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
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
Courtesy: Business Line
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.
Courtesy: Times Of India