Google Pay releases set of Whitepapers - Mentions UPI as the top RTP system in the world

-

             The full form of RTP in Fintech parlance is “Request to Pay” payment processing mechanism.

World over, there are a variety of RTP mechanisms.

            The Google Pay Whitepaper counts 54 RTP’s in various countries.

            The Whitepaper released in November 2019 was today shared by Steve Klebe on LinkedIn today.

            The highlight of the Whitepaper is the stupendous growth of India’s UPI (Unified Payment Interface) system.

            The total transactions via UPI in October 2020 was more than 2 billion and the volumes keep on growing.

            UPI has become the default payment mechanism for the majority of Indian bank account holders.

             

            UPI is present everywhere and is accepted by the majority of merchants of all sizes.

UPI is also making inroads in the social sector, with religious institutions too accepting donations via UPI.

 

Source Article: https://static.googleusercontent.com/media/pay.google.com/en//about/business/static/data/gpay-rtp-2019-whitepaper.pdf

Disclaimer: These are my personal views only. The sole objective is ‘LessCashNotCashLess’

 

 

Comments

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the needed skill and knowledge to understand clients' needs
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving forei
Read more

Feedback on BB-Instant Vending Machines customer review_ “while login (maximum account limit reached for this number) problem”

-
Image
          Office goers in Bengaluru, Hyderabad and Noida along with apartment dwellers in Bengaluru, Hyderabad and Noida are doing a bit of their daily shopping through BB-Instant Vending Machines.           Vending machines in India are still a novelty and most of the vending machines expect hard physical cash to dispense the goods.           Fortunately, BB-Instant Vending Machine is 100% Digital Transaction based. The below issue is reported by quite few users while downloading BB-Instant App QUOTE Customer feedback:: my problem still not solved, I have tried to solve my error message while login (maximum account limit reached for this number) problem but you people cannot fix it infact you are saying to change my mobile number, you think for your stupid error I'm going to change my number. Standard BB-Instant Customer Team Response: Bigbasket.com2 July 2019 We are very sorry to have you disappointed, kindly share us your details at appsupport@bi
Read more