In a recent update, NIPL has partnered with the bank of Namibia to develop a payments system like the Unified Payments Interface (UPI) in the country to help Namibia modernize its financial ecosystem.
A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore, among others, have partnered or intending to partner with India on emerging fintech and payment solutions.
India and Nigeria have agreed to conclude a local currency settlement system agreement to strengthen economic ties. The agreement, signed during a joint session of the India-Nigeria Joint Trade Committee, aims to promote the use of the Indian Rupee and Nigerian Naira for cross-border transactions. The agreement will enhance bilateral trade and mutually beneficial investments in sectors such as crude oil, natural gas, pharmaceuticals, power, renewable energy, agriculture, education, transport, railway, aviation, and MSMEs development.
A lack of clarity surrounding the interchange fee structure and lower adoption rates among smaller merchants have hindered the uptake of credit transactions through the UPI, according to industry experts.
As more and more people in India take to paying digitally, banks are having to pick up a larger tab on account of rising costs of maintaining a competent IT system.
The currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 lakh crore in end March 2024. Significantly the currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023 which resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back to the banking system.
Despite facing numerous challenges, one year into the program, we have successfully enrolled over 10,000 candidates for training, and certified more than 8,500 with an impressive 70% representation of women. About 330 businesses have been set up across 40+ trades, along with enablement of market or credit linkages, with 75% of them being spearheaded by women.
As the deadline looms for the NPCI's 30% UPI market ceiling, industry players are eagerly anticipating the upcoming measures to meet this cap by January 1. The National Payments Corporation of India (NPCI) recently extended the deadline for third-party UPI players to comply with the 30% volume cap in digital transactions to December 2024. Currently, major TPAPs like Google Pay and PhonePe hold an 85% share in UPI transactions. NPCI, the operator of UPI for real-time payments, is set to outline strategies to enforce the 30% market ceiling to mitigate concentration risks.
The Indian diaspora plays a significant role in making the country the largest recipient of foreign money, which immensely contributes to India’s economic development and growth. The US, UK, and Singapore are the significant contributors to the inward remittance to India. The money sent from these countries amounts to 36% of India’s total remittance inflow.
Cred is also developing an offline payments business and will start deploying QR code based ‘scan and pay’ payments at retail outlets. It will build on the UPI payments facility that Cred is pushing. It might need to apply separately for the payment aggregator-point of sale (PA-P) licence. Read more:
Cred is also developing an offline payments business and will start deploying QR code based ‘scan and pay’ payments at retail outlets. It will build on the UPI payments facility that Cred is pushing. It might need to apply separately for the payment aggregator-point of sale (PA-P) licence. Read more:
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