Demonetisation

16 news stories about Demonetisation

Paytm CEO sets out plans to become the world’s largest digital bank

By Sarah Clark • • Updated • nfcw.com

Alibaba-backed Paytm aims to become world’s largest digital bank — Bloomberg — “Paytm Payments Bank aims to create the world’s largest digital bank with 500m accounts, envisioning an online financial services provider of everything from wealth management to credit cards and stock market trading… The bank grew out of Paytm’s digital wallet, which amassed over a hundred million customers after India took high-denomination bills — or nearly 90% of the value of cash — out of circulation last November.”

What's New in Payments

Paytm to invest US$1bn in building out its payments business

By Sarah Clark • • Updated • nfcw.com

Paytm plans $1 billion top-up to cash in on note ban success — Times of India — “Sharma said they were looking at a three-pronged strategy to double the number of users in the coming year by converting Paytm users to its payments bank, tap into non-wallet users through UPI and sell financial products from next year. ‘Long ago, we realised that standalone payments as a business is an orphan and thus we are building a bouquet of products,’ Sharma said.”

What's New in Payments

Digital India: UPI-based transactions grew more than 20 times since demonetization

By Sarah Clark • • nfcw.com

Digital India: UPI-based transactions grew more than 20 times since demonetization — BGR — “UPI is now one of the most widely used mobile payments systems, and could reach 100 million users in a few years… UPI’s monthly transaction value shot up from $15 million before November 8 to $359 million by the end of the financial year (March 2017).”

What's New in Payments

Mahindra Comviva explores the evolution of digital payments in India

By Rian Boden • • Updated • nfcw.com
Srinivas Nidugondi

The most obvious recent change in the payments landscape across India is the significant increase in the number of digital payments taking place in both urban and rural areas as a result of the measures taken by the Indian government to push the cashless initiative to the top of the nation’s agenda, says Mahindra Comviva’s senior vice president and head of mobile financial solutions. More

What's New in Payments

Samsung Pay goes live across India with support for Paytm and UPI money transfers

By Rian Boden • • Updated • nfcw.com
Samsung Pay India

Samsung Pay has launched in India with support from Visa, Mastercard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Cards and Standard Chartered Bank, with Citibank India support expected “shortly”. The service has also integrated India’s leading mobile wallet Paytm and comes with support for peer-to-peer money transfers through the Indian government’s Unified Payments Interface platform. More

What's New in Payments

What’s New in Payments: Leading international innovators explain the latest payments trends and technologies in free special report

By Christopher Brown • • Updated • nfcw.com
What's New in Payments

Senior executives from Starbucks, Pizza Hut, Barclaycard, Swatch and CaixaBank are among 12 leading payments innovators who have contributed to What’s New in Payments, a 104-page special report that is now available to download free of charge from the NFC World Knowledge Centre... More

What's New in Payments

Indian government unveils sweeping proposals to reduce the use of cash

By Rian Boden • • Updated • nfcw.com
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley departs from North Block to Rashtrapati Bhavan and Parliament House, along with the Minister of State for Finance and Corporate Affairs, Shri Arjun Ram Meghwal and the Minister of State for Finance, Shri Santosh Kumar Gangwar to present the General Budget 2017-18, in New Delhi on February 01, 2017.

The Government of India has introduced a series of incentives designed to encourage consumers and businesses to adopt digital and mobile payments and significantly reduce the use of cash in the economy — including plans to encourage banks to introduce one million point-of-sale terminals by March 2017, rising to two million by September... More

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