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Mobile payments are being effortlessly accepted in every nook and corner of the country. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> believes its superfast and revolutionary innovations and technology like Soundbox and QR code are not only empowering merchants but have also simplified mobile payments making people go cashless. In fact, there are several small merchants and youngsters who are the proud ambassadors of Paytm’s pioneership in mobile payments. Recently, a Twitter user- Kapil Rattan Bamnia, posted a small clipping where two young boys can be seen holding Paytm Soundbox and repeating the sentence the box is saying. “Paytm karo,” Bamnia tweeted. Paytm’s pioneered Soundbox is a user-friendly device that announces payment confirmations through a voice alert. This feature helps merchants easily verify transactions without having to check their smartphones, making the payment process seamless and efficient. The widespread adoption of the Paytm Soundbox and QR code shows the ease of using these products and convenience for both merchants and consumers. Another Twitter user Ranaditya Singh credited Paytm for revolutionizing the street food experience, as he was easily able to pay a street vendor selling sugarcane juice via <keyword id="9290101" type="General" weightage="20" keywordseo="paytm-qr-code" source="Orion">Paytm QR Code</keyword>. “Embracing Digital Payments” Effortlessly adopts UPI, revolutionizing the street food experience,” he tweeted. Similarly, another Twitter user Manish Malhotra informed how Paytm’s reach is almost everywhere in India. He tweeted how he was able to make payment using the Paytm QR code to a vendor selling kulfi in a small town in Punjab. “Made a payment to a Kulfi Wala in a Small Town of Punjab,” the tweet read. Being India’s leading mobile payments and financial services company, Paytm is transforming businesses with the convenience and security of mobile payments, serving as a catalyst for financial inclusion. Disclaimer : This article has been reproduced from Paytm's blog. The opinions expressed are those of the organization and do not necessarily reflect the views of Business Insider India. For further details, you can get in touch with our team on insiderstudios@businessinsider.in

Paytm users give its pioneered Soundbox, QR Code credit for ‘cashless lives’ in India, here's why

Traditional methods of fund transfer, such as Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and National Electronics Funds Transfer (NEFT) have been popular amongst the Indian masses for a long time. However, a newer method of fund transfer has overtaken them in the recent past. Unified Payments Interface or <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> is a digital payment system enabling money transfers and the handling of a person’s multiple bank accounts via a single mobile app. And this digital payment system has been creating records – surpassing the five billion transactions in a month in March this year. While the older methods require the provision of the receiver’s name, contact number, bank account number, IFSC, etc., UPI payments require only a UPI ID/mobile number/QR. These identifications are unique to every user, and hence, are less likely to be misused. Another benefit of this is that in an online transaction, one can easily link multiple accounts to their UPI ID. The person can also choose which bank account they want to use to make the payment or receive money through UPI. According to a research report, UPI continues to dominate daily debit transactions. Infact, UPI transactions in India have doubled in volume and value on a YoY basis, crossing the Rs 10 trillion mark in May 2022. <cmsannotation type="cmsannotation" annotationid="What is a UPI?" comment="subhead" text="What is a UPI?">What is a UPI?</cmsannotation> A UPI ID is a virtual payment address (VPA) for every UPI user. To access the UPI services, a user has to first generate a UPI ID. This UPI ID acts as a unique identifier for the user’s identity. A UPI ID is written in the format “abcd@bank” where: <ol><li>‘abcd’ can either be a user’s first name, a part of their email address, or their mobile phone number, and</li><li>‘bank’ is the name/initials/shortened name of the bank providing services to the UPI app</li></ol>Per the servicing bank, there might be a prefix or suffix added to the UPI ID as well. <cmsannotation type="cmsannotation" annotationid="How to create a UPI ID?" comment="subhead" text="How to create a UPI ID?">How to create a UPI ID?</cmsannotation> <div type="Youtube" id="VuEqfE1Yntw" title="How to send money using UPI on Paytm" thumbUrl="https://i.ytimg.com/vi/VuEqfE1Yntw/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=VuEqfE1Yntw&feature=youtu.be]]></url></div> Creating a UPI ID is quick and easy: <ul><li><a href="https://play.google.com/store/apps/details?id=net.one97.paytm">Download</a> a UPI payment application, like <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">Paytm</keyword></li><li>Enter your mobile number. If you have a dual SIM phone, you may be prompted to select the SIM slot in which your mobile number is present </li><li>An SMS will be sent to you to verify your mobile number</li><li>Once this is done, you are required to select your bank name from the list presented to you. Please make sure that the mobile number registered with your bank is the same as the one you entered earlier. Your bank account details will now be fetched from the bank using your mobile number</li><li>If you are linking your bank for the first time, you will be asked to set up a <keyword id="4760578" type="General" weightage="50" keywordseo="upi-pin" source="Orion">UPI PIN</keyword>. You will need your debit card details for setting this up</li><li>Your bank account is now linked via UPI</li></ul>You are now ready to make your first payment! <cmsannotation type="cmsannotation" annotationid="How to send money using UPI ID?" comment="subhead" text="How to send money using UPI ID?">How to send money using UPI ID?</cmsannotation> To conveniently transfer funds through UPI, follow these steps: <ul><li>Log in to your UPI payment application, such as <a href="https://play.google.com/store/apps/details?id=net.one97.paytm">Paytm</a>, and click on the ‘<a href="https://paytm.com/paytmmp://cash_wallet?featuretype=money_transfer" data-type="tilCustomLink" target="_blank">UPI/Send Money To Anyone</a>' option</li><li>Select the receiver from your phone contact list or enter the mobile number of the receiver</li><li>If the receiver does not use the app you use, you could ask them for their UPI ID on another app and enter that ID</li><li>You could also click on the ‘Scan QR’ option and scan the recipient’s QR code</li><li>Next, select the bank account from which you want to make the transfer and click on ‘Proceed’</li><li>Finally, enter UPI PIN associated with the selected bank account</li><li>The amount will be immediately transferred from your bank account to the receiver’s bank account</li></ul> Regulated by the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> and National Payments Corporation of India, a UPI ID is completely independent of the bank account number or any other personal detail, which makes it absolutely safe. UPI also aids the participating banks by helping them track the user’s account, thereby, ensuring safety. The security of <a href="https://paytm.com/paytmmp://cash_wallet?featuretype=money_transfer" data-type="tilCustomLink" target="_blank">Paytm UPI</a>, especially, is fool-proof since all the transactions take place in a safe, highly encrypted ecosystem. UPI has truly eliminated the complex process of transferring money, and facilitated inter-bank peer-to-peer and peer-to-merchant monetary transactions! Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm se UPI — a nod to cashless economy

<ul><li>In order to get rid of germ-ridden cash, the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) is asking people to switch to <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>. </li><li>For the campaign, India Pay Safe, NPCI CEO Dilip Asbe shared a video and was soon joined by several other payment leaders.</li><li>Earlier the Reserve Bank of India too had asked people to switch to digital payments.</li></ul>The National Payments Corporation of India (NPCI) started a campaign to boost digital payments, so that people will stop exchanging cash which could spread <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. Called ‘India pay safe’, the campaign asked people to switch to digital payments. NPCI CEO Dilip Asbe shared a video for the campaign <div type="twitter" handle="dilipasbe" handlename="Dilip Asbe" image="http://pbs.twimg.com/profile_images/1185223289901174786/QwO2CR0x_normal.jpg" favoritecount="518" retweetcount="73" status="A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact #IndiaPaySafe… https://t.co/FdkQlEuqYV" createdat="1584549409000" id="1240316238422654976"></div>

 And, he was soon joined by several other digital payments leaders from Pine Labs, Amazon Payments and PhonePe. <div type="twitter" handle="amrishrau" handlename="Amrish Rau" image="http://pbs.twimg.com/profile_images/863770631564705792/-bNwXzUb_normal.jpg" favoritecount="114" retweetcount="18" status="Payment karo Digital karo @PMOIndia @narendramodi @UPI_NPCI #covid19 #UPIChalega #indiapaysafe @PineLabs https://t.co/AdM0EOBclb" createdat="1584542913000" id="1240288992035131392"></div>

 <div type="twitter" handle="_sameernigam" handlename="Sameer.Nigam" image="http://pbs.twimg.com/profile_images/1226752315194896386/-vXoiacz_normal.jpg" favoritecount="266" retweetcount="62" status="A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact #IndianPaySafe… https://t.co/APSL3c07ys" createdat="1584544136000" id="1240294121375293441"></div>

 <div type="twitter" handle="maneshm" handlename="Manesh Mahatme | मनेश महात्मे" image="http://pbs.twimg.com/profile_images/1135210137176592384/S1NUeI___normal.jpg" favoritecount="19" retweetcount="9" status="Social Distancing is key to prevent the spread of this virus. Stay safe when paying for your daily needs. Let’s win… https://t.co/ONiSAZosRV" createdat="1584585434000" id="1240467336970170368"></div>

 As more and more people are staying home because of coronavirus, online transactions have seen a boost. Instead of venturing out, people are ordering food, groceries, everything online, and switching to digital payment methods. India’s central bank the Reserve Bank of India too issued an alert asking people to use digital payments as much as possible. "In the context of COVID 19, RBI and the government together are giving emphasis on encouraging digital payments. And over a period of time, various measures have already been taken to establish a safe, secure, stable and affordable retail payment system such as the National Electronic Fund Transfer (NEFT) and the Immediate Payment Service (IMPS),” said RBI governor <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-urges-customers-to-use-digital-banking-facilities-amid-coronavirus-outbreak/articleshow/74653847.cms">Shaktikanta </a>Das at a press briefing on March 16. In America too, where the number of coronavirus cases have shot up, people are switching to <a href="https://www.cnbc.com/2020/03/18/germ-ridden-cash-may-boost-use-of-contactless-payments.html">contactless payments</a>. Meanwhile, <a href="https://www.businessinsider.com/south-korea-burning-cash-amid-coronavirus-outbreak-2020-3?IR=T">reports say</a> that in South Korea, its central bank – the Bank of Korea – was burning and disinfecting cash to stop the spread of the deadly virus. “Not only will things change at individual level but even company level. Many companies have been undergoing a digital transformation, or promoting new technologies such as self-checkout (eg- lifestyle stores), will see more rapid adoption of digital payments to reduce the risks of transmitting the virus through human interactions,” said Mandar Agashe, MD and founder of Sarvatra Technologies. See Also: <a href="https://www.businessinsider.in/topic/coronavirus">coronavirus: Latest News, Articles on coronavirus | Business Insider India</a>

NPCI starts a campaign for digital payments called ‘India pay safe’, asking people to ditch cash during coronavirus

<ul><li><keyword id="194502" type="General" weightage="20" keywordseo="cms-info-systems" source="Orion">CMS Info Systems</keyword>’ IPO opened its IPO today on December 21 and will close on December 23.</li><li>The company plans to raise ₹1,100 crore via public issue of shares, which is a complete offer for sale by promoter Sion Investment Holdings PTE.</li><li>Commenting on impact over another lockdown, the company’s director and CEO Rajiv Kaul told Business Insider that, “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant.”</li></ul>Mumbai-based cash management company CMS Info Systems that has opened its initial public offering (IPO) today may face a hurdle in its finances once again if another wave of COVID-19 comes through. “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant,” said, director and CEO of CMS Info Systems Rajiv Kaul to Business Insider in an interview. This played out in 2020 when the company’s revenue fell 6% due to the lockdowns and lack of use of ATMs thereof. <div type="image" title="CMS Info reve" height="900" width="1200" msid="88400139" hostid="261"></div> The company manages cash for banks along with other outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India. Its business includes installing, maintaining and managing assets and technology solutions on an end-to-end outsourced basis for banks under long term contracts. The company’s finances dipped slightly during lockdown as customers shifted some part of their transactions to digital payments. However, lockdowns are only one part of the risk. The other longer-term risk is the policy push from both the government and the Reserve Bank of India who want people to use less cash and more digital payments in the time to come. More than two⁠-thirds of CMS’ revenue comes from picking up cash from the banks and delivering it to the ATMs. So far, thankfully for CMS, these calls for a cashless India have not yielded much result. In fact, the cash in circulation in the economy has only gone up five years after the <a href="https://www.businessinsider.in/stock-market/economy/news/moodys-rating-and-outlook-for-indian-economy/articleshow/71967678.cms">ill-advised demonetisation</a> <div type="image" title="CMS grid value and volume (1)" msid="88400145" hostid="261"></div>“Digital transactions have been growing for a long time, it’s not only today, we are just talking about it today. We are talking about it since demonetisation because paytm, mobikwik and all was happening. So it's not a new disruption. Digital is disrupting some elements of cash, check, RTGS, NEFT or mobile payments and UPI. So there is a lot of flux and volatility,” said Kaul. Business operations in three segments: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Description </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% percentage of total income in FY21 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cash management services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Include end-to-end ATM replenishment services, cash pick-up and delivery, cash-in-transit services for banks </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">67.79% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Managed services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banking automation product sales, common control systems, and software solutions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">27.54% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Financial cards issuance for banks and card personalisation services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.47% </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/razorpay-is-now-the-most-valued-fintech-startup-in-india/articleshow/88382493.cms">Razorpay is now the most valued fintech startup in India</a>

INTERVIEW: Here’s why this cash management firm is going for an IPO when Indians are being pushed to go cashless

<ul><li>Only 48% of urban merchants accept digital payments, according to a report. </li><li>Beyond awareness, infrastructure is still one of the biggest challenges faced by merchants. </li><li>Digital payments today accounts to just 10% of all transactions in India. </li></ul>Digital payments in India took off in a massive way right after demonetization, with the likes of Paytm leveraging the government move to become a household name. However, a new study now reveals that more than half of the shops in Indian cities want to stay away from digital payments. Awareness is not enough get Indians to use digital payments as only 48% of merchants accept digital payments, according to a report done by CUTS international. Expensive and unreliable infrastructure, unaware customers, lack of interoperability, transaction failures and charges are reasons why merchants don't prefer digital payments in India. Digital payments is still considered to have a big opportunity in India and even the likes of giants like Google didn’t want to shy away from it. Google had launched its first ever digital payments app Tez which is now called Google Pay in September 2017. However, even <a href="https://www.medianama.com/2018/09/223-google-pay-india-25m-maus/">Google Pay </a>which managed to have 25 million monthly active users, has only 1.2 million businesses on the platform in India. Cash is still king in India and digital payments today holds a mere <a href="https://economictimes.indiatimes.com/news/economy/finance/rbi-should-offer-digi-payment-licences-on-tap-says-industry/articleshow/67906710.cms">10% </a>of all transactions in the country. Recognising that, the Payments Council of India recently submitted recommendations to the newly-formed panel by the government for digital payments. The panel is headed by industry veteran Nandan Nilekani. The PCI suggested seamless <a href="https://yourstory.com/2019/02/india-rbi-digital-payments-council">access</a> to payments infrastructure and formation of a KYC bureau among multiple other things. While right after demonetization going cashless meant digital payments saw a huge spike in numbers, in 2018 the conversation rate actually fell. According to <a href="https://www.business-standard.com/article/current-affairs/upi-s-value-grew-700-in-2018-while-total-digital-payments-fell-1-119011300209_1.html">data</a> from the Reserve Bank of India, there was a one percent fall in digital payments in November 2018 when compared to November 2017. Regulations, too, form a major role in the adoption of digital payments in India. While the current government has been encouraging of India’s shift to digitization and has been promoting a <keyword id="3870560" type="PERSON" weightage="20" keywordseo="Cashless-India">cashless India</keyword>, mandates like compulsory KYC had halted the operations of many payment wallets. “More than 95% of the mobile wallets in the country could stop being operational by March,” said a senior executive with a New Delhi-based payments company to <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-kyc-deadline-may-punch-a-hole-in-wallet-companies-plans/articleshow/67430125.cms">ET. </a> See Also: <a href="https://www.businessinsider.in/rbi-wary-of-financial-fraud-by-anydesk/articleshow/68043224.cms">India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data</a> <a href="https://www.businessinsider.in/paytm-takes-on-airbnb-makemytrip-oyorooms-and-trivago-with-its-latest-offer-hotel-bookings/articleshow/67755276.cms">Paytm is competing with almost everyone in Indian e-commerce</a> <a href="https://www.businessinsider.in/risky-business-indian-smartphone-users-have-a-whopping-50-apps-on-a-single-device-and-theyre-not-even-using-half-of-them/articleshow/67059536.cms">Risky business: Indian smartphone users have a whopping 50 apps on a single device, and they're not even using half of them</a>

Did you know: More than half the shops in Indian cities don't accept digital payments

<ul><li><keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>, Infosys co-founder and the architect of the world’s largest biometric system, was just appointed by India’s central bank to improve the adoption of digital payments in the country. </li><li>Despite numerous attempts by the Indian government, cashless payments dipped once cash was available after Prime Minister Narendra Modi’s demonetisation exercise. </li><li>There are numerous challenges ahead for Nilekani including addressing the level of digital literacy in the country and keeping digital payments affordable.</li></ul>India now has 800 million mobile phone users but merely a fraction are using digital payments. The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has brought none other than Nandan Nilekani, the architect of the world’s largest biometric identity system, the <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword>, after several attempts to push Indians to go cashless fell short of the government’s goal. While the infamous demonetisation in November 2016, which aimed at pushing Indians to use digital payments, gave a temporary fillip to mobile wallets — the momentum wasn’t maintained once banks had enough cash to dispense. According to the government think tank, Niti Aayog, the digital payment market is set to reach $1 trillion by 2023.However, Nilekani, an entrepreneur-turned-techocrat, has his task cut out for him and it’s not an easy one. 
 <div type="ExtQuote" text="The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation." auname="Reserve Bank of India, press statement"></div>



 More internet penetration, but is it enough More people in India have access to internet in India than ever before but the infrastructure and connectivity is far from ideal, more so outside the big cities — even with credit or debit card transactions. Even when demonetisation took place, PayTM — one of India’s most-used <keyword id="6358031" type="PERSON" weightage="20" keywordseo="digital-wallets">digital wallets</keyword> — <a href="https://www.exchange4media.com/marketing-news/paytm-faces-multiple-challenges-ata-crucial-juncture-of-its-journey-67263.html">crashed</a> under the sudden increase in traffic. Force of habit It’s not about knowing that you can make payments using the internet, it’s also about habit. In rural areas, due to the lack of infrastructure and appropriate incentives — going to the bank or to the market is still easier and cheaper than shopping online. Limited digital literacy The biggest hurdle in the committee’s way isn’t access to internet but digital literacy. Educating the masses so that they are able to use these apps will be a prerequisite. Even among those who are familiar with digital modes, a large section of Indians are still paranoid about the safety of online transactions. The question of security A report by Qualcomm states that a lot of wallets and banking apps in India lack the requisite hardware security. And since they run on Android accommodating versions that lack the latest security updates, they are relatively more vulnerable to being hacked. The question isn’t only of alphanumeric passwords but also biometrics, like your fingerprint. Even one of <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>’s mandate is speaks to that regard. 
 <div type="ExtQuote" text="Suggest measures to strengthen the safety and security of digital payments and a roadmap for increasing customer confidence and trust while accessing financial services through digital modes." auname="Reserve Bank of India, press statement"></div>



 Security and trust are two different things Even with best security in place, the people will only use digital payments if there’s trust. The recent data leaks and reports of insider fraud at PayTM have not helped that cause. Most people prefer cash in the country because it doesn’t leave a digital footprint under the perception that having every transaction scrutinized could lead to more trouble. Nilekani, one of the founders of Indian tech services major Infosys, is often eulogized for creating the Aadhaar framework, but notwithstanding the magnitude of the exercise, the unique identity project has had its share of chinks. The Tribune, when looking into the security of the Aadhar database, found that they could attain all the details about a person using the 12-digit unique identification number after <a href="http://www.tribuneindia.com/news/nation/rs-500-10-minutes-and-you-have-access-to-billion-aadhaar-details/523361.html">paying an agent</a> ₹500. For another ₹300, you get a physical copy of the Aadhaar card, which could then be used to access various government schemes. Robert Baptiste, a french researcher known by online Twitter handle ‘Elliot Alderson’, was <a href="https://twitter.com/fs0c131y/status/973482430903586816?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E973482430903586816&amp;ref_url=https%3A%2F%2Fwww.businessinsider.in%2Findian-government-portal-leaks-8-9mn-aadhaar-details-again%2Farticleshow%2F63924186.cms">able to</a> hack into the Aadhaar app in under a minute. Another twitter user, Srinivas Kodali, <a href="https://www.businessinsider.in/indian-government-portal-leaks-8-9mn-aadhaar-details-again/articleshow/63924186.cms">exposed</a> how 8.9 million Aadhaar numbers were vulnerable. Aadhaar was still a mode for people to receive government benefits and cash transfer. It will take a lot more time and effort to convince penny-wise Indians to risk their money in digital payment apps.

Can Nilekani, the architect of the world’s largest biometric project, spark digital payments in India?

The Indian Government is pushing people towards <a href="http://www.businessinsider.in/searchresult.cms?query=cashless+transactions&amp;sortorder=effectivedate">cashless transactions</a> and selling <a href="http://www.businessinsider.in/searchresult.cms?query=digital+economy&amp;sortorder=effectivedate">digital economy</a> dreams. But, one thing that it requires to achieve this is the <a href="http://www.businessinsider.in/searchresult.cms?query=pos+machines&amp;sortorder=effectivedate">Point of Sales (PoS) machines</a>, or the swipe machines, which is a concern now. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=finance+minister+arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun </a><a href="http://www.businessinsider.in/searchresult.cms?query=finance+minister+arun+jaitley&amp;sortorder=effectivedate">Jaitley</a>'s plans to get an additional 10 lakh PoS machines installed in India by March for <keyword id="6445679" type="UNKNOWN" weightage="20" keywordseo="cashless-transactions">cashless transactions</keyword>, however, the banks say the target is not attainable. 
 
"If we have to attain the target, we have to deploy somewhere around 30,000 terminals per week. We used to do 6,000 terminals in a month, which we have increased to almost 10,000 per week - scaling it up to 30,000 is not possible at this juncture,” a senior official with one of the large banks told ET. 
 
Banks say there are other issues also involved such as customer and merchant knowledge, manpower, training, etc. 
 
Besides, the government’s the target of deploying 20 lakh Aadhaar-enabled terminals by September is also blurry. 
 
The country had more than 15 lakh PoS terminals as of October 2016, according to data with the <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India</a>. 
 
The government's target means an increase of 67%. Bankers said there are huge operational challenges to both manufacturing and installation of terminals at such a scale.

Indian Govt wants to go cashless but it is attainable within deadline? Find out

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India </a>(RBI) silenced all rumours and confirmed it had no plans to introduce <keyword id="4342196" type="UNKNOWN" weightage="20" keywordseo="new-denomination-notes">new denomination notes</keyword>. 
 
RBI Deputy Governor NS Vishwanathan said the RBI is pushing for more <a href="http://www.businessinsider.in/searchresult.cms?query=cashless+transactions&amp;sortorder=effectivedate">cashless transactions</a> now. 
 "Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage <keyword id="6445679" type="UNKNOWN" weightage="20" keywordseo="cashless-transactions">cashless transactions</keyword>, which are helpful to the people,” said Vishwanathan during a lecture on 'credit culture and financial system'. 
 
Meanwhile, he expressed concerns over<a href="http://www.businessinsider.in/searchresult.cms?query=non+performing+assets&amp;sortorder=effectivedate"> Non Performing Assets</a> (NPAs), saying they were affecting the income and profit of banks. 
 
“Banks cannot escape from the responsibility of controlling NPAs in their balance sheets,” he said. 
 
The NPA amount of the state-run banks rose to Rs 6.3 lakh crore at end of the current fiscal's second quarter that ended in September. 
 
Banks are expected to base their lending decisions on a careful and prudent assessment of the financial position and repaying capacity of the borrower. Credit would be given to only the right people, he said. 
 
Banks must have good system of credit culture, he added.

RBI won’t introduce new denomination notes, to focus on cashless transactions

<keyword id="6363870" type="ENTERTAINMENT" weightage="20" keywordseo="Home">Home</keyword> buying is such a significant milestone in a person’s life. It’s also one of the toughest to execute. Too many options, too many brokers, too many offers. Just too much clutter. 
 
Technology, fortunately, has come to the rescue. More than 90% of the research to find a dream home is now happening online. Consumers are comparing prices, checking developer credentials, following project updates and even looking at the past project performances and making sense of the multiple layers of data, online. This move is like a breath of fresh air to consumers. 
 
With online tools aiding in the selection process, home buying could never have been easier. Gone are the days of only visiting offices of realtors and property dealers, haggling over prices, visiting umpteen sites and locations and finally, if lucky, taking the final decision. Not to forget the negotiations that went on and the offers kept moving back and forth. 
 
Making an offer and negotiating online has simplified this task and given it some much-needed transparency. The shift of buyer-seller interactions online is giving more power to the buyers and an opportunity for the seller to gain as per their performance. 
 Using technology to the hilt, these online platforms are bridging gaps between the buyers and the sellers along with providing the much-needed guidance to the buyers. The younger and tech-savvy buyers are seeking information and transparency while dealing with developers that are reeling under the effect of project delays and a sagging property market. Having an interactive and receptive customer service and an active presence on the social media platforms, interactive websites with 3D virtual tours can be leveraged upon to share information about a company's ongoing and future projects. Industry statistics suggest the growing quantum of <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> related queries is climbing at the rate of 35 per cent year-on-year. 
 
Transcending barriers 
 The real estate market in the country has seen a rough patch in the last five years with inventory pileups crossing record numbers. This added with a growing mismatch between the pricing expectation of the buyer and the seller, has created a situation of distress in the market that needs to be addressed for its revival. This scenario is also leading to buyers holding off from putting action to their thought and completing their purchases, adding on to record unsold inventories. According to a recent <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword> survey, <keyword id="53426" type="CITY" weightage="20" keywordseo="NCR">NCR</keyword> region has the highest unsold inventory pressure among all other cities with the NCR residential market having an estimated 1,70,000 units of unsold inventory, mounting to almost 30 per cent of the units under construction. 
 
What was needed was a platform that gave a potential buyer spam free access to data driven knowledge and guidance and assess the prices on offer to make an informed choice. Having buyers and sellers on the same data driven platform could transform the fortunes of the real estate sector that is going through a rough patch. Verified and analyzed property listings stand a chance of garnering better attention from prospective buyers, making online property negotiations a hit with the masses. 
 
With their perennial presence at the buyers convenience in the confines of their comfortable spaces, online negotiations and online property buying gives the prospective buyer endless benefits. One can avail a service that is convenient, quick and devoid of any kind of hassles, unlike a brick-and-mortar estate agency. 
 
Industry research estimates reveal that online agencies could handle almost 50 per cent of all real estate sales by the year 2020 that began their journey around the year 2005. 
 
The effort and the unambiguousness required in maintaining an urbane online presence has risen the bar among the developer fraternity and given more power to the buyers. While online negotiations may still be at a nascent stage, the growth story is clearly written in the board with the growing urban population that is living by and pushing the growth of the e-commerce segment. The dream home is just a few clicks away! 
 (This article is authored by <keyword id="2982694" type="PERSON" weightage="20" keywordseo="Arjun-Basu">Arjun Basu</keyword>, Co-Founder &amp; CEO, DoorKeys.com)

Online negotiation the new norm of property buying in India?

While the country is still working towards a <a href="http://www.businessinsider.in/searchresult.cms?query=cashless+transactions&amp;sortorder=effectivedate">cashless</a> society, <a href="http://www.businessinsider.in/searchresult.cms?query=samsung&amp;sortorder=effectivedate">Samsung</a> has launched its cashless plus cardless solution where <keyword id="10591" type="CITY" weightage="100" keywordseo="Samsung">Samsung</keyword> users in India will be able to make payments through credit cards, mobile wallet and unified payments interface (UPI) by a single wave of their phone using the <a href="http://www.businessinsider.in/searchresult.cms?query=samsung+pay&amp;sortorder=effectivedate">Samsung Pay</a> app. 
 
The mobile payment service by the Korean electronics giant Samsung will allow users to pay for goods and services simply by waving your Samsung smartphone near a cash register instead of swiping a credit card or fishing for the payment information. 
 <keyword id="2695669" type="UNKNOWN" weightage="20" keywordseo="Samsung-Pay">Samsung Pay</keyword> app supports credit and debit cards of <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, <a href="http://www.businessinsider.in/searchresult.cms?query=hdfc&amp;sortorder=effectivedate">HDFC Bank</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI&amp;sortorder=effectivedate">ICICI Bank</a> and Standard Chartered Bank. For State Bank of India, only the credit cards are supported. Apart from Visa, MasterCard, and American Expresses, Samsung has partnered with Axis Bank to facilitate payments using UPI and is working on integrating Citibank card holders too. Samsung Pay will also support payments through mobile wallets and Paytm is already on board. 
 It is certainly a new wave of payment in India and it still has a long way to go as currently Samsung Pay works only with select Samsung handsets selling upwards of Rs20,000 mainly the company’s line of Galaxy smartphones—<keyword id="173725" type="ORGANIZATION" weightage="20" keywordseo="Samsung-Galaxy">Samsung Galaxy</keyword> Note 5, Samsung Galaxy S7, Samsung Galaxy S7 Edge, Samsung Galaxy S6 Edge+, Samsung Galaxy A7 and Samsung Galaxy A5. And interestingly Samsung Pay also works with the company's smartwatch Gear S3. 
 
Apart from the inaccessibility you still have to hold on to your mobile wallets like Paytm as Samsung Pay doesn’t allow online payments yet and can only be used for payments at retail outlets. 
 
Samsung Pay was initially launched in August 2015 in South Korea and it is now available in 12 countries including the US, China, Spain, Australia and Sweden. 
 
Most importantly in terms of how secure the app is, Samsung claims that there is no storage of information, all the data is encrypted. Payments can only be authorized by scanning your fingerprint or entering your Samsung Pay PIN. All transactions use a random token instead of the card number, which means the actual card information isn’t shared while paying. Samsung also promises that even if you lose your phone, your card information stays safe as it is safely encrypted within a separate data vault. 
 
Well, the timing is perfect as India as a whole is moving towards a cashless society and services like Samsung Pay can really come 'handy'.

From cashless to cardless in a jiffy, Samsung launches Samsung Pay in India

New Delhi, Dec 17 () Axis Bank on Tuesday announced the launch of co-branded credit card in partnership with Indian Oil Corporation Ltd (IOCL).
 The co-branded card is for customers who prefer cashless and hassle-free payments, Axis Bank said in a release.
 This partnership is an effort from Axis Bank and IOCL to expand their presence in the fast-developing credit card ecosystem in India, with an aim to offer attractive rewards and benefits for its customers, it said.
 Customers will be able to get benefits such as cashback up to Rs 250 on fuel purchases within first 30 days of card issuance, 20 times accelerated reward points on fuel spends at IOCL outlets as well as waiver of fuel surcharge.
 Additionally, customers can avail benefits like 5x accelerated reward points on online shopping, 10 per cent instant discount on movie ticket bookings via BookMyShow, while also earning edge points for every spend.
 "The tie-up with Axis Bank for co-branded credit card will usher a relationship amongst the two commercial conglomerates, and enhance customer convenience in tier-II and III cities. This initiative will promote digital payments, working towards the government's vision of a Digital India," Vigyan Kumar, executive director (retail sales), Indian Oil Corporation Ltd, said.
 The co-branded card will offer exclusive rewards that will appeal to customers across India, said Sanjeev Moghe, executive vice-president, head (cards and payments), Axis Bank.
 The customer can use the card across all 27,000 Indian Oil outlets, Axis Bank said. KPM HRS

Axis Bank, Indian Oil launch co-branded credit card for cashless payments

The world’s largest payment networks will see a surge in transactions and cardholders after the Indian government’s decision this month to remove high-denomination bills from circulation, according to analysts who cover the companies. The two networks have been pushing for this kind of change in India, where a McKinsey &amp; Co. study found that more than 90 percent of transactions are still conducted in cash. 
 “Visa and <keyword id="6368201" type="CITY" weightage="100" keywordseo="MasterCard">Mastercard</keyword> both benefit as paper currency or checks turn toward toward electronics,” said Moshe Orenbuch, an analyst at Credit Suisse Group AG who has a buy recommendation on both stocks. “When we think about where they are investing, they look toward areas where there is the potential to accelerate that transition,” he said, adding that the recent changes in India are “something they know how to move in on.” 
 Five-hundred rupee ($7.33) and 1,000-rupee notes ceased to be legal tender in India on Nov. 9 and must be deposited in banks by the end of the year, Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> said in a surprise announcement this month, sweeping away 86 percent of the total currency in circulation. The move is seen as an attempt to fulfill his election promise of curbing tax evasion and recovering illegal income, locally known as black money, stashed overseas. 
 <keyword id="6359421" type="CITY" weightage="100" keywordseo="Visa">Visa</keyword> released a report in October that laid out a framework for accelerating digital-payment acceptance in India that it said could save the country $70 billion over the next decade. Amitabh Kant, who heads the government’s National Institute for Transforming India Aayog, said the report would help inform the discussion already underway on the topic. 
 
“We are undertaking various measures to transition to a less-cash society,” Kant said in a letter attached to the report. “Achieving this goal would not only help reduce the size of the shadow economy in our country and the circulation of black money, but also lead to a significant increase in jobs.” 
 
Mastercard “welcomes and supports” Modi’s decision, Porush Singh, the company’s president for South Asia, said in a statement. The prime minister’s “bold action and leadership is a critical step in positioning India to be a leader in the global cashless and digital economy movement.” 
 
Visa, based in San Francisco, had no immediate comment

Here's how India's war on cash is a boon for Visa and Mastercard

Walnut, a personal finance app, has created a Cashless India Scorecard comparing how each state is moving towards a cashless economy post-demonetisation, based on an aggregate analysis of its 5 million+ user’s data. 
 
<a href="http://www.businessinsider.in/take-a-tour-of-oyo-rooms-attractive-new-property-townhouse/articleshow/56781794.cms">ALSO READ: Take a tour of Oyo Rooms’ attractive new property: OYO Townhouse</a> 
 
The scorecard ranks states based on: 
 
1) percentage increase in overall cashless transactions 
2) growth in shoppers using debit or credit card for the first time 
3) growth in merchants accepting digital payments. 
 
<a href="http://www.businessinsider.in/flipkart-sells-close-to-two-lakh-units-of-redmi-note-4-within-minutes-of-going-live/articleshow/56754191.cms">ALSO READ: Flipkart sells close to Two Lakh Units of this smartphone within minutes!</a> 
 Gujarat, <keyword id="41646" type="COMPANY" weightage="20" keywordseo="Haryana">Haryana</keyword>, and <keyword id="68884" type="ORGANIZATION" weightage="20" keywordseo="Telangana">Telangana</keyword> emerged as the top 3 states with the highest growth in going cashless in the country. 
 
The app also tracked category-wise spends for the top 5 states and fuel expenditure emerged as the leading category for cashless transactions post-demonetisation. Among these states, Walnut users who had previously used their debit cards only for withdrawing cash performed their first cashless transaction to pay bills. 
 
This suggests that enabling public and private utility services such as telecom, electricity, gas, water etc. to start accepting digital payments is most likely to turn users cashless for the first time. 
 
<a href="http://www.businessinsider.in/budget-2017-expectations-of-fintech-startups-from-modi-government/articleshow/56774975.cms">ALSO READ: Budget 2017: Expectations of Fintech Startups from Modi Government</a> 
 
J&amp;K and the north eastern states featured in the end which could be due to the unrest in the states. It also suggests that they might be the worst affected due to demonetization with less technological advancement. 
​ 
The complete ranking was as follows: 
 
1) Gujarat 
2) Telangana 
3) Haryana 4) <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> 
5) Delhi 6) <keyword id="1502020" type="CITY" weightage="20" keywordseo="Himanchal-Pradesh">Himanchal Pradesh</keyword> 7) <keyword id="44522" type="CITY" weightage="20" keywordseo="Uttarakhand">Uttarakhand</keyword> 8) <keyword id="6354953" type="COMPANY" weightage="20" keywordseo="Punjab">Punjab</keyword> 9) <keyword id="37102" type="COMPANY" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> 
10) Maharashtra 11) <keyword id="6355588" type="ORGANIZATION" weightage="20" keywordseo="Rajasthan">Rajasthan</keyword> 12) <keyword id="6354780" type="ENTERTAINMENT" weightage="20" keywordseo="Karnataka">Karnataka</keyword> 13) <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> 
14) Jharkand 15) <keyword id="6355772" type="COMPANY" weightage="20" keywordseo="meghalaya">Meghalaya</keyword> 16) <keyword id="6354915" type="CITY" weightage="20" keywordseo="Assam">Assam</keyword> 17) <keyword id="28504" type="CITY" weightage="20" keywordseo="Kerala">Kerala</keyword> 
18) Goa 19) <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword>

You Searched For "Cashless India" and got 13 results

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