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Photo: Pinterest

India Records Over 25 Bn Digital Transactions In 2020, Beats China, US

India has recorded the highest number of digital transactions in 2020 globally, clocking over 25 billion transactions. China, South Korea, and the US logged only 15.7 billion, 6 billion, and 1.2 billion transactions respectively. Moreover, India's volume share for instant payments was 15.6%, which is expected to increase to over 37% by 2025. Notably, Universal Payment Interface (UPI) transactions has been continuously increasing in India for… read-more

Tue, 06 Apr 2021 - 02:03 PM / by Neha Sanjeev

Tags: UPI, Online Transactions, DIGITAL TRANSACTIONS, India

Courtesy: WION

Mobile UPI

Photo: Live Mint

Banks Observe Surge in Online Payment Transactions Owing COVID-19 Fears

Amidst the COVID-19 pandemic, banks have observed a surge in digital transactions. A senior official of State Bank of India stated that transactions through SBI's YONO app have skyrocketed. He informed that the usage of online channels have increased to 93% in the June quarter, from 90% in the corresponding period last year. As per report, other banks, including ICICI Bank and Axis Bank, have also witnessed a similar trend… read-more

Mon, 17 Aug 2020 - 09:26 AM / by Tania Mukhopadhyay

Tags: SBI, RBI, DIGITAL TRANSACTIONS, Covid-19

Courtesy: Business Line

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Photo: Twitter/RBI

RBI Introduces Offline Retail Payments Scheme On Pilot Basis

In a bid to encourage digital transactions in locations that lack internet connectivity, RBI has announced a scheme on pilot basis. The pilot scheme encourages offline retail payments through cards and mobiles. Against the backdrop of no internet or low speed internet in the rural areas, "providing an option of offline payments through cards, wallets and mobile devices is expected to further the adoption of digital payments," said RBI. 

Thu, 06 Aug 2020 - 11:18 PM / by Bharat Sharma

Tags: RBI, DIGITAL TRANSACTIONS, OFFLINE RETAIL PAYMENTS, LOW INTERNET CONNECTIVITY

Courtesy: Times Of India