Bank of Jamaica Plans CBDC Pilot For August beincrypto.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from beincrypto.com Daily Mail and Mail on Sunday newspapers.
From UPI to cash, almost all payment modes see decline in May
SECTIONS
Share
Synopsis
The National Payments Corporation of India’s UPI, IMPS and FASTag, and the Reserve Bank of India’s NEFT and RTGS, which is used by businesses, saw sharp declines in both the volume and value of payments processed
ETtech
Illustration: Rahul Awasthi
Nearly all modes of payment, digital and cash, saw a monthly decline in May owing to subdued economic activity in India amid the second wave of Covid, the latest data from the RBI showed.
The National Payments Corporation of India’s UPI, IMPS and FASTag, and the Reserve Bank of India’s NEFT and RTGS, which is used by businesses, saw sharp declines in both the volume and value of payments processed. Withdrawals from ATMs – a proxy for cash spends – also saw a drop.
Explore Now
The Reserve Bank of India (RBI) on Wednesday announced a slew of measures for digital payments such as allowing
fintech companies to process RTGS and NEFT transactions, and also set new norms on interoperability and cash withdrawal facilities for digital payment wallets.
These measures are aimed at leveling the playing field for non-bank payment operators and banks, while also reducing settlement risks by widening the ecosystem.
This means that companies such as Paytm, Visa, Mastercard and PhonePe among others will soon be able to process RTGS and NEFT payments.
The central bank governor Shaktikanta Das in his Monetary Policy Committee (MPC) address said that fintech companies such as prepaid instrument issuers (PPIs), card networks and TReDS operators, among others, will now be allowed to become members of its centralised payment systems, such as RTGS and NEFT.
Decoding RBI s new digital payments moves and their impact on fintech ecosystem
SECTIONS
Share
Synopsis
The central bank governor Shaktikanta Das in his Monetary Policy Committee (MPC) address said that fintech companies such as prepaid instrument issuers (PPIs), card networks and TReDS operators, among others, will now be allowed to become members of its centralised payment systems such as RTGS and NEFT.
RBI Policy: Impact of a zero rate cut, interoperability between prepaid payments instruments
The Reserve Bank of India (RBI) on Wednesday announced a slew of measures for digital payments such as allowing
fintech companies to process RTGS and NEFT transactions, and also set new norms on interoperability and cash withdrawal facilities for digital payment wallets.
We ll soon meet in your inbox.
Please wait.
The move is aimed at expanding the reach of these services to more users and reducing settlement risks, RBI governor Shaktikanta Das said on Wednesday.
“It is now proposed to enable non-bank PSOs like PPI issuers, card networks, white label ATM operators and Trade Receivables Discounting System (TReDS) platforms regulated by RBI, to take direct membership in CPSs. This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments,” Das added.
This means that companies such as Paytm, Visa, Mastercard and PhonePe among others will soon be able to process RTGS and NEFT payments.