digital wallets

Dhanbad police revealed a massive digital scam potentially affecting over 3.5 lakh individuals. Arrests have been made, with accused allegedly developing and distributing malicious APK files embedded in popular apps. These files granted cybercriminals remote access, enabling them to steal banking details and personal data, leading to significant financial losses. A central team is now assisting the investigation.

India's enduring love for gold spans centuries, evolving from tradition to modern investment. Women hold vast reserves, and the market is set for significant growth. Digital gold and ETFs are gaining traction alongside traditional jewellery. Gold remains a symbol of prosperity, security, and auspiciousness for Indians across generations.

The UAE has become the first country to grant a Stored Value Facilities (SVF) license to a cryptocurrency platform, allowing regulated digital asset payments. This landmark approval enables UAE residents to pay government fees using cryptocurrencies, integrating virtual asset payments into the nation's regulated financial system and bolstering its digital economy.

Amidst the devastation in Gaza, a community of digital freelancers is finding income and escape through remote work. Programmers and designers connect with international clients, rebuilding skills and livelihoods amidst the ongoing crisis. Driven by the desire to earn for their family and not depend on humanitarian aid, they compete in the global market despite struggling for basic facilities.

In a decade, India built the world’s largest population-scale real-time payments system. It changed not just banking, but behaviour itself

Google Wallet now supports Aadhaar Verifiable Credentials in India, letting you store and use your digital ID directly from your Android phone. Built on a UIDAI partnership, the feature uses selective disclosure—sharing only what a verifier actually needs. Launch partners include PVR INOX, BharatMatrimony, and Atlys. Adding it takes under two minutes via the Aadhaar or Google Wallet app.

Razorpay has partnered with Google Pay to enhance international payment experiences for Indian businesses. This integration allows foreign clients a familiar checkout process, enabling one-tap payments via Google Pay without requiring card details or extensive verification. This move aims to boost Indian exports by aligning with global digital payment preferences.

In a groundbreaking move for UK creators, TikTok and Visa have unveiled a debit card designed to accelerate access to earnings from Live streams and brand collaborations. Gone are the days of waiting up to a month for payments! This virtual card, seamlessly integrated into the TikTok app, is set to revolutionize cashflow management in the booming creator economy.

Paytm said that there would be no direct financial impact on One 97 Communications, noting that its investment in Paytm Payments Bank had already been fully impaired as of March 31, 2024.

Telangana's official digital wallet, T-Wallet, is at the center of a ownership dispute. The state's Electronic Service Delivery wing has filed a criminal complaint against private entity Transaction Analysts India Pvt Ltd (TAIPL) for allegedly refusing to hand over user data and funds after contract expiry.

E-business students of Vallabh Vidyanagar based SEMCOM college have carried out a survey under their initiative of ‘Digital Wallet Mission’ among the residents of Anand to know their perception on the use of digital wallets.

Across India, people with smartphones are downloading payment apps and refilling their digital wallets following the government’s move to withdraw Rs 500 and Rs 1,000. And founders of payment solutions startups say they are flooded with calls from physical stores, and from investors wanting to pour more money into the segment

The Reserve Bank of India (RBI) is set to tighten ‘know your customer’ norms for issuers of prepaid instruments, which include all the digital wallet companies.

Tricksters preying on ways to swindle people posting articles for sale on e-commerce sites have cheated sellers using two specific digital wallet applications under the umbrella UPI mobile money transfer interface.

Amazon Pay has just launched a payment option that directly competes with rival Flipkart’s PhonePe and other mobile wallets like Paytm.

he National Payments Corporation of India (NPCI) has enabled the integration of digital wallets with the UPI platform, enabling wallet-holders to use their balances to pay any merchant with a QR code.

In 2021, digital wallets (45.4 percent) followed by debit cards (14.6 percent) and credit/charge cards (13.3 percent) were the leading e-commerce payment methods in 2021. In fact digital wallets are expected to extend their lead over other e-commerce payment methods through 2025, when they are projected to account for 52.9 percent of transaction value.

Faced with competition from digital wallet companies and from the imminent launch of payment banks, ICICI Bank has responded with ‘Pockets’ — an app-based digital wallet which, on installation, generates a virtual Visa card that can be used for payments with any online merchant.