Decision of UPI share limited to 30 percent was given in November 2022. Focus of this decision was to end duopoly of PhonePe and Google Pay, and they have already jointly made up ~86% of UPI market share if we talk about transaction volumes. Individually, both of these companies hold ~48.3% and 37.6% share, respectively.
With the start of the year 2024, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest-growing method of payment, has some new rules that you should be aware of. With effect from January 1, 2024, the Reserve Bank of India (RBI) and the National Payments Corporation of India
KYC compliance is crucial for the company’s success, as these solutions have remarkable benefits. The businesses can reduce their risk rate, decreasing the probability of fraudulent activities. The advanced tools streamline the activities of the companies, they ensure that the persons are the same who they claim to be. The organizations must have to comply
Know Your Customer transaction(KYT) procedures havе become an еssеntial componеnt of thе cryptocurrency industry, enabling governments and businеssеs to еstablish thе idеntity of individuals engaging in crypto-rеlatеd activitiеs. This articlе will dеlvе into thе significancе of KYC in thе crypto world, еxamining its bеnеfits, challеngеs, and bеst practicеs to еnsurе compliancе and build trust within
The concept of real-time secure online payments has become increasingly important in today’s digital society. With its Unified Payment Services (UPI), India has led the way in promoting digital payment transactions. UPI payments at semi-urban and rural stores in the country increased by 650% this year, according to a report from branchless banking and digital
As of April 1, the National Payments Corporation of India (NPCI) will charge an interchange fee of up to 1.1% on UPI Payment using prepaid payment instruments (PPI). There is confusion among users as to who will be charged for these transactions and which payment methods will be charged. To help you understand what will
How about a chance to win a brand-new Toyota Fortuner 2.7G and one of the 10 iPhone 14 Plus through your money transfer to Pakistan? Yes. You read it correctly! ACE Money Transfer and Habib Bank Limited (HBL), one of the leading commercial banks in Pakistan, have joined hands for another exciting campaign to dole
The online gaming and gambling industry in India is growing at a frightening pace. Indeed, by some estimates, it could exceed $7 billion in value by 2026. For this reason, the Prime Minister’s Office (PMO) has been drafting legislation for gambling policies that would give the government greater control over online games involving real money.
What is the status of lottery business in India – Is it ban? The lottery has been a popular way of trying to win thousands, if not millions of Pounds, Dollars or Euros for many years now. However, in India the history has been trickier but ultimately just as popular as all of the other
After allowing a transitional period of over two years, the Reserve Bank of India finally started enforcing its directive on recurring and automatic payments. Customers of some of the leading digital companies operating in Bharat immediately faced declined transactions resulting in the suspension of subscription services and various account features. Apple, Sony, Paypal and Zoom
