CASHLESS PAYMENTS
Flipkart expands bill payment suite in partnership with BillDesk
Users now have access to services like Fastag and DTH recharge, landline, broadband bill payments and mobile phone bill payments on the Flipkart platform, the company said on Wednesday. Flipkart has partnered with BillDesk to bring bill payment services for its users.
Nearly 70% health claim users opting for reimbursement mode don't have enough liquid savings to pay bills: Survey
A recent study highlighted challenges faced by health insurance policyholders opting for reimbursement, often resorting to borrowing or dipping into savings for medical bills. Despite expanded coverage, 68% lacked adequate savings for expenses. Cashless treatment remains preferred, with 89% satisfaction, compared to 79% for reimbursements. Delays post-discharge also impact satisfaction.
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.
UK begins rolling out banknotes with portrait of King Charles III
People queue outside Bank of England and post offices in the UK for new UK banknotes featuring King Charles III, alongside those with Queen Elizabeth II's portrait.
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
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
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
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
Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
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.
BHIM looks to bulk up with ONDC to take on digital payment heavyweights
NPCI-built app to foray into ecommerce space via separate division. Despite marketing challenges, BHIM aims to improve user experience through partnerships and new initiatives like BHIM 2.0.
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.
Prepaid payment instruments can now make payments and deposit cash via UPI
The Reserve Bank of India (RBI) has introduced a new system allowing users to make payments from prepaid payment instruments through third-party applications and deposit cash at ATMs using UPI. This move will enhance customer convenience and make the currency handling process at banks more efficient.
No more out-of-pocket expenses: The impact of 'Cashless Everywhere' on health insurance
The 'Cashless Everywhere' initiative by the General Insurance Council and insurers like Bajaj Allianz aims to provide hassle-free access to quality healthcare at any hospital, reducing financial burdens and ensuring prompt medical assistance for policyholders.
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.
India does as many cashless payments in a month, as much America does in three years, says EAM Jaishankar
External Affairs Minister S Jaishankar drew an analogy between India's growth in digital public infrastructure and the United States' cashless transactions. Speaking to the Indian community in Nigeria, Jaishankar highlighted the transformation of India in the last decade, including its ability to deal with challenges, improve the lives of its citizens, and make a strong economic performance. He praised India's response to the Covid pandemic and its role in manufacturing medicines for the world. Jaishankar also emphasized India's position as the fastest-growing economy and the increased flow of investments into the country.
India’s banks are making $64 billion from a freebie
India saw over 10 billion cashless transactions in August, with most of them being online and cost-free. However, customers using mobile-phone wallets to pay bills over 2,000 rupees are subject to a 1.1% fee. Despite concerns about the lack of profit motive, India's payment revenue reached $64bn last year, making it the fourth highest globally.
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.
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