Digital payment transactions through the Unified Payment Interface (UPI), cards and mobile wallets have made a near V-shaped recovery this month.
The Reserve Bank of India (RBI) on Monday directed payment systems operators to undertake targeted multi-lingual campaigns by way of SMSs and advertisements to educate their users on safe and secure use of digital payments amid incidence of frauds continuing to bedevil people.
A new report on Mobile Payment Market has been published by Acquire Market Research providing a thorough analysis of the industry trends, market opportunities, growth drivers essential for market leaders.
Mobile-based payments will be resilient and overtake card payments in India, with the covid-19-induced economic slowdown likely to put a pause on the rapid rise of cashless payments in 2020.
International remittance provider MoneyGram flagged a rapid increase in transactions made to mobile wallets during May, as lockdown measures due to the COVID-19 pandemic continued across several countries.
Digital payments saw a revival in May, after the government granted some relaxation during the third and fourth phases of the lockdown.
Sri Lanka-based fintech Genie has partnered with Bank of Ceylon to act as the financial acquirer and digitize payments through its mobile wallet solution.