Subhash Kumar’s Post

#DigitalPayments have profoundly impacted India’s #financial landscape, and #UPI is at the centre stage of this revolution. Recently, Prime Minister Shri Narendra Modi highlighted the significant role of UPI in mitigating the challenges during the COVID-19 pandemic. The strong security of the payment mode and the innate simplicity are the reasons behind UPI's success, not just in India but across the globe. At #PayNearby, we have witnessed significant growth in UPI transactions at semi-urban and rural retail stores, underlining the crucial role retail outlets play in facilitating easy access to financial services even in the remotest parts of the country. Over the last year, transactions on UPI QR codes at nearby retail outlets have seen an 84% growth, which signifies a strong shift of the people in Bharat towards digital payments. We will continue empowering local retailers to ensure that essential banking and financial services are easily accessible to the last mile. https://lnkd.in/d_US8Du5 #UPI #DigitalPayments #FinancialInclusion #PayNearby #DigitalIndia #Fintech #EmpoweringRetailers #FinancialServices #Bharat #Innovation #Leadership #COVID19

UPI usage surges in India on the back of small businesses. The adoption of digital technology for business activities in India, particularly the use of UPI (Unified Payments Interface) for placing orders, has seen a substantial rise, TOI reported. According to a recent survey by the statistics office, the usage of the internet for business purposes, whether making UPI payments or placing online orders, has increased to 13.5 per cent from 7.7 per cent in rural areas and to 30.2 per cent from 21.6 per cent in urban areas during 2022-23. This marks an overall increase of 7.2 percentage points, highlighting the rapid embrace of digital payment methods in the informal sector. SOURCE-The Economic Times #UPI ,#India, #digital, #technology, #online #payment, #growth, #economy #finance, #business, #banking

It's inspiring to witness the rapid digital transformation taking place in rural India. Even roadside vendors, who are often illiterate, are embracing digital payment platforms! This shift does not simply show the adaptability of these vendors, but also is a reflection of the increasing accessibility and simplicity of digital financial services. By adapting themselves the vendors are not only securing their earnings but also contributing to a more inclusive digital economy. Digital literacy and financial inclusion are critical for the sustainable development of our rural communities. Let’s celebrate these small yet significant strides towards a digitally empowered India! #DigitalIndia #FinancialInclusion #RuralDevelopment #DigitalTransformation #Paytm #Innovation #TechForGood

Financial inclusion in India has made remarkable strides, driven by digital innovations and government initiatives. World Bank data reveals a significant increase, with 78% of India's adult population now holding bank accounts, a substantial rise from 35% in 2011. Notably, digital transactions are pivotal, constituting 40% of payments, with the Unified Payments Interface processing over 11 billion transactions monthly. Rural outreach has notably expanded, with a surge in banking facilities in villages. Key initiatives like India Stack, Aadhaar, UPI, and DigiLocker have played a vital role in enhancing financial inclusion. Regulatory measures such as the RBI's Financial Inclusion Index have further supported growth, reaching 64.2 by March 2024. While progress is evident, challenges like the digital gap, rural-urban divide, and gender disparity persist. Looking ahead, the focus is on a digital-first approach, cross-border payments, customized products, financial literacy campaigns, and regulatory advancements. The future of financial inclusion in India appears promising, aiming for a more inclusive and accessible financial landscape.

Here's how rural India can be a part of the country's payments boom: #FinanceWrapIndia #LinkedInNewsIndia India's digital payments revolution has been certainly booming and there's potential to saturate the rural India. Here's how: By Addressing Challenges: Limited Infrastructure: Improve internet connectivity and reliable electricity supply in rural areas. Public-private partnerships can accelerate infrastructure development. Digital Literacy: Government and fintech firms can introduce training programs and user-friendly interfaces in local languages to educate people on digital payments. Cash Dependency: Promote the benefits of digital transactions like security, convenience, and access to financial services. Cash-back incentives and loyalty programs can encourage adoption. By Enabling Solutions: Offline Payments: Develop offline payment mechanisms like USSD-based transactions that don't require constant internet connectivity. Feature Phone Support: Design digital payment apps compatible with basic feature phones widely used in rural areas. Financial Inclusion: Expand access to bank accounts and financial literacy programs in rural communities. Local entrepreneurs like microfinance institutions can act as agents for digital payments. Success Stories: There are already examples of rural India embracing digital payments. Small shops are using QR codes for transactions, and farmers are receiving government subsidies directly into their bank accounts. These stories can inspire wider adoption. By tackling these challenges and implementing innovative solutions, India's booming payments sector can truly become inclusive, empowering even rural populations to participate in the digital economy.

A New Feather in India's Payment Gateway: UPI Takes a Leap Forward with Delegated Payments In a groundbreaking move, the Reserve Bank of India (RBI) has introduced a feature allowing delegated payments through UPI, revolutionizing the digital payment landscape. This new feature enables primary users to authorize secondary users, such as minors, to make transactions from their bank accounts within set limits. This advancement, akin to adding minors as authorized users on a credit card, brings a family-centric approach to digital payments, ensuring greater convenience and accessibility. Additionally, the RBI has raised the threshold for tax payments via UPI to ₹5 lakh per transaction, significantly enhancing transaction speed and ease. This forward-thinking initiative not only simplifies payment processes but also accelerates the adoption of digital payments across various demographics. By allowing minors and non-account holders to transact via a family account, UPI is poised to become more inclusive and user-friendly. The increased transaction limit for tax payments further bolsters this initiative, making UPI a more versatile and powerful tool for both everyday and significant transactions. #DigitalIndia #FintechRevolution #UPI #RBI #DigitalPayments #UPIDelegatedPayments #FinancialInclusion #TechInnovation #IndiaFintech #PaymentGateway #UPIUpdate #CashlessEconomy #TaxPayments #UPIGrowth #DigitalTransformation #cxolanes

Financial inclusion in rural India is hitting a wall. The trinity of the Pradhanmantri Jan Dhan Yojana (PMJDY) no-frills bank accounts, Aadhaar for identification, and mobile phone for transactions — shortened into the catchy acronym, JAM — was one of the earliest initiatives of the Narendra Modi administration when it first came to power in 2014. Ten years later, as the prime minister prepares to stake claim for a third five-year term, the flagship financial inclusion project is still a work in progress. A fifth of the bank accounts are dormant, digital linkages are broken, and millions of beneficiaries, especially women, still remain on the margins of India’s much-touted digital transformation. The mobile phone is at the centre of the government’s attempts to lower costs and improve the delivery efficiency of its financial support and services through digitalisation. Yet, it is the mobile phone number that keeps women out. Read Pushpita Dey's report for The Core. Link in comments.

In the palm of India’s hand, a financial revolution is unfolding. UPI isn’t just a payment method—it’s a bridge connecting every corner of our diverse nation. As we journey from urban centers to the quiet villages of rural India, a 38% year-on-year growth tells a powerful story. UPI has transformed how we transact, breaking down barriers of distance, economic status, and digital literacy.   Consider this: A small farmer in a remote village can now receive payments as easily as a city professional. In this evolving landscape, transparency replaces cash, and financial inclusion becomes a living reality. This is the UPI effect. Pioneered by innovators like Spice Money, this digital revolution is reaching the last mile, turning every smartphone into a financial gateway. And the impact doesn’t stop there. It’s not just about payments—it’s about empowerment. With each transaction, we’re not just moving money. We’re moving forward, towards an inclusive economy where financial opportunities know no boundaries. The future of finance is here. And it fits right in your pocket.   https://lnkd.in/dNB8ZAqZ Ramesh Venkataraman Venkatram Jayanthy Rashmi Aggarwal CA. SUNIL KAPOOR MRUTYUNJAY MAHAPATRA Ram Rastogi 🇮🇳 Rohit Ahuja Harsh Mittal sameer nagpal Usha Murali Kuldeep Pawar Atul Tiwari #RuralFintech #NewIndia #EmergingIndia #SpiceMoney #UPI #DigitalPayments #RuralIndia  

The rapid #monopolisation, or rather #triopolisation of #UPI by a few dominant players has concentrated over 90% of transactions, limiting #competition and #innovation. While UPI holds great promise for driving #financialinclusion, its adoption remains heavily skewed towards urban areas, leaving #rural populations underserved due to #poor #digitalinfrastructure, #low literacy, and limited incentives. Ram & I write in NDTV Profit that the core concern is that this concentration of power not only stifles smaller fintechs but also undermines UPI's potential to #democratise access to financial services across India. Regulatory oversight of the Reserve Bank of India (RBI) and domestic innovation are essential to counter these trends. https://lnkd.in/dCavWdTr

Unlocking Financial Inclusion through Digital Payments in Tamil Nadu's Government Sector 🚀 India’s Digital Revolution in the financial sector is rapidly transforming how governments operate, particularly in Tamil Nadu. From welfare schemes to public service delivery, the adoption of digital payment solutions is bringing efficiency, transparency, and inclusivity to the forefront. Let’s take a closer look at some key trends shaping the payment landscape. e-Governance with Cashless Solutions 💡 Tamil Nadu is spearheading a transition to digital payments for government services through platforms like e-Sevai centers, which enable citizens to make online payments for certificates, utility bills, and taxes. This shift not only improves convenience but also reduces transaction costs and corruption. DBT (Direct Benefit Transfer) Integration 💰 The state government has embraced DBT for disbursing subsidies directly to beneficiaries' bank accounts, eliminating the need for middlemen. Digital payments ensure that welfare schemes like the Public Distribution System (PDS), pensions, and scholarships reach the right people without delays. UPI and Aadhaar-Linked Payments 🔗 Unified Payments Interface (UPI) has emerged as a game-changer in Tamil Nadu’s rural areas, enabling seamless, real-time transactions for both citizens and government entities. Coupled with Aadhaar-enabled Payment Systems (AePS), this technology is bringing millions of unbanked individuals into the financial ecosystem. Smart Cities & Digital Payments 🌆 Chennai and Coimbatore, part of the Smart City initiative, have integrated cashless payments for public transportation, parking, and other civic amenities. These initiatives are setting benchmarks for efficient urban management while promoting a cashless economy. TN E-Government Payment Gateway 🔒 The Tamil Nadu Government e-Payment Gateway facilitates secure online payments for various services such as property registration, land records, and tender applications, enhancing both accountability and ease of use. The Road Ahead: The push for digital transformation in Tamil Nadu’s government sector, combined with initiatives like Digital India and National Payments Corporation of India (NPCI), is setting the stage for financial inclusion at scale. With a focus on ease of access, cost-efficiency, and security, these innovations are not only improving governance but also empowering citizens across the state. 📈 #DigitalIndia | #PaymentsRevolution | #TamilNadu | #UPI | #FinTech | #GovTech | #FinancialInclusion | #DBT | #SprindevTechnology