CASHLESS PAYMENT SERVICES
![A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago](https://img.etimg.com/thumb/msid-111055349,width-100,height-75,resizemode-4/tech/technology/indias-non-cash-payments-on-ecommerce-platforms-surges-to-58-1-from-20-4-six-years-ago.jpg)
A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago
India has seen the fastest jump in alternative payment share for ecommerce payments in the Asia Pacific region from 20.4% in 2018 to 58.1% in 2023 says a report by GlobalData, a data and analytics company. The report showed that such alternative payments are already popular in countries like China and India and are gaining traction in other APAC markets.
![Insurers must offer a basic cover, strict claim deadlines](https://img.etimg.com/thumb/msid-110924309,width-100,height-75,resizemode-4/markets/stocks/news/insurers-must-offer-a-basic-cover-strict-claim-deadlines.jpg)
Insurers must offer a basic cover, strict claim deadlines
Regulator mandates 'pay as you drive' option in motor insurance. Customers to benefit from tailored products and roadside assistance services. Insurers bear salvage disposal burden, offer flexible 'fire' policy options.
![NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders](https://img.etimg.com/thumb/msid-110608685,width-100,height-75,resizemode-4/wealth/insure/health-insurance/nhcx-a-single-portal-for-all-health-insurance-claims-soon-what-is-the-claims-process-benefits-to-policyholders.jpg)
NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
![G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years](https://img.etimg.com/thumb/msid-110633163,width-100,height-75,resizemode-4/news/india/g20-sherpa-amitabh-kant-lauds-indias-digital-transformation-journey-in-9-years.jpg)
G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years
India has made significant strides in digital transformation over the past nine years, with a 96% reduction in data costs and a 1.4 billion people now having a unique digital identity (Aadhar). This has led to greater access and usage of digital services across the country. India's Unified Payments Interface (UPI) has seen exponential growth, contributing 46% of the global share in real-time digital payments.
![IRDAI in favour of 100% cashless claim settlement in health](https://img.etimg.com/thumb/msid-110547603,width-100,height-75,resizemode-4/markets/stocks/news/irdai-in-favour-of-100-cashless-claim-settlement-in-health.jpg)
IRDAI in favour of 100% cashless claim settlement in health
In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.
![HDFC Bank net banking, mobile banking, UPI will be down during this time](https://img.etimg.com/thumb/msid-110383863,width-100,height-75,resizemode-4/wealth/personal-finance-news/hdfc-bank-net-banking-mobile-banking-upi-will-be-down-during-this-time.jpg)
HDFC Bank net banking, mobile banking, UPI will be down during this time
HDFC Bank has informed its customers that net banking, mobile banking will not be working on May 25 for a certain period of time. HDFC Bank customers were informed about scheduled maintenance work being done due to which below services would have been impacted
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New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
CGHS recast in works to cut red tape and dues, link with Ayushman Bharat
It is learnt that the cabinet secretary has been holding rounds of discussions with stakeholder ministries and departments over the last few weeks to address various problems currently ailing the CGHS - from flagging partnership with major private hospitals amid pending dues to taxing referral system and shortage of doctors and healthcare staff to the simmering concern on linkage of CGHS cards with the digitalised Ayushman Bharat Health Account (ABHA) cards.
How GoI, regulators and fintech firms can unlock the full potential of India's digital financial revolution
This surge in fintech adoption has positioned India as a global fintech frontrunner. Its innovative solutions attract global investors, and position the country as a trailblazer in establishing a robust digital public infrastructure (DPI) ecosystem, a pivotal factor in enhancing financial inclusion. The dynamic DPI framework, strengthened by fintech advancements, is projected to inject a windfall of $400 bn into the economy in seven years.
New UPI rules for access for prepaid instruments: Now you can transfer funds from prepaid wallets using third party apps
Reserve Bank of India UPI: Now individuals don't need to depend upon third party prepaid payment instrument (PPI) wallets in order to make UPI payments. "To provide more flexibility to PPI holders, it is now proposed to permit linking of PPIs through third-party UPI applications," said RBI Governor Shaktikanta Das.
Digital Rupee: RBI widens scope of CBDC; non-banking payment companies to facilitate transactions
Digital Rupee transaction: The Reserve Bank of India has proposed that CBDC (Central Bank Digital Currency) or, the eRupee, to be accessible to broader sectors of customers.
Paytm close to winning approval for investment in payments gateway arm
The investment allows Paytm to beef up its arm which processes online transactions. While the investment is less than $12 million, an approval would signal Paytm is still in the government’s good books even as the country’s banking regulator has tightened its grip on the company.
Vijay Shekhar Sharma: Can the whiz-kid from Aligarh rock again?
Vijay Shekhar Sharma, the founder and CEO of Paytm, has built the company from a startup to India's biggest mobile payments company. However, a recent regulatory move by RBI banning Paytm's payments bank for violations has put the company's future at risk. Sharma's focus on growth and big numbers may have led to regulatory compliance issues, but his determination and resilience may help Paytm survive this setback.
Use of tech, digital platforms common thread in reforms
India's world-class digital public infrastructure (DPI), known as the India Stack, enables online, paperless, and cashless digital access, improving financial inclusion, transaction efficiency, and economic opportunities. The India Stack, consisting of Aadhaar, Unified Payments Interface (UPI), and account aggregator, creates digital identities, facilitates access to finance, reduces transaction costs, and improves tax collection.
Banking industry, fintechs hail hiking UPI payments, e-mandate caps
Unveiling the monetary policy, Reserve Bank Governor Shaktikanta Das said the limit for various categories of unified payments interface (UPI) transactions has now been enhanced to Rs 5 lakh per transaction from the present Rs 1 lakh for payments to hospitals and educational institutions.
Uber to launch bus service for office-goers in Kolkata
Uber will invest $10 million in the state by 2025, and create about 50,000 livelihood opportunities over the next five years, it added. For the bus service, Uber signed an agreement with the state Transport Department at the Bengal Global Business Summit.
How UPI tips the scale against hotel staff
Guests widely shifting to online payments is threatening tip culture, hurting employees’ income
Reckless to be cashless: Why it could be risky to place all one's bets on digital transaction
Cash is the physical representation of fiat currency, which legitimises all digital transactions. Undermining cash is tantamount to trivialising the visible and tangible power of the central bank. Besides, cash represents choice.
As Cuba takes leap towards 'cashless' economy, entrepreneurs brace for impact
Most alarming to many budding entrepreneurs was a new 5,000 peso ($20) daily cap on cash withdrawals for businesses, one of several measures the government said were aimed at forcing Cubans to do their transactions electronically, via transfer, online payment and bank cards.
India card payments market to surpass $728 billion in 2027, forecasts GlobalData
GlobalData’s Payment Cards Analytics reveals that card payments value in India registered a strong growth of 26.2% in 2022, supported by the improving economic conditions. This trend is expected to continue in 2023 and set to grow by 28.6% to reach $337.2 billion in 2023.
FidyPay to empower UPI in all panchayats across country by 15 August
FidyPay's payment solutions are currently being deployed in over 500 government institutions.
For many small-business owners in the US, shift to digital payments is a necessity
The number of Americans who say they are "cashless" has jumped in the last five years; 41% of Americans said they did not use cash for their purchases in a typical week in 2022, up from 29% in 2018, according to a Pew Research Center survey released last October.
For many small-business owners in the US, a necessary shift to digital payments
The number of 'cashless' Americans have increased in the last five years.
PNB launches UPI Payments with IVR-based UPI 123PAY
The Unified Payments Interface (UPI) has revolutionised the way transactions are conducted in India, providing customers with a seamless, secure, and real-time payment experience, it said. However, until now, UPI services were primarily accessible through smartphones or Unstructured Supplementary Service Data (USSD), reliant on robust internet connectivity, it said.
Cashless or not? Discover the key indicators of bike insurance with hassle-free claims
Having a comprehensive bike insurance policy with cashless claim benefits is important to protect your two-wheeler from potential risks on the road. Cashless claims allow you to get repairs done at authorized network garages without any upfront payments, as the insurer directly settles the payment.
CGHS beneficiaries to get cashless treatment at 3 premier medical institutes
In a significant and people-centric move, cashless treatment facilities will now be available to CGHS beneficiaries, both serving and pensioners, at AIIMS-New Delhi, PGIMER-Chandigarh and JIPMER-Puducherry.
CGHS beneficiaries to get cashless treatment at 6 AIIMS
"It will be particularly beneficial for the senior citizens (retired pensioner beneficiaries of CGHS) who find it difficult to submit individual reimbursement claims and follow up approvals," the ministry said.
India's digital payments market will triple to $10 trillion by 2026: PhonePe-BCG study
According to the PhonePe-BCG study, UPI has supercharged India’s transition to non-cash payments, especially in person-to-person (P2P) fund transfers and low-value merchant (P2M) payments.
Paytm Payments Bank signs up as acquiring partner for e-RUPI service
The bank has partnered with Paytm parent One97 Communications Ltd (OCL) to leverage the latter’s merchant base.
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