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

India will soon have an ‘ombudsman’ to address consumer complaints about digital payments

Gokul Rajaram is Product Engineering Lead at Square. He was most recently the Product Director of Ads at Facebook, and the Product Management Director for Google AdSense. He recently joined LivSpace as its Special Advisor. Business Insider India caught up with him just when he was beginning his day in San Francisco. 
 
1) What led you to join Livspace? 
I joined Livspace because of the founding team. The team compliments each other very well, right from Anuj the founder and CEO to Ramakant and Shagufta of Space Matrix. Livspace helps one design home better; the very concept excited me. 
 
2) What’re the unique internet trends you see in India? 
Food, shelter, clothing and transportation are some of the basic necessities for people. The Internet is helping solve problems in all aspects of human life. Indian companies understand the specific needs of the <a href="http://www.businessinsider.in/searchresult.cms?query=consumers">consumers</a> in India and are designing products accordingly. 
 
US based <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> giants like <a href="http://www.businessinsider.in/searchresult.cms?query=Amazon">Amazon</a> are competing with Indian companies because they are many untapped opportunities here in India with the growth of Internet. 
 
3) What are the current challenges for Indian e-commerce companies? 
One is definitely logistics - the ability to transport goods from the warehouse to the drop location. One has to ensure last mile logistics. The second is payment - there is a lot of <a href="http://www.businessinsider.in/searchresult.cms?query=cash+on+delivery">cash on delivery</a> (COD) in India as compared to other payment channels like debit and credit cards or the use of wallets. The third would be how to encourage the merchants, i.e. the sellers to sell more products online. 
 
Demographics and the usage of mobile define the gap among e-commerce sites when it comes to fashion and other product verticals. 
 
4) What is India’s e-commerce population like? 
A large section of the online population is in the age group of 18 to 25. They are also the largest users of <a href="http://www.businessinsider.in/searchresult.cms?query=smartphones">smartphones</a>. These people increase the mobile engagement of buying products online. In years to come every household will start using mobile to engage in online shopping. 
 
5) What are the current product innovations you’re planning at Square? 
We at Square are looking at consumer friendly solutions in the payments sector. We are currently building products which will enable easier payments methods through debit and credit cards. 
 
Image credit: Indiatimes

Gokul
Rajaram: Every household will start using mobile

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

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

New Delhi, Apr 3() State-owned Coal India has decided to provide smooth fuel supply to power generation companies without any restrictions despite default in payments by the state generation companies (gencos), in view of prevailing coronavirus situation in the country, an official said. "As per contract provisions, gencos are required to make payment for the monthly supplies in three instalments. Despite continuing defaults in payments by the state gencos which are adversely affecting the cash flow of the coal companies and huge accumulation of dues (totalling about Rs 14,000 crore for CIL as a whole), smooth supplies are being ensured without any restrictive measures," the official said.Moreover, Coal India (CIL) has also extended the time limit for payments for release of coal by road."Value paid road delivery orders, both under fuel supply agreements (FSAs) and e-auction Schemes, are released upon payment to be made by the consumers.The schedule for payment are prescribed in the contractual provisions of FSA and e-auction schemes. Failure to make payment as per schedule could result in short-lifting of coal under the FSAs. In case of questions secured under e-auction schemes, the failure to make payment entitle coal companies forfeit EMD in case of e-auction," he explained. When some state governments had imposed lockdown in their respective states up to March 31, request of the consumers for extending the payment schedule up to April 7 was acceded. "Further relaxation in payment schedule is also under consideration, in view of the nation-wide lockdown announced up to April 14," the official said. The quantity of coal released through delivery orders issued under the FSAs and e-auction are required to be lifted within the stipulated validity period. "Failure to lift the ordered quantity within the validity period might result in penalty for short lifting under the FSA and in case of releases under e-auction schemes, it could lead to forfeiture of EMD (earnest money deposit )," the official said. Considering the difficulties faced by consumers for lifting coal due to lockdown, Coal India subsidiaries have been authorised to extend the validity period of the delivery orders for lifting, he added. SID MKJ

Covid-19 lockdown: Smooth supply of coal by CIL to gencos despite default in 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>Digital payments in Southeast Asia will cross $1 trillion by 2025 according to the e-Conomy SEA 2019 report.</li><li>E-wallets will grow at a faster rate to hit $114 billion by 2025.</li><li>Digital remittances, lending, investments and insurance are expected to piggyback on the success of digital payments.</li></ul>Digital payments in Southeast Asia have reached their inflection point, and are set to cross $1 trillion mark by 2025. That means almost one in every $2 spent in the region is an online transaction according to Google, Tamasek and Bain &amp; Company's e-Conomy <a href="http://think.storage.googleapis.com/docs/e-Conomy_SEA_2019_report.pdf">SEA 2019 report</a>. "These technology-enabled business models are best positioned to give Southeast Asia's underbanked population access to financial services," it said. The report also estimates that e-wallets, a subset of digital payments, will grow even faster to reach $114 billion by 2025 — a five-fold increase over the current value of e-wallets at $22 billion. 
	
 <div type="image" title="googlesea_edited" msid="71575402" hostid="261" caption="&amp;lt;p&amp;gt;Growth trajectory of digital payments in Southeast Asia &amp;lt;/p&amp;gt;"></div>





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

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

<ul><li>On 16 October, the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) issued a set of guidelines pertaining to the transfer of money between different mobile wallets such as <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, Oxigen and MobiKwik. </li><li>The quick and seamless transfer between mobile wallets will make them a natural substitute for bank accounts and lead to a spurt in digital payment transactions. </li><li>As of right now, e-wallets function as closed-loop systems, which means that funds aren’t allowed to be transferred between mobile wallets run by different companies.</li></ul>On 16 October, the Reserve Bank of India (RBI) issued <a href="https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11393&amp;Mode=0">a set of guidelines</a> pertaining to the transfer of money between different mobile wallets such as Paytm, Oxigen and MobiKwik, which are formally categorised as “pre-paid instruments”. As of right now, e-wallets function as closed-loop systems, which means that funds aren’t allowed to be transferred between mobile wallets run by different companies. The quick and seamless transfer between mobile wallets will make them a natural substitute for bank accounts. It will also enable issuers of mobile wallets and customers to clear and settle transactions using one platform instead of multiple payment systems. The rules allow for the transfer of money between one mobile wallet to another, and from a mobile wallet to a bank account and vice versa through the <keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (UPI), the instant payment transfer system developed by the National Payments Corporation of India for transferring funds between bank accounts through mobile apps. The system is regulated by the RBI. The process of “interoperability” will be implemented in a phased manner. The first phase - to be completed within the next six months - will involve the transfer between different mobile wallets while the second will involve the transfer between mobile wallets and accounts registered with scheduled commercial banks. The third and final stage will involve the issuance of stand-alone payment cards by mobile wallet providers. All mobile wallet accounts that are in compliance with KYC norms will be eligible for money transfers. There will be no minimum net worth requirement. In addition to addressing the <keyword id="772857" type="PERSON" weightage="20" keywordseo="interoperability">interoperability</keyword> of e-wallets, the guidelines also comprise avenues for customers to escalate grievances. The move by India’s central bank is aimed at facilitating a spurt in digital payment transactions, which are already growing at a commendable rate, which is surprising given the plethora of know-your-customer (KYC) requirements that digital payments firms have been faced with since March. For example, in August 2018, the number of <keyword id="6356915" type="UNKNOWN" weightage="20" keywordseo="e-wallet">e-wallet</keyword> transactions reached a total volume of <a href="https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/43CT_111020184D60CBF5ACBA43AF9E703986EAAF71AD.PDF">₹155.7 billion</a> - a record high.

The RBI's new guidelines will allow you to transfer funds between different mobile wallets

If you think that it was only banks that are going the app way, the latest being <a href="http://www.businessinsider.in/Know-why-SBI-is-killing-the-banking-tech-space/articleshow/49755509.cms">SBI</a>, you might be in for a happy surprise. If reports are to be believed, Indian government would soon be launching a mobile wallet service for government services. 
 
As of now, most government payments and receipts are done either through cash or cheque. However, using this app, one would be able to electronically pay for all kind of government services. This is a step in the direction of Modi government’s plan of creating a cashless, or less cash, economy and making India a digitally savvy country. 
 
"Our endeavour through this project is to ensure that at least 90%, if not more, of all government payments happen through some or the other electronic mode, be it through credit card, RTGS, DBT or mobile," a senior official aware of the project called 'epayment' told ET. 
 
A report of a Task Force on Aadhaar-Enabled Unified Payment Infrastructure which was released in 2012 came out stating that the cost of cash transactions is equivalent to 5-7% of GDP, which can be reduced by one-third if payments are done electronically. The report also recommended electronic payments for a sum more than Rs 1,000 by the government and government institutions. 
 
However, while several public services like state-owned telephone and power utilities accept epayments by citizens, there are many departments that don't have the apps or technology for such payments. This is why Department of Electronics and IT (DeitY) is developing a common app with basic payments features that can be used by all government departments. 
 
<a href="http://media2.intoday.in/btmt/images/stories/mobile-wallet-1_660_040415081227.jpg">Image Source</a>

Mobile wallet for government services will be a reality soon

New Delhi, Jul 4 () The income tax department has brought in changes to the challan for paying the equalisation levy by expanding its scope to include non-resident e-commerce players supplying goods or services online. Over two dozen non-resident tech companies would come under the purview of the equalisation levy which was introduced in Budget 2020-21 and has come into effect from April 1, 2020. Its first instalment is due on July 7. The 2 per cent tax would be levied on consideration received by such companies from e-commerce supply or services. The income tax department has modifies challan ITNS 285 (relating to payment of equalisation levy) to enable payment of the first installment by non-resident e-commerce operators. The amended challan now adds "e-commerce operator for e-commerce supply or services" under 'Type of Deductor'. The challan also seeks mandatory PAN of the deductor. Further, it provides for 'Outside India' option while seeking address details. Nangia Andersen LLP Partner Sandeep Jhunjhunwala said along with this modification in the payment challan, the Central Board of Direct Taxes (CBDT) has also cleared the clouds on requirement of PAN by making it a mandatory tab in the challan. "This has rather imposed a burdensome and challenging task for non-resident e-commerce players to apply for and obtain Permanent Account Number within one business day in the midst of curbs, lockdown and pandemic affected business life and also organize the mode of payment through an Indian bank account or debit card issued by an Indian bank," he said. Jhunjhunwala further said non-resident digital companies were waiting for a detailed FAQ to get clarity on abstruse issues surrounding the equalisation levy. "This rushed move could cause substantial challenges in discharging the nearing first payment liability of equalisation levy, in case interest and penalty for delayed payments are to be avoided," he added. Deloitte India Partner Rohinton Sidhwa said while there have been widespread demands for its deferral due to the pandemic, there are also several parts of the new provisions that require clarification. Under the new law, the first instalment is due on July 7 for the equalisation levy charged on supplies in the first quarter of the financial year ending June 30. "The modification of the challan is to facilitate this payment. Earlier this challan only allowed payment for the 6 per cent equalization levy applicable on advertising services that was imposed by Finance Act 2016. Detailed FAQ's and procedural rules are yet to be specified for the new levy," Sidhwa added. Shardul Amarchand Mangaldas &amp; Co Partner Amit Singhania said, "The changes in payment challan will now enable the payment of equalisation levy by foreign companies. However, the industry was expecting its deferral considering the lack of clarification on few issues." JD ABM ABM

I-T dept amends tax challan to include non-resident e-commerce suppliers for equalisation levy

<ul><li><keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> has plans on rolling out its own Unified Payments Interface (UPI) so that online shoppers don’t have to depend on third-party applications to make payments on the platform. </li><li>With this move, the company is rolling into a space that already has a lot of competition with PayTM, BHIM, PhonePe, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> and <keyword id="1106616" type="PERSON" weightage="20" keywordseo="TrueCaller">Truecaller</keyword>. </li><li>With its own UPI as an option, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> India will be able to offer users an ‘end-to-end’ solution for <keyword id="6357762" type="UNKNOWN" weightage="20" keywordseo="online-shopping">online shopping</keyword>.</li></ul>India’s central bank just announced a committee to push more Indians towards digital payments and Amazon has plans of jumping into the ring with its own Unified Payments Interface (UPI). Bankers told <a href="https://tech.economictimes.indiatimes.com/news/internet/amazon-starts-closed-user-group-testing-of-upi-pay-platform/67445483">ETtech</a> that the e-commerce giant is already testing its UPI on a restricted user base, in partnership with Axis Bank. Any digital payments platform needs to adopt <a href="https://www.businessinsider.in/upi-2-0-heres-what-you-need-to-know/articleshow/65444928.cms">UPI 2.0</a>, which was launched in August, 2018, in order to enable online financial transactions in India. That space is currently dominated by the Indian government’s own <a href="https://www.businessinsider.in/UIDAI-CEO-confident-about-BHIM-and-Aadhaar-Pay-says-misuse-not-possible/articleshow/58235536.cms">BHIM app</a>, <a href="https://www.businessinsider.in/thanks-to-demonetization-paytm-is-making-rs-120-crore-per-day-achieves-target-before-deadline-crosses-5-billion-gmv/articleshow/55541691.cms">PayTM</a>, PhonePe, Google Pay and Truecaller. But, Amazon has an edge. Rather being a digital wallet that adapts to being an e-commerce platform like PayTM, Amazon already has its customer base. Setting up its own UPI will help users that are already on Amazon, stay on Amazon, without needing a third-party app to make online payments. Even WhatsApp had <a href="https://www.businessinsider.in/whatsapp-google-yet-to-fully-comply-with-indias-data-localisation-norms-despite-repeated-inquiries-from-the-government/articleshow/66878922.cms">plans</a> of rolling out its own payments platform in June, 2018 but India’s new data localisation policy has them stuck in a rut. How is this going to change how you make payments online? At the checkout stage while shopping online on Amazon, it will have its own UPI handle that you can choose to make payments along with the usual suspects — debit cards, credit cards, net banking or cash-on-delivery. The UPI handle will allow you to make payments directly from your bank account to Amazon. Due to the vast popularity of PayTM, some users assume that all UPI using apps are digital wallets — but they’re not. An e-wallet is where money is transferred from your bank account into a digital wallet, where you can access it to make payments. But an app developed on the UPI platform allows transactions to occur directly between your bank account and the vendor, like a debit card, where the app is only the means of making the transfer without any having to store the money anywhere else in between. That will be the essential difference between Amazon Pay and Amazon’s UPI platform. The introduction of Amazon’s own payment platform will negate the need for consumers to turn elsewhere when they need to access their money. It assures users of an end-to-end solution for their online shopping.

You Searched For "e payments in India" and got 10 results

India will soon have an ‘ombudsman’ to address consumer complaints about digital payments

BI India Bureau

Gokul Rajaram: Every household will start using mobile

Saikat Pyne

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

ANI

Covid-19 lockdown: Smooth supply of coal by CIL to gencos despite default in payments

PTI

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

Sudhanshu Singh

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

Prabhjote Gill

The RBI's new guidelines will allow you to transfer funds between different mobile wallets

Dilsher Dhillon

Mobile wallet for government services will be a reality soon

BI India Bureau

I-T dept amends tax challan to include non-resident e-commerce suppliers for equalisation levy

PTI

In India, Amazon's fight is not just with Flipkart, but with PayTM, Google Pay and Truecaller

Prabhjote Gill

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