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<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

More than 40 per cent of <keyword id="20081234" type="General" weightage="20" keywordseo="consumers" source="keywords">consumers</keyword> in Tier 3 to 6 cities use <keyword id="19994585" type="General" weightage="20" keywordseo="digital-payment" source="keywords">digital payment</keyword> on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by <keyword id="20442209" type="General" weightage="20" keywordseo="merchants" source="keywords">merchants</keyword> and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment services for a transaction a family member made. The report said around 41 per cent of merchants claimed to receive less than 25 per cent of their sales through digital payments, around 15 per cent of merchants claimed to receive over 50 per cent of their sales through digital payments. "This shows the potential left to be tapped with respect to increasing the usage of digital payments at the grassroots level," the report said. A total of 2,240 respondents were surveyed for the report, including 1,184 consumers and 1,056 merchants, spread across 16 districts, covering eight states in different geographic zones of the country. The report also said that lack of awareness about digital payments was a crucial finding. Around 46 per cent of merchants had never used digital payments because they were unaware of it. The survey revealed that, on average, around 36 per cent of merchants claimed to be processing over 50 digital payment transactions every month. Also, around 23 per cent of merchants claimed to be processing not more than 1 digital payment transaction every alternate day. Most merchants process digital payment transactions of less than Rs 15,000 every month. Only a handful of merchants claimed to process digital payments of over Rs 1 lakh. The main challenges that hinder the adoption of digital payments were inadequate infrastructure, service-related issues, capacity constraints and lack of trust in digital Payments, it said. "KYC is a vital step in onboarding merchants for using digital payments services. However, the survey discovered that nearly one in three merchants faced difficulties in completing the KYC process due to a lack of requisite documents, capacity constraints and the time taken for onboarding, among other reasons," the report said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Over 40% consumers use digital payment every day in Tier 3-6 cities: Report

<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> is looking forward to expanding its workforce by hiring 2800 people by the end of this year.</li><li>The company will be hiring across various domains like engineering, product, analytics, business development, and sales.</li><li>Other than that, PhonePe is also actively investing in PhonePe university, which is a holistic programme in tech that aims to accelerate learning and impact for engineers.</li></ul>PhonePe, a Bengaluru-based <keyword id="4002923" type="General" weightage="20" keywordseo="digital-payment-platform" source="Orion">digital payment platform</keyword>, has announced that it will double its total employee strength by December 2022. The company will be hiring 2800 people and will be scaling up its headcount from 2600 to 5400 employees. The company plans to fill in 2800 positions in various levels and functions like engineering, product, analytics, business development, and sales teams located in Bengaluru, Pune, Mumbai, Delhi, and the rest of the country. “We are building a long-term sustainable organisation, anchored on technology, and unlocking value for all. We’re proud that PhonePe has emerged as the employer of choice for smart, ambitious people who are keen on creating outsized impact. The company offers the opportunity for people to learn and grow by getting to work on some of the most complex problems in the industry,” says Manmeet Sandhu, head of human resources at PhonePe. Other than that, PhonePe is also actively investing in PhonePe university, which is a holistic programme in tech that aims to accelerate learning and impact for engineers, while also enabling expansion of the ready-now engineering talent in the startup space. “PhonePe’s progressive efforts to create a diverse, vibrant, and positive workplace were formalised last year with the launch of its Diversity and Inclusion Initiative. Since then, the company has seen an increased representation of women in leadership roles, as well as more hires from the LGBTQI community and persons with disability,” Sandhu added further. The company also claims that it offers above-market compensation, has below-market attrition rates, and offers wealth creation opportunities to all employees through its employee stock ownership plan (ESOPs) programme. The digital payments company recently launched a ‘Mother@PhonePe’ programme especially for mothers to give them the flexibility to come back to the workforce whenever they are ready. The company also launched another programme called ‘Parents@PhonePe’ which covers secondary caregivers, thus promoting a more balanced distribution of responsibilities among new parents. PhonePe was founded in December 2015 and it claims to have digitised over 27 million offline merchants spread across tier 2,3,4 and beyond and claims to have covered 99% of pin codes in the country. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores, and make all their utility payments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/lenovo-to-hire-12000-rd-professionals-in-the-next-3-years/articleshow/90659225.cms">Lenovo to hire 12,000 R&amp;D professionals in the next 3 years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/former-student-and-indigo-co-founder-rakesh-gangwal-gifts-100-crore-to-iit-kanpur/articleshow/90660595.cms">Former student and Indigo co-founder Rakesh Gangwal gifts ₹100 crore to IIT-Kanpur</a>

Digital payments platform PhonePe to hire 2800 people by the end of this year

By 2025, <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> collectively in India would account for 71.7 per cent of overall payments volume, leaving cash and cheques at 28.3 per cent, said a new report on Wednesday. In 2020, the transaction volume share in India stood at 15.6 per cent and 22.9 per cent for <keyword id="3278781" type="PERSON" weightage="20" keywordseo="instant-payments">instant payments</keyword> and other electronic payments respectively, while paper-based payments had a considerable share of 61.4 per cent, said the report from US-based electronic payments company ACI Worldwide and data analytics and consulting company <keyword id="1670029" type="COMPANY" weightage="20" keywordseo="GlobalData">GlobalData</keyword>. This is poised to change by 2025 share of volume by instant payments and other electronic payments is expected to rise to 37.1 per cent and 34.6 per cent respectively, leaving the volume of paper-based transactions at 28.3 per cent. Furthermore, by 2024 the share of real time payments volume in overall electronic transactions will exceed 50 per cent, according to the report. "India's journey of creating a <keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">digital</keyword> financial infrastructure has been characterised by collaboration between the government, the regulator, banks and fintechs," Kaushik Roy, VP and head of product management, Asia, Middle East and Africa, ACI Worldwide, said in a statement. "This has helped to advance the country's goal of enabling financial inclusion and also provided rapid payments digitization for citizens. The <keyword id="43587" type="ORGANIZATION" weightage="20" keywordseo="pandemic">pandemic</keyword> has further accelerated adoption of digital payments with many first time users adopting digital payments and significant uplift by merchants." With millions of people globally having to change the way they work and live -- and the way they shop and pay -- mobile wallet adoption rose to an historic high of 46 per cent in 2020, up from 40.6 percent in 2019 and 18.9 percent in 2018. Countries like Brazil, Mexico and Malaysia where many people historically relied on cash are now some of the fastest adopters of mobile wallets. Globally, more than 70.3 billion real-time payments transactions were processed in 2020, a surge of 41 per cent compared to the previous year, as the Covid-19 pandemic dramatically accelerated trends away from cash and cheques towards greater reliance on real-time and digital payments, said the report. SEE ALSO: <a href="https://www.businessinsider.in/business/news/xiaomi-plans-to-enter-the-electric-vehicle-business-with-an-investment-outlay-of-10-billion/articleshow/81772965.cms">Xiaomi forays into the electric vehicle business with a $10 billion subsidiary</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-is-eyeing-india-startups-as-it-gears-up-for-a-fight-with-asia-richest-man-in-retail/articleshow/81773692.cms">Amazon is eyeing India's startups as it gears up for a fight with Asia's richest man in retail</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-a72-mobile-phone-review/slidelist/81774857.cms">Samsung Galaxy A72 review – a premium mid-range phone in a crowded market</a> <a href="https://www.businessinsider.in/science/environment/news/earth-lost-more-arctic-sea-ice-than-the-area-of-rajasthan-and-madhya-pradesh-combined-in-2021/articleshow/81775537.cms">The planet lost more Arctic sea ice than the area of Rajasthan and Madhya Pradesh combined in 2021</a>

Around 71.7% off all payment transactions in India to be digital by 2025

<ul><li>Indian government may implement <keyword id="6659127" type="UNKNOWN" weightage="20" keywordseo="Multi-factor-authentication">multi-factor authentication</keyword> for <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>.</li><li>Facial recognition, Iris scan and user location may be used to ensure security.</li></ul>The Indian government has been pushing for increasing <a href="https://www.businessinsider.in/pm-modi-vouches-for-cashless-transactions-urges-people-to-bear-short-term-pain-for-long-term-gain/articleshow/55746268.cms">digital payments</a> and moving towards a cashless economy. The Chief of National Cyber Coordination Centre, Dr Rajesh Pant, at an ASSOCHAM event said that the government is looking to implement multi-factor authentication to improve the security of digital transactions in the country. As per a <a href="https://indianexpress.com/article/opinion/columns/the-billion-standard-digital-payments-bank-accounts-6254962/">report</a>, 1.3 billion UPI transactions were recorded in January 2020. With the increasing number of transactions, it is also important to increase the security of digital transactions. Govt to move towards multi-factor authentication At present, UPI and payment apps like PhonePe and Google Pay use two-factor authentication as mandated by RBI. Two-factor authentication involves two factors to grant access to a system. Most apps use one-time-passwords (OTPs) in addition to passwords to authenticate users. The government is now looking to improve this with the introduction of multi-factor authentication. In addition to requiring a password to sign in, the payment apps may also be mandated to add an additional layer of security in the form of facial recognition, Iris scan and checking the location to ensure security of digital payments. While facial recognition is easy, it will not be easy to implement iris scan on smartphones. While Samsung offers an iris scanner on a few of its flagship devices, this feature is not available on other smartphones. At present, some banking apps already require the user to enable the location on the smartphone to complete a transaction. This helps in finding the person who initiated the transaction in case fraud is detected. This should not be hard to implement on other apps as well. During the ASSOCHAM IndiSec - Cyber &amp; Internal Security Conference, Dr. Pant also said, “The trials of technology for multi-factor authentication are already going on abroad, once it gets approved then we will definitely bring it in India.” See also: <a href="https://www.businessinsider.in/tech/news/four-in-five-asian-banks-are-losing-money-to-fraud-as-real-time-payments-rise-and-it-will-only-get-worse-in-2020/articleshow/73548153.cms">Four in five Asian banks are losing money to fraud as real-time payments rise — and it will only get worse in 2020</a> <a href="https://www.businessinsider.in/jeff-bezos-phone-hack-shows-hackers-are-winning-in-the-arms-race-between-governments-and-tech-firms/articleshow/73543826.cms">Jeff Bezos phone hack shows hackers are winning in the 'arms race' between governments and tech firms according to a cybersecurity expert</a> <a href="https://www.businessinsider.in/indian-nuclear-plant-hack-is-only-one-small-part-of-a-much-bigger-operation-according-to-a-cybersecurity-expert/articleshow/72033253.cms">Indian nuclear plant hack is only one small part of a much 'bigger' operation, according to a cybersecurity expert</a>

Indian government to add facial recognition, iris scan for digital payments

<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

<ul><li>As digital payments industry booms, the RBI is going to set up a central payments fraud information registry. </li><li>The detailed framework for the registry will be set up by October 2019. </li><li>The Indian digital payments industry has seen a boom over the years and is set to be a $6 billion industry by 2020.</li></ul>The Reserve Bank of India has said it will set up central payments fraud information registry to monitor risks in the rising digital payments segment. “At present, there is a mechanism in place for banks to report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank. With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring and management by the stakeholders have assumed importance,” said the statement from the RBI. The Indian digital payments is all set to swell to $6 billion by 2020, according to Nasscom. Fintech startups like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, Razorpay are increasing their user base. Added to that, global giants like Amazon, Google and WhatsApp too are entering the space, making RBI’s move extremely timely. To improve consumer confidence, RBI is moving to introduce a body that will track frauds. “Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks,” said the statement from RBI. The central bank will put a detailed framework in place by October 2019. See Also: <a href="https://www.businessinsider.in/rbi-cut-interest-rates-by-35-basis-points-as-growth-sputters-and-inflation-cools/articleshow/70565859.cms">RBI cut interest rates by 35 basis points as growth sputters and inflation cools</a> <a href="https://www.businessinsider.in/sensex-and-nifty-react-little-to-rbi-decision-to-cut-interest-rate/articleshow/70566279.cms">Here's why Indian markets aren't excited by the RBI move to cut interest rates</a>

India will soon have an online fraud registry with real-time data

<ul><li>India's largest bank, the State Bank of India (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) and <keyword id="69870" type="CITY" weightage="20" keywordseo="Hitachi">Hitachi</keyword> Payments are embarking on a <keyword id="6373972" type="UNKNOWN" weightage="20" keywordseo="Joint-venture">joint venture</keyword> that will take on <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> and card acceptance platforms. </li><li>Combining the individual strengths of both, the venture will deliver payment services to the customers and merchants on Quick Response (QR) code acceptance, Unified Payment Interface (UPI) and e-commerce businesses.</li><li>Hitachi manages over 70% of SBI’s current network and this joint venture will further strengthen their partnership.</li></ul>The State Bank of India (SBI), India's largest commercial bank, signed an agreement with the Hitachi Group (Japan) embarking on a joint venture to establish digital payments and a card acceptance platform in the country. While the bank will have a majority stake in the proposed venture, according to its <a href="https://www.hitachi.com/New/cnews/month/2018/10/181029c.html">press release</a>, Hitachi is planning to invest 26% in its subsidiary SBI Payment Services. Both parties will now be proceed to apply for regulatory approvals. In India, SBI's customer base expands to nearly <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">420 million</a> people and is the largest merchant acquirer in the market in terms of terminals through its subsidiary, SBI Payment. So far it has managed to deploy <a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/">1.96 million</a> merchant payment acceptance touch points across the country. But, looking to shift that burden, SBI has initially shortlisted <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">three companies</a> for the joint venture — Hitachi, Worldline and First Data Corporation. Whichever company got shortlisted would then be in-charge of deploying credit card swipe machines. According to SBI’s annual report for the FY18, SBI Payment Services’ total balance sheet equity, including surplus and reserves, was reported to be <a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/">₹38 million</a> while the total balance sheet assets were at<a href="https://www.financialexpress.com/industry/sbi-to-sell-26-stake-in-arm-to-form-payments-joint-venture-with-hitachi/1365923/"> ₹56 million</a>. The joint venture blends the distribution network of SBI with Hitachi’s technology and services including big data, artificial intelligence, analysis and digital payments. The venture will deliver payment services to customers and merchants with Quick Response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses. Rajnish Kumar, the Chairman of SBI, said that the penetration of payment acceptance infrastructure is still low, at <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">2500 Point of Sale (PoS) per million</a>. And with the new joint venture, the bank is hoping the numbers will rise. What's in it for Hitachi? Hitachi is all set to expand its footprint in the Indian market by contributing to the development of digital payments services’ business via digital payments platform in order to ensure quality and better convenience. The venture will combine the individual strengths of both subsidiaries. In a conversation with <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-hitachi-payments-form-joint-venture-for-digital-payment-platform/articleshow/66412731.cms">Economic Times</a>, Hitachi India’s Managing Director Bharat Kaushal stated that this mutually benefitting partnership with the financial giant SBI will allow the company to widen their footprint across India. Hitachi manages over <a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html">70%</a> of SBI’s current network and this decision to create a joint venture is only going to strengthen the partnership. Hitachi Payments manages over<a href="https://www.business-standard.com/article/finance/sbi-hitachi-form-jv-to-boost-digital-payments-card-acceptance-platforms-118102900350_1.html"> 55,000 ATMs</a> in India and has been providing deployment, management services and handling SBI’s digital acceptance payment network since 2011.

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

Sanchita Dash

Over 40% consumers use digital payment every day in Tier 3-6 cities: Report

PTI

Digital payments platform PhonePe to hire 2800 people by the end of this year

Vaamanaa Sethi

Around 71.7% off all payment transactions in India to be digital by 2025

IANS

Indian government to add facial recognition, iris scan for digital payments

Rounak Jain

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

Sudhanshu Singh

India will soon have an online fraud registry with real-time data

Sanchita Dash

India's largest bank and Hitachi are teaming up to enter the country's booming digital payments space

BI India Bureau

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