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In order to assess the durability of the system at scale, the RBI set a goal of one million retail transactions every day for the digital rupee that was met by December 2023. Following the conclusion of system stress tests, the number of daily transactions decreased to 100,000 as of June 2024. [62]
The Reserve Bank of India started a pilot for the e-rupee, devised as a digital alternative to physical cash, in December 2022, and successfully reached a target of 1 million retail transactions ...
As of 2023 there are 907.4 million internet users in India (64% of the population), a 35% increase since 2018. [3] 63% payments still being made in cash. E-payments have been heavily promoted in India showing consumers the various ways they can make these payments Including ATMs, the Internet, mobile phones and drop boxes.
The Telecommunications Act, 2023 is an act of the Parliament of India to replace the Indian Telegraph Act, 1885. It aims to consolidate laws relating to development, expansion and operation of telecommunication services and networks.
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [1] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.
Get breaking Business News and the latest corporate happenings from AOL. From analysts' forecasts to crude oil updates to everything impacting the stock market, it can all be found here.
As of 2023, Namma Yatri has over 1.7 lakh drivers on board and 40 lakh riders who had reserved 20 million rides using the application. [156] On 18 December 2023, the Hyderabad Auto & Taxi Drivers Association announced the release of a new ride-hailing app supported by ONDC protocols.
In 2022, it was reported [51] that there has been a proposal to replace the Information Technology Act with a more comprehensive and updated Digital India Act, which would cover a wider range of information technology issues and concerns. This law could ostensibly have focal areas around privacy, social media regulation, regulation of over-the ...