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The convenience of mobile payments in India, as witnessed by a visiting friend from the US, sparked an intriguing question: Why has America, despite its technological prowess, not embraced this digital shift as broadly? Dive into a deeper investigation into the societal, cultural, regulatory, and technological barriers at play. Read on. #fintech #payments #technology #global #paymentmethods #finance

E-wallets in India are shaping the future of payments! From Paytm to Google Pay, find out how digital wallets are transforming financial inclusion and convenience in India’s economy. 🚀 Explore the trends and innovations that make India a leader in digital payments. https://lnkd.in/eB-6et3m #FintechIndia #EWalletts #CashlessIndia #DigitalPayments

How the cashless surge is transforming the landscape of digital payments…. The global shift towards cashless transactions is not just a trend which comes and goes, this is here to stay and redefine how we make payments in the future. Here are a few notable stats that shed light on how the cashless evolution has changed the global financial transactions in the past few years. Growth in digital payments 1. Cashless payments are projected to double from 2022 to 2027. 2. In 2021, over 1.1 trillion non-cash transactions took place in the world. 3. As per a report in 2021, 76% of adults in the world had held an account with banks, financial institutions, or mobile money providers. Pandemic’s role 1. The pandemic accelerated digital payment adoption, with more than 40% adults in low and middle-income economies making their first merchant or utility payments digitally since the pandemic’s onset. 2. In India alone, over 80 million adults made their first-ever digital merchant payment post pandemic. This number exceeded 100 million in China. Overall, about two-thirds of adults worldwide engage in digital payments. These statistics paint a clear picture that the global cashless trend is here to stay forever and evolve with time.  If you are thinking of making a cashless shift for your business, ina Payments can help you with tech-powered solutions. Our payment solutions can improve the transactional abilities of your business. Are you ready to enter into a world where your financial transactions are seamless, secure, and smooth? Partner with us today! #inaPayments #CashlessRevolution #DigitalPayments

From cross-border payments to the Indian government's digital push, the future looks bright and cashless. 💡✨ Remember the days of fumbling with cash and ATM hunts? Those days are long gone! India's digital payments market is on fire, expected to grow at a 50% CAGR and hit 400 billion transactions by FY2026-27! 🔥 Here’s a sneak peek at what’s driving this revolution: 🔆 UPI transactions projected to hit 1 billion daily by 2026-27 🔆35+ nations eyeing India’s UPI system 🌍 🔆The rise of invisible payments – no more taps, no more swipes! Dive into our latest blog to explore the trends shaping this exciting journey. Click here to read more: https://lnkd.in/g-kPWPtQ #BharatPe #DigitalPayments #Fintech #UPI #Innovation #FutureOfPayments #BharatPeBlog

UPI’s growth in India’s digital payments space and growth of India’s digital payments space due to UPI, are both well celebrated stories. But what got dwarfed in the explosive growth of UPI was RuPay, India’s own card network. Rupay was started by NPCI in 2012. It remained a small network till 2014 but the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) changed its fortunes. Under PMJDY, bank accounts were opened for everyone and users were offered Rupay debit cards along with the accounts. With the success of PMJDY, the issuance of Rupay cards went through the roof. At the same time, the government was openly promoting it. As a result, Rupay became the largest card issuing network in India. Despite being the leader in debit cards, Rupay wasn’t a big pain point for Visa and Mastercard because debit cards, in payment volume terms, is a small and shrinking segment. But the launch of Rupay credit cards has changed things. Today, Rupay accounts for ~10% of the total 102 Mn credit cards and ~6% spends by value. This share continues to grow mainly because Rupay is the only network accepted on UPI— transactions on UPI account for ~50% of the total spends happening on Rupay. While Rupay is on the path to attain domestic dominance on the back of UPI, international usage continues to be a pain point. However, increasing awareness and acceptance of international UPI will remove that too. With details in The Catalyst Analyst, the trio of Rupay, UPI and International UPI have the potential to end the hegemony of Visa and Mastercard in India. Follow the link in comments to know more and if you like the content, do consider subscribing to my newsletter.

Experience the revolution in payment processing with our alternative payment solution in India. Enjoy the convenience of transactions with a minimal fee, less than 5%, making your financial transactions cost-effective and efficient. Say goodbye to payment hassles! Our alternative payment method ensures a higher success rate for your transactions, providing you with a smooth and reliable payment experience. Trust us to get your payments processed seamlessly. We understand the importance of your funds. That's why our alternative payment solution eliminates the concept of a rolling reserve. Enjoy immediate access to your funds without any unnecessary delays, giving you complete control over your finances. Unlock a world of better terms with our alternative payment system. From transparent fees to faster processing times, we offer terms that prioritize your convenience and financial well-being. Experience a new era of financial transactions with us. Why settle for the ordinary when you can embrace the extraordinary in payment solutions? Make the switch to our alternative payment platform in India and redefine the way you transact! Your payments, your terms – because you deserve the best. - Get in touch with our payment experts through email: Lingi Mikhail Rueda: lingi@ubankconnect.com Charie D.: charie@ubankconnect.com Anja Pavlovic: anja@ubankconnect.com Alina K: alina@ubankconnect.com Olaniyi Ibraheem: olaniyi@ubankconnect.com - Check out UBank Connect's alternative payment solutions for emerging markets at www.ubankconnect.com. For more information, email us at sales@ubankconnect.com. For partnerships, email us at partner@ubankconnect.com #UBankConnect #Fintech #DigitalPayments #MobilePayments #ContactlessPayments #PeerToPeerPayments #CashlessSociety #PaymentInnovation #PaymentTech #EcommercePayments #DigitalCurrency #PaymentSecurity #DigitalWallet #eWallet #WalletApp #FinTechInnovation #CrossborderPayments #InstantPayments #FinancialInclusion #PaymentScene #Ahead #Success #AlternativePaymentSolutions #Payments #PaymentSolutions #OnlineTransactions #QRPayments #QRCode #eWallet #MobileWallet #India #IndiaPayments #UPI #BankTransfer #PaymentProcessing #PaymentGateway #SecurePayments #PaymentGateway #PSP #APM #MerchantAccount #MerchantAcquiring #MerchantAcquirer #HighRiskBusiness #Business #iGaming #OnlineGaming #Forex #Binary #OnlineCasinoPayments #PaymentMerchant

Our Founder and MD, Shriram Subramanian, wrote an insightful article on moneycontrol.com about the success and growth of India's cashless economy and the challenges it faces. The article highlights the rapid adoption of digital payments by people in India, the impact of UPI payments, and the need for a simpler KYC process to further boost the rise of the cashless economy. By identifying the many challenges associated with digitization and a cashless economy, he also discusses various innovative solutions to enhance the security and efficiency of the digital payments landscape. Read the full article here: https://lnkd.in/geDKpdB2 #DigitalPayments #CashlessEconomy #Fintech #InGovern #UPIPayments #Fintech #DigitalIndia #CashlessFuture #KYC #FinancialInclusion #Innovation #Technology #EconomicGrowth #IndiaGrowth #SecurePayments #DigitalTransformation #FinancialTechnology

India's move towards a cashless society: Key fintech leaders offering quick, convenient, and ...: India's move towards a cashless society: Key fintech leaders offering quick, convenient, and secure payment solutions for the masses. · ToneTag (Brand ...

RBI gives yet another big blow to fintech companies in India 😭 India's central bank, the RBI, has asked Visa and Mastercard to stop card-based commercial payments made by companies. This affects fintech companies like Enkash, Karbon, and Paymate, which allow card payments for business purposes. One thing that must be noted is that most companies use net banking or RTGS for business payments. Visa sent a message to its partners saying the RBI directed them to suspend all Business Payment Service Provider transactions. They asked partners to block merchants registered with Visa and stop transactions immediately to avoid regulatory issues. It's unclear why the RBI made this move. Some reports suggest the RBI is unhappy with payments to merchants who haven't followed KYC norms or aren't eligible to accept card payments. Ankit Ratan, CEO of Signzy, emphasized the importance of adhering to regulatory rules to avoid such hurdles. He stated that fintech players must ensure all financial transactions are within regulations and maintain security. Indian fintech companies have faced regulatory challenges in recent years. Zestmoney shut down due to RBI guidelines, and the RBI's actions have affected BNPL firms like Paytm. RBI's regulations in June 2022 prohibited non-bank prepaid instrument issuers from extending credit lines through prepaid payment instruments like cards and wallets. Later, FLDG guidelines further impacted BNPL firms. Paytm faced challenges as the RBI barred Paytm Payments Bank from accepting fresh deposits and continuing banking services, affecting its other services like FASTags. Paytm's shares plummeted on the stock exchange following these regulatory actions. The RBI's directive to Visa and Mastercard reflects ongoing regulatory challenges in India's fintech sector. Only the companies who will be able to come up with solutions & know how to pivot from problems like these will be able to survive in such a market Otherwise, they would face the same fate as orgs such as ZestMoney, which is something we don't want to see happening in the Indian startup ecosystem Thoughts? 🤔

Paytm Pandemonium -Paytm is India’s iconic fintech business company founded by Vijay Shekhar Sharma & expanded its operations to include bank transfers,credit card payments,insurance and UPI under the aegis of its parent company One97 Communications. RBI Retribution -Reserve Bank of India (RBI) on barred Paytm’s payment bank subsidiary Paytm Payments Bank from obtaining further deposits and top up in wallets wef 29 Feb 24, now extended till 15 Mar 24, which will effect services like FASTags and National Common Mobility Cards.Paytm shares have already plunged and is estimated to have lost 300-500 Cr EBITDA Red Flags -Money laundering concerns and questionable dealings -Lakhs of Non KYC customers -Single PAN used for opening thousands of accounts -Paytm payment bank accounts being opened without consent of customers on pretext of KYC procedure -Fear of data leak to China as a result of Chinese firms’ investment in Paytm Chronology of warnings -The step by RBI did not come out of the blue -Paytm failed to meet Rs 100Cr net worth criteria & exceeded Rs 1 lakh deposit limit allowed per account -In 2018, RBI pointed flaws in the process followed to acquire new customers and KYC norms -In 2022, RBI directed Paytm Payment Bank to stop onboarding of new customers -In 2022, RBI rejected Paytm services’ payment aggregator license application -ED raided Paytm offices in 2022 -In 2023, RBI fined Paytm Payment Banks Ltd Rs 5.39 Cr view deficiencies in regulatory compliance Valueable Lessons -A Stich in Time Saves Nine.On Paytm’s part there has been a persistent non compliance of regulatory norms which has been pointed out periodically but the warning signs were either ignored or simply put under the rug -Do what is right not what is easy.The Indian Govt regulatory agencies will always be controlling the Indian Business Eco System.It is prudent for the companies to comply thread bare with the laid down rules & regulations -Understand Geo-Politics.Geo politics will always remain the defining factor in International Business & formulation of policies.The established firms and new startups need to be cautious while engaging with anti India markets -Today everything is linked digitally to either the Aadhar Card and PAN.Majority of transactions are cashless and transparent & will definitely leave a digital footprint for financial forensics to find out What next? Paytm has an uphill battle ahead primarily to regain the trust of its customers.It needs to find out a banking partner like PhonePe & GooglePay for continuing its transactions.Changing the QR codes & Paytm soundboxes for millions of merchants who have Paytm Payments Bank accounts is going to be even more back breaking. Do you think Paytm should undertake the arduous task of changing QR codes & soundboxes for merchants at this juncture as it will entail huge logistics hassle & time constraints.What are Paytm’s other options? Comment to share your views and insights #paytm #rbi