Former Reserve Bank of India Deputy Governor SS Mundra is not optimistic about the success of the central bank digital currency (CBDC) or electronic form of rupee, despite the central bank’s efforts to popularise it. “If we talk about CBDC vis-a-vis UPI (united payments interface), usage of UPI is already prevalent and I don’t see … Read more
Governor Shaktikanta Das on Monday said that permanent deletion of transactions can make the e-rupee or central bank digital currency (CBDC) become anonymous and make it at par with paper currency. Speaking at the BIS Innovation Summit, Das said India is also working on making the CBDC transferable in the offline mode along with introducing … Read more
Users can now make payments from prepaid payment instruments through third party applications and deposit cash at ATMs, via UPI, the Reserve Bank Governor said. “Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate deposit of cash in CDMs using UPI. This measure will … Read more
Mumbai: Expenditure patterns and payment modes of Indian consumers showed a divergent trend with average spending on the UPI platform falling due to increased adoption by smaller merchants, while average credit card expenses climbed as the instrument is used for higher value transactions. Average ticket size of UPI transactions fell 8% to ₹1,515, while average … Read more
