Digital Payments - Gkseries.com

Digital Payment Transactions Cross 18,000 Crore in FY 2024-25

India’s digital payment ecosystem has witnessed a remarkable surge, with total transactions crossing 18,000 crore in FY 2024-25 (till January 2025). This impressive growth is mainly fueled by the rise of UPI, better partnerships in the fintech space, and government efforts to encourage cashless payments. To keep things secure, the Reserve Bank of India (RBI) […]

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Digital Payment Transactions Grow by 46% from FY 2021-22 to FY 2023-24

In India, digital payment transactions jumped from 8,839 crore in FY 2021-22 to an impressive 18,737 crore in FY 2023-24, reflecting a remarkable 46% CAGR (Compound Annual Growth Rate). A significant part of this growth can be attributed to the Unified Payments Interface (UPI), which experienced a phenomenal CAGR of 69%, reaching 13,116 crore transactions

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Razorpay Expands into Singapore to Revolutionize Digital Payments

Razorpay, a prominent fintech company, has officially launched its payment solutions in Singapore, representing a significant step in its expansion following successful ventures in India and Malaysia. This initiative aligns with Singapore’s digital-first economy and its expanding real-time payments landscape. Razorpay’s goal is to streamline cross-border transactions, lower payment costs, and provide AI-driven financial tools

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Paytm Solar Soundbox: India’s first solar-powered payment soundbox for merchants

Paytm has launched the Paytm Solar Soundbox, an innovative solution that aims to transform digital payments for small merchants in India. Launched on February 20, 2025, this product provides seamless and consistent transaction alerts powered by solar energy. It is specifically tailored for hawkers, street vendors, and small shopkeepers, allowing them to operate without relying

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PhonePe will acquire WealthDesk, OpenQ for $70 mn

Walmart-owned digital payments firm PhonePe will acquire wealth management firms WealthDesk for about $50 million and OpenQ for around $20 million. PhonePe confirmed about the deal related to WealthDesk and OpenQ, but didn’t reveal the value of the transaction. PhonePe has applied to the Securities and Exchange Board of India (Sebi) for a mutual fund (MF) licence in 2021,

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PhonePe partners with Extreme IX to adopt internet exchange

PhonePe comes in a partnership internet exchange point, Extreme IX to enable faster digital payments. This partnership helps PhonePe to decrease the latency for its users irrespective of their location or ISP in India. PhonePe has become the first digital payments platform to participate in an Internet Exchange in India. Executive Director of Extreme IX– Raunak Maheshwari Phone pe CEO– Sameer Nigam; Headquarters –

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RBI launches UPI123pay for feature phones and DigiSaathi- a 24×7 Helpline for Digital Payments

RBI Governor Shaktikanta Das has launched UPI for feature phones called UPI123Pay. He also launched 24×7 helpline for digital payments – DigiSaathi. UPI on feature phones will help people in rural areas who cannot afford a smartphone. UPI123pay presently offers four mediums/options to the users of feature phones to make UPI payments. Users can access DigiSaathi via

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Mastercard and Google Pay tie-up for tokenisation for card-based payments

Mastercard and Google have announced the rollout of tokenization that will enable Google Pay users to safely transact using their Mastercard credit and debit cards while enjoying a hassle-free experience. Through tokenization, Mastercard cardholders can make payments through a secure digital token without having to share their credit or debit card details such as card

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WhatsApp announces Digital Payments Utsav for 500 villages in India

Meta-owned WhatsApp has announced the Digital Payments Utsav for 500 villages in India. WhatsApp’s Digital Payments Utsav is a pilot program that promotes digital payments to empower individuals and businesses and is meant as a project to further the cause of financial inclusion. The aim is to empower people with access to digital payments through ‘payments on WhatsApp’. At the

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Bank of Baroda launches bob World Wave

Bank of Baroda (BoB) has launched a solution for digital banking payments, named bob World Wave. Wearable technology is seeing tremendous interest across the globe and lenders are using this opportunity to adopt a more convenient and cashless digital payment system. This is an innovative solution, intended to perfectly deliver preventive health actions as well as easier payment

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