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<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

<ul><li>35-year-old Ram Kumar Mandal recruited and trained around 200 people to pose as bank executives who would call their targets and get them to reveal their personal bank details. </li><li>Mandal is class X dropout trained in cellphone repairing.</li><li>The fraudster has 20 bank accounts with ₹3,00,000 ($4426) in them transferred from various e-wallets. He also has money invested in silver and gold jewellery. </li></ul> A man from a nondescript village in Jharkhand, India, managed to dupe over a hundred thousand people of as many rupees by executing an elaborate <keyword id="3271695" type="ORGANIZATION" weightage="20" keywordseo="vishing">vishing</keyword> (voice <keyword id="6359049" type="UNKNOWN" weightage="20" keywordseo="phishing">phishing</keyword>) racket. Vishing is a kind of fraud wherein a person posing to be from a reputable organisation calls you and asks you for your personal bank details, and uses that information for dubious purposes. This is exactly what your bank is warning you against when it sends you emails and texts announcing that bank employees will never ask for personal details. 35-year-old Ram Kumar Mandal recruited and trained around 200 people from Karmatar village, near the Jharkhand-West Bengal border, to pose as bank executives who would call their targets under various pretexts and essentially get them to reveal their personal bank details, including their credit/bank account number, CVV number, card expiry date, secure password, ATM pin, internet banking details and password, and even the one-time-password (OTP) customers get to validate transactions. Some of the sneaky pretexts these ‘executives’ gave included their desire to ‘help’ the customer reactivate their account or card, redeem their reward points and even to link their bank accounts to their Aadhar cards, India’s new unique identification system for citizens. Once the crooks got their targets to divulge this information they used it to make online transactions. The calls were made to people all over the country, including metro cities like Delhi, Mumbai, Kolkata and Goa. Cops got wind of the racket while investigating a case registered at Delhi’s Anand Vihar police station by a woman who alleged that someone had syphoned off ₹1.9 lakh from her bank account. The woman told the police that someone claiming to be an RBI official offered to help her link her Aadhaar card and asked her to divulge her OTP. Promptly after she revealed the number, she realised the money had been transferred to an <keyword id="6356915" type="UNKNOWN" weightage="20" keywordseo="e-wallet">e-wallet</keyword>. “A team led by DCP Nupur Prasad was formed to track the source from where the e-wallet was being operated. One group was tasked with finding the location from where the e-wallet was being accessed, while others were trying to trace the operator,” Ravindra Yadav, joint commissioner, eastern range told the <a href="https://timesofindia.indiatimes.com/city/delhi/empire-built-through-stolen-passwords/articleshow/64310443.cms">Times of India</a>. The police also said that Mandal’s gang had been operating with the help of the militant Maoist groups for the past four years. Upon finding accounts to which an e-wallet was linked, cops managed to block the account and get ₹40,000 back in the woman’s account as the e-wallet company had a provision of reverting a transaction within 24 hours of a case being reported. Cops said that the rest of the amount was used to pay an electric company. The owner of the wallet account, Surendra Singh who was detained by the cops further revealed that money was transferred to the e-wallet by a man called Shabir Ali, who lives in his neighbourhood. Singh would collect cash from his customers and pay their bills through the e-wallet and Ali would later take the cash from Singh after paying a 5% commission. Apparently, Ali would then deposit this cash into his bank account and then transfer the amount to someone called Mukesh through his e-wallet account and this account was also accessed by the kingpin Mandal, who happens to be a school dropout trained in cellphone repairing. This elaborate and confusing trail is what kept Mandal from getting caught all this while, especially because none of these accounts was his own. Mandal, the mastermind behind this plot, used the money to pay his ‘recruitees’ and buy electronic products online. Mandal was so sharp that even the products he bought with the swindled money were not delivered to his home. Instead, they would be delivered to the homes of people who rented houses from his relatives in Delhi and Mumbai. According to the police, Mandal owns 20 bank accounts that had ₹3,00,000 ($4426) in them transferred from the e-wallets. He also has money invested in silver and gold jewellery.

A school dropout from a village in India executed one of the biggest bank frauds in the country

At a time when Modi government’s key agenda is building a <keyword id="6369124" type="UNKNOWN" weightage="20" keywordseo="cashless-economy">cashless economy</keyword>, especially after <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, Finance minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>'s announcements outlining a roadmap for cashless payments came as a relief to many Indians. 
 
Here are the highlights of his speech: 
 
- Insurance bought online from customer portal of public sector companies will get 8% discount for life &amp; 10% for general insurance. - Around 4.5 crore consumers purchase fuel every day. For those using cards and <keyword id="6388138" type="UNKNOWN" weightage="20" keywordseo="E-wallets">e-wallets</keyword>, Petrol and Diesel purchases will now attract a 0.75% discount. 
- The government will provide 2 POS or Point of Sale machines for free to each village that has a population of over 8,000. Around 75 crore people will get access to these machines. 
- Monthly and seasonal tickets for suburban train passengers who pay digitally for their tickets will get a 0.5% discount. This discount will be applicable from January 1, 2017. 
-Railways to also give 5% discount on accommodation, catering and retiring room on payment by digital mode. 
- Railways passengers who purchase tickets online will be entitled to an insurance coverage of Rs 10 Lakhs for free. 
-Digital transactions up to Rs 2,000 will be exempted from service tax 
- Highway toll will see 10% discount on digital payments - NABARD will give Rupay card to people who have <keyword id="6362618" type="UNKNOWN" weightage="20" keywordseo="Kisan-Credit-Card">Kisan Credit Card</keyword> 
 
The government clearly is encouraging alternate forms of payment. It aims to push and implement the use of credit cards, debit cards, mobile wallets, and online banking. 
 
All decisions were declared to be implemented with immediate effect.

Cheaper fuel, discounted train tickets: Key benefits by Modi government if you pay online or use e-wallets

<ul class="summary-list"><li>Costco's store in Shenzhen, China, has been attracting a large number of customers since it opened.</li><li>The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. </li></ul>China has fallen in love with <a target="_blank" href="https://www.businessinsider.com/costco-typical-customer-demographics-shopper-profile">Costco</a>, as evidenced by the uproarious response to its new Shenzhen location, which has already prompted cross-border pilgrimages and sparked store-centric travel packages since opening earlier this year.More than 140,000 customers have visited China's newest Costco since it opened in mid-January, a spokesperson for Costco told Business Insider, and buzz for the big-box store only continues to grow in the region.Opening day alone saw more than 10,000 customers, according to the company spokesperson. Photos from the scene showed long lines and huge crowds as customers weaved in and out of the outlet's towering aisles.The new outlet is located in the city of Shenzhen, a southeastern metropolis that links China's mainland to Hong Kong, offering residents of the special administrative region the rare chance to get lost in the aisles of a retail giant — after they cross the border from <a target="_blank" href="https://www.businessinsider.com/costco-store-hong-kong-flock-shenzhen-store-china-2024-3">Hong Kong into mainland China</a>.A spokesperson for Costco said the Lunar New Year last month brought in scores of <a target="_blank" href="https://www.businessinsider.com/employees-share-what-not-to-do-at-costco-2020-2">Costco customers</a>, including those who made the trek from Hong Kong and particularly enjoyed being able to buy fruits, snacks, and other imported food products.The most <a target="_blank" href="https://www.businessinsider.com/best-things-costco-this-month-employee-reveals-2024-1">popular items</a> purchased at the store, according to a spokesperson, are foodstuffs like butter croissants, muffins, rum pastries, <a target="_blank" href="https://www.businessinsider.com/costco-rotisserie-chicken-recipes-week-of-easy-meals-chef-2024-1">rotisserie chickens</a>, and the Shenzhen-exclusive Jumbo Bulgogi Bake.<div type="image" title="People shop at the new store of Costco in Shenzhen." height="2000" width="3000" msid="108221846" hostid="261" sizebytes="443884"></div>Large bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture.Obsession with the new Shenzhen location comes as Hong Kong's massive retail market undergoes a shake-up, with wealthier locals fleeing the city and poorer Hong Kong residents searching for affordability.<a target="_blank" href="https://www.aljazeera.com/economy/2024/1/26/in-hong-kong-decades-of-wealth-gains-evaporate-on-beijings-watch">Hong Kong's economic struggles</a>, however, have created the perfect circumstances for Shenzhen Costco to thrive. The store has become a popular shopping destination for both Hong Kong residents and other tourists in the region, according to a recent <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-27/hong-kong-s-hottest-new-store-is-the-costco-in-shenzhen?sref=yaJhKSOh">Bloomberg article</a>.More than 15,000 Hong Kong residents have already signed up for a Costco membership, the outlet reported, and both Costco and the country are jumping on board to help facilitate future visits.Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.<div type="image" title="People queue to enter the new store of Costco" height="3024" width="4032" msid="108221848" hostid="261" sizebytes="803228"></div>The Shenzhen location is working with tech company Tencent Holdings LTD's WeChat Pay HK, which is giving out coupons and cash vouchers via the e-wallet to help customers with Hong Kong-based bank accounts make purchases in the mainland, Bloomberg reported.But the newest Costco — the <a target="_blank" href="https://www.businessinsider.com/costco-influencers-china-shanghai-la-viral-social-media-retail-2021-10">sixth store in mainland China</a> thus far — broadly appeals to the entire region.A Taiwan-based travel agency is offering a vacation <a target="_blank" href="https://www.kkday.com/zh-hk/product/159970">package</a> that includes three hours of shopping at the Shenzhen Costco, a membership to the store and a five-star hotel stay for about $78 per person, Bloomberg reported.

Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco

<ul class="summary-list"><li>A fashion executive in Hong Kong was duped out of $764,000 in a kitten sale scam, authorities said.</li><li>The 58-year-old was told to transfer bitcoin for delivery and insurance fees, <a href="https://www.scmp.com/news/hong-kong/law-and-crime/article/3209318/hong-kong-fashion-company-vice-president-loses-hk6-million-bogus-kitten-sale-prompting-police-alert?utm_source=feedly_feed" target="_blank" rel="noopener">SCMP reported.</a></li></ul>A fashion executive in Hong Kong who thought she was adopting a kitten from Thailand was tricked into giving scammers more than $764,000 in Bitcoin, local authorities said on Wednesday.The would-be cat adopter, a 58-year-old vice-president of a fashion company, believed she had contacted someone looking to give away a three-month-old kitten, <a href="https://www.scmp.com/news/hong-kong/law-and-crime/article/3209318/hong-kong-fashion-company-vice-president-loses-hk6-million-bogus-kitten-sale-prompting-police-alert" target="_blank" rel="noopener">The South China Morning Post reported.</a>She got in touch online with the unnamed person in April and continued communicating with them over WhatsApp, per the outlet.The executive was told she could receive the kitten for free, but that she would have to pay transport and insurance fees via cryptocurrency, per a case briefing the Hong Kong Police Force sent to Insider.She complied, opening a cryptocurrency account and sending the funds to the accused scammer's e-wallet, <a href="https://www.adcc.gov.hk/en-hk/alerts-detail/alerts-1620610573674057730.html" target="_blank" rel="noopener">the authorities said.</a>Then, the woman was fed a tall tale that the cat had died during the shipping process. At the same time, another unnamed individual posing as a foreign bank employee contacted her, saying she would be compensated for the cat's death with an insurance payout of around $150,000, police said, per the briefing.There was just one catch: The executive would have to make another payment, this time as a guarantee or administration fee, according to police.She followed the instructions, and by the time she realized the entire interaction was a scam, she'd bought $764,574 worth of cryptocurrency and sent it all to the fraudster, the authorities said.The total sum was transferred over 40 Bitcoin transactions between July and November. It was only in January that the executive thought something was amiss and reported her case to the police, the SCMP reported, citing an anonymous source familiar with the matter.No one has been arrested in connection to the case yet, police said.Crypto scams have surged worldwide in the last few years, with losses in 2021 totaling almost 60 times that of losses recorded in 2018, <a href="https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze">the Federal Trade Commission reported in June.</a> Scammers made off with around $1 billion in crypto in 2021 alone, per the FTC.<a href="https://go.chainalysis.com/2022-Crypto-Crime-Report.html?">Blockchain analysis firm Chainalysis</a> reported a higher estimate for that year, saying $14 billion was taken by crypto scammers in 2021.Pets are often in the mix, too. In April, New Zealand authorities warned of <a href="https://www.nzherald.co.nz/nz/police-urge-caution-after-people-scammed-into-buying-fake-puppies-with-cryptocurrency/VD33XL3ULLEU7GBN6OJDD5SXYE/" target="_blank" rel="noopener">scammers selling puppies using photos they found online</a>, asking potential buyers to transfer more than $1,200 in crypto for purchasing, transport, vaccination, or insurance fees.In 2018, <a href="https://fortune.com/2018/05/25/bitcoin-scam-lost-dogs/">Bitcoin scammers targeted owners of lost dogs in North Carolina</a>, demanding ransoms for the animals when they didn't have the pets in their possession.

A Hong Kong fashion executive thought she was adopting a kitten from Thailand. She ended up losing $764,000 in a Bitcoin scam.

<ul class="summary-list"><li>The International Monetary Fund is urging <keyword id="11931676" type="UNKNOWN" weightage="60" keywordseo="el-salvador" source="Orion">El Salvador</keyword> not to use <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> as a legal tender.</li><li>The financial institution also called on stricter regulation for Chivo, El Salvador's official e-wallet.</li><li>Bitcoin as legal tender "entails large risks for financial and market integrity, financial stability, and consumer protection," the IMF said.</li></ul>The International Monetary Fund is urging El Salvador not to use bitcoin as a legal tender, citing the large risks associated with world's biggest cryptocurrency.The IMF released a <a href="https://www.imf.org/en/News/Articles/2022/01/25/pr2213-el-salvador-imf-executive-board-concludes-2021-article-iv-consultation">report</a> Tuesday detailing its stance on why the Central American nation should narrow the scope of Bitcoin Law, which was passed in June 2021 after being voted by a supermajority.Bitcoin's use as legal tender "entails large risks for financial and market integrity, financial stability, and consumer protection," they said in the report. "It also can create contingent liabilities."The IMF directors also called on stricter regulation for Chivo, El Salvador's official e-wallet, and expressed concern over the risks associated with issuing bitcoin-backed bonds.While they commended the nation for "rebounding quickly" amid a pandemic, which has helped limit the economic and human toll on El Salvadorans, the directors pointed to the country's fiscal vulnerabilities — stemming from the large public debt-to-GDP ratio — which, they said, have grown.The institution also encouraged El Salvador to strengthen its anti-corruption and anti-money laundering and combating the financing of terrorism frameworks to be on par with global standards.This isn't the first time the IMF raised alarm over El Salvador's bitcoin move. The financial institution in <a href="https://markets.businessinsider.com/news/stocks/imf-international-monetary-fund-risk-el-salvador-bitcoin-legal-tender-2021-6-1030512990">June 2021</a> said adopting bitcoin as an official tender "raises a number of macroeconomic, financial, and legal issues that require very careful analysis."El Salvador in September 2021 officially adopted bitcoin as legal tender, making it the <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">first country in the world</a> to elevate the digital asset as equal to the US dollar, its other local currency. Since then, the nation, led by its crypto-loving president, Nayib Bukele, has bought more than <a href="https://markets.businessinsider.com/news/currencies/el-salvador-president-tweet-dgaf-nayib-bukele-moodys-downgrade-bitcoin-2022-1">1,000 coins</a>. The landmark move propelled the 40-year-old Bukele to fame, especially among the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> crowd, despite many critics questioning the move.Rating agency Moody's is among the skeptics. In July last year, it <a href="https://www.moodys.com/research/Moodys-downgrades-El-Salvadors-rating-to-Caa1-maintains-negative-outlook--PR_450956" target="_blank" rel="noopener">downgraded</a> the country's credit rating to CAA1, reflecting a very high risk of default on its debts. The rating agency cited a "challenging redemption schedule" and "a deterioration in the quality of policymaking," as reasons for the downgrade. In response to the demotion, Bukele replied "DGAF" on <a href="https://markets.businessinsider.com/news/currencies/el-salvador-president-tweet-dgaf-nayib-bukele-moodys-downgrade-bitcoin-2022-1">Twitter</a>. The letters are an acronym for "don't give a fuck." <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> has been pummeled recently, and is currently down 50% from its November peak of nearly $69,000. The asset however was up 8% in the last 24 hours to $36,455, after hitting a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-altcoins-crypto-markets-recovery-blockchain-ethereum-solana-cosmos-2022-1">six-month low</a> below $33,000 on Monday.

The IMF is urging El Salvador not to use bitcoin as legal tender citing the 'large risks' associated with the cryptocurrency

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

<ul class="summary-list"><li>Financial institutions are creating safer and more convenient ways for people to access their money.</li><li>On February 15, learn about the emerging trends in identity verification <keyword id="11893017" type="UNKNOWN" weightage="100" keywordseo="technology" source="Orion">technology</keyword>.</li></ul>Banks and other financial institutions have been addressing identity management for decades, primarily for reasons of risk, compliance, and reducing fraud. Now, with e-wallets, cryptocurrency, payment platforms, and other fintech disruptors, that motivation remains, but a higher calling for safety and convenience has also emerged. Our identities are the key to this equation — securing and personalizing how we lend, move, and access money. <a href="https://www.au10tix.com/?utm_source=Business+Insider+Article&amp;utm_medium=Insider+article+link&amp;utm_campaign=Insider+Event+Article" target="_blank" rel="nofollow noopener sponsored">AU10TIX</a> and Insider are convening an expert discussion about cutting-edge identity verification in the financial services industry — from technology trends to cybersecurity and compliance demands, along with areas for unexpected collaborations in service of a trusted monetary ecosystem. This virtual conversation will cover:<ul><li>The latest developments in the convergence of identity and payments</li><li>How financial institutions are using machine learning and AI to transform identity verification for a variety of business goals, from fraud prevention to customer engagement</li><li>Why it's necessary to involve both public and private financial sector leaders in regulatory conversations about identity verification </li></ul>This event is designed for risk, compliance, tech, and innovation decision-makers in all areas of the financial services sector — fintech, payments, lending, wealth management, banking, and more.Moderator: Sudan Sethuramalingam, head of Twitter service techSpeakers: <ul><li>Carey O'Connor Kolaja, CEO, <a href="https://www.au10tix.com/?utm_source=Business+Insider+Article&amp;utm_medium=Insider+article+link&amp;utm_campaign=Insider+Event+Article" target="_blank" rel="nofollow noopener sponsored">AU10TIX</a></li><li>Ravi Devesetti, global chief technology officer, Experian </li></ul>Full event details: "Cutting-Edge Identity Verification Is Transforming Financial Services," Tuesday, Feb.15, 2022, 12 p.m ET, Registration (above) is free.This post was created by <a href="https://www.businessinsider.com/sponsor-posts" target="_blank" rel="nofollow noopener sponsored">Insider Studios</a> with <a href="https://www.au10tix.com/?utm_source=Business+Insider+Article&amp;utm_medium=Insider+article+link&amp;utm_campaign=Insider+Event+Article" target="_blank" rel="nofollow noopener sponsored">AU10TIX</a>.

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