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“The UPI transaction data is encrypted, and Facebook doesn t have access to this data in clear format,” the blogpost stated. If there is any conflict between WhatsApp India Payments Privacy Policy and the WhatsApp Privacy Policy, the WhatsApp India Payments Privacy Policy will control solely with respect to your use of UPI Payments.
Earlier in the month, WhatsApp
unveiled a new privacy policy update that allows it to share extensive metadata, business chats and transaction data with Facebook and its companies. This data can be used by the social media firm to target ads and personalise content.
Time to strengthen digital banking
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Making the NEFT system foolproof, ensuring customers of merged banks are not deprived of digital services, and mandating OTP for even cash withdrawals are among steps that need to be taken
India’s growth in digital payments must be lauded. There was a 55 per cent increase during the pandemic year 2020 compared to the previous year. Over the past 2-3 years, Indians have had multiple options for digital transactions, such as BHIM UPI (Unified Payment Interface), wallets, credit/debit cards, RTGS and NEFT. UPI saw an 80 per cent increase in transactions to two billion transactions in October 2020 compared to October 2019. NEFT (National Electronic Fund Transfer) transactions increased from ₹172.22 lakh crore in FY18 to ₹229.45 lakh crore in FY20.
Since its creation, Pakistan has only seen two major innovations in the payment space. The first happened in 2008 when Tameer Bank in conjunction with Telenor launched the ‘Easypaisa’ service. The transformation of Kiryana stores into branchless banking agents suddenly made domestic payments convenient, secure and transparent. About 90,000 locations were available for consumers as opposed to 12,500 bank branches.
Easypaisa was followed by many other players and the over-the-counter service was upgraded to mobile wallets. This was huge from a financial inclusion perspective as currently there are more than 46 million wallets and over 10 per cent of our GDP being moved in transactional volume.
Reforms are part of Budget and beyond
Reforms are part of Budget and beyond
Prakash Chawla ‘Reforms’ are not one-off event but always work in progress, aimed at improving the quality of governance. In the sequence of ‘Reform, Perform, Transform’, the last word – ‘Transform’ is most critical because it clearly sets the objective. Prime Minister Narendra Modi had this task cut out for his government right from his first day in office. The target was and is -Transform while Reform and Perform are the means towards it. The Union Budget is one of the most important means of setting specific milestones and reaching there. Again, Within a set of specific milestones, the ones that relate to the overall public good must be reached fast. Government has a huge annual budget of about Rs 30 lakh crore to spend and must choose the expenditure heads diligently, but the choice spells out its policy direction. In his 2014-15 Budget speech, the then Finance Minister late Arun Jaitley
UPI transactions by volume and value hit new high in December
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When UPI captures 59% of the payment market share by volume, projected transactions are expected to be at 99 billion by volume and ₹128 trillion by value, said PwC.
(Pradeep Gaur/Mint)
UPI had a 17% market share in 2018-19 and is expected to reach 59% by 2024-25
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Unified Payment Interface (UPI) transactions have been rising consistently, making a new high every month for the past six months. The trend holds for the number of transactions (volume) and for the transacted amount (value), too.
UPI transactions had taken a hit in April due to covid-19 pandemic. But it started recovering from May onwards. From July, it went back to making new highs month on month.