Page-4 of Digital Payments Current Affairs, GK & News
The Union Government has launched Bharat QR code, a quick response (QR) code to enable digital payments without card swiping machines. It is world’s first interoperable payment acceptance solution launched by Indian Government to move towards less-cash economy. Key facts Bharat QR code has been developed by jointly by National Payments Corporation of India (NPCI), ..
The Lok Sabha has passed the Payment of Wages (Amendment) Bill, 2017 to enable employers to pay wages to workers through cheque or directly crediting to their accounts. The bill will replace the Ordinance promulgated by the President in December 2016 to amend the Payment of Wages Act, 1936. Key Provisions of the Bill Method ..
ICICI Bank, India’s largest private sector bank has launched EazyPay mobile application for merchants that allows all-in-one acceptance payments platform. This app consolidates all digital wallets, QR code, Unified Payments Interface (UPI), and credit & debit cards modes of payments. With this, ICICI Bank became first bank in the country to roll out all-in-one payments platform. ..
The Union Cabinet has approved a draft ordinance to empower states and allow industries to pay workers’ wages digitally, through a direct bank transfer to accounts or by cheque in a bid to encourage cashless transactions. The draft ordinance proposes changes to the Section 6 of the Payment of Wages Act, 1936 to encourage cashless ..
The Reserve Bank of India (RBI) has opposed a move to establish a separate entity to regulate payments and settlements as recommended by Ratan Watal Committee for Digital Payments. The 11-member committee was notified in September 2016 by the Union Finance Ministry to review existing payment systems in country and recommend appropriate measures for encouraging ..