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Topic: Digital payments
India’s trinity of Jan Dhan, Aadhaar, and mobile communications — or JAM — can work wonders if it is used extensively to reform citizen–state engagement.
Modi govt's overnight, ill-conceived, egotistic decision that left lakhs of people jobless and paralysed India’s informal economy 3 yrs ago may just give some returns.
The move comes at a time when India has reported 169 coronavirus cases and the government is trying to encourage social distancing to curb its spread.
Three years ago, even banks did not give Modi govt's Unified Payments Interface much odds of success. Now, UPI is one of the fastest-growing payment platforms in the world.
Survey, released by LocalCircles Friday, also found that contrary to Modi govt’s intentions Rs 2,000 note has made it easier for people to keep cash in stock.
Those who invested in or built standalone payment firms might be regretting because Modi govt’s move to remove MDR has harmed their business model.
UPI has now surpassed 100 million users, thanks to booming smartphone use and wireless data rates among the lowest in the world.
Alphabet Inc.’s push for digital payments in India ties in with the Modi govt's efforts to use mobile technology to connect rural residents to the banking infrastructure.
The RBI said in its FAQs that after processing, data regarding payments shall be stored only in India & the complete end-to-end transaction details should be included.
More Indians are using their smartphones to make payments than swiping their debit and credit cards at stores.
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