With WeChat and Hike Messenger already launching UPI-based payment apps, other big players may foray into the digital payments scenario soon
The digital transactions can be made via an app-based solution through smartphones, and also by installing a device which will accept payments through all digital wallets, debit and credit cards
The integration of Unified Payments Interface for Uber cabs will allow users to pay for rides using UPI enabled apps like BHIM
With Hike Messenger and WeChat already launching their e-wallets in India, WhatsApp's entry into the digital banking market will see a rise in competition among messaging apps backed e-wallets
The service charges on booking of railway tickets via cashless methods has been waived off till September 2017
The presentation detailed how digital payments in the country were transforming the Indian economy
The National Payments Corporation of India has been approached by Nepal and Bhutan for a collaboration related to using of digital payments service
After the country's largest lender waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS), State Bank of India will cut charges on electronic transfer of funds through National Electronic Funds Transfer (NEFT) and Real-time Gross Settlement (RTGS) by up to 75 percent from July 15
For IMPS, charge will be Rs. 5 along GST for fund transfer in the range of Rs 1,000 to Rs 1 lakh. The charge will go up to Rs 15 for transactions of Rs 1-2 lakh
National Payments Corporation of India said that Google has completed the testing of its Unified Payments Interface payment service and is now awaiting RBIs approval to launch its service in India
Following Hike Messenger, many other messaging apps are expected to launch their digital payments services later this year
To incentivise payments made through digital modes for booking of reserved tickets, online through IRCTC, have extended the waiver on service charges
The ATM card hack incidents and the attacks on India's websites are indicators of the increase in cyber threats as India is slowly shifting towards a cashless economy
Micro ATM, in the most basic terms, is a card reader and PIN Pad device to do banking transactions in remotest locations where there are no bank branches because of connectivity issues, and other unfavourable conditions
Instead of standing in long queues for hours, Delhi Metro commuters can now get their tokens and smart cards recharged using Bharat Quick Response (QR) code through mobile banking applications
The Government eMarketplace is the one stop e-portal for goods and services to be supplied to all ministries
Merchants and traders will have to adopt digital methods to pay GST amounting to more than Rs 10,000
This cashless service, currently active in all six Token Vending Machines and Recharge Card Terminals (RCTM) at Lal Quila Metro Station, will subsequently be extended to 36 such machines installed on the Delhi Metro's Heritage Corridor (ITO-Kashmere Gate) of Violet Line
There is an undeniable momentum in the transition towards digital payments solutions. In fact, a lot of goods and services can now be purchased with just your bank details and an internet connection
Demonetisation proved beyond a doubt that Indians not only like to buy in cash but save in cash as well
Cashless Bano Contest is now closed. Here are the stories of the winners, who shared their experience of going cashless.
Winner: Sumeet Kohli from Navi Mumbai, Maharashtra
Story: It just happened last week whilst I was travelling from Mumbai to Delhi via an early morning flight and in hurry I totally forgot to load my wallet with currency notes. I booked an uber to airport, paid through my debit card linked to the wallet. Also, I managed to grab a quick bite at the lounge with my credit card. And then I stopped by at a book shop in Delhi to buy a book and paid by my online wallet through QR code. It was at the hotel, where, I felt like to tip the porter boy for carrying my luggage, I realized that I'm not carrying any cash. Even here, I tipped him via e-wallet. Truly, it was an amazing feeling to know that I managed all my expenses through cashless means. And the following day, I deliberately didn't carry cash!
Winner: Bobby Miryalkar from Hyderabad, Telangana
As we are aware that marriage needs a lot of coordination and being in the after era of demonetization, managing the affairs became challenging. Though, my sister’s marriage was scheduled in April 2017, the limited cash reserves in my hometown and in banks around had the chance to educate people to use more of cashless transactions. Firstly, the Pandit Ji accepted his dakshina digitally, followed by caterers, decorators and the wedding hall owners. All had to budge and get the benefits of hassle free digital banking route. It was quite a Herculean task for me as I was the only one to coordinate with each and every one responsible for catering to all the work related to marriage. I preferably don’t carry cash or hardly little cash for managing daily chores.
NDTV along with Mastercard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.
The campaign aims to take the message of a cash free India to the country, and will charter a blue print which can help all stakeholders to become a part of the digital revolution.
We aim to reach out to people and educate them on:
1) Digital and financial literacy
2) New generation digital payment solutions
3) Enabling merchants and consumers to understand and adopt secured and safe payment Solutions
4) Ease of usage at point of sales