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Google Pay leads UPIs in digital payments, Amazon Pay most favoured wallet All the findings in this report are based on transactions held on the Razorpay platform from January 2018 to December 2019 Current Affairs :Among UPI (bound together installments interface) applications, Google Pay contributed 59 percent and Walmart-claimed PhonePe encouraged 26 percent, trailed by Paytm (7 percent) and BHIM (6 percent) in computerized exchanges in 2019, as per fintech firm Razorpay’s report ‘The Era of Rising Fintech.’ The report gives a top to bottom investigation of a quickly developing fintech environment in India and examinations the examples of advanced exchanges and the effect of industry developments, for example, UPI, which are bridling a carefully comprehensive economy. In 2018, Google Pay contributed 48 percent and BHIM encouraged 27 percent in advanced exchange, trailed by PhonePe (15 percent) and Paytm (4 percent). Likewise, Amazon Pay was the most favored wallet among ...

Relief to e-wallets: RBI extends KYC compliance norms by six months The earlier deadline was February 28 In an alleviation to e-wallet organizations, the  Reserve Bank of India  Monday stretched out by a half year the due date for consistence with Know Your Customer (KYC) standards, for prepaid installment instrument (PPI) backers. The prior due date was February 28. “In light of solicitations got from different partners to expand the above course of events by virtue of challenges in embraced  Aadhaar e-KYC  and time important to set up elective frameworks for finishing the KYC procedure, it has been chosen to permit PPI backers extra time of a half year for fruition of the KYC procedure,” the RBI said in an announcement. PPIs are instruments that encourage buy of merchandise and ventures, including monetary administrations and settlement offices, against the esteem put away on such instruments. E-wallet  organizations were gotten in a tough ...