FM has said a Committee on Digital Payments constituted by Dept of Economic Affairs has recommended structural reforms in the payment systems, including amendments to the Payment Act.
CERT is an expert team of technology experts and computer scientists who look into cyber security related issues for the government.
“The decline rate for Off-US transactions (when banks are different) was nearly 56% or almost double than that for on-US transactions (when the banks are same),” read out the report.
The deal will give a clutch of private equity investors, including ICICI Venture and W Capital, an exit from TechProcess and help Ingenico expand its offerings in the growing digital payments space in India.
The goal of banks and mobile wallet solution providers now is to broaden the acceptance of digital payment offerings.
ICICI Bank has also been requested to allow UPI transactions from PhonePe App as soon as PhonePe and Flipkart start complying with the UPI guidelines on interoperability.
They have also requested for extension of the import duty waiver on PoS terminals for card payments beyond March 31 as it expects the demand for such terminals to go up.
National Payments Corporation of India is the umbrella organization for all retail payment systems in India.
The report also found out that among the major reasons that accounted for the frauds, 27% originated from management conflict of interest and 27% from corruption.
The old ways are back. Cash appears to be back in currency as its increasing availability has prompted people to use it to make small buys.
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