India’s digital payments are set to skyrocket, reaching $7 trillion by 2030, according to a joint study by Kearney and Amazon Pay. This growth is fueled by the widespread adoption of the Unified Payment Interface (UPI), which has seen a 138% surge in transactions from 2018 to 2024. The study highlights the increasing preference for digital payments across various demographics, from wealthy buyers to street vendors, driving the transformation of India’s financial landscape.
Galeries Lafayette Haussmann, a renowned department store in Paris, has integrated the Unified Payments Interface (UPI), making it the first department store in Europe to offer this convenient and secure Indian payment system. The adoption of UPI underscores the store’s commitment to modernizing payment methods and catering to the growing number of Indian visitors, further strengthening the cultural and economic ties between France and India.
PhonePe, a leading Indian fintech platform, has witnessed a remarkable journey from its inception to becoming a prominent player in the digital financial landscape. Founded by former Flipkart employees, the company gained significant traction after being acquired by Flipkart, subsequently becoming a Walmart entity. Despite its close ties to Flipkart, PhonePe boldly made the decision to become independent in 2022. Under the leadership of CEO Sameer Nigam, the company continues to innovate and expand its services, serving over 500 million users and 37 million merchants, making it a force to be reckoned with in the Indian fintech sector.
Flipkart has launched its own payments app, Super.money, in a move to expand into the fintech sector. The app offers UPI payments, cashback rewards, and plans to expand into secured cards and lending. The launch comes over a year after Flipkart separated from PhonePe and follows a recent $350 million investment from Google.
Ixigo, a leading travel booking platform, has extended its partnership with PhonePe, India’s leading digital payments platform, to integrate flight and bus booking services directly within the PhonePe app. The collaboration aims to simplify the travel booking process and offer greater convenience to users.
Visa announced innovative products and services at its annual Visa Payments Forum, addressing the evolving payment landscape and addressing the future needs of consumers, businesses, and financial institutions. New card features and digital innovations include: Visa Flexible Credential, Tap to Everything, Visa Payment Passkey Service, Click to Pay + Visa Payment Passkey Service, Pay by Bank, Visa Protect for A2A Payments, and Data Tokens.
The adoption rate of Aadhaar-enabled payments has witnessed a significant surge in Jammu and Kashmir and the northeast Indian states, according to a recent study by fintech start-up PayNearby. Meghalaya emerged as the frontrunner with a staggering 1000% jump in transaction value and a 712% rise in volume for Aadhaar Enabled Payment System (AePS). Other states like Nagaland and Assam also recorded substantial increases in these metrics. MicroATM transactions in Mizoram and Meghalaya saw significant growth in both value and volume, while J&K’s retail stores experienced a 31% increase in both aspects. PayNearby’s report highlights the growing role of retail outlets in providing easy access to banking services in regions where traditional bank branches may be scarce.
Alipay, the leading digital payment and lifestyle service platform, has partnered with Xi’an, China, to launch the ‘International Consumer Friendly Tourist Destination’ initiative, designed to enhance travel and shopping experiences for tourists. International visitors can now link their Visa, Mastercard, JCB, Discover®, or Diners Club International® credit or debit cards to the Alipay app, enabling easy payments at numerous merchants across China. Alipay is also partnering with other e-wallets, including AlipayHK, MPay, Touch ’n Go eWallet, and Kakao Pay, to make it easier for international tourists to use their home digital payment solutions while exploring China.
Paytm’s UPI Lite Wallet revolutionizes digital payments with its unparalleled convenience. Introducing an on-device wallet that allows users to effortlessly store funds and make lightning-fast transactions without the hassle of PINs. This innovative solution is designed specifically for low-value, everyday payments, making it ideal for purchases like groceries, parking, and commuting. With a daily transaction limit of ₹ 500 and a daily replenishment capacity of ₹ 4000, Paytm UPI Lite Wallet streamlines the payment process, enabling seamless and uninterrupted payment experiences.
Mastercard and The BENEFIT Company (BENEFIT) have signed a Memorandum of Understanding (MoU) to collaborate on developing innovative digital payment solutions in Bahrain. The partnership aims to enhance financial inclusion and drive the growth of the country’s digital economy. BENEFIT, a leading fintech company in Bahrain, processed over 345 million electronic fund transfer transactions in 2023, demonstrating its significant role in the Kingdom’s financial landscape. Mastercard, with its global expertise in digital payments, will bring its technological capabilities to the partnership. Together, the companies aim to introduce advanced payment solutions that meet the evolving needs of consumers and businesses in Bahrain.
