The setting up of a payments regulatory board within the Reserve Bank of India (RBI) and amending the Payments and Settlements Act, 2007 is the most significant development for digital payments in the budget presented by finance minister Arun Jaitley. "There will be an amendment in law, and a new payments regulatory board will be constituted, replacing the existing one,” Jaitley said in his speech. This was in line with the recommendations of the Watal Committee report on digital payments which was presented in December. However, the need of the hour, with the influx of digital payments being made through various means such as wallets, cards, UPI, NEFT and IMPS is to develop a grievance handling system. During the budget, the finance minister had set a target of 2,500 crore cashless transactions in 2017-18 primarily through the Unified Payments Interface (UPI) and Aadhaar Pay. As MediaNama had reported, many transactions on the UPI are failing and customers are not able to get refunds and around the same time, transactions worth Rs 990 crore were happening on the UPI. - BHIM app: The finance minister also seems to have taken a leaf out of Paytm's and other payment companies playbook said that the BHIM app will get two new schemes for individuals and merchants. Individual users, they will be eligible for a bonus while merchants will be able to give cash backs for using the app. Arun Jaitley also said that BHIM app has 1.25 crore users until now. - Aadhaar Pay: Jaitley also made a mention of…
- How Do India’s Growing Verification Mandates Impact Companies and Industries? #NAMA March 29, 2023
- Why is the Fraud Stack more lucrative than any fintech company in India? #NAMA March 29, 2023
- Calcutta HC directs social media platforms to block YouTuber Dhruv Rathee’s video on packaged fruit juice March 29, 2023
- Do marginalized groups support online anonymity? #NAMA March 29, 2023
- MediaNama Daily: On the future of anonymity and privacy in India March 29, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...