Category Added in a WPeMatico Campaign
A new report reveals UPI’s dominance in rural India. Many people want to save and learn about finances. Traditional banking remains relevant. The report emphasizes financial inclusion through technology. It also addresses the gender gap in financial literacy. A collaborative approach is needed for sustainable growth.
With technological advancements in AI, digital payments, and fraud prevention techniques, the financial services industry is experiencing a dramatic shift. Even businesses are reimagining their payment systems to improve efficiency and security to meet the growing demands for personalization, speed, and innovation.
India’s FinTech sector surged to INR 68 trillion in FY24, with Lending Tech (INR 34T) driven by alternative credit models, Payments Tech (INR 29T) fueled by the rise of digital payments, and Neo-Banking (INR 5.6T) expanding through mobile-first solutions, according to a report by 1Lattice.
The National Payment Corporation of India (NPCI) has issued a warning about the “Digital Arrest” scam targeting users of digital payment platforms. Criminals impersonate officials, using threats and demands for money. NPCI advises verifying identities and reporting suspicious activity to the cybercrime helpline (1930).
NPCI warns about digital arrest scams targeting Indians. Criminals pose as officials to scare victims. They demand money to avoid fake legal action. NPCI advises verifying identities and reporting suspicious contacts. Dial 1930 to report cybercrime. Protect yourself from these scams.
Digital payments are now accessible nationwide, driving India towards a digital-first economy. Be cautious if someone claims to be from government agencies like the police, CBI, income tax officers, or customs agents, contacts you.
UPI transaction limit change: The National Payments Corporation of India (NPCI) has increased the transaction limit for certain payments using UPI to Rs 5 lakh, making it easier for individuals who use online payments. This move aligns with India’s push for a digital economy. The increased limit is likely to be effective from September 16, …
India’s Unified Payments Interface (UPI) processed a staggering 15,547 crore transactions worth Rs 223 lakh crore between January and November 2024. UPI’s global reach extends to seven countries, including France, marking its European debut.
In-Solutions Global (ISG), backed by JP-Morgan, has received full payment aggregator authorisation from the Reserve Bank of India. This allows ISG, which already processes over 28 billion transactions annually for over 70% of Indian banks, to broaden its digital payment services, enhancing financial inclusion through faster and more secure transactions.
From leveraging AI to combat fraud and boosting digital wallets for financial inclusion to enhancing cross-border payments and embracing blockchain for efficiency, the card firm sees technology playing pivotal role in shaping the global payments ecosystem in the new year.
