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The Prime Minister said that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.

Prime Minister Narendra Modi on Friday said India's digital public infrastructure solutions can improve the lives of citizens around the world.

Speaking at the InFinity Forum organised by Bloomberg and IFSCA, he said via video link: "We believe in sharing our experiences and expertise with the world and learning from them as well."

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Compared to lockdown 1.0, the number of transactions and expenditure increased by 575 percent and 476 percent in lockdown 2.0.

PayU, India's leading online payments solution provider, released the PayU Insights Report on Tuesday, providing a comparative analysis of lockdown periods in 2020 and 2021, as seen through changes in digital payments transactions across the platform. Year on year, there has been a 52 percent increase in the number of transactions and a 76 percent increase in expenditure (May 2020 vs. May 2021).

Compared to pre lockdown months, there was a 10 percent increase in the number of transactions post lockdown 2021, and a 21 percent decrease in average ticket size indicating that users are adopting online payments even for smaller size transactions. Among the key insights of the report, online donations to charitable causes reach an all-time high in lockdown 2.0 Digital payments for charitable causes witnessed a massive 731 percent increase in the number of transactions, a 2308 percent increase in expenditure, and a 128 percent increase in average ticket size vis a vis pre-lockdown months in 2021.

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The online gambling or real-money gaming sector in India has undergone a recent boom. Pixabay

By Vasudha

The online gambling or real-money gaming sector in India has undergone a recent boom. What is it about the betting industry that has seen steady growth, even as the Indian economy is being ravaged by the side effects of the pandemic?

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online educational institutes have increasingly been accepting online payments for fees and salary payments, reflecting a 40 percent growth in online transactions. Pixabay

Online transactions and digital payments in the first quarter of this year saw a growth of 76 percent in the first quarter of 2010 as compared to 2020, as tier 2 and 3 cities and towns continued to contribute over 50 percent of all online transactions, a new report said on Monday. After seeing a steep decline in 2020 owing to the pandemic, the travel industry grew by 50 percent while real estate was up by 69 percent in the first three months of this year.

As tourism opened up, Jammu and Kashmir made it to the top 10 ‘Digitally Inclusive States/Union Territories for the first time, with a growth of 36 percent in online transactions in the January-March period, ranking above Uttar Pradesh, Madhya Pradesh, and Haryana, according to data provided by full-stack financial solutions company Razorpay in its ‘The Era of Rising Fintech’ report.

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