Bankers say accumulation of gold as reserves is also a strong point for the central bank.
The 45% month on month increase is the highest so far for UPI since demonetisation.
In an industry first, one of the country’s largest marketplaces, Paisabazaar, has enlisted four players like CASHe, Paysense, EarlySalary and HomeCredit on to its platform for customers who come to the website looking for credit.
Improving on the growth momentum of the previous months' overall digital transactions clocked 883 million for the month of August against around 860 million last month.
The RBI in its annual report published last week said that it has been decided to review the WLA guidelines comprehensively, particularly from the perspective of WLA deployment targets.
This partnership would enable a major shift towards pushing of bill payments into digital mode especially through QR codes and also give a boost to transactions through BharatQR which was majorly promoted by the Reserve Bank of India.
The digital-lending space has seen steady funding in recent months. In June, lending startup MoneyTap raised $9 million from Sequioa India, while in May, Pay Sense, a startup that runs a digital credit platform, raised $5.3 million from Jungle Ventures, Naspers Group and Nexus Venture Partners.
The government is pushing players in the banking and payments ecosystem to encourage cashless payments at merchant outlets through UPI and BHIM.
As of now, the company has already teamed up with four major banks to deploy card payment solutions among others.
The first round of funding also saw participation from Mayur Abhaya and Rohit MA, healthcare entrepreneurs from Stellaris’ Founder Network.
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