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<ul><li>Prime Minister Narendra Modi will launch a new digital payment solution called <keyword id="11766571" type="UNKNOWN" weightage="20" keywordseo="e-RUPI">e-RUPI</keyword>.</li><li>Banks will issue electronic vouchers for customers to redeem welfare benefits without having to share bank account details.</li><li>The <keyword id="11772195" type="UNKNOWN" weightage="20" keywordseo="e-voucher">e-voucher</keyword> solution has the potential to eliminate fraud and corruption.</li></ul>The Prime Minister of India, Narendra Modi will be launching 'e-RUPI', an electronic voucher-based digital payment solution at 4:30 p.m IST on Monday. The person-specific, and purpose-specific, payment solution is developed by the National Payments Corporation of India (NPCI) on its Unified Payment Interface (UPI) platform in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority. What is e-RUPI? According to a statement from the Prime Minister’s Office, e-RUPI is a cashless and contactless digital payment e-voucher in the form of a QR code or SMS string delivered to the beneficiary's mobile phone. The e-voucher can be redeemed at the service provider without needing a card, digital payment app or internet banking service. The e-RUPI is a one-time payment mechanism that does not require any physical interface for transactions and is considered safe as it's prepaid in nature. It ensures that the payment to the service provider is made only after the transaction is completed without involving any intermediary. How is e-RUPI different from a virtual currency? e-RUPI can be used to make payments to a specific person, for a specific purpose, and is not transferable. On the other hand, a virtual or digital currency is just like normal currency but in digital form and can be used for any transaction. How are these vouchers issued? The vouchers will be issued by partner banks but the bank account details of the beneficiary are not needed. NPCI has built the e-RUPI system on its UPI platform and anyone who needs to issue the voucher would need to approach partner banks with issuing authority. Entities giving the e-RUPI voucher will have to submit the details of specific beneficiaries and the purpose of the payment to the banks. The beneficiary's identification will be based on their mobile number and name. What's the need for e-RUPI? The Indian government says that e-RUPI is expected to ensure a leak-proof delivery of welfare services and minimise fraud and corruption. Since it removes the middlemen and there's no direct cash involved, it eliminates the possibility of the fund being used for a purpose other than intended. It can be used for delivering services under government welfare schemes like drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc. Not only government schemes but the voucher can also be used by the private sector for employee welfare and corporate social responsibility (CSR) initiatives. SEE ALSO - <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

e-RUPI explained —  India’s new electronic voucher-based payment system to reduce leakage in welfare programmes

The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) on Thursday proposed to enhance the cap under <keyword id="11912975" type="General" weightage="20" keywordseo="e-rupi" source="Orion">e-RUPI</keyword> prepaid digital vouchers. The present cap of Rs 10,000 will be increased to Rs 1 lakh per voucher and such vouchers will be allowed to be used more than once, RBI Governor Shaktikanta Das said while announcing the latest monetary policy meeting outcome. This enhancement is expected to further facilitate the delivery of various government schemes to the beneficiaries more efficiently, he said. The e-RUPI pre-paid digital voucher developed by the National Payments Corporation of India (NPCI) was launched in August 2021, Das added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/icai-ca-final-exam-results-announced-heres-how-to-check/articleshow/89477021.cms">ICAI CA final exam results announced — Here’s how to check</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/two-indian-cities-are-in-global-top-10-of-the-most-congested-places-to-drive-through-take-a-guess/slidelist/89476030.cms">Two Indian cities are in global top 10 of the most congested places to drive through – Take a guess</a>

RBI proposes to raise limit on e-RUPI vouchers to ₹1 lakh

The total number of <keyword id="14486030" type="General" weightage="20" keywordseo="Tokenised-payment" source="Orion">tokenised payment</keyword> transactions is likely to exceed 1 trillion globally by 2026, from 680 billion in 2022, a new report showed on Monday. This represents growth of 58 per cent over the next four years. The report attributed this growth to the rise of �one-click' solutions, such as Click-to-Pay, using card-on-file <keyword id="7203297" type="General" weightage="20" keywordseo="Tokenisation" source="Orion">tokenisation</keyword> to store a customer's payment credentials; enabling them to auto-fill their checkout details and complete transactions via a single click. Tokenisation protects customers' payment credentials when stored; replacing sensitive data with token values that hold no intrinsic value. This prevents malicious actors from gaining access to payment data in the event of a data breach. The report said that the online and mobile e-commerce tokenised volume will grow by 74 per cent by 2026. This growth is driven by the increasing customer expectation of a frictionless checkout experience, which one-click solutions via tokenisation offer. "Tokenisation growth is being driven by increasing adoption of one-click solutions by merchants within eCommerce to reduce friction, and by card networks, who are encouraging mass adoption of tokenisation at the network level to improve payment approval rates," the findings showed. Growth will also be driven by benefits, including time savings for the end user by eliminating the need for customers to re-enter payment credentials when shopping online, the report mentioned. The research also identified IoT payments as offering the largest growth among the tokenisation market over the next 5 years, with tokenised IoT transactions expected to reach 19 billion by 2027, growing 400 per cent from just 3.8 billion in 2022. "Tokenisation is critical in facilitating IoT payments; enabling transactions to be made via new use cases and form factors, unlocking new revenue opportunities for payment providers," it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-cuts-fortune-oils-for-the-second-time-by-20/articleshow/92952328.cms">Adani Wilmar cuts Fortune oil’s for the second time, by ₹20</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jindal-stainless-approved-to-supply-stainless-steel-for-272-km-long-usbrl-tunnel-project/articleshow/92952099.cms">Jindal Stainless approved to supply stainless steel for 272 km-long USBRL tunnel project</a>

Tokenised payment transactions to cross a trillion globally by 2026, says report

<ul><li>Digital payments in Southeast Asia will cross $1 trillion by 2025 according to the e-Conomy SEA 2019 report.</li><li>E-wallets will grow at a faster rate to hit $114 billion by 2025.</li><li>Digital remittances, lending, investments and insurance are expected to piggyback on the success of digital payments.</li></ul>Digital payments in Southeast Asia have reached their inflection point, and are set to cross $1 trillion mark by 2025. That means almost one in every $2 spent in the region is an online transaction according to Google, Tamasek and Bain &amp; Company's e-Conomy <a href="http://think.storage.googleapis.com/docs/e-Conomy_SEA_2019_report.pdf">SEA 2019 report</a>. "These technology-enabled business models are best positioned to give Southeast Asia's underbanked population access to financial services," it said. The report also estimates that e-wallets, a subset of digital payments, will grow even faster to reach $114 billion by 2025 — a five-fold increase over the current value of e-wallets at $22 billion. 
	
 <div type="image" title="googlesea_edited" msid="71575402" hostid="261" caption="&amp;lt;p&amp;gt;Growth trajectory of digital payments in Southeast Asia &amp;lt;/p&amp;gt;"></div>





 Other digital financial services like remittances, lending, investments and insurance are expected to grow at least two to three times their current value, in the next five years. "While new entrants and established players are competing and partnering to tackle this opportunity, supportive regulations will play a critical role," said the report. No monopoly in the fintech space Not only are digital financial services set to grow along with digital payments, they also involve a diverse set of players with no clear leader. Banks, remittance companies and insurance companies have the most experience in the area, but are struggling with the new-age digital services. They're also held back by legacy IT systems that have been in place for years, taking away agility. In comparison to the traditional players, challengers like e-commerce companies, telecos, social media platforms and ride hailing services are comfortable with the technology. But, their customer acquisition costs are higher as they penetrate new markets. Their ability to scale and stay financially sustainable is also yet to be proven. "Digital payments are rapidly spreading online and offline. But talent remains a pressing constraint despite all efforts by Internet economy companies to 'fill the gap'," noted the report. Improvement over last year Until last year, digital payments were a challenge in the Southeast Asian Internet economy. The lack of adoption was hindering the growth of other digital goods like gaming and music subscription services. Last year's e-Conomy SEA report stated that the digital payments ecosystem was largely fragmented, since the solutions weren't compatible with each other and merchants were reluctant to adopt the solution for both online and offline transactions. This year, not only are digital payments expected to grow but digital remittances, lending, investments and insurance are expected to piggyback on its success. See also: <a href="https://www.businessinsider.in/business/news/india-global-competitiveness-index-rank-fall-and-comparison-with-other-countries/articleshow/71574678.cms">India falls 10 places in Global Competitive Index as others race ahead in technology</a> <a href="https://www.businessinsider.in/india-is-as-prepared-as-us-or-australia-to-welcome-the-5g-era/articleshow/71499916.cms">India is as prepared as US or Australia to welcome 5G era</a> <a href="https://www.businessinsider.in/digital-india-mckinsey-report-analysis-of-indias-digital-economy/articleshow/68686474.cms">India is digitising but the pace is leaving many behind</a>

Old players and new challengers battle it out for Southeast Asia's $1 trillion digital payments market

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s first homegrown Messenger RNA (mRNA) Covid19 vaccine, being developed by Pune-based Gennova Biopharmaceuticals, is currently under final clinical trials, <keyword id="2665691" type="General" weightage="20" keywordseo="NITI-Aayog" source="Orion">NITI Aayog</keyword>'s Member, Health, Dr <keyword id="9781408" type="General" weightage="20" keywordseo="v-k-paul" source="Orion">V.K. Paul</keyword>, said on Thursday. Briefing the media, he said that they are hopeful that they will be able to use this vaccine soon. "We need mRNA platform because it has shown that vaccines developed on this platform, at least for Covid-19, have been effective worldwide," said Paul, adding that beyond Covid, this platform will continue to be important as an option for future for other diseases also for which vaccines have been elusive. He termed it as an great development. Indian Council of Medical Research Director General, Dr Balram Bhargava, said that this is another vaccine which really establishes that India is heading towards becoming a vaccine superpower. "Because large parts of the population are vaccinated, we are not seeing the disastrous third Covid surge in terms of hospitalisations and mortality," he said. About the ongoing pandemic situation, Dr Paul said that the world had learned a great deal about pandemic and the virus, but doesn't know everything. The world should remain united to fight this virus and should continue to use the tools that are at our disposal, he added. "Some states including Kerala, Mizoram, Himachal Pradesh are still reporting a large number of cases. We cannot lower our guard," he said SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/online-travel-booking-portal-cleartrip-to-increase-its-workforce-by-end-of-this-year/articleshow/89481099.cms">Online travel booking portal Cleartrip to increase its workforce by 400 by end of this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-proposes-to-raise-limit-on-e-rupi-vouchers-to-1-lakh/articleshow/89480944.cms">RBI proposes to raise limit on e-RUPI vouchers to ₹1 lakh</a>

India's first mRNA COVID-19 vaccine under final trials, says Dr V.K. Paul

<ul class="summary-list"><li><keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>'s central bank <keyword id="12086982" type="UNKNOWN" weightage="60" keywordseo="digital-currency" source="Orion">digital currency</keyword> has been used for $9.7 billion in transactions, as of the end of October.</li><li>And more than 140 million people have opened digital wallets for the digital yuan, or eCYN.</li></ul>China has seen a steep increase in individuals using its new digital currency since this summer as central banks all over the world explore issuing their own tokens to speed up payments and compete with the likes of bitcoin. As of the end of October, more than 140 million people have opened wallets for the new digital yuan, which has been used for transactions totalling 62 billion yuan ($9.7 billion), a People's Bank of China official said Wednesday according to <a href="https://finance.yahoo.com/news/9-5-billion-spent-using-092051719.html">Reuters</a>.That's up sharply from <a href="https://www.bloomberg.com/news/articles/2021-07-16/china-s-digital-yuan-trial-reaches-5-3-billion-in-transactions">July</a>, when there were 21 million "eCYN" wallet users who made $5.3 billion in transactions.China has been testing the digital currency across a multitude of regional pilot programs and trials across the country. Still, there is no official launch date for when the eCYN will go nationwide, said Mu Changchun, director-general of the digital currency institute at China's central bankSo far, 1.55 million merchants can take payments with eCYN wallets, Mu told Hong Kong's "Fintech Week" conference. And users can pay for utilities, transportation, and government services. In addition to individual users, approximately 10 million corporate accounts have been created, according to <a href="https://www.bloomberg.com/news/articles/2021-11-03/china-s-pboc-says-digital-yuan-users-have-surged-to-140-million?sref=3REHEaVI">Bloomberg</a>. China has taken aggressive steps to advance its eCYN while at the same time cracking down on cryptocurrencies outside of state control. In September, Beijing banned <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> transactions after earlier driving out crypto miners. Meanwhile, Wall Street is bullish about central bank digital currencies (<keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="cbdc" source="Orion">CBDC</keyword>). In a <a href="https://finance.yahoo.com/news/jpmorgan-report-says-cbdcs-save-060000970.html">Wednesday report</a>, JPMorgan said CBDCs could save global firms upwards of $100 billion per year in transaction costs for cross-border payments. The report, which was written with consulting firm Oliver Wyman, estimates that banks take on over $120 billion in total transaction costs each year to conduct wholesale payments across borders. "The case for CBDCs to address pain points in cross-border payments is very compelling," Oliver Wyman partner Jason Ekberg said in a statement. "The bulk of today's wholesale cross-border payments process remains sub-optimal due to multiple intermediaries between the sending and receiving banks, often resulting in high transaction costs, long settlement times, and lack of transparency on the status of the payments," he added.

China's digital currency sees soaring growth in users as transactions near $10 billion

A central bank digital currency (CBDC) can play a key role in providing access to digital payments without the requirement of a bank account and the access would be facilitated by a central bank-issued digital wallet, said industry stakeholders. The rollout of the e-rupee has been one of the most sought-after developments, since its announcement in the FY23 Union budget. Jaya <keyword id="3655832" type="General" weightage="80" keywordseo="vaidhyanathan" source="Orion">Vaidhyanathan</keyword>, CEO of BCT Digital, said that the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>'s commencement of the pilot of the digital rupee marks appreciable progress in the journey toward digital payments. "The initiative has started in the low volume, high-value wholesale (interbank) segment from where learnings would be used to roll out reliable, built-to-scale retail payments," said Vaidhyanathan. The pilot announcement involves nine banks, including the SBI, the Bank of Baroda, the HDFC Bank, the Yes Bank, the Kotak Mahindra Bank, and the ICICI Bank, settling secondary market transactions in government securities, thereby reducing settlement risk and transaction costs. "A successful pilot and by extension, a full rollout of the digital rupee is expected to boost the reach of payment and financial needs of a wider category of users while ensuring transparency and low operational cost, and in this regard, it is encouraging to witness the RBI's support for innovation in creating a world-class, future-ready digital ecosystem," Vaidhyanathan stressed. India has one of the most technologically-evolved currencies in the world, and the e-rupee will put it in the forefront of true digital payments and improve financial inclusion. "The popularity of a digital rupee backed by the RBI will help bring legitimacy to other private digital currency like crypto. While we wait for clarity on how it is implemented, it is a positive step towards the acceptance of digital currency," said <keyword id="219963" type="General" weightage="80" keywordseo="prashant-kumar" source="Orion">Prashant Kumar</keyword>, Founder and CEO at weTrade. According to Arjun Khazanchi, Co-Founder and Chief Legal and Strategy Officer at Rooba.Finance, the CBDC is an ambitious project where the government has been silently working to disrupt the financial system which has traditionally been opaque, cash dependent, and highly-inefficient. "The first use case is going to be for the secondary market transactions in government securities. This move may even boost liquidity, remove inefficient and redundant processes while reducing transaction costs. This would also enable increased transparency between the participants," Khazanchi contended. Through this, the government expects to also be able to reduce settlement risk which is one of the biggest use cases for Blockchain in financial markets. There are some fears regarding the privacy and overt control that the government may possess over the CBDCs. "However, some commentary may be over exaggerated with intent being presumed. Retail CBDC is still far away and would require a lot of education and technical training before being imposed," said Khazanchi. The CBDCs could help preserve the role of public fiat in monetary policy, securing central banks' role in protecting financial stability in their markets. It provides a public, digital alternative to cash and private digital money. According to <keyword id="181738" type="General" weightage="80" keywordseo="manish-sharma" source="Orion">Manish Sharma</keyword>, Founding Partner of Centricity Wealth Tech, the CBDCs can play a key role in providing access to digital payments without the requirement of a bank account. "Public-private partnerships will be essential to the success of a CBDC launch, enabling central banks to leverage established infrastructure and client relationships. Such alliances will help central banks implement use cases aligned with end-user needs, complementing their gaps in capabilities and knowledge of consumption habits, particularly in a retail scenario," <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword> said. By engaging commercial banks and other private stakeholders (technology enablers, merchants, users) in the launch process, central banks will also foster a broader sense of ownership, manage fears of displacement, and increase the probability of successful adoption. Mahesh Shukla, CEO and Founder, PayMe India, said the RBI is further looking forward to focus on other wholesale transactions and cross-border payment, which can be projected as steps to ease the ways of financing for the general public. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/niit-acquires-us-based-st-charles-consulting-group-for-23-4-million/articleshow/95320170.cms">NIIT acquires US-based St. Charles Consulting Group for $23.4 million</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-passenger-vehicles-from-november-7/articleshow/95319994.cms">Tata Motors to hike prices of passenger vehicles from November 7</a>

Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

New Delhi, Apr 14 () The nationwide lockdown has benefited digital payment platforms as 42 per cent Indians have increased the use of digital means for payments in the last three weeks, a report said. Buying essentials and mobile recharges are top use cases for digital payments, according to a survey of 42,000 respondents done by consultancy firm Local Circles. Paytm and Google Pay are among the top digital payment apps being used by consumers, it said. Many retail stores and local general stores have been reporting a major rush and spike in order because of the lockdown and as people purchase and stock essentials for use during this period, it said. E-commerce platforms, especially the ones delivering groceries have also seen a massive spike in orders for essential goods in the last three weeks with some reporting five times demand. For both retail stores and e-commerce orders, what is common is that many of the consumers are now making their payments via digital payment mechanisms and taking contactless delivery of goods where possible. The National Payments Corporation of India (NPCI) has been urging Indians to use more digital payment methods, so that people do not step out even to go to the ATM, reduce social contact and curb the spread of Covid-19. "When consumers were asked what digital payment app have they been using the most in the last three weeks, since the coronavirus outbreak, 33 per cent said Paytm, 14 per cent Google Pay, 4 per cent PhonePe, 10 per cent Amazon Pay, 6 per cent BHIM while 33 per cent used other apps," it said. The lockdown has also brought many first-time users who were not very tech savvy closer to the digital payments' ecosystem as they had a need to make digital payments for essentials, it said. When it came to use debit/credit cards in the last three weeks, 54 per cent of respondents said they have been using Visa, while 30 per cent Mastercard and 12 per cent Rupay card, it added. DP ANSANS

42 pc Indians say have increased use of digital payments during lockdown: Report

<ul class="summary-list"><li>JD.com is accepting e-CNY for payment on its e-commerce platform during the Singles Day promotional period.</li><li>More than 100,000 people have used e-CNY on the company's app during the promo period so far, JD said.</li></ul><a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a> is allowing customers to make payments with <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>'s digital currency for <a href="https://www.cnbc.com/2021/11/02/singles-day-chinese-shopping-event-kicks-off-with-a-new-feel-common-prosperity-tech-regulation.html">Singles Day</a> - the biggest shopping event in the world. The e-commerce giant said in December it would begin accepting the <keyword id="11996483" type="UNKNOWN" weightage="60" keywordseo="digital-yuan" source="Orion">digital yuan</keyword>. But this is the first Singles Day that JD is taking the "e-CNY," marking its broadest-scale trial yet. According to JD, over 100,000 customers have paid using e-CNY on the JD shopping app during the Singles Day promotional period, which first began October 31. Users also receive 15 yuan ($2.34) when they download China's digital currency app via JD's download link. Last year, Singles Day across all platforms had a gross merchandise value of <a href="https://www.cnbc.com/2021/11/02/singles-day-chinese-shopping-event-kicks-off-with-a-new-feel-common-prosperity-tech-regulation.html">840 billion yuan</a> ($131.3 billion), making it bigger than Black Friday and Cyber Monday combined. This year, some of that yuan will be replaced with China's central bank digital currency.While the e-CNY is not a <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>, it is a digital version of the country's currency that, eventually, will be launched nationwide.Meanwhile, the People's Bank of China has been <a href="https://markets.businessinsider.com/news/currencies/china-digital-currency-10-billion-dollars-transactions-ecyn-yuan-cbdc">gradually rolling out its digital currency across individual provinces</a>. As of the end of October, more than 140 million people have opened wallets for the digital yuan, which has been used for transactions totalling 62 billion yuan ($9.7 billion), a central bank official said earlier this month.

E-commerce giant JD.com accepts China's digital currency for world's biggest shopping event

(Photo Source: Inc42.com) <ul><li>India’s central bank plans to implement an <keyword id="4839943" type="PERSON" weightage="20" keywordseo="Ombudsman-Scheme">ombudsman scheme</keyword> to address complaints related to digital payments. </li><li>All payment services provided by entities that are currently regulated by the Reserve Bank of India will be included. </li><li><keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has also issued instructions for limiting the liability of consumers in case of unauthorised e-transactions involving debit and credit cards issuing non-banking financial companies. </li></ul>India has witnessed a dramatic increase in the use of e-wallets and digital payments transactions over the past year. Nothing is more worrisome than getting a pop-up, “Your payment failed” soon after you have transferred money digitally. Moreover, not having a complaint system adds even more worry. It is quite common for Indian users to witness payment failures. To address this, the Reserve Bank of India will appoint an ‘ombudsman’ to specifically address all the complaints related to digital payments for prepaid instruments. Its existing banking ombudsman <a href="https://m.rbi.org.in/Scripts/FAQView.aspx?Id=24">allows</a> consumers to seek the help of a senior official appointed by the bank to address banking-related complaints. The bank has said it will soon implement a “cost-free, speedy and dedicate” ombudsman scheme to address all the consumer complaints against multiple issues faced while doing digital transactions in India. Additionally, it is also planning to limit customer liability in case of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies (NBFCs). Once notified, the scheme will cover all the services provided by entities registered under the Reserve Bank’s regulatory jurisdiction. — With IANS inputs

You Searched For "digital payment e rupi" and got 11 results

e-RUPI explained — India’s new electronic voucher-based payment system to reduce leakage in welfare programmes

Sudhanshu Singh

RBI proposes to raise limit on e-RUPI vouchers to ₹1 lakh

IANS

Tokenised payment transactions to cross a trillion globally by 2026, says report

IANS

Old players and new challengers battle it out for Southeast Asia's $1 trillion digital payments market

Prabhjote Gill

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