As domestic companies and global giants alike jockey for their place in India’s burgeoning payments market, the entities responsible for oversight continue to try to keep any one company from dominating the space.
As domestic companies and global giants alike jockey for their place in India’s burgeoning payments market, the entities responsible for oversight continue to try to keep any one company from dominating the space.
Two years after launching its payments app in India, Google has reached $110 billion in annual payments volume there and is asserting its dominance in the space.
Efforts by the Indian government to shore up the security of digital transactions have boosted consumer confidence and – as a result –adoption, according to the Reserve Bank of India (RBI). But the country’s central bank has identified its next significant barrier to growing access to digital transactions: low internet connectivity.
The Reserve Bank of India issued new requirements last week mandating that payment companies with QR code-based payment solutions use interoperable codes, ensuring that the same code can be used by different payment applications.
The growth of digital payments has led to non-bank entities stepping deeper into financial services. But at least one authority has demonstrated that it will tighten requirements on these non-traditional entities if needed, based on how they’re conducting their financial services business.
Mastercard is deepening its commitment to supporting electronic payments in South Asia, this time with an investment in India-based Pine Labs.
In an effort to continue promoting digital as the preferred method of payment, the Indian government is looking to mandate QR-based payment options at all shops and establishments operating beyond a pre-determined threshold.
India’s homegrown payments provider Paytm announced this week that it’s launching a subscription-based loyalty service called Paytm First.
Despite last-minute intervention by U.S. senators, India’s government has stood by its requirement for payments firms to store data within the country’s borders by this week’s deadline.
The growth of digital payments has led to non-bank entities stepping deeper into financial services. But at least one authority has demonstrated that it will tighten requirements on these non-traditional entities if needed, based on how they’re conducting their financial services business.
As domestic companies and global giants alike jockey for their place in India’s burgeoning payments market, the entities responsible for oversight continue to try to keep any one company from dominating the space.
