals that gold plays a crucial role in helping Indian women entrepreneurs secure funding, particularly in Chennai, where it is the most preferred collateral option. The survey also highlights the increasing adoption of digital payment methods among women entrepreneurs, showcasing the success of initiatives like ‘Digital India.’
Block SQ has shown strong growth in the past year, driven by its robust payment and point-of-sale (POS) solutions. However, the company is facing challenges from market uncertainties, inflation, and sluggish consumer spending. This article delves into Block’s strengths and weaknesses, highlighting its promising prospects while acknowledging the risks involved.
A Bengaluru autorickshaw driver’s innovative use of a smartwatch to display a UPI QR code for payments has taken the internet by storm, showcasing the rapid adoption of digital technology in India. The incident has sparked discussions about the country’s digital revolution and the potential impact of proposed transaction fees on UPI.
