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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 ...

Paper use, acceptance infrastructure need attention, says RBI report The report said that the relatively high level of cash in circulation offers scope for a higher level of digitisation of payments Economy :- The Reserve Bank of India (RBI) on Tuesday discharged a report on Benchmarking India’s Payments Systems, which gives a similar position of the installments environment in India in respect to tantamount installments frameworks and use slants in other real economies. The investigation found that India has a solid administrative framework and hearty enormous esteem and retail installments structure, which have added to the fast development in the volume of exchanges. There has been generous development in e-installments by the Center and in advanced foundation, as far as versatile systems. The report, in any case, noticed that India is required to bring further endeavors to cut down the volume of paper clearing and increment acknowledgment framework to improve compute...