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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

<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

New Delhi, Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash with Unified Payments Interface (UPI) increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022. "Many experts are estimating that very soon India's <keyword id="16596261" type="General" weightage="20" keywordseo="digital-wallet-transactions" source="Orion">digital wallet transactions</keyword> are going to overtake cash transactions," he said. A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said. Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore via video conferencing. The facility was launched through token transactions by Reserve Bank of India Governor Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage. Stressing that the linkage of UPI and PayNow is a new milestone in India-Singapore relations, Modi said, this will help people of both the countries to do cross border transactions through mobile phone in an affordable manner. Singapore is the first country with which cross-border Person-to-Person (P2P) payment facility has been launched, he said, adding, this will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and fintech to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Pointing out that the focus of the government is to promote innovation and modernisation, Modi said the Digital India programme of the government has enhanced 'Ease of Living' and 'Ease of Doing Business' and digital connectivity and has pushed financial inclusion. The Digital India programme has brought in significant reforms in governance and public service delivery. The linkage will enable users of the two fast payment systems in either country to make convenient, safe, instant, and cost-effective cross-border fund transfers using their respective mobile apps. Funds held in bank accounts or e-wallets can be transferred to or from India using just the UPI-id, mobile number, or Virtual Payment Address (VPA), the Reserve Bank of India (RBI) said in a statement. To begin with, the statement said State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate both inward and outward remittances, while Axis Bank and DBS India will facilitate inward remittances. For Singapore users, the service will be made available through DBS-Singapore and Liquid Group (a non-bank financial institution). More banks will be included in the linkage over time. Customers of the above participating banks can undertake cross-border remittances to Singapore using the bank's mobile banking app or internet banking. To begin with, an Indian user can remit up to Rs 60,000 in a day (equivalent to around SGD 1,000). At the time of making the transaction, the system shall dynamically calculate and display the amount in both currencies for the convenience of the user, it said. The UPI-PayNow linkage is the product of extensive collaboration between the RBI, Monetary Authority of Singapore (MAS), and Payment System Operators of both countries viz. NPCI International Payments Limited (NIPL) and Banking Computer Services Pte Ltd (BCS), and participating banks / non-bank financial institutions. This interlinkage aligns with the G20's financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments and will be a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, the statement said. India has emerged as one of the fastest-growing ecosystems for fintech innovation. A key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well. The virtual launch was preceded by a phone call between the two Prime Ministers, wherein discussions were held on areas of mutual interest. Prime Minister Modi thanked Prime Minister Lee for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India's G20 Presidency.

Digital transactions to soon exceed cash in India: PM Modi

As the start-up sector goes through a sentiment upturn, fin-tech sector has been seeing an increased traction post demonetization. Fin-tech and product startups are an investor favorite this year so it is interesting to see a fin-tech start-up going through a revamp and innovating its product to stand out. According to a recent report on <keyword id="1399736" type="ORGANIZATION" weightage="20" keywordseo="digital-payment">Digital Payment</keyword> in India 2020, the total payment via digital instruments is expected to touch $500 billion by 2020. 

 

 

 

 

 

 

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From one to four services In its new avatar, <keyword id="2777173" type="PERSON" weightage="20" keywordseo="razorpay">Razorpay</keyword> 2.0 is trying to resolve all business problems related to the B2B payments ecosystem. Currently, payment acceptance is done through bank functions like <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="neft">NEFT</keyword> or RTGS. Managing cash flows, disbursement of money, automating NEFT and bank wires and collection of scheduled payments among others is ailing the <keyword id="1929810" type="ORGANIZATION" weightage="20" keywordseo="digital-india">Digital India</keyword>’s companies. The company introduced Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices –for India’s under-served business community while embracing cash-rich traditional sectors such as Education, Government, Insurance and new age e-commerce companies. <div type="embedgroup"> <div type="Article" hostid="261" msid="60837430" title="Here’s why LinkedIn is training blue collar workers in India" rank="1.0" kind="RELATED" publishDate="Sep 26, 2017, 10:56 AM" mstype="2" mssubtype="0"></div></div>














 <keyword id="3349619" type="PERSON" weightage="20" keywordseo="harshil-mathur">Harshil Mathur</keyword>, CEO and Co-Founder, Razorpay told Business Insider that the company is aiming to double its merchant count to 90,000 by the end of next fiscal year and expects more than 10x growth in volume &amp; revenue by next fiscal year. With merchants like PayU and Mobikwik crowding the market, Razorpay’s solution might be the only all-inclusive payments gateway. Razorpay also wants to revolutionize the banking sector by entering categories as mutual fund payments and insurance premium. The company also wants to make recurring payments easier to collect like education fees.

This fintech startup undergoes a revamp to cash-in post demonitization

<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?

New Delhi, July 6 (IANS) Digital payment transactions in India have rebounded by 23 per cent in the last 30 days, full-stack financial solutions company Razorpay said in a report on Monday. The overall digital transactions declined by 12 per cent in the last 101 days, compared to a 30 per cent drop in the first 30 days of lockdown, said the report titled "101 Days of Covid-19 Era: Impact On Digital Payments". "The digital payments industry couldn't escape the pandemic crisis, we witnessed a dip of 30 per cent in online payments since the lockdown began, and now seeing a rebound of 23 per cent over the last 30 days is a sign of gradual revival of the digital economy," Harshil Mathur, CEO and Co-founder, Razorpay, said in a statement. During the 101 days of lockdown, March 24-July 2, the online education sector grew by 23 per cent as extended lockdown has led to a rise in demand for online courses. Also medical services are picking up as online consultations and purchases have increased by 20 per cent, said the report. To ensure health and safety from Covid-19, Indians opted to stay indoors and paid bills online. This contributed to the growth of utilities sector by 163 per cent. The research showed that locked up at home, people have turned to dating apps for companionship and social isolation has also led to a surge in online counselling platforms to connect with mental health experts. The social engagement sector -- personal counselling, dating &amp; matrimony websites -- has witnessed a 32 per cent growth, said the report based on transactions held on Razorpay platform between March 24-July 2. --IANS gb/na

Digital payments in India saw 23% jump in last 30 days: Report

San Francisco, June 15 (IANS) As WhatsApp Payments remain stuck in India, Facebook CEO mark Zuckerberg on Monday announced to launch digital payments for people using WhatsApp in Brazil, where the users would be able to send and receive money to family and friends and make purchases. The Brazil launch comes ahead of India where the company began testing payments feature way back in 2018 but could not launch the feature for over 400 million users owing to regulatory roadblocks and data compliance issues. "We're making sending and receiving money as easy as sharing photos. We're also enabling small businesses to make sales right within WhatsApp," Zuckerberg said in a post. "To do this, we're building on Facebook Pay, which provides a secure and consistent way to make payments across our apps. We're working with local banks, including Banco do Brasil, Nubank, Sicredi as well as Cielo, the leading payments processor for merchants in Brazil," he informed. Brazil is the first country where we're widely rolling out payments in WhatsApp. With the addition of Visa's trusted payment technology, WhatsApp users will now be able to swiftly and securely send and receive money to family and friends, and to make purchases from small businesses on the popular global messaging service. Payments on WhatsApp are made possible by tapping into the capabilities of Visa Direct, Visa's real-time1 push payments technology, and Visa Cloud Tokenization, Visa's new cutting-edge security capability that launches today in conjunction with payments on WhatsApp. Sending money or making a purchase on WhatsApp is free for people. Businesses will pay a processing fee to receive customer payments, similar to what they may already pay when accepting a credit card transaction. Zuckerberg said earlier this year that the peer-to-peer, UPI-based payments feature will be rolled out in several countries in the next six months. "We got approval to test this with one million people in India back in 2018. And when so many of the people kept using it week after week, we knew it was going to be big when we get to launch," Zuckerberg said in January. "I'm really excited about this, and I expect this to start rolling out in a number of countries and for us to make a lot of progress here in the next six months," he added. Beginning Monday, select Brazilian WhatsApp users will gradually start seeing the payment option on the app, where they can set up an account by adding their Visa card to start sending and receiving money. For small businesses to be able to receive payments from customers, they simply need to create a WhatsApp Business app account. "Using our technology to open up avenues like WhatsApp for more people to shop and pay each other digitally is an incredibly powerful proposition that we're excited to bring to life," said Jack Forestell, Chief Product Officer, Visa. "We are very excited to bring payments on WhatsApp to our users across Brazil. Making it easier to send and receive money could not be more important than at a time like this," said Matt Idema, WhatsApp's Chief Operating Officer. "Small businesses are the backbone of the country. The ability to easily make sales right within WhatsApp will help business owners adapt to the digital economy, support growth, and financial recovery," Idema added. --IANS na/

Stuck in India, WhatsApp launches digital payments first in Brazil

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

Facebook-owned <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> on Monday announced that it has appointed <keyword id="7634155" type="UNKNOWN" weightage="20" keywordseo="Manesh-Mahatme">Manesh Mahatme</keyword> to lead the growth of its <keyword id="11529890" type="UNKNOWN" weightage="20" keywordseo="payments-business-in-india">Payments business in India</keyword>. As Director of WhatsApp Payments - <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, Mahatme will focus on enhancing the payments experience for users, scaling the service offering and work towards contributing to WhatsApp's vision of digital and financial inclusion in India. "We are excited to have Manesh join our WhatsApp India team. Manesh has been one of key innovators driving the growth of digital payments in India over the last decade, and his experience will help us maximize the impact and scale of payments on WhatsApp," Abhijit Bose, Head of <keyword id="1710446" type="PERSON" weightage="20" keywordseo="WhatsApp-in-India">WhatsApp in India</keyword>, said in a statement. "WhatsApp has immense potential to digitally empower people across segments and help accelerate the Government of India's efforts to drive financial inclusion through <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="upi">UPI</keyword> and digital payments," Bose added. Mahatme brings with him 17 years of experience in digital financial services and payments across <keyword id="6400347" type="COMPANY" weightage="20" keywordseo="citibank">Citibank</keyword>, Airtel Money and <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>. He joined WhatsApp from Amazon where he spent close to seven years as Director and Board member of Amazon Pay India and led product, engineering, and growth teams. Mahatme was also instrumental in building and scaling the payment experience and platform for <keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword>'s marketplace business. "Payments on WhatsApp is uniquely placed to be a significant partner in the country's growth agenda by making digital payments accessible to users across the length and breadth of India. I am super excited to be a part of this growth story," said Mahatme. The company said it is committed to providing its users with the best payments experience, in a secure manner. WhatsApp's goal remains to offer payments as an added convenience to the users, and enable them to seamlessly send and receive money. See Also - <a href="https://www.businessinsider.in/business/startups/news/tiger-global-overtakes-sequoia-as-the-top-investor-in-indian-unicorns-in-2021-cracks-15-deals-this-year-so-far/articleshow/83912624.cms">Tiger Global overtakes Sequoia as the top investor in Indian unicorns in 2021</a> <a href="https://www.businessinsider.in/stock-market/news/kims-ipo-listed-in-stock-market-at-over-20-premium/articleshow/83912694.cms">KIMS IPO: Stock listed at over 20% premium, loses initial gains after soaring to ₹1059 per share</a>

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

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

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Digital transactions to soon exceed cash in India: PM Modi

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This fintech startup undergoes a revamp to cash-in post demonitization

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

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Digital payments in India saw 23% jump in last 30 days: Report

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Stuck in India, WhatsApp launches digital payments first in Brazil

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

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Facebook-owned WhatsApp ropes in former Amazon Pay executive Manesh Mahatme to lead its payments business in India

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