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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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"Tools like 'UPI' and 'RuPay' provide an unparalleled opportunity for every country. An opportunity to provide a low cost and reliable 'real time payment system' as well as a 'domestic card scheme' and 'fund remittance system'."
According to the Prime Minister, India has proved to the world that it is second to none when it comes to adopting technology or innovating around it.
Also Read : Payment Modernization
"Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.
PM Modi cited successes achieved with 'Jan Dhan' Accounts, 'Rupay', 'FastTag', and other such initiatives taken by the Centre. He mentioned that last year, in India, mobile payments exceeded ATM cash withdrawals for the first time.
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.
In India, mobile payments exceeded ATM cash withdrawals for the first time.Unsplash
Besides, he said the time has come to convert these "FinTech initiatives into a FinTech revolution". "A revolution that helps to achieve financial empowerment of every single citizen of the country."
Furthermore, he emphasized on FinTech security. "Common Indian has shown immense trust in our FinTech ecosystem by embracing digital payments and such technologies," he said.
"This trust is a responsibility. Trust means that you need to ensure that the interests of the people are secured."
In addition, PM Modi said that finance combined with technology would be an important part of India's future development. "Our aim is to provide the best international financial services not just for Indians, but for the world," he added. (IANS/SP)
(Keywords : digital, India, prime minister, Narendra Modi, finances, digital payments, technology)
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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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Compared to lockdown 1.0, the number of transactions and expenditure increased by 575 percent and 476 percent in lockdown 2.0. As the second wave of the Covid-19 pandemic unfolded, numerous donation campaigns were organized by NGOs and crowdsourcing platforms to raise funds for Covid relief. In lockdown 2.0, the logistics sector recorded a 217 percent increase in the number of transactions and a 227 percent increase in expenditure, compared to lockdown 1.0.
Interestingly, the logistics sector also maintained a steady 59 percent growth in the number of transactions and a 57 percent increase in expenditure compared to the months before lockdown 2.0. This could be attributed to larger usage of courier delivery services and purchase and transfer of essential items during the May 2021 period.
The entertainment sector suffered from the impact of the second wave of the pandemic, as there was a 35 percent decline in the number of transactions, a 41 percent decrease in expenditure, and an 11 percent decline in average ticket size in lockdown 2.0 vis a vis pre-lockdown 2.0. The gaming sector too showed a complete reversal of trends, with healthy growth in 2020 but a decline in 2021. During lockdown 2.0, the number of transactions and expenditure decreased by a sizeable 63 percent, compared to pre-lockdown months. Whereas in lockdown 1.0 there had been an increase in the number of transactions.
This could be because consumers moved away from non-essential spending, cancellation of IPL 2021, and general muting of sentiments during this phase. Lockdown 2.0 recorded phenomenal growth for UPI as a payment mode. The number of transactions through UPI increased by 320 percent and expenditure increased by 306 percent in lockdown 2.0, compared to lockdown 1.0. The next highest growth in modes of payment was observed in credit card transactions, as the number of transactions increased by 87 percent and expenditure increased by 69 percent year on year. For net banking and debit card modes, the number of transactions grew by 12 percent and 6 percent respectively year on year.
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For travel, the number of transactions grew by 186 percent, and expenditure by 125 percent between lockdown 1.0 and 2.0. This is understandable, as travel rose once the economy opened and restrictions eased during a staggered lockdown. However, immediately after the lockdown in 2021, there was a 65 percent drop in transactions and a 78 percent drop in expenditure.
Commenting on the PayU Insights Report, Hemang Dattani, Head - Data Intelligence, PayU said "Broadly, businesses and consumers were better prepared to deal with the exigencies of lockdown in 2021. Given that the lockdown was staggered and geographically restricted, the growth of digital payments has been steady, especially for sectors like retail, logistics & pharma". (IANS/JC)
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?
Gambling has long been a part of Indian culture, whether over small wagers card games in family gatherings, or larger bets placed on India’s favorite sport, cricket. Thus, it is hardly surprising that India is one of the fastest-growing markets for online gaming and sports betting.
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But what are some of the factors that have contributed to the rise of online betting in India?
Easier availability of cheaper and more efficient technology.
One of the biggest reasons behind the rise of the online betting industry to the top is the easy availability of cheaper and more efficient technology. With more and more mid to low-tier smartphones flooding the Indian market, every citizen has access to the internet and betting apps.
The more people become dependent on the smartphone for all their needs, the more they get exposed to apps that are meant for pure entertainment. And the lure to make some extra money while playing a simple casino game on your phone seems like an irresistible offer indeed.
Throwaway data pack prices.
We have Ambani to thank for the dirt-cheap data packs that we can now buy to make content consumption easier than ever. Gone are the days where we would make a 1GB data pack last half a month.
With most telcos now offering cheap data packs with 1GB or 2GB to spend per day, people are enabled to use the internet to their hearts’ content. And before long, the many real-money gaming apps flooding the market are bound to attract users.
Digital payments such as UPI.
How would digital payments help people bet online? The answer is simple – the more easily you can spend online, the more you actually do!
Digital payment apps that run on the UPI infrastructure – Paytm, Google Pay, PhonePe, BHIM, Samsung Pay, Amazon Pay – have all made it possible for people to easily deposit money on betting sites or apps and enjoy wagering at any time.
Since more and more real-money gaming apps now accept these RBI-approved payment methods, Indians are more inclined to quickly deposit some spare cash and begin trying their luck at the games!
The lockdown breeds boredom.
This may seem like a frivolous reason behind the rise of online betting in India, but it is one that cannot be ignored. 2020 saw an incredible increase in the number of players that were betting online. And that trend has continued into 2021.
And there is a simple explanation for the same – the lockdown having cut down entertainment options for the general public, people already have very few choices. And real-money gaming or online betting happens to be one of those fun activities that you can engage in, without ever having to interact with another person, making it the perfect sport for a pandemic.
(Disclaimer: The article is sponsored and hence promotes some commercial links.)
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.
Payment options such as Buy Now Pay Later (BNPL) saw a whopping growth of 569 percent in the last 12 months, owing to consumers avoiding bulk payments and preferring affordable payment modes.UPI continues to be the preferred payment option followed by debit cards, credit cards, and net banking.
“Over 50 percent of this digital adoption is coming from Tier 2 & 3 cities today, which indicates that this is not just an urban phenomenon. Small Businesses are providing newer payment methods and reaching out to a wider customer base that transcends geographical boundaries,” said Vedanarayan Vedantham, Head of SME business, Razorpay.
In the last few months, consumers have increasingly been ordering online and the F&B industry witnessed a growth of 69per cent from January to March.” Schools, colleges, and online educational institutes have increasingly been accepting online payments for fees and salary payments, reflecting a 40 percent growth in online transactions,” the report mentioned. (IANS/JC)