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<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. 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India to introduce UPI payment service in Maldives

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

Nalin Bansal, Chief Relationship Management at the National <keyword id="20242630" type="General" weightage="20" keywordseo="payments" source="keywords">Payments</keyword> Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are <keyword id="19900675" type="General" weightage="20" keywordseo="women" source="keywords">women</keyword>, with even lower penetration in semi-urban and rural areas. "While we've achieved significant scale in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword>, penetration remains a challenge, with only 25% of payment users being women, and even fewer in semi-urban and rural areas. Many women's mobile numbers are not linked to their bank accounts, hindering their participation," Bansal said. He added, "Yet, data shows women are 50% less prone to fraud and are highly loyal and engaged users. As an ecosystem, we must prioritize personalized, assisted services and continuous engagement across all channels. UPI123 has made strides, especially for initiatives like Ujjwala, and prepaid instruments hold promise as a 'secret purse' for women. Building trust is crucial, and it is our collective responsibility to foster it." Women are more likely to adopt <keyword id="20853683" type="General" weightage="100" keywordseo="digital-financial-services" source="keywords">digital financial services</keyword> when introduced by local agents or <keyword id="22950816" type="General" weightage="20" keywordseo="community-influencers" source="keywords">community influencers</keyword>, particularly women who can help them overcome social and technological barriers. Women who make at least five <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> in the first week of onboarding are twice as likely to continue using <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>. This highlights the need for financial service providers to rethink in-app nudges and sales metrics to encourage consistent usage. 93 per cent of women surveyed expressed the need for ongoing support during the first three months of using digital payments, particularly for grievance redressal during failed transactions. Kalpana Ajayan, Regional Head - South Asia, Women's World Banking, said, "We recognize that digital payments can serve as a powerful tool for women, enabling them to manage their finances more effectively, access a broader range of services, and ultimately secure a better future for themselves and their families." She added, "By addressing the specific barriers that women face in adopting digital payments, we open up a new frontier for growth. This initiative is about much more than inclusion--it's about positioning women as key drivers in the digital financial ecosystem." The NPCI's UPI platform has already revolutionized India's payment landscape, with UPI transactions soaring from Rs 920 million (USD 11.08 million) in FY 2017-18 to Rs 83750 million (USD 1.01 billion) in FY 2022-23, reflecting a staggering CAGR of 147 per cent. The value of UPI transactions reached INR 80.79 trillion (USD 96,287) across approximately 55.66 billion transactions in the first four months of FY 2024-25. Of the 536 million women aged 15 years and older in India, 37 per cent report using mobile internet, making the addressable market for UPI solutions among women around 200 million strong.

Women are more likely to adopt digital financial services when introduced by local agents or women community influencers

The technology platform for providing "<keyword id="22918315" type="General" weightage="20" keywordseo="frictionless-credit" source="keywords">frictionless credit</keyword>" launched by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword>) last year as a pilot project will soon be introduced nationwide soon, said Reserve Banks of India Governor, <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> on Monday. This technology platform will be named "<keyword id="22918314" type="General" weightage="20" keywordseo="Unified-Lending-Interface" source="keywords">Unified Lending Interface</keyword> (ULI)", Das said while speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies. Governor Das said "Just like <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> journey." The ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. The technology platform introduced last year as a pilot projects cuts down the time taken for credit appraisal, especially for small and rural borrowers. Das stated that the ULI architecture has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources. "This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation. By digitising access to customer's financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers," the RBI governor stated. Showing confidence in the newly launched ULI, Das said, "Just like UPI transformed the payments ecosystem, "we expect that ULI will play a similar role in transforming the lending space in India." Speaking about the success of Unified Payment Interface (UPI) Das said, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals." Das further stated stated that the apex bank is consistently trying to secure the financial system in the country. "We are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer-centric," Das said. Additionally, Das also highlighted that the central bank is constantly working on devising policies, systems, and platforms that will make the financial sector stronger, nimble and customer-centric. Das said that over the last decade, the traditional banking system has undergone an unprecedented technological transformation. By all indications, this process is likely to become even more intense in the coming years, he said. On the country's experience in DPI, he said, "DPI has enabled India to achieve in less than a decade levels of financial inclusion that would have otherwise taken several decades or even more" He also emphasised that UPI system has the potential to evolve into a cheaper and quicker alternative to available channels of cross-border remittances. The Governor also stressed that financial institutions should be abundantly mindful of associated risks of Artificial Intelligence.

After UPI, RBI set to launch Unified Lending Interface (ULI) for friction-less credit

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

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

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

<ul class="summary-list"><li>The West's sanctions are pushing Russia to develop alternative payment systems with its trade partners.</li><li>Russia's SPFS and Mir systems, China's CIPS, and India's UPI help aim to challenge SWIFT's dominance.</li></ul>The West's tightening sanctions are driving Russia nearly up against the wall — but <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">Moscow keeps finding ways</a> to keep the country's economy going.Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.Discussions about <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">de-dollarization</a> have been gaining traction in recent years as Western-led sanctions against Russia related to its invasion of Ukraine are making other countries wary of the potential consequences of crossing Washington.There's been some success, with trade between Russia and China, as well as Russia and India, chugging along until recently. Now, even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a> — buckling under the pressure of tightening US sanctions — are pushing back on processing transactions for Russian companies.But Russia and its partners have been looking at other ways to do business outside the Western-led order, in part because technology is making it easier to process payments and get around the US-dollar-dominated global financial order.As <a target="_blank" class="" href="https://www.brookings.edu/articles/the-changing-role-of-the-us-dollar/">Brookings researchers</a> Sam Boocker and David Wessel explained in an August post, "innovations in payment technology could reduce the dollar's role in the global economy."To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/king-dollar-reign-supreme-3-reasons-dedollarization-fears-yuan-euro-2023-5">king dollar</a> is entrenched in the world's financial system, so it's unlikely to be dethroned, most experts say. However, new platforms are coming up that could chip away at its dominance.These are some of the alternative trading and payment systems that are trying to crack the US-led trade and payments order:<h2 id="e3db2e40-91e6-40ce-8ea6-bd2555a945d0">Russia set up SPFS and Mir years ago, citing 'risks'</h2>Russia prepared for even more sanctions years ago, following trade restrictions after it annexed Crimea in 2014."There are risks in using the global financial networks," Elvira Nabiullina, governor of Russia's central bank, told <a target="_blank" class="" href="https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html">CNBC in 2018.</a> "Therefore, since back in 2014, we have been developing our own systems."Some Russian banks were banned from the SWIFT messaging system for banking transactions following Russia's full-scale invasion of Ukraine. Moscow has been touting its homegrown ruble-based payment system — the System for Transfer of Financial Messages, or SPFS — that was set up in 2014.<div type="image" title="Russian President Vladimir Putin meets with Central Bank chief Elvira Nabiullina" height="3605" width="5408" msid="112978409" hostid="261" sizebytes="1587422"></div>At the end of 2023, users of SPFS included 556 organizations from 20 countries. Of these, 159 — about a quarter of total participants — were foreign and their use of the messaging system more than doubled from 2022, according to Russia's central bank, per <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/103040/">Interfax</a>.In July, Russia and Iran — another heavily-sanctioned country — finalized details to connect the banking systems of the two countries, Iran's <a target="_blank" class="" href="https://en.mehrnews.com/news/217372/Iran-Russia-finalize-integration-of-national-payment-systems">Mehr news agency</a> reported.This means that Russia's Mir payment system would work with Iran's Shetab banking system, allowing for both pariah states to trade more smoothly.<h2 id="dc8236fe-da57-4f21-8a5f-0a2f6f46c77a">China's CIPS is growing quickly</h2>China's Cross-Border Interbank Payment System, or CIPS, is an alternative system that processes payments in Chinese yuan.Launched in 2015, CIPS has about <a target="_blank" class="" href="https://www.cips.com.cn/en/2024-08/01/article_2024080115043180408.html">2,000 participants as of July,</a> compared to <a target="_blank" class="" href="https://www.swift.com/about-us">11,000 for SWIFT.</a>CIPS "has been growing rapidly in recent years," the Brookings researchers wrote.In 2023, CIPS processed over 6.6 million transactions, totaling 123 trillion Chinese yuan, or $17.3 trillion — up nearly 30% by value from a year ago, according to <a target="_blank" class="" href="http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf">China's central bank.</a><h2 id="a578a224-e5df-4b31-8404-e02cff739d93">India's UPI is already used extensively</h2>India — now a key trading part of Russia — also has its own system.The country's <a target="_blank" class="" href="https://www.npci.org.in/what-we-do/upi/product-overview">Unified Payments Interface,</a> or UPI, was developed in 2016 and is <a target="_blank" class="" href="https://edition.cnn.com/2024/04/29/tech/india-digital-payments-upi-growth-hnk-intl/index.html">used extensively</a> in India today, even among everyday consumers.The payment system has gotten so big that it's not just limited to India. The National Payments Corporation of India, which runs the platform, has partnered with financial institutions in other countries, including France, the United Arab Emirates, and Singapore.<div type="image" title="A man behind piles of fruits at his stall in India that features a QR payment code." height="701" width="1024" msid="112978412" hostid="261" sizebytes="98408"></div>If the UPI's footprint expands to more countries, it could be a way to bypass the SWIFT banking system, wrote Evan Freidin, an international relations analyst, for the <a target="_blank" class="" href="https://www.lowyinstitute.org/the-interpreter/india-s-plan-world-without-cash">Lowy Institute,</a> an Australian think tank."It is significant that UPI can also be used to bypass the SWIFT banking system, enabling payments with sanctioned countries such as Russia, thereby weakening US financial hegemony," Freidin wrote in July.<h2 id="48c27799-0d46-40f6-b4b7-e9225b102131">Central banks are looking at digital currencies</h2>Countries are also increasingly looking to build central bank digital currencies, or CBDCs. These currencies are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks</a>.The <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements,</a> an organization of central banks, is overseeing the trial of a CBDC platform for wholesale cross-border payment.Participants of the project, called <a target="_blank" class="" href="https://www.reuters.com/technology/saudi-arabia-joins-bis-led-central-bank-digital-currency-trial-2024-06-05/">mBridge,</a> include China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. It's dominated by Beijing, which has already rolled out the digital Chinese yuan.<div type="image" title="Woman with a face mask using a touch screen at an exhibition booth for the e-renminbi." height="746" width="1024" msid="112978411" hostid="261" sizebytes="54016"></div>The Brookings researchers wrote that these CBDCs could "upend the dollar's role as a currency 'middleman' by reducing settlement times, making it cheaper and easier to trade non-dollar currencies."The CBDCs integrate messaging and payments, unlike current systems like SWIFT and major US dollar clearing system CHIPS.<h2 id="67caf2a1-65f8-470a-8a88-3f2e381242e9">Russia rushes into crypto</h2>As doors to transact in fiat money close, Russia is now looking to trade in cryptocurrencies.It's in such a rush to get the system up and running that it plans to start crypto exchange trials as soon as September 1, anonymous sources told <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-08-26/russia-close-to-starting-trials-of-crypto-payments-exchanges?srnd=homepage-americas">Bloomberg in late August.</a>Creating this mode of payment has gotten more pressing because even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">banks from China</a> are rejecting most transactions with Russian entities.<a target="_blank" rel=" nofollow" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said in July that Russia had to <a target="_blank" rel=" nofollow" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.<h2 id="15b13f44-3051-4887-85cf-66563ce70c10">Going back to barter trade</h2>If all else fails, there's also the age-old method of barter trade.In August, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported that Russia and China are planning to revive the practice of <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">barter trade</a> to get around Western sanctions.The deals could involve agriculture and could come as soon as this fall, the news agency reported, citing anonymous trade and payments sources.The two countries are no strangers to barter.It was practiced during the <a target="_blank" rel=" nofollow" href="https://www.joc.com/maritime-news/soviet-union-allows-return-barter-some-trading-deals-partners-former-e-bloc_19910708.html">Soviet era</a> and <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/1998/09/06/world/as-ruble-withers-russians-survive-on-barter.html">in the years following the bloc's collapse.</a> At the time, China was a key trading partner.In August 2022, the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/taliban-import-russia-oil-barter-exchange-afghanistan-raisin-minerals-medicine-2022-8">Taliban regime in Afghanistan</a> also discussed barter trade with Russia that could involve trading Russian crude oil products in exchange for raisins, minerals, and medicinal herbs, according to RIA Novosti, a Russian state-owned news agency.Last year, cash-strapped <a target="_blank" rel=" nofollow" class="" href="https://www.voanews.com/a/pakistan-allows-barter-trade-with-iran-afghanistan-russia-/7120806.html">Pakistan</a> authorized the barter trade of specific goods with Russia.In 2019, China <a target="_blank" href="https://www.reuters.com/article/markets/currencies/china-in-barter-deal-for-200000-tonnes-of-malaysian-palm-oil-report-idUSKCN1T22W0/">traded $150 million worth of palm oil</a> from Malaysia for a range of products and services, including natural resources and defense equipment.

Countries from Russia to China are building payments systems that could threaten the dollar's global dominance

<ul><li><keyword id="19795788" type="General" weightage="100" keywordseo="Quishing" source="Orion">Quishing</keyword> or the use of QR codes to steal money and personal information has been on a rise in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>.</li><li>Nearly half of UPI-related frauds in 2023 reportedly involved the use of QR codes.</li><li>Here’s everything you need to know about quishing and how to protect yourself from such scams.</li></ul>Digital payments have grown by leaps and bounds in India over the past few years, with unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) making it easier to pay on the go. While UPI has made payments easier, scammers have also kept abreast with technology to come up with new ways to defraud people. The latest deceit has scammers resorting to quishing to steal money, personal information and committing identity theft. <cmsannotation type="cmsannotation" annotationid="What is quishing?" comment="subhead" text="What is quishing?"><keyword id="19805899" type="General" weightage="20" keywordseo="what-is-Quishing" source="Orion">What is quishing</keyword>?</cmsannotation> You may have heard about terms such as phishing, card skimming, email spoofing and more. But quishing is a rising scam that involves the use of fake QR codes to redirect the user to a fake website or to steal information. According to a<a href="https://timesofindia.indiatimes.com/city/delhi/rise-of-quishing-the-threat-of-fake-qr-codes-for-financial-fraud-and-identity-theft/articleshow/106940852.cms"> report</a>, complaints related to UPI frauds have increased from 15,000 cases in 2022 to over 30,000 in 2023. Of this, nearly half of the cases reportedly involved QR codes It’s not just UPI, QR codes have been in use for a long time now, be it for sharing information about a product or sharing a digital menu at some restaurants. <keyword id="1011037" type="General" weightage="20" keywordseo="qr-code" source="Orion">QR code</keyword> frauds have also risen in countries like the US, with the Federal Trade Commission (FTC) issuing an<a href="https://consumer.ftc.gov/consumer-alerts/2023/12/scammers-hide-harmful-links-qr-codes-steal-your-information"> alert</a>, cautioning users about harmful links in QR codes. <cmsannotation type="cmsannotation" annotationid="Here’s how quishing works" comment="subhead" text="Here’s how quishing works">Here’s how quishing works</cmsannotation> In quishing, the scammer generally asks the victim to scan a QR code using the camera, which then redirects the user to a website created by the scammer. This website is generally an imitation of a genuine website, be it an e-commerce platform, a bank or other platforms that deal with important personal and financial information. Then, the website asks the user to enter their personal information or account details. When the user enters this information, the information is sent to the scammer, who can use this information to steal money or commit identity theft. In some instances, these QR codes also prompt the victim to enter their UPI PIN to send money. When the user enters their UPI PIN, the scammer receives it and can use it to steal money. Not just this, QR codes may also include malicious files, which are automatically downloaded when the user scans the code. This may infect the user’s smartphone and steal their personal information without them even knowing. <cmsannotation type="cmsannotation" annotationid="How to protect yourself from quishing?" comment="subhead" text="How to protect yourself from quishing?">How to protect yourself from quishing?</cmsannotation> Here are some steps you can take to protect yourself: <ul><li>Avoid scanning QR codes when you are not aware about who has placed it, especially in public areas which can be accessed by anyone. </li><li>Do not scan QR codes if you receive them from unknown people in a message or email. </li><li>Avoid scanning QR codes shared on social media, as they may contain malicious files. </li><li>When scanning a QR code that includes a link, inspect the URL before clicking on it. </li><li>If the QR code includes a shortened URL, avoid clicking on it unless you trust the source. </li><li>If a QR code leads you to a website, ensure that it is authentic and ensure it is not a phishing attempt. </li><li>Do not share personal information after you visit a website by following a QR code if you are not certain about its authenticity. </li></ul>Other scams you need to be aware about – <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scam </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">How it works </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves creation of fake websites to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves the use of fraudulent phone numbers to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pharming </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">This involves redirection of users from a genuine website to a fake website. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Smishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves use of text messages to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Skimming </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves duplication of debit or credit card, allowing the scammer to steal money. </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-series-with-galaxy-ai-debuts-starting-79999/articleshow/106947200.cms">Samsung Galaxy S24 series with Galaxy AI debuts starting ₹79,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-beats-samsung-for-the-first-time-since-2010-tops-global-smartphone-shipments/articleshow/106922358.cms">Apple beats Samsung for the first time since 2010, tops global smartphone shipments</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-with-the-snapdragon-8-gen-3-launch-in-india-on-jan-23-everything-we-know-so-far/articleshow/106691383.cms">OnePlus 12 with the Snapdragon 8 Gen 3 launch in India on Jan 23 – everything we know so far</a>

Quishing on the rise – Be alert while scanning payment QR codes

<ul><li>Cashback offers by paying through <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> apps have reduced considerably and are often for specific periods or linked to specific merchants. </li><li><keyword id="1321742" type="General" weightage="20" keywordseo="linking" source="Orion">Linking</keyword> <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> to UPI opens up the possibility of earning <keyword id="45593" type="General" weightage="20" keywordseo="rewards" source="Orion">rewards</keyword> on transactions. </li><li>Whether for everyday purchases or significant transactions, users can accumulate reward points and earn <keyword id="2561477" type="General" weightage="20" keywordseo="cashbacks" source="Orion">cashbacks</keyword>. </li></ul>When UPI or United Payment Interface was in its earlier days, companies would give huge cashbacks to win over customers. People would get cashback of even a few hundred rupees to make payments on Google Pay. Other players like Paytm also had similar cashback offers. However, that is not the case now. The amount of cashbacks have reduced significantly, as expected. But since we spend a lot through UPI, is there still some way to get cashbacks on UPI spends? Many banks and payment service providers (PSP) apps offer cashback incentives to encourage UPI transactions through their app. “Firstly, frequent usage of UPI for payments, including bills, online shopping, and peer-to-peer transfers, often unlocks cashback rewards. Additionally, some platforms provide special promotions or discounts when using UPI during specific periods or for specific merchants,” says Sachin Castelino, chief strategy and transformation officer, In-Solutions Global, a fintech services company. For example, Paytm and Amazon Pay launched such offers during summer for a specific period but the amount of cashback was limited to small amounts or only once per customer. Account holders of the newly launched "DCB Happy Savings Account" can enjoy cashback rewards on qualifying domestic UPI debit transactions, with potential incentives up to ₹7,500 annually. Referral programs are another avenue; referring friends to use UPI can result in cashback benefits for both the referrer and the new user. Lastly, some financial institutions collaborate with merchants to offer exclusive UPI cashback deals. However, such offers are few and far between. Link your credit card to UPI to avail cashback However, there is a way you can pay through UPI and earn cashback and rewards. You can apply for a RuPay credit card through one of its partner banks, and then link it to a payment app like Google Pay or Paytm. Currently Mastercard and Visa credit cards cannot be linked to UPI. “Linking credit cards to UPI opens up the possibility of earning rewards on transactions, compared to debit cards/savings accounts as the latter typically lacks rewards programmes,” says Mohit Bedi, Co-founder, Kiwi, a fintech startup. “The linking not only streamlines payments but also encourages users to prefer credit cards for UPI transactions, establishing a mutually beneficial relationship between consumers and financial institutions,” says Castelino. Whether for everyday purchases or significant transactions, users can accumulate reward points and earn cashbacks according to their credit card reward programs, elevating the overall payment experience. This way you can earn cashbacks and rewards each time you make a UPI payment. However, remember that linking your credit card to UPI comes with the risk of overspending through impulsive purchases, as you would need to pay your credit card bill on time to avoid any late penalties and high interest charges.

Falling cashback on UPI payments – Credit card linking opens a door

As the world goes gaga over <keyword id="7795449" type="General" weightage="20" keywordseo="AI-chatbots" source="Orion">AI chatbots</keyword>, Union Minister of <keyword id="9950217" type="General" weightage="50" keywordseo="state-for-electronics" source="Orion">State for Electronics</keyword> and IT <keyword id="205969" type="General" weightage="100" keywordseo="Rajeev-Chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword> has a clear vision: To make India a global powerhouse of AI which does not just stop on integrating foreign chatbots but building next-generation of AI-based innovations to <keyword id="13880162" type="DOMAIN" weightage="20" keywordseo="empower" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="empower" meta.entityname="Empower India Ltd." meta.entityid="3850" meta.seoname="empower-india-ltd">empower</keyword> billions of citizens. <keyword id="79017" type="General" weightage="90" keywordseo="chandrasekhar" source="Orion">Chandrasekhar</keyword> told IANS that artificial intelligence (AI) is a "kinetic enabler" of the digital economy and the government will infuse more of this disruptive technology into its '<keyword id="3264646" type="General" weightage="80" keywordseo="india-stack" source="Orion">India Stack</keyword>'. "AI will certainly transform the digital economy and grow the business economy in the country. We are launching a very comprehensive programme called the INDIAai Programme and you will see more AI use cases via the India stack -- Aadhaar, Unified Payments Interface (<keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>), DigiLocker, CoWIN and more," Chandrasekhar emphasised. "AI, as I have said, is a 'kinetic enabler' of the digital economy and we want to be the global leader in AI," the Minister told IANS. This week, Chandrasekhar met Microsoft co-founder Bill Gates, and had a "good, interesting conversation about India Stack and Artificial Intelligence (AI)". The government, in the Union Budget for FY24, announced to open three centres of excellence for artificial intelligence (AI) at the top educational institutions, for realising the vision of "Make AI in India" and "Make AI Work for India". According to Chandrasekhar, the government is expanding the INDIAai initiative in partnership with homegrown tech companies, startups and academic institutions under a comprehensive AI programme. The Bhashini team at the IT Ministry aims to build a National Public Digital Platform for languages to develop services and products for citizens by leveraging the power of AI and other emerging technologies. It is creating a unifying architecture, underpinned by principles of open data and open source software, to enable contributions from the research initiatives and the ecosystem. Bhashini, the natural language AI platform, "will enable automated language translation", according to Chandrasekhar who had a three decades' long career in the technology domain before making his foray into politics. According to him, India Stack will become more nuanced, intelligent and sophisticated in its next avatar, as more and more enterprises and countries across the world innovate and integrate, execute, and implement digital transformation. "Our mission as a nation is to offer India Stack or the part of the stack to those enterprises and countries across the world who want to innovate and further integrate, execute, and implement digital transformation," said the Minister. India currently ranks first in terms of AI skill penetration and AI talent concentration and fifth in AI scientific publications, a Nasscom report said last month. India's 'AI Skills Penetration Factor' has been reported to be 3.09 -- the highest among all G20 and OECD countries. More than 1,900 AI-focused startups are providing innovative solutions in the country, primarily in the areas of conversational AI, NLP, video analytics, disease detection, fraud prevention and deep fakes detection. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/us-received-enough-visa-applications-to-meet-h-2b-cap-for-h2-fy23/articleshow/98383408.cms">US received enough visa applications to meet H-2B cap for H2 FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ronaldinhos-son-joao-mendes-follows-fathers-footsteps-joins-barcelona-academy/articleshow/98383353.cms">Ronaldinho's son Joao Mendes follows father's footsteps, joins Barcelona academy</a>

We're building next-gen AI to become a global powerhouse: Rajeev Chandrasekhar

In less than a decade since its launch in 2016, UPI payments are crossing new milestones every month. The simple payment method has become the go-to mode for consumers across the country. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> pioneered QR Codes and Soundbox have strengthened in-store payments further empowering merchants to accept payments from <keyword id="6076084" type="General" weightage="100" keywordseo="paytm-upi" source="Orion">Paytm UPI</keyword> along with UPI Lite, Paytm Wallet, cards and netbanking. The transformation in payments that Paytm has brought is creating waves globally and was also highlighted by the German Embassy in India. During a visit to Bengaluru, Germany's Federal Minister for Digital and Transport Volker Wissing made payments to a vegetable seller by scanning the Paytm QR code. <div type="twitter" handle="GermanyinIndia" handlename="GermanyinIndia" favoritecount="0" retweetcount="0" id="1693162556918210966"></div> Taking to X (formerly known as Twitter), the German Embassy posted: "One of India’s success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport @Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated!" From the neighbourhood vegetable vendor to the bakery next door, Paytm QR Codes are omnipresent across the length and breadth of India. Paytm is leading technology for small shops in India which is fascinating people the world over. <div type="twitter" handle="Zecca_Lehn" handlename="Zecca_Lehn" favoritecount="0" retweetcount="0" id="1680584301908492288"></div> Zecca Lehn of Responsibly Ventures posted on X: Saw someone in India today pay a chai street vendor via a<a href="https://twitter.com/Paytm"> @Paytm</a> barcode sticker ($0.25 drink at entrance of major tourist site. Cost: Thimble sized paper cup, one tea bag, packet of sugar/cream, gas burner and large teapot) <a href="https://twitter.com/hashtag/HelloMyFriend?src=hashtag_click">#HelloMyFriend</a> The fintech giant is always the first on the block to bring innovations in UPI to millions. It was the first to launch UPI payments through RuPay credit cards on its platform. This has further boosted the credit ecosystem in India by making use of credit cards mainstream. <div type="twitter" handle="abcdarsh" handlename="abcdarsh" favoritecount="0" retweetcount="0" id="1691689967792382446"></div> Another user Adarsh Mehta posted: Paid with my rupay credit card at this street shop in rural area, never thought card will be used in this way.... Amazing <a href="https://twitter.com/Paytm">@Paytm</a> Paytm enables consumers to make effortless payments any time, anywhere. With fastest UPI payments that never fail, Paytm has become synonymous with mobile payments in India. From ‘scan &amp; pay’ to ‘tap &amp; pay’, Paytm’s technology-led innovations have brought seamless transactions to millions of users. <div type="twitter" handle="akash_mehta15" handlename="akash_mehta15" favoritecount="0" retweetcount="0" id="1688778343586615296"></div> Another user Akash Mehta took to X and posted: Lightning fast payment on<a href="https://twitter.com/Paytm"> @Paytm</a> during peak hour in Mumbai resolves the need to keep loose change.<a href="https://twitter.com/vijayshekhar"> @vijayshekhar</a><a href="https://twitter.com/hashtag/DigitalIndia?src=hashtag_click"> #DigitalIndia</a> As India’s leading payments and financial services platform, Paytm has been driving convenience for users. The company has been instrumental in expanding financial inclusion in the country. It is one of the champions of Digital India, revolutionising mobile payments by making Paytm UPI easily accessible to everyone. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

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We're building next-gen AI to become a global powerhouse: Rajeev Chandrasekhar

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QR in India is synonymous with Paytm – here's how the fintech giant has taken UPI to every part of the country

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