After demonetisation, there was a slump in this section of business, but credit demand for unsecured small-ticket business loans has been steadily growing to around 15% to 18% now.
The company which till now was operating as a payments entity driving financial inclusion for banks had to reduce its foreign shareholding to less than 50% for the final clearance from the RBI.
This is the second successive rise of the reserves with it having risen by more than $2 billion last week.
There have also been attempts to siphon money from bank accounts through UPI.
While Unified Payments Interface and BHIM are processes for peer-to-peer transactions using smartphones, the government is promoting Aadhaar-enabled payment systems for the non-smartphone savvy.
Aadhaar Pay is meant for merchants to receive digital payments from customers over the counter through Aadhaar authentication.
RBI has been defending the value of Rupee against Dollar at levels around Rs 65.60 and even before that the regulator had intervened to maintain the level at Rs 66.40.
Mumbai-based payments company FtCash which facilitates digital payments for small and medium merchants is all set to enter into the lending business by giving out business loans to its merchant partners.
Synechron has built 14 reusable applications – Accelerators – that allow financial institutions to reduce time-to-market.
Airpay runs the digital payments gateway business that is the page which props up once a customer 'checks out' on a website. The customer is needed to fill in his payment details on the page and proceed towards authorisation from the bank through a password.
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