Digital Payments Current Affairs, GK & News

RBI Digital Payments Index

The Reserve Bank of India recently released the Digital Payments Index to measure the growth in cashless transactions in India. What are the parameters of the Digital Payments Index? The Digital Payments Index comprises of five broad parameters. These parameters have different weight to measure the penetration of digital payments in the country. The parameters ..

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RBI to set new QR code rules to change payment picture of India

The Reserve Bank of India recently ordered payment system operators (PSO) from launching new proprietor QR code for transactions. The apex Bank asked the PSOs switch to at least 1 interoperable QR code. This is to to use the same QR code across multiple payment applications. This is being done by the Reserve Bank of ..

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2.2% of Digital Payment Market will be contributed by India by 2023: PwC Report

A study conducted by the Payments Council of India and management consulting group PricewaterhouseCoopers has estimated that around 2.2% of the world’s digital payments market will be controlled by India by the year 2023 and the financial value of such transactions should reach $12.4 trillion globally by the year 2025. The report, titled as ‘Empowering ..

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Digital payment ecosystem in India

Demonetization and the government’s push towards digital payments has opened the market to several platforms which are not only more convenient but also provide greater flexibility to the people using them. Digital payment ecosystem in India As per a study prepared by the Assocham-PWC India, it is expected that India will see the fastest growth ..

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Budget 2019 : Digital payments

To further encourage people to use digital payments as the preferred mode of their transactions, the Union Budget has announced the following measures to make digital payments successful- A 2% tax deduction at the source is proposed for all cash withdrawals exceeding Rs 1 crore in a year from a bank account. To encourage a ..

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