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Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

Nalin Bansal, Chief Relationship Management at the National <keyword id="20242630" type="General" weightage="20" keywordseo="payments" source="keywords">Payments</keyword> Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are <keyword id="19900675" type="General" weightage="20" keywordseo="women" source="keywords">women</keyword>, with even lower penetration in semi-urban and rural areas. "While we've achieved significant scale in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword>, penetration remains a challenge, with only 25% of payment users being women, and even fewer in semi-urban and rural areas. Many women's mobile numbers are not linked to their bank accounts, hindering their participation," Bansal said. He added, "Yet, data shows women are 50% less prone to fraud and are highly loyal and engaged users. As an ecosystem, we must prioritize personalized, assisted services and continuous engagement across all channels. UPI123 has made strides, especially for initiatives like Ujjwala, and prepaid instruments hold promise as a 'secret purse' for women. Building trust is crucial, and it is our collective responsibility to foster it." Women are more likely to adopt <keyword id="20853683" type="General" weightage="100" keywordseo="digital-financial-services" source="keywords">digital financial services</keyword> when introduced by local agents or <keyword id="22950816" type="General" weightage="20" keywordseo="community-influencers" source="keywords">community influencers</keyword>, particularly women who can help them overcome social and technological barriers. Women who make at least five <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> in the first week of onboarding are twice as likely to continue using <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>. This highlights the need for financial service providers to rethink in-app nudges and sales metrics to encourage consistent usage. 93 per cent of women surveyed expressed the need for ongoing support during the first three months of using digital payments, particularly for grievance redressal during failed transactions. Kalpana Ajayan, Regional Head - South Asia, Women's World Banking, said, "We recognize that digital payments can serve as a powerful tool for women, enabling them to manage their finances more effectively, access a broader range of services, and ultimately secure a better future for themselves and their families." She added, "By addressing the specific barriers that women face in adopting digital payments, we open up a new frontier for growth. This initiative is about much more than inclusion--it's about positioning women as key drivers in the digital financial ecosystem." The NPCI's UPI platform has already revolutionized India's payment landscape, with UPI transactions soaring from Rs 920 million (USD 11.08 million) in FY 2017-18 to Rs 83750 million (USD 1.01 billion) in FY 2022-23, reflecting a staggering CAGR of 147 per cent. The value of UPI transactions reached INR 80.79 trillion (USD 96,287) across approximately 55.66 billion transactions in the first four months of FY 2024-25. Of the 536 million women aged 15 years and older in India, 37 per cent report using mobile internet, making the addressable market for UPI solutions among women around 200 million strong.

Women are more likely to adopt digital financial services when introduced by local agents or women community influencers

As Finance Minister Nirmala Sitharaman holds a review meeting with heads of Public Sector Banks and Regional Rural Banks on Monday, the State Bank of India (SBI) in its latest report noted that the belief that the deposit growth in the banking sector is flagging is just a statistical myth. However, the report highlighted that, while it's true that <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword> has outpaced deposit growth in recent years, leading some to trumpet this as a sign of decelerating deposit activity, a deeper analysis reveals a different story. The report highlighted that in FY23, the banking sector, particularly All Scheduled Commercial Banks (ASCBs), registered the highest absolute growth in both deposits and credit since 1951-52. Deposits grew by an impressive Rs 15.7 lakh crore, while credit expanded by Rs 17.8 lakh crore, pushing the incremental Credit-Deposit (CD) Ratio to a staggering 113 per cent. The momentum continued into FY24, with deposits rising by Rs 24.3 lakh crore and credit by Rs 27.5 lakh crore. Despite the narrative suggesting a slowdown in deposit growth, the data tells us otherwise. Since FY22, incremental deposit growth has actually outpaced incremental credit growth, with deposits increasing by Rs 61 trillion compared to Rs 59 trillion in credit. "Decadal Deposits have expanded by a sharp 2.75 times, but Decadal credit expanded by 2.8 times since FY22, deposits expanded Rs 61 trillion vis-a-vis credit expansion at Rs 59 trillion," said the report. The report noted that the key issue at play here is not the quantum of deposits but the pricing. Historical trends have shown periods where credit and deposit growth diverge for 2 to 4 years. "The myth of a flagging deposit growth appears as just a statistical myth with credit growth outpacing deposit growth being tom-tommed as a deceleration in deposit growth" said the report. According to a Reserve Bank of India (RBI) study, as of June 2024, we are in the 26th month of this divergence, with predictions indicating that the cycle could end between June and October 2025. "The end of the divergence cycle could be June 2025 -October 2025" the report noted. The report also added that once this divergence ends, deposit growth is expected to pick up, while credit growth could slow significantly, signaling the beginning of a rate reversal cycle and a potential economic slowdown. Another noteworthy trend in the banking system is the decline in CASA (Current Account Savings Account) deposits. The report stated that the CASA deposits fell to 41.0 per cent in FY24 from 43.5 per cent in FY23, largely due to a decline in SB (Savings Bank) deposits. This decline, while somewhat aligned with pre-pandemic levels of 42 per cent, reflects a shift in how SB deposits are being used. Increasingly, SB deposits are being used primarily for transactional purposes, particularly UPI transactions, leading to greater movement across the banking system and raising concerns about the stability of SB deposits. Moreover, the rising returns on term deposits have been driving a significant compositional shift in bank deposits. The share of term deposits in total deposits has increased to 59.0 per cent in FY24 from 56.5 per cent in FY23, while the share of CASA deposits has continued to decline. The report said that this shift is a natural response to the increasing interest rate environment, as funds move from low-interest CASA accounts to higher-yielding time deposits. On an incremental basis, term deposits accounted for nearly 78 per cent of the total deposits in FY24, underscoring the impact of higher <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> on deposit behavior. In conclusion, while the myth of declining deposit growth may persist, the reality is more nuanced. Deposit growth remains strong, with term deposits taking a larger share of the pie as interest rates rise. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

SBI report dismisses bank deposit concerns as a 'Statistical Myth'

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

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

Issues related to data privacy and rising <keyword id="20127272" type="General" weightage="20" keywordseo="online-frauds" source="keywords">online frauds</keyword> are emerging as significant hurdles in the growth of e-commerce in India, said the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross USD 350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms. "The rise of e-commerce is constrained by inadequate skills required for online selling, such as cataloguing. <keyword id="22505774" type="General" weightage="20" keywordseo="data-privacy-issues" source="keywords">Data privacy issues</keyword> and increasing online fraud have turned out to be the most significant hurdle in the growth of e-commerce in India. It becomes imperative to educate users on the safe use of e-commerce platforms," the survey said. The survey mentioned that India's e-commerce market has gained significant momentum during the past few years, owing to technological advancements, evolving new-age business models coupled with government initiatives like the Digital India program, UPI, One District - One Product (ODOP), Open Network for Digital Commerce (ONDC), new foreign trade policy, easing of FDI limits and Consumer Protection (E-Commerce) (Amendment) Rules 2021. It has identified data privacy and <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> as critical concerns in the <keyword id="22505776" type="General" weightage="20" keywordseo="digitisation-of-services" source="keywords">digitisation of services</keyword> in the country and called for adopting strong security measures, compliance with privacy regulations, and innovation, among others. "Data privacy and cybersecurity have become critical concerns with the increasing digitisation of services," according to the survey. It said that the government is spearheading data protection laws and cybersecurity policies to safeguard consumer data and strengthen cybersecurity measures in the services sector. "To further embrace technology with confidence, ensuring the adoption of strong security measures, compliance with privacy regulations, and fostering innovation in security technologies are essential," the survey noted. It said the future of e-commerce is built on the enhanced <keyword id="20290101" type="General" weightage="20" keywordseo="user-experience" source="keywords">user experience</keyword> through <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>, seamless <keyword id="21332958" type="General" weightage="20" keywordseo="digital-payment-methods" source="keywords">digital payment methods</keyword>, innovations like UPI, and business engineering data analytics for business operations and enhancements. The survey mentioned that the buyer ecosystem in India is evolving at a very sharp rate, and business models will need to innovate to serve the needs of a diverse shopper base regarding service expectations, price sensitivity and language requirements. "Local language platforms are needed as the shopper base expands to tier-2 and tier-3 cities. Growing startups and innovative social media platforms provide an opportunity to test unique business models that might be targeted to specific demographic cohorts," the survey said.

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Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

PTI

Women are more likely to adopt digital financial services when introduced by local agents or women community influencers

ANI

SBI report dismisses bank deposit concerns as a 'Statistical Myth'

ANI

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

ANI

India to see retail digital payments to double to USD 7 tn by 2030: Report

PTI

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

ANI

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Eco Survey

PTI

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