{"id":82130,"date":"2024-06-27T03:15:05","date_gmt":"2024-06-27T03:15:05","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/27\/monthly-instant-payments-jump-4x-in-3-years-study-times-of-india\/"},"modified":"2024-06-27T03:15:05","modified_gmt":"2024-06-27T03:15:05","slug":"monthly-instant-payments-jump-4x-in-3-years-study-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/27\/monthly-instant-payments-jump-4x-in-3-years-study-times-of-india\/","title":{"rendered":"Monthly instant payments jump 4x in 3 years: Study &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1790\" height=\"1280\" src=\"https:\/\/i3.wp.com\/static.toiimg.com\/photo\/msid-111297763,imgsize-261806.cms?resize=1790,1280&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Monthly instant payments jump 4x in 3 years: Study &#8211; Times of India\" title=\"Monthly instant payments jump 4x in 3 years: Study &#8211; Times of India\" \/><\/div>\n<div>BENGALURU: India has witnessed a significant <!-- -->surge<!-- --> in monthly <!-- -->real-time payments<!-- -->, which have increased to 13.3 billion <!-- -->transactions<!-- --> from 2.6 billion three years. <br \/>According to a BCG-QED investors report, the availability of an alias directory and QR codes on top of real-time payments infrastructure was critical in propelling innovation. The report &#8211; based on insights from interviews with over 60 global fintech CEOs and investors &#8211; highlights the key forces shaping the industry.<!-- -->It acknowledges the role of digital public infrastructure and govt involvement in India&#8217;s success. <br \/>&#8220;Many countries have tried to emulate the success of the two leading players: India&#8217;s UPI and Brazil&#8217;s Pix. However, the limited success of these efforts reveals that isolated implementations of point solutions for digital identity or real-time payment systems do not suffice to foster widespread adoption,&#8221; said Karthik Ragupathy, head of strategy and investor relations at PhonePe, who was quoted in the report.<br \/>India has recently introduced new notifications to clarify KYC and co-lending standards for fintechs. Similarly, the consumer financial protection bureau in the US is preparing to develop guidelines under Section 1033 of the Dodd-Frank Act, which aims to empower customers by giving them control over their financial data and the right to access and share it. <br \/>India&#8217;s DPI stack consists of govt-defined protocols across three layers, enabling private innovation: a foundational national digital ID, a platform for interoperable instant and cheap payments, and a consent-based exchange of federalised data. Despite the challenges faced by the fintech industry in recent years, there is immense potential for future growth.<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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According to a BCG-QED investors report, the availability of an alias directory and QR codes on top of real-time payments infrastructure was critical in propelling innovation. The report &#8211; based on insights [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":82131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-111297763,imgsize-261806.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[289,273,27815,1550,11918,672,72792,250,2130,272,23031,111],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/82130"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=82130"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/82130\/revisions"}],"predecessor-version":[{"id":82132,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/82130\/revisions\/82132"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/82131"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=82130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=82130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=82130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}