Vikram Verma on LinkedIn: #rbi #groww #worldline #paymentaggregators #fintechnews #innovation… (2024)

Domestic payment aggregators like Razorpay and Cashfree, as well as emerging fintech firms such as PayGlocal and Skydo, are racing to secure licenses for offering international payment services, as per sources familiar with the matter. The Reserve Bank of India (RBI) has mandated both new entrants and existing companies in this space to apply for a payment aggregator-cross border (PA-CB) license by the looming deadline of April 30.This development underscores the growing significance of international transactions in the digital payments landscape, as players seek to expand their offerings beyond domestic markets. With the increasing demand for seamless cross-border payment solutions, obtaining the PA-CB license is poised to open up new avenues for these companies to tap into global payment flows and cater to the evolving needs of businesses and consumers alike.As the deadline approaches, the industry is abuzz with anticipation over the potential impact of these licensing efforts on the competitive dynamics and innovation within the international payments ecosystem. Stay tuned for further updates as these players navigate the regulatory landscape and strive to carve out their presence in the global payments arena.#Razorpay #Cashfree #PayGlocal #Skydo

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UPI was launched in April 2016, by the National Payment Corporation of India(NPCI).The country witnessed a huge shift in the payment mode, quickly people accepted this big change, and a big change was witnessed in the Indian economic ecosystem with the announcement of demonetization of rates 1000 and 500 notes.In a flash of time, merchants installed QR codes in their shops providing ease to shopkeepers as well as their customers. With time we all became so adapted to these changes that even when the demonetization wave was over and there was enough cash available in the bank accounts we were comfortable with using UPI.Initially, 19 banks were partnered with NPCI (an umbrella organisation for all retail payment systems)to offer services based on UPI. And now almost every bank partnered with UPI and provides their services.Starting with scan and pay, the next big development in UPI’s history is going to be a big change where voice commands will help to transfer funds. Feature The BillPay Connect offers voice Assisted Bill Payment.#upi #upipayments #googlepay #phonepe #paytm #digitalindia #technology #digitaltransformation #fintech #finance

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🚀 Celebrating RBI's Payment Aggregator (PA) License: A Milestone in Fintech!🎉The recent announcement by the Reserve Bank of India (RBI) regarding the Payment Aggregator (PA) License marks a significant milestone in the fintech sphere. With only 32 out of 185 applicants securing in-principle approval. This development showcases a new era of oversight by the RBI in the payment services domain.Introduced in March 2020, the PA License empowers firms to provide secure payment services for merchants, reinforcing financial stability by setting a net worth requirement of Rs 25 crore by March 2023. This criterion ensures credibility and stability within the sector. Embracing these regulations will undoubtedly lead to a more transparent and reliable fintech landscape in India.This endorsem*nt directly from the RBI not only boosts consumer trust but also encourages e-commerce companies to engage with licensed PAs for secure transactions. The PA License is a catalyst for growth, credibility, and security in the fintech sector, paving the way for a more robust landscape in India.Congratulations to Razorpay, Cashfree Payments, Open Financial Technologies, and other approved entities! 🎉 Let's pave the way for a more trustworthy fintech future in India together.💡💳 #fintechinnovation #rbipolicy #rbi #PaymentAggregatorLicense

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🚀🇮🇳 𝐈𝐧𝐝𝐢𝐚'𝐬 𝐔𝐏𝐈 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧! 🇮🇳🚀From its humble beginnings as an inter-person money transfer system, UPI has transformed the digital payments landscape in India. Today, UPI is driving commerce in the country, with a staggering 57% of transactions being merchant transactions. 🛍️💳The secret behind this phenomenal growth? The ubiquitous QR code! 📱🔍 Over the past two years, millions of merchants have embraced QR codes, making it easier than ever for consumers to make digital payments. UPI now boasts over 330 million unique users and around 70 million merchants deploying over 256 million QR codes across the country. 🌐🌟As we celebrate this incredible milestone, let's continue to champion the digital payments revolution and make India a truly cashless economy. 🎉💪Read more: 🌐 https://lnkd.in/dZPZUUTJ#UPI #DigitalPayments #India #QRCode #CashlessEconomy #Fintech #Innovation

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National Payments Corporation Of India (NPCI) has revolutionised the fintech ecosystem by introducing UPI (Unified Payment Interface). The advent of this new technology has resulted in the emergence of new words coined by Indians. 🚀 🚀 Being tech-savy, I prefer digital payments and find it cumbersome to carry cash. I often use rickshaw for commuting in Mumbai. In the past couple of months, I used to ask the rickshaw drivers "Do you have UPI or QR code ?". Few of them used to share the QR code, while others used to deny. 🤔 🤔 In one of my journeys, the driver asked me "Do you mean scanner ?". Since then, I have decided to ask "Bhaiyaa, Scanner hai ?". And surprisingly, every other driver understands what a Scanner (QR code) means. It's amusing how new terminology emerges with the introducing of new technology. And now Scanner (which is a different term) has become synonymous with UPI payments. 😄 😄 Let me know in the comments below if you have come across any interesting new terms while making UPI payments. #npci #fintech #upi #digitalpayments

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Salestorrs, your online payment app may soon support international payments. Many Indian fintechs are vying to facilitate international payments for businesses and customers.Many Indian fintechs, like Razorpay, Cashfree Payments, Skydo, and PayGlocal are applying for Payment Aggregator - Cross Border (PA-CB) license.So, what tech are these fintechs developing? Find out their plans in today's #SalestorrsNews150, news in 150 words.#fintechindustry #fintech #paymentaggregator #rbi #paymentgateway

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🚀 Unlocking the Future of Digital Payments in India! 📱💳📊 Let's break down the exciting news about UPI's new features in financial terms:1. "Hello UPI" 📲✨-Think of it as UPI's conversational transaction revolution! 🗣️💬-Like a seamless merger of technology and finance. 🤝💰-Users can now initiate UPI payments using voice commands - a game- changer in payment accessibility. 🎤📥- This innovation will promote financial inclusion and broaden the scope of digital transactions in various languages. 🌐🗣️2."Credit Line on UPI" 💳🔄- UPI evolves into a financial lifeline! 💳🪙- It's akin to pre-approved credit, now accessible through UPI. 📈💳- Simplifying access to credit, fostering economic growth, and enhancing the digital banking ecosystem. 🌱💼 3."UPI Lite X" 📡📲- UPI becomes even more versatile with "Lite X." 🚀📴- Imagine offline transactions, making payments possible in connectivity-challenged areas. 🏞️📶- UPI Lite X empowers users to send and receive money with speed and efficiency. 🏁💸4. "UPI Tap & Pay" 📲🔵- Tap into the future of payments with UPI! 💥👆- Contactless transactions become a breeze with NFC-enabled QR codes. 💳- Enhancing security and convenience in digital payments. 🔒🛍️💡 These innovations represent a quantum leap in India's digital payment landscape. They streamline access to credit, expand payment horizons, and ensure seamless interoperability among UPI apps. 🌟💼🔗 The financial world embraces these advancements, acknowledging the National Payments Corporation of India (NPCI) as a "crown jewel" in the Indian technology landscape. 🇮🇳💎#DigitalPayments #FintechInnovation #UPIRevolution #NPCI #FinancialAnalystInsights National Payments Corporation Of India (NPCI)

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How UPI Changed in India : Unified Payments Interface, commonly referred as UPI, is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.UPI has not only revolutionised and digitised India's payments space, it has also created an ecosystem of fintech players to offer products on top of the platform and created multi-billion-dollar private enterprises. According to a study by PwC, as UPI grows to rural areas and tier III and IV cities over the next five years, it could make up almost 90% of all digital payments made in stores. According to the World Bank, India became the first nation to receive over $100 billion in inward remittances, and UPI’s soon-to-be-connected instant payment network of countries like Singapore, the UK, Australia, Canada, and the US will make cross-border inward payment experiences seamless and more cost-effective

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UPI: A Revolution in Payments, Poised to Go GlobalIndia 's Unified Payments Interface (UPI Chalega) of National Payments Corporation Of India (NPCI) has been a game-changer for digital transactions. This instant, interoperable system has transformed how millions pay for everything from groceries to rent.But UPI's potential extends far beyond India's borders. Imagine a world where seamless cross-border payments are a reality. This is the future UPI, in collaboration with other countries, can help create.Here's why UPI is a global game-changer:Automation:UPI automates fund transfers, eliminating the need for complex procedures and delays.Interoperability:It works across different banks and apps, promoting inclusivity and convenience.Security:Built-in features like two-factor authentication ensure secure transactions.Collaboration is Key:Partnering with other countries' payment systems can create a global network for instant transfers.Standardization of regulations and protocols will be crucial for smooth integration.The Benefits are Real:Faster and cheaper cross-border transactions for businesses and individuals.Increased financial inclusion for the unbanked population globally.A boost to international trade and collaboration.The time for a global payments revolution is now. UPI, with its robust framework, is perfectly positioned to lead the way. What are your thoughts on UPI's potential for global impact?image credits : finshots #UPI #DigitalPayments #FinancialInclusion #FinTech #GlobalPayments #CashlessSociety #MobilePayments #Banking #InternationalTrade #Innovation #EconomicGrowth #Development #FinancialServices #EmergingMarkets #InclusiveFinance #Fintegration #FutureofFinance #DigitalIndia #DigitalWorld #Collaboration #CrossBorderPayments #BorderlessPayments

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National Payments Corporation Of India (NPCI)has revolutionised the fintech ecosystem by introducing UPI (Unified Payment Interface). The advent of this new technology has resulted in the emergence of new words coined by Indians. 🚀 🚀Being tech-savy, I prefer digital payments and find it cumbersome to carry cash. I often use rickshaw for commuting in Mumbai. In the past couple of months, I used to ask the rickshaw drivers "Do you have UPI or QR code ?". Few of them used to share the QR code, while others used to deny. 🤔 🤔In one of my journeys, the driver asked me "Do you mean scanner ?". Since then, I have decided to ask "Bhaiyaa, Scanner hai ?".And surprisingly, every other driver understands what a Scanner (QR code) means. It's amusing how new terminology emerges with the introducing of new technology. And now Scanner (which is a different term) has become synonymous with UPI payments. 😄 😄Let me know in the comments below if you have come across any interesting new terms while making UPI payments.#npci#fintech#upi#digitalpayments

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