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UPI growth 2.0: Efforts on to crack DBT code

Economic Times

Economic Times · 1y ago

UPI growth 2.0: Efforts on to crack DBT code

The Reserve Bank of India and banks are encouraging government direct benefit transfer (DBT) scheme beneficiaries to conduct transactions on the Unified Payments Interface (UPI) platform to promote digital transactions. The National Payments Corporation of India (NPCI) is bringing district and rural cooperative banks onto the UPI platform to offer digital payment services to their mainly rural customers. While more users are needed to drive financial inclusion, challenges exist such as cash withdrawals and the preference for feature phones over smartphones in rural areas. However, efforts are being made to educate and incentivize people to adopt digital payments.

Related News

Gautam Adani pens Davos diary, highlights India's growth potential and more

Livemint

Livemint · 1y ago

Gautam Adani pens Davos diary, highlights India's growth potential and more

Gautam Adani, Chairman of Adani Group, shared his thoughts in a LinkedIn post on the final day of the World Economic Forum's Annual Meeting in Davos. He highlighted India's emergence on the global stage, the ethical use of artificial intelligence, the Unified Payments Interface (UPI), direct benefit transfer (DBT), and tackling the decoupling of economies. Adani emphasized the need for enhanced multilateralism and international cooperation and discussed India's potential for growth, including becoming the AI "back office" of the world. He also mentioned the discussions on UPI, DBT, the Solar Alliance platform, and the successful G20 summit.

New PoS deployment grows at slowest pace since demonetisation: RBI data

Economic Times

Economic Times · 1y ago

New PoS deployment grows at slowest pace since demonetisation: RBI data

The deployment of new point-of-sale (PoS) terminals for cashless transactions in India has slowed down, with merchants and businesses favoring QR code-based UPI transactions over debit card swipes. While new PoS deployment rose by only 14% in fiscal year 2023-24, the deployment of QR codes for UPI payments has doubled in the last two years. The convenience of QR code-based UPI transactions and zero merchant discount rate (MDR) have led to a decline in debit card usage. However, credit card usage has seen exponential growth, compensating for the decline in debit card swipes.

Razorpay Launches ‘UPI Autopay On QR' For Subscription-Based Businesses

Inc42 · 1y ago

Razorpay Launches ‘UPI Autopay On QR' For Subscription-Based Businesses

Fintech firm Razorpay has introduced 'Razorpay UPI Autopay on QR' in collaboration with the National Payments Corporation of India (NPCI). This service simplifies UPI subscription payments for businesses, allowing them to create QR codes for subscriptions and integrate them into marketing materials. Customers can scan the QR code to make subscription payments. This offering aims to support subscription-based businesses' growth, particularly in metropolitan and Tier 1 cities. It leverages the widespread use of QR codes to encourage rapid adoption and acceptance of UPI payments for subscriptions.

UPI transactions for August likely to have crossed 10-billion mark

Money Control

Money Control · 1y ago

UPI transactions for August likely to have crossed 10-billion mark

India's unified payments interface (UPI) is expected to surpass 10 billion transactions for the first time in August, per data from the National Payments Corporation of India (NPCI). The UPI platform reached 9.89 billion transactions in July, and with a daily average of 330 million transactions in August, it's projected to hit around 10.5 billion transactions, marking a 5% month-on-month growth. UPI, which has shifted from person-to-person transfers to driving commerce, is targeting 30 billion transactions per month within the next few years. Around 57% of UPI transactions are now merchant-related, largely driven by QR code adoption.

Fintech the cornerstone to help India achieve financial inclusion: Economic Survey 2023-24

Economic Times

Economic Times · 1y ago

Fintech the cornerstone to help India achieve financial inclusion: Economic Survey 2023-24

The Indian government aims to promote data-based lending to support small businesses and economic growth, according to the Economic Survey for 2023-24. It also plans to develop a centralized KYC mechanism to standardize customer identification across financial services sectors. The survey highlights India's position as the third largest fintech market globally and acknowledges the potential of disruptive technologies like AI/ML, decentralized finance, and IoT in the digital payments ecosystem. The government aims to reduce the cost of financial intermediation to drive financial inclusion and has leveraged technology through initiatives like DBT payments, UPI, and Aadhaar to achieve this. The survey emphasizes that digital payment adoption can accelerate economic growth by 2.2%.

India's digital economy to surpass $1 trillion by 2028: Report

Livemint

Livemint · 10m ago

India's digital economy to surpass $1 trillion by 2028: Report

- India's digital economy is expected to surpass $1 trillion by 2028, driven by factors like widespread 4G and 5G access and homegrown innovations such as UPI. - Government initiatives like PMJDY and DBT have accelerated financial inclusion, particularly in rural areas, propelling India towards a cashless economy. - India's digital prowess now outpaces several developed countries, including Japan, the UK, and Germany, according to ICRIER. - Mobile network expansion has played a key role in driving India's digital transformation, with over 7 crore internet and broadband subscribers added in the past year. - The rise of digital payments is remarkable, with retail digital transactions expected to reach $10 trillion by 2026, with UPI projected to handle 90% of these payments by 2027. - Digital services like telemedicine, online education, and e-commerce have seen significant growth, transforming access to healthcare and education in the country.

NPCI international partners with Qatar National Bank for UPI payments in Qatar

YourStory

YourStory · 1y ago

NPCI international partners with Qatar National Bank for UPI payments in Qatar

NPCI International Payments Limited (NIPL) has partnered with Qatar National Bank to introduce QR code-based Unified Payments Interface (UPI) payments in Qatar. This collaboration aims to enable Indian tourists to make UPI payments at various locations, enhancing their travel experience. The initiative is expected to revolutionize transactions and empower local merchants in the region. NIPL has also expanded UPI adoption in the United Arab Emirates by partnering with Network International to enable QR code-based UPI payments through their POS terminals.

Netflix adds 13.1 million subscribers, tops revenue estimates as membership push gains steam

CNBC

Netflix adds 13.1 million subscribers, tops revenue estimates as membership push gains steam

Netflix reported stronger-than-expected subscriber growth, adding 13.1 million subscribers in the fourth quarter, bringing the total to a record 260.8 million paid subscribers. This growth exceeded Wall Street's expectations and was attributed to the company's efforts to build its ad-supported service and crack down on password sharing. Netflix also reported higher earnings and revenue for the quarter, and increased its 2024 full-year operating margin forecast to 24%. The company aims to continue investing in its content offering despite the consolidation happening in the entertainment industry.

xAI open-sources base model of Grok, but without any training code

TechCrunch · 1y ago

xAI open-sources base model of Grok, but without any training code

Elon Musk's xAI has open-sourced the base code for the Grok AI model. The model, known as the "314 billion parameter Mixture-of-Expert model," is available on GitHub under the Apache License 2.0. However, the training code is not included. The Grok model was previously released as a chatbot on the X social network but the open-source version does not have connections to the network. Some companies are already considering using Grok in their AI-powered tools, and Perplexity CEO Arvind Srinivas has mentioned fine-tuning it for conversational search.

UPI speed bump: Wider base shrinks growth rate

Economic Times

Economic Times · 4m ago

UPI speed bump: Wider base shrinks growth rate

India's Unified Payments Interface (UPI) is witnessing slower growth despite record transaction volumes due to its expanded user base and urban market saturation. March saw 18.3 billion transactions, a 36% increase from the previous year, but lower than past growth rates. UPI's expansion to rural areas requires significant investment, with potential growth hinging on reaching untapped markets. Efforts include international expansion and enhancing services, while a lack of funding for small markets poses challenges.

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