Kuldeep Pawar’s Post

Mobile wallet adoption is surging in India and swiftly becoming a primary payment option, surpassing traditional methods like cash and cards. Over the next few years, Mobile wallet payments to surpass the Rs 531.8 trn mark in 2028. #india #digitalpayments https://mybs.in/2dV2vmx

In recent years, India has witnessed a revolutionary transformation in its payment systems, largely driven by digital innovation. This transformation is reshaping how consumers and businesses handle financial transactions, making them faster, more efficient, and secure. In this article, we delve into the intricacies of India's digital payment systems, examining their evolution, current trends, and the challenges and opportunities they present. https://lnkd.in/daHQr_e4

Dilip Modi Spice Money writes on the future of digital wallets in India with the advent of third-party UPI access for PPIs.  "Combined with the recent Reserve Bank of India (RBI) move allowing credit lines on UPI, it will empower users, promote financial inclusion, and drive the next wave of growth and innovation in digital payments. We must ensure that these changes benefit all segments of society, paving the way for a more inclusive and digitally empowered India." https://lnkd.in/gjXshBb6

Rupay CC on UPI is a disrupter, GIANT KILLER !! Credit Card on UPI is disrupting the payment ecosystem! Over the past decade, payment methods have evolved rapidly towards consumer convenience. From net banking to wallets, each step catered to ease of payment. The arrival of UPI on smartphones and high-speed internet further revolutionized the landscape, offering unparalleled ease of transactions. Now, the game-changer - RUPAY CC on UPI. This innovation has the potential to revolutionize the market by providing a seamless payment experience. With already a 30% market share in new card acquiring, RUPAY CC is set to dominate the industry, challenging the traditional card-based transactions controlled by Visa and Mastercard. RBI's mandate for banks to offer cards on consumer's scheme choice amplifies this shift. As RUPAY CC gains momentum on UPI, the need for physical cards diminishes. The future of payment lies in UPI-like processes, reshaping the industry dynamics significantly. In the coming days, Rupay is going to change the visa/mc equation drastically, and forever. As RUPAY CC ventures into micro-lending, it is poised to redefine the payment landscape. The spotlight is on NPCI and RBI, the architects of this transformative journey. Exciting times lie ahead as RUPAY CC on UPI Rails paves the way for a new era in Indian payments. #PaymentInnovation #RUPAYCC #UPIRevolution #Unlimit #ProductOfFuture

🚀 Big Changes Coming to UPI Payments Before January 1, 2025! The Reserve Bank of India (RBI) and NPCI are rolling out exciting updates to make digital payments more inclusive and user-friendly. Here’s what’s changing: ✅ UPI 123Pay: Transaction limit raised from ₹5,000 to ₹10,000, empowering feature phone users to make larger payments without internet. ✅ Aadhaar OTP Onboarding: Simplified registration for UPI 123Pay, ensuring easy access for more users. ✅ UPI Lite Enhancements: Wallet limit increased to ₹5,000 and transaction limit to ₹1,000 for faster, small-value payments. ✅ Biometric Authentication in the Works: NPCI is exploring advanced solutions to eliminate OTPs and PINs for seamless UPI transactions. These updates are set to revolutionize digital payments in India, making them more accessible for rural and urban users alike. 👉 Learn more about these changes and their impact in our detailed article: https://lnkd.in/dvzfbQpX 💬 What do you think about these updates? Share your thoughts in the comments below! #DigitalPayments #UPI123Pay #Fintech #IndiaDigitalRevolution #FinancialInclusion

UPI 123Pay has transformed how India manages digital payments. NPCI has instructed banks to implement these changes by January 1, 2025.

As India's digital payments ecosystem evolves, UPI 3.0 is poised to reshape the future of transactions with new use-cases like Credit Line on UPI, Contextual Payments, Embedded Payments and more. These advancements hold immense potential for financial inclusion, growth opportunities, and innovation in the payments industry. Read more about Karthik R K’s views on how UPI 3.0 will drive India's digital payments revolution published in Express Computer https://lnkd.in/dAKubmAt #UPI 3.0 #DigitalPayments #RealTimePayments #Mindgate

Vodafone’s ‘VOXI For Now’ is a mobile social tariff aimed at people on lower incomes and government benefits. The mobile provider uses Moneyhub’s open banking powered eligibility checker to assess customer’s finances and speed up access to the affordable tariff. Our case study explains how > https://lnkd.in/g6843gKN #OpenBanking #SmartData #OpenFinance #Innovation #DigitalInnovation #TechInnovation #Payments #Data #VOXI #VOXIforNOW #MobilePhone Scott Currie | Dan Scholey

Key layers of Digital India Stack include 👇 🔹⁠⁠Consent Layer: Managed by the Reserve Bank of India, facilitating modern data privacy and sharing. 🔹 Cashless Layer: An interoperable payment network owned by NPCI, featuring IMPS, AEPS, APB, and UPI. 🔹 Paperless Layer: Managed by the Department of Electronics and Information Technology, including e-Sign, e-KYC, and Digital Locker. 🔹 ⁠Presence-less Layer: Providing open API access with components like Mobile Aadhaar and Aadhaar card. Credit - YourStory

Setu, a Pine Labs company, in partnership with Axis Bank, today launched UPISetu, India’s only UPI-focused payments platform for businesses and developers. NPCI’s UPI has seen a meteoric rise in India with Person-to-Merchant (P2M) transactions alone witnessing a phenomenal rise of 241% from 2.56 billion transactions in June 2022 to 8.72 billion transactions in June 2024. Overall, UPI transactions growth stands at an impressive 137% over the last 2 years (June’22 vs. June’24) as per NPCI data. UPI’s speed, ease of use, and an impressive uptime of 100% (February-June 2024 are all key factors that have contributed to this massive consumer-led growth. Read more: https://lnkd.in/gDtBTDTq #IndiaTechnologyNews #PineLabs #UPISetu #UPI #DigitalPayments #AxisBank #Fintech #PaymentsPlatform #UPIRevolution #IndiaDigital