The environment of digital payments has significantly changed in recent years, revolutionising how consumers send and receive money as well as how they make purchases. The Unified Payments Interface (UPI has become extremely popular in India, is one such ground-breaking innovation. In addition to streamlining transactions, UPI has promoted financial inclusion and economic expansion. India […]
In the fast-paced world of international finance, the remittance industry plays a crucial role in facilitating the flow of money across borders. However, traditional remittance systems have long been plagued by inefficiencies and high costs. Enter ISO 20022, a game-changing standard that promises to revolutionize global remittance and bring about unprecedented levels of efficiency and […]
In the digital era, the significance of payment security and fraud prevention cannot be overstated. As the world becomes more interconnected and transactions increasingly move online, the risk of payment fraud has escalated. For instance, consumers lost over $8.8 billion to fraud in 2022 alone, as reported by the Federal Trade Commission. I will try […]
Central Bank Digital Currencies (CBDCs) have become a topic of immense interest in the global financial landscape. As the world rapidly embraces technological advancements, CBDCs offer an innovative approach to payments, with potential benefits for consumers, governments, and central banks alike. However, the implementation of CBDCs is not without its challenges, and understanding the impact […]
Background: Reserve Bank of India has been relentlessly working in the direction of enabling a digital payments ecosystem in the country. In this direction, RBI under its guidance and with support from Indian Banks Association (IBA) enabled the formation of National Payments Corporation of India (NPCI) as an umbrella organization for all retail payments system […]