The tie-up will enable Indian startups and SMBs to fold technology into their operations and accelerate digitalization while also maintaining business continuity and preparing for alternatives to cash payments.
ICICI Bank announced that it has transformed its state-of-the-art mobile banking app, iMobile, into an app that offers payments and banking services to customers of any bank.
IMF’s financial access survey for 2020 said the number of registered mobile money accounts per thousand adults jumped from 73 in 2015 to 1,265 in 2019.
In the current environment there has been significant growth in adoption of contactless payments, both globally and in India.
The value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high last month as people feared to handle banknotes amid the pandemic.
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.
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.
Digital payments saw a revival in May, after the government granted some relaxation during the third and fourth phases of the lockdown.