Discover and read the best of Twitter Threads about #DigitalPayments

Most recents (9)

UPI largest retail payment system in India and UPI volumes have exceeded ATM Withdrawals since April 2020: Economic Survey Of India 2021-2022. Could this finally mean India prefers #DigitalPayments over cash? A thread 👇
1. Unified Payments Interface (UPI) is currently the single largest retail payment system in the country in terms of volume of transactions, indicating its wide acceptance In December 2021, 4.6 billion transactions worth ₹8.26 lakh crore were carried out by UPI.
2. 50% of transactions through UPI were below 200. In April-November 2021, UPI processed more than 24.26 million One Time Mandate create transaction of value ₹44,381 crore.
Read 11 tweets
👀💻Have you checked our Finaplo Financial messaging libraries? They can be provided either online, through our cloud APIs, or on-premise: finaplo.paymentcomponents.com

#fintech #finserv #ISO20022 #iso20022migration #finaplo #payments
❤️Our FINaplo is already used and loved by thousands of developers worldwide!
paymentcomponents.com/case-studies/f…

#casestudies #iso20022 #SWIFT #SEPA #CBPR #iso20022migration #finaplo #payments
And of course, it was crafted by our awesome team with passion and enthusiasm: paymentcomponents.com

#fintech #finserv #developer #coding #digitalpayments
Read 3 tweets
Starting today, @RBI new set of guidelines will become applicable for recurring payments via cards.
As the industry moves to the new standard, here is my take the new rules 1/n
Till date, rules on recurring payments via cards were not clear. Recurring payments worked on credit cards but not on debit cards. There are 900 million debit cards that are now eligible for supporting recurring payments under the new guidelines. 2/n
This is a massive change and along with the UPI Autopay, it will open the floodgates for recurring payments and subscription economy in India. 3/n
Read 13 tweets
I am late to this party but wohooooooo 🎉🎉🎉

UPI e-vouchers will change the world of Direct Benefit Transfers (and gift cards) forever.

Read 👇 to understand how (1/10) :
#upi #payments #fintech #DigitalPayments
(2/10) GOI's press release explains E-voucher as a 'digital payment option which enables financial transactions linked to a specific purpose which can be used only by the intended user'

What does that mean?
(3/10) E-vouchers are digital gift cards built on top of UPI.

Basically, GOI can now create a subsidy scheme by identifying
A) The people who need assistance
B) Shops where these guys should be able to spend

Once this is done, transfers can begin in <24 hours.
Read 11 tweets
As #DigitalPayments and privatization of cash becomes mainstream - MINT gets eroded. #Cash #SPIMCL

Cherapally's loss is Gachibowli's gain.
Gachibowli's gain - as seen on a 5GB
Its been hard last 4 years seeing the privatization of cash and going to be harder decade coming up to see privatization of bus networks across the country. Stay strong and Keep the fight up
Read 4 tweets
1/6) Customer fees waived to promote #online and #mobile #banking to contain spread of #coronavirus. More details in press release: sbp.org.pk/press/2020/Pr-…
2/6) #SBP takes measures to promote #digitalpayments amid #COVID19 pandemic. Objective is to reduce need for visiting bank branches or ATMs and to promote use of internet #banking, mobile phone banking.
3/6) Charges have been waived for customers on fund transfers through online banking channels such as Inter Bank Fund Transfer (IBFT) and SBP’s Real Time Gross Settlement System.
Read 6 tweets
#CashlessConsumer @anivar@chowchow.social is at #AadhaarTribunal and is talking on intersection of #Aadhaar and #DigitalPayments / #Fintech.

#CashlessConsumer makes the following demands to seek a reform in #DBT / payments infrastructure
1. A thorough #CAG audit on #DBT infra to officially document the reasons for exclusions (untraceable payments referred in #NITIAayog Poshan report) and detailed report on #APB, compensate the beneficiaries who are denied welfare benefits with interest
2. Policy decision to gradually migrate #DBT to use #NEFT (run free of cost by RBI wef 1.1.2020) instead of NPCI owned #APB infrastructure which charges ministries implementing #DBT delivery.
Read 6 tweets
#CashlessConsumer Much has been talked about #ZeroMDR amidst lot of panic based misinformation, half truths.

1.1.2020 marked 3 significant changes to payment industry all of which have deep implications. #Thread
Facts first and opinions later.

On 30 Dec, FinMin clarified provisions in Finance Act relating to digital payments

1. 269SU meant for large companies > 50 Crores, mandating to accept "prescribed modes"

2. 271DB - Penalty for violating 269SU
incometaxindia.gov.in/communications… - Link to notification.

269SU makes #ZeroMDR, but important to note its applicable only for large businesses and only for "prescribed modes"

Prescribed modes came via incometaxindia.gov.in/communications…
Read 16 tweets
#ZeroMDR 1/ Since 2006 I have been the bigget believer and proponent of in digitizing payments - ideally via mobile payments - lord knows I've preached this more than anyone else has! Even my 83-year-old mother is a convert, and I literally refuse to pay anyone in cash!
#ZeroMDR 2/ The benefits of #digitalpayments are spread across a large ecosystem - notably the government, merchants, consumers, banks & Payment Systems Providers (PSPs).

The costs of digital payments are today borne by the banks & PSPs - who pass them on to merchants!
#ZeroMDR 3/
Indirectly merchants pass these on to consumers & have a blended cost. Some explicitly pass these costs to the consumer as a "surcharge".

Today's incentive alignment ensures that cash will continue to be the most (financially) attractive for face2face payments!
Read 18 tweets

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