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Emerging trend: Rise of virtual POS devices in the country

Recently, the Reserve Bank of India (RBI) stated that it is in discussions with the government to reduce cash usage in the system and effect a transition towards a cashless economy. Clubbed with the Digital India initiative of the Government of India that aims at delivering government services to citizens electronically, one hopes that more and more people are weaned away from cash transactions towards e-payments. more

Payments Banks – Convenience Weds Technology

On August 19 last year, India took a revolutionary step in the arena of banking – the RBI kicked off the long-awaited differentiated banking regime by issuing in-principle approvals to 11 entities to set up payments banks. This was followed by the issuance of 10 more licences for small finance banks in September. more

Debit cards — Your new super hero

‘Debit cards’ — India’s most popular mode of electronic payment — are getting smarter with every swipe. Banks are offering their customers personalised debit cards through a combination of new technology and exciting features. Known as the ‘virtual wallets of the future,’ debit cards are set to become a more enduring part of our digital lives. To that extent, debit cards will continue to dominate the electronic payment gateway in the coming years. more