Tag: npci

Digital payments: India pips China, US, others in 2020; leads global tally with this many transactions

Banking & Finance

[ad_1]

Read More/Less


UPI transaction value witnessed a growth of 18.7 per cent month-on-month to Rs 5.05 lakh crore in March 2021 from Rs 4.25 lakh crore in February 2021.

Amid Covid, India was home to the highest number of real-time online transactions in 2020 ahead of countries such as China and the US. 25.5 billion real-time payments transactions were processed in the country followed by 15.7 billion in China, 6 billion in South Korea, 5.2 billion in Thailand, and 2.8 billion in the UK. Among the top 10 countries, the US was ranked ninth with 1.2 billion transactions. The transaction volume share for instant payments India, among real-time transactions, was 15.6 per cent and 22.9 per cent for other electronic payments in 2020, according to a report by the UK-based payments system company ACI Worldwide. Importantly, paper-based payments continued to have a considerable share of 61.4 percent in India.

However, this is expected to change by 2025 as volume shares for instant payments and other electronic payments are likely to grow to 37.1 per cent and 34.6 per cent respectively. Consequently, the share of paper-based transactions would contract to 28.3 per cent. Moreover, the share of real-time payments volume in overall electronic transactions will exceed 50 per cent by 2024. “India’s journey of creating a digital financial infrastructure has been characterized by collaboration between the government, the regulator, banks, and fintechs. This has helped to advance the country’s goal of enabling financial inclusion and also provided rapid payments digitization for citizens,” said Kaushik Roy, VP and head of product management, Asia, ME and Africa, ACI Worldwide in a statement.

Also read: Radhakishan Damani’s Rs 1,000 crore home: DMart founder buys new property at Mumbai’s Malabar Hill

India’s digital payments market led by Paytm, PhonePe, Pine Labs, Razorpay, BharatPe, and others on the B2C and B2B sides has surged during the pandemic even as incentives such as cash backs, rewards, and offers have helped businesses to attract more customers. Moreover, policy frameworks such as Pre-Paid Instruments (PPI), Universal Payment Interface (UPI) by the NPCI apart from Aadhar, and the launch of BHIM-app have driven the financial inclusion and improved the payment acceptance infrastructure in the country in the past few years.

According to another report by the Indian Private Equity and Venture Capital Association (IVCA) and Ernst & Young, digital payments in India is expected to grow at 27 per cent CAGR during the FY20-25 period from Rs 2,153 lakh crore transactions in FY20 to Rs 7,092 lakh crore in FY25. UPI transaction value witnessed a growth of 18.7 per cent month-on-month to Rs 5.05 lakh crore in March 2021 from Rs 4.25 lakh crore in February 2021 while transaction volume rose by 19 per cent to 2,731.68 million from 2,292.90 million during the said period, according to data released by National Payments Corporation of India (NPCI).

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , , , , , ,

NPCI sets up subsidiary NPCI Bharat BillPay

Banking & Finance

[ad_1]

Read More/Less


National Payments Corporation of India (NPCI) on Thursday announced the formation of its wholly-owned subsidiary firm – NPCI Bharat BillPay Ltd. (NBBL).

“The new entity came into effect from April 1, 2021,” it said in a statement, adding that it plans to have a strategic focus for the growth of Bharat BillPay with the newly formed entity.

The brand under the new entity – Bharat BillPay – offers various recurring payment services to customers, including bill payments for electricity, telecom, DTH, gas, education fees, water and municipal taxes, NETC FASTag recharge, loan repayments, insurance, cable, housing society, subscription fees, hospital, credit card, clubs and associations, it further said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment ,

Banks to conduct special clearing operations for closure of government accounts on March 31, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it.

With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account.

Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI.

To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021, the RBI said.

Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai.

“It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS grids are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing,” said the regulator.

Besides, it has asked the banks under the respective CTS grids to adhere to the instructions issued to them by the President of the respective CTS grid.

Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearing house, with the relevant data.

This eliminates the cost of movement of the physical cheques and reduces time for collection and clearance of cheques.

All government transactions done by agency banks for 2020-21 must be accounted for within the same financial year, the RBI said.

The central bank said all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021.

“Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2021.

“Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions,” it said.

With regard to reporting of central and state government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021, the RBI said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Union Bank of India and HPCL launch co-branded contactless RuPay card, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Union Bank of Indiaand Hindustan Petroleum Corporation Limited have launched co-branded contactless RuPay credit card. The users of this card will get 16X reward points, which would be equivalent to 4% cashback, on fuel spends worth Rs. 500 and above at over 18000 HPCL outlets across the country. Customers will also receive additional 1.5% reward points from HPCL if they pay for fuel via HP Pay wallet. Customers will also get the benefit of 1% fuel surcharge waiver for fuel transactions at HPCL retail outlets.

This is the first time a co-branded branded RuPay credit card is being launched with NCMC (National Common Mobility Card) feature which will enable contactless transactions in-transit for travel by metro, bus, taxi, suburban railways, toll and topping-up FASTags, parking and also for retail purchases. Thus a single card can be used for payments for all requirements thereby avoiding the need to have multiple cards.

The UBI – HPCL contactless RuPay card users will also receive a welcome bonus of Rs. 300 which can be used to purchase fuel at any HPCL retail outlet within 60 days of card activation. Additionally, if customers spend Rs. 5000 in the first month of card issuance, they are entitled for a card Activation Bonus in the form of a shopping voucher from a reputed brand.

The card comes with a nominal joining fee. UBI – HPCL RuPay contactless card offers multiple benefits and offers in the non-fuel category as well which includes entertainment, lifestyle, travel, shopping, food delivery and the likes. The card rewards customers for all their non-fuel purchases with 2X reward points. Additionally, on spending Rs. 1.25 lakh or above in a year for non-fuel purchases, the users will get incremental milestone rewards of 500 points and 100 additional points on Rs. 25,000 spend thereafter. For every purchase worth Rs. 50,000 beyond Rs. 2 lakh for non-fuel purchases, customers will receive an additional 1000 reward points.

Mukesh Kumar Surana, Chairman & Managing Director HPCL said, “HPCL is very happy to partner with Union Bank of India and NPCI to launch co-branded RuPay Credit Card with new facilities to enhance customer convenience. This is the first co-branded RuPay Credit Card which is powered with “National Common Mobility Card” features which will help the card holders to have the facility to use this card for metro travel, bus travel, parking fees, FASTag etc. In addition to all the features of a credit card with enhanced offerings and rewards.

Raj Kiran G. MD & CEO, Union Bank of India said, “We are happy to announce that we are launching the Union Bank HPCL Co-branded credit card on the RuPay platform. Our partnership with HPCL – one of the leading players in fuel retail segment– and RuPay – India’s global card payment network, provides us an opportunity to work together to create value for our customers.”

Dilip Asbe, MD & CEO, NPCI said, “We are happy to launch the Union Bank HPCL RuPay co-branded contactless credit card. We believe our partnership with HPCL and Union Bank is set to provide a rewarding and delightful fuel and non-fuel transactions experience to the cardholders. We are also confident that this card will help strengthen RuPay’s customer base as it comes with various attractive benefits and rewards. The launch of this card will also act as a catalyst in re-defining retail shopping for customers by encouraging them to adopt cash-lite and contactless transactions.”



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

‘RuPay’s market share by volumes is 34%’

Banking & Finance

[ad_1]

Read More/Less


All those things are starting to fall in place and we are already seeing the trend of good success rates come back.

The problem of high transaction failure rates has been solved to a large extent, Praveena Rai, chief operating officer, National Payments Corporation of India (NPCI), told Shritama Bose and Shobhana Subramanian. RuPay cards now account for a third of the card payments market, Rai added. Edited excerpts:

In 2020 while digital payments surged, there was also the problem of high failure rates and outages. What have been the takeaways for the industry?

It’s a good place to be. It’s a fantastic problem to solve. The demand side really picked up so well in a situation where the country needed it so much. I’m on one hand really glad and happy that we have the core infra running the systems where the users were aware and a much higher level of awareness build-up, which was highly need-driven at a time when people were locked in and wanted to have their transactions in a safe way without exposing themselves and without having too much contact.

Really the discovery of digital payments for a lot of people happened. So that demand really created the supply-side challenges that you’re referring to. The learning is really that in India we have to be prepared for the exponential growth to continue and the inflexion points will surprise us.

The second thing is response and being able to get things back in shape quickly. We are seeing that in the ecosystem today. Institutions have done what they needed to do from an infrastructure standpoint. We’ve been very heavily involved in a lot of that activity, having technology that is not just scaling up in a linear fashion, but very efficient and effective manner.

All those things are starting to fall in place and we are already seeing the trend of good success rates come back. Some of the very large institutions in the last few days have shown success rates which are better than anything seen in the past.

UPI P2M volumes have really shot up. Do you think all the merchants who could have been acquired have already come under the fold?

No, I think we are still scratching the surface there. On one hand, we’ve seen the UPI volumes grow and on the other hand, the percentage of P2M transactions has also significantly increased. Earlier, we would have seen 35% of transactions on P2M and now that number is hovering closer to 43-45% in the last couple of months. So, a number of users who started out making small payments to each other whenever they needed are starting to use it for merchant payments.

E-commerce is a very significant driver, but we are also seeing a lot of other interesting categories emerge. For example, we now have some of the bus transport corporations going live on UPI. Canara Bank has done this in Bengaluru. So, there are a number of use cases still being discovered. So, there is still a long way to go before we can say we have addressed all the possible use cases.

With some shareholders of NPCI now setting up NUEs are you looking for new stakeholders?

NPCI is dedicated to India’s digital payments vision and whatever has happened in the last decade would not have happened if the ecosystem partners were not equally committed. There are two parts to this. One is the role that organisations may play wearing their investment hat. They may make various investments in the market. The other is the role they play in NPCI as key stakeholders. Whatever NPCI has brought to the market has been co-created with other stakeholders. That DNA will stay. We will remain committed to market participants. The role that organisations may play as investors will play out and we will take it up at that point in time. Our action plan is already in place. At this stage, we are in a wait, watch and observe mode.

Zero MDR is still a sticky point with the industry. How has it changed life for NPCI?

Having a revenue stream is important and ecosystem players need to have returns for whatever investments they have made. However, the market is looking at it from a relationship value standpoint. As long as the demand stacks up, that approach will drive support for the systems that are there. Our market share on RuPay has stayed flat. We are at about 34% by volumes and 30% by value. We are making an incremental push on the credit card side of the market. So, we have the full portfolio.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

NPCI launches dispute redressal mechanism for BHIM-UPI users

Banking & Finance

[ad_1]

Read More/Less


Other banks are also gearing up to implement UPI-Help for creating strengthened digital payment ecosystem focussed on customer protection.

The National Payments Corporation of India (NPCI) on Monday said it has gone live with ‘UPI-Help’ on the BHIM (Bharat Interface for Money)-Unified Payments Interface (UPI) channel, as part of its Digi-Help stack. The redressal mechanism is aimed at creating a hassle-free experience for BHIM UPI app users regarding resolution of various issues.

UPI-Help will enable BHIM UPI users to use their app to check the status of pending transactions, raise complaints for transactions that have not been processed or money not credited to the beneficiary and raise complaints for merchant transactions.

“UPI-Help can resolve complaints online for person-to-person (P2P) transactions. In addition to this, in case of pending transactions where user doesn’t take any action, the UPI-Help shall also proactively attempt to auto update the final status of the transactions on the app,” the NPCI said in a release.

To start with, the NPCI has gone live on the BHIM app for customers of State Bank of India, Axis Bank, HDFC Bank and ICICI Bank. Customers of Paytm Payments Bank and TJSB Sahakari Bank will also be able to use UPI-Help soon. Users of other banks participating in UPI will be able to access UPI-Help in the months to come.

NPCI said the Reserve Bank of India’s initiative of introducing dispute resolution mechanisms is paving the way to empower customers to confidently adopt digital payments and go cashless. Other banks are also gearing up to implement UPI-Help for creating strengthened digital payment ecosystem focussed on customer protection.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

IBA may seek clarity on whether banks can be part of both NPCI, NUE

Banking & Finance

[ad_1]

Read More/Less


The Indian Banks’ Association (IBA) may seek regulatory clarity on whether banks already holding stake in the National Payments Corporation of India (NPCI) can be part of a consortia for setting up a New Umbrella Entity (NUE) for retail payment systems.

Though NPCI, India’s only umbrella organisation for operating retail payments and settlement systems, is a ‘not for profit’ company under Section 8 of Companies Act 2013 and NUE will in all probability, be a ‘for-profit’ company, banks want to be sure that the regulator has no objection to them holding stake in two organisations in the same line of business.

Also read: Umbrella entity for retail payments: Race for licence gathers momentum

One school of thought is against ‘for profit’ entities getting into the umbrella retail payment and settlement space due to concerns that the consumer may end up paying more than what he is currently paying for availing digital banking services.

However, another school of thought is of the view that digital banking services could improve further just like it happened after private players entered the telecom sector.

NPCI has 10 banks as shareholders with more than 5 per cent stake. Bank of Baroda is the single largest shareholder with 9.592 per cent stake (this includes the shareholding of erstwhile Dena Bank and Vijaya Bank).

State Bank of India, Union Bank of India, Bank of India, Punjab National Bank, Canara Bank, ICICI Bank, HDFC Bank, HSBC, and Citibank have 7.47 per cent stake each in NPCI.

These 10 banks collectively held 76.822 per cent stake in NPCI as at March-end 2020.

Proposals in the works

Significantly, several of these banks are working out proposals and plan to apply to the RBI for an NUE license.

State Bank of India is a key player that is planning to apply for a license. Sources said the idea is to take forward its mobile banking YONO app to the next level of payments. This could possibly be in a consortium with Bank of Baroda.

Meanwhile, HDFC Bank and Kotak Mahindra Bank are set to work in a consortium with Tata Sons and Mastercard to apply for a NUE license. ICICI Bank and Axis Bank are also working with Amazon and readying plans.

Also read: New umbrella entity for retail payments: RBI extends timeline to make application up to March 31

Another consortium led by Jio Platforms, a majority-owned subsidiary of Reliance Industries, is also in the race to set up a NUE.

According to industry watchers, at least half a dozen consortia are expected to apply and about three licenses may be given out.

“But applications are still in the process of being finalised. It is unlikely that any license will be issued until the end of the year or early 2022,” noted a person following the developments.

Many players believe that setting up more such entities will help further leverage digital payments and increase their penetration and it would not be fair to compare them with NPCI, which has spearheaded the payments transformation.

The deadline for filing applications with the RBI is March 31.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

UPI volume, value contract for first time in 10 months even as YoY growth nearly doubles

Banking & Finance

[ad_1]

Read More/Less


UPI transactions had exited 2020 with the Rs 4-lakh-crore value mark in December.

Unified Payments Interface (UPI) transaction volume and value have witnessed a contraction in February 2021 — the first time since April last year. From 2302.73 million transactions involving Rs 4,31,181.89 crore processed in January 2021, the number of transactions declined to 2,292.90 million worth Rs 4,25,062.76 crore in February 2021, according to the data from the National Payments Corporation of India (NPCI). UPI transactions in April last year had declined to 999.57 million amounting to Rs 1,51,140.66 crore from 1,246.84 million transactions worth Rs 2,06,462.31 crore in the preceding month.

However, the year-on-year growth in UPI transactions stood at 73 per cent in February 2021 even as the value nearly doubled by 91 per cent. February 2020 volume stood at 1,325.69 million transactions worth Rs 2,22,516.95 crore. The number of banks going live on UPI also increased from 146 in February 2020 to 213 in February 2020. UPI transactions had ended 2020 on a high note with the total value storming past the Rs 4-lakh-crore mark in December to Rs 4.16 lakh crore across 2,234.16 million transactions.

Also read: IPO-bound Flipkart rejigs leadership; appoints Unilever veteran Hemant Badri as Senior VP Supply Chain

While the NPCI is yet to release bank and app-wise data for their February UPI transactions, Walmart-owned PhonePe had remained the leading UPI-app in terms of volume and value in January 2021. The company had processed 968.72 million transactions involving nearly Rs 1.92 lakh crore. In fact, PhonePe’s volume was over 100 million transactions higher than Google Pay’s 853.53 million transactions worth Rs 1.77 lakh crore. On the other hand, Paytm Payments Bank had remained the distant third player with a volume of 332.69 million worth Rs 37,845.76 crore. The combined transaction volume of the three leading UPI apps stood at 93.5 per cent share of the total January volume of 2,302.73 million while the value share stood at 94.5 per cent of Rs 4.31 lakh crore.

Importantly, among India’s top 30 UPI remitter banks witnessing UPI transaction failures due to technical reasons, public sector lender Union Bank of India had the highest failure in January. From 10.75 per cent technical decline (TD) in December, the failure rate jumped to 12.89 per cent in January for Union Bank of India. Andhra Bank and Indian Bank recorded the second and third highest TD rate of 10.40 per cent and 9.83 per cent respectively in January.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , , ,

Union Bank of India, Syndicate Bank post highest UPI failure rates; Paytm sees lowest decline rate

Banking & Finance

[ad_1]

Read More/Less


Andhra Bank and Indian Bank recorded the second and third highest TD rate of 10.40 per cent and 9.83 per cent respectively in January.

Public sector lender Union Bank of India continued to witness the highest failure rate for UPI transactions among India’s top 30 UPI remitter banks due to technical reasons in January. From 10.75 per cent technical decline (TD) in December, the failure rate jumped to 12.89 per cent in January for Union Bank of India, data from the National Payments Corporation of India (NPCI) showed. 85.95 million UPI transactions were processed by Union Bank of India during the month out of which nearly 80 per cent were approved while 7.36 per cent were declined due to reasons including invalid pin entered by customer, incorrect beneficiary account, exceeding per transaction limit or permitted count of transactions per day or amount limit for the day, etc. Andhra Bank and Indian Bank recorded the second and third highest TD rate of 10.40 per cent and 9.83 per cent respectively in January.

Among the top 30 UPI beneficiary banks (bank of the account holder who is receiving money) as well, Indian Bank recorded the second-highest TD rate of 5.50 per cent while Syndicate Bank topped the tally with 8.65 per cent. Karnataka Bank posted the third-highest TD rate of 3.18 per cent among UPI beneficiary banks in January. State Bank of India, which posted the highest TD rate of 9.08 per cent in December, improved it to 1.52 per cent in January.

Also read: Flipkart leads Q4FY21 international net sales for Walmart

Paytm Payments Bank recorded the lowest TD rate of 0.05 per cent on 145.61 million transactions in January among remitter banks. In terms of transaction volume, the top remitter banks were SBI (664.75 million), HDFC Bank (206.65 million), Axis Bank (173.38 million), and ICICI Bank (152.06 million). Among beneficiary banks, CITI Bank saw zero transactions failing due to technical reasons on 5.94 million transactions. Paytm Payments Bank (368.90 million), SBI (354.61 million), Yes Bank (273.95 million), ICICI Bank (237.59 million), and Axis Bank (207.61 million) saw the highest volume among beneficiary banks.

Walmart-owned digital payments company PhonePe was the highest UPI app in January processing processed 968.72 million UPI transactions involving nearly Rs 1.92 lakh crore. PhonePe volume was more than 100 million transactions higher than Google’s 853.53 million transactions worth Rs 1.77 lakh crore. Paytm Payments Bank, however, remained the distant third player with a volume of 332.69 million worth Rs 37,845.76 crore.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , , , , ,

RBI steps in to push UPI, RuPay’s global reach

Banking & Finance

[ad_1]

Read More/Less


UPI can be used to transform retail payment mechanisms globally, and at the same time promote financial inclusion, the booklet said

The Reserve Bank of India (RBI), in close collaboration with the government and National Payments Corporation of India (NPCI), is working to expand the reach of Unified Payments Interface (UPI) and RuPay globally. In this connection, it has written to other central banks highlighting the features of UPI as an efficient and secure system, the RBI said in a recently-released booklet on payment and settlement systems in India. As on November 30, 2020, RuPay had a 60% share in cards issued, the booklet said.

UPI can be used to transform retail payment mechanisms globally, and at the same time promote financial inclusion, the booklet said. “UPI system has the potential to evolve into a cheaper and quicker alternative to available channels of remittance for cross-border payments as well, whether related to retail remittances or small-value trade transactions. It could, in future, provide the basis for a stronger bilateral business and economic partnership with other jurisdictions,” the RBI said.

The central bank has also participated in regional outreach programmes where the features of UPI and the possibility of leveraging on the UPI system to facilitate cross-border transactions were presented to participants. It is collaborating with the Bank for International Settlements (BIS) to organise outreach events and webinars to spread awareness about the potential of UPI and encourage the adoption of UPI and RuPay cards across jurisdictions.
Over the past 10 years, during the period between FY11 and FY20, the number of debit cards issued increased to 82.86 crore from 22.78 crore, of which around 30 crore were RuPay debit cards issued to basic savings bank deposit (BSBD) accountholders. During the same period, the number of credit cards issued increased to 5.77 crore from 1.80 crore. The increase in cards has facilitated growth in both online and physical point of sale (PoS) terminal-based card payments, resulting in an increase in digital transactions, the RBI said.

Countries that encourage domestic cards have been observed to be faster in moving away from cash, the booklet said. “India is a late entrant to the domestic card market and in 2017, the share of RuPay was only 15% of the total cards issued in India. However, as on November 30, 2020, with about 60.36 crore RuPay cards issued by nearly 1,158 banks, the market share of RuPay has increased to more than 60% of total cards issued,” the RBI said. A significant proportion of RuPay cards is in the nature of debit cards, with only 9.7 lakh credit cards issued as on November 30, 2020.

“To increase its acceptance around the world, RuPay has tied up with other payment networks like Union Pay (China), JCB (Japan), NETS (Singapore), BC Card (South Korea), Elo (Brazil) and DinaCard (Serbia), in addition to Discover and Diners Club and has thus made its presence felt across 195 countries across the globe,” the RBI said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,
1 … 3 4 5 6