India in need of simplifying user verification process to bolster digital payments
While India has witnessed a surge in digital payments, the country’s KYC procedure continues to be cumbersome, especially for the elderly, poor, and migrants.
While India has witnessed a surge in digital payments, the country’s KYC procedure continues to be cumbersome, especially for the elderly, poor, and migrants.
India is seeing a spike in the adoption of digital payments among merchants operating small stores and consumers paying items valued over $6, but the rise in fraud may hamper this development.
Utilizing UPI payments in Qatar through the QNB merchant network is expected to significantly benefit Indian tourists visiting the country.
Indians traveling to the UAE will soon be able to utilize the local UPI in POS terminals across the Gulf region, showcasing the world's growing acceptance of the system.
With more locals utilizing UPI, India is struggling to promote its CBDCs, with both retail and wholesale CBDCs taking a plunge in usage, but the RBI has no plans of dropping these initiatives.
While India moves to regulate the digital asset space, a High Court ruled that digital currencies are not qualified as "money" under the PCMCS Act, giving investors freedom to invest in such assets.
Driven by the success of its UPI, India is emerging as a significant player in adopting non-cash, alternative payments in the APAC region, slowly realizing its ambition to be a cashless society.
As more transactions are done online, the risk of fraudulent activities increases, forcing the Reserve Bank of India to set up a platform powered by emerging technologies to counter these illegal activities.
Local banks are actively offering cashbacks and reward points to woo customers into using the wholesale CBDC following a significant drop in usage, with the RBI looking for ways to support this.
While the RBI looks to ban stablecoins after imposing the harshest taxation on digital asset trading to regulate the market, Sebi advocates giving other gov't agencies the power to monitor the space.
Apart from piloting India's CBDC in commercial papers and certificates of deposits, the Reserve Bank of India is also looking to make e-rupee transferable offline, bringing it to par with cash.
India's central bank is doubling down on its CBDC initiatives, announcing plans to make the digital rupee more accessible to retail users via wallets and non-bank payment system operators.