×

UPSC Courses

DNA banner

DAILY NEWS ANALYSIS

  • 18 June, 2020

  • 2 Min Read

Mobile Payments Market Report

Mobile Payments Market Report

S&P Global Market Intelligence has launched the 2020 India Mobile Payments Market Report. According to the report, mobile payments and card transactions exceeded cash withdrawals from automated teller machines (ATMs) for the first time in 2019, indicating that the country’s push toward digital payments was bearing fruit.

The highlights of the report are as follows

  1. Mobile payments, initiated by payment apps comprising account-to-account transfers and payments made from stored-value accounts, rose 163% to $287 billion in 2019.
  2. By comparison, point-of-sale transactions completed using debit and credit cards, including online and in apps, rose 24% to $204 billion.
  3. Card and mobile payments as a percentage of GDP rose to 20% in the quarter ended December 31, 2019.
  4. The report estimated that card purchases and Unified Payments Interface (UPI)-led mobile payments represented 21% of the $781 billion in in-store transactions in 2019.
  5. Google Pay and PhonePe led the UPI payment space as they two handled more than 7 billion transactions in total, representing more than two-thirds of UPI transactions in 2019.

Source: IE


Pradhan Mantri Suryodaya Yojana

Recently, Prime Minister announced Pradhan Mantri Suryodaya Yojana under which 1 crore households will get rooftop solar power systems. India’s Status of Current Solar Capacity India currently stands at 4th place globally in solar power capacity. As per Ministry of New an

Foreign Contribution Regulation Act (FCRA)- NGO 

The Foreign Contribution Regulation Act, 2010 (FCRA) registration of two prominent non-governmental organisations (NGOs) — Centre for Policy Research (CPR) and World Vision India (WVI) have been cancelled this month. What is FCRA? Key provisions of FCRA, 2010 Key aspects Description

Voice clone-AI

Voice clone fraud has been on the rise in India. AI voice cloning – It is the process of creating a synthetic replica of a person’s voice through machine learning and speech synthesis technology.It is called as voice deepfakesor audio deepfakes. Objective – To achieve a high level of na

Science communication- how to promote

Steps taken by India to promote Science Communication Publications and Information Directorate (PID) - An organisation under Council of Science and Industrial Research (CSIR) established in 1951 for publishing and disseminating scientific information in India. National science magazines- The PI

Universal Basic Income (UBI)- Analysis

Universal Basic Income (UBI) can strengthen welfare architecture and unlock the nation’s latent demographic potential. UBI - It is an income support mechanism typically intended to reach all or a very large portion of the population regardless of their earnings or employment status. Objective- To provide enough to co

Toppers

Search By Date

Newsletter Subscription
SMS Alerts

Important Links

UPSC GS Mains Crash Course - RAW Prelims Answer Key 2024