digital transactions

10Jan By NitishNo Comments

News

25,000 Crore Digital Transactions in India, Post Demonetisation

Post demonetisation, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey. The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetisation. It showed that 15 per cent of transactions moved to electronic payments such as m-wallets and Point of Sale machines. "This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report. This number could have been even higher because the behavioural shift has not happened yet and many merchants still prefer cash transactions when the amount is not large, the survey said, adding t...

Jugnoo Introduces Unified Payment Interface Upholding Cashless Economy

Perpetuating the futuristic and simpler mode of payment, Jugnoo announces the integration of Unified Payment Interface (UPI). With this roll out, Jugnoo sends out a strong and profound message that digital transactions are the future of Indian economy. The leading auto-rickshaw aggregator is of the opinion that this integration is aimed at detangling payment complexities for customers who have not yet adapted to payment gateways and wallets. Furthermore, this assimilation is touted to aid in increasing digital transactions, which is currently pegged at a Y-O-Y growth of 40 percent. "There is a lot of friction in the current digital payment ecosystem. Although slowly and steadily people are getting used to shopping and paying online in India, there still is a vast majority in the ...

Payment Gateway PayPal Starts a Service to Safeguard Cross-Border Digital Transactions

International payment gateway PayPal today began a service to safeguard cross-border digital transactions which will, in turn, insulate sellers and buyers from frauds. Under the companys seller protection programme for intangibles, two types of buyer complaints will be covered ? Unauthorised Transaction, when a buyer claims that he or she didnt authorise the payment and Item Not Received, when a buyer pays for the service but claims that he or she did not receive the service. "A key objective for PayPal in India is to ensure that genuine sellers, small or big, are protected from unauthorised claims and chargebacks. Growing instances of online fraud act as a barrier for sellers selling online services and other intangible goods to clients abroad," PayPal India Country Manager and ...