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Worldline ePayments India Receives RBI Authorization as Online Payment Aggregator

1May

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BFSI, Fintech, Goverment Notice/Circulars, Payments

Worldline ePayments India Receives RBI Authorization as Online Payment Aggregator

Global payment services leader Worldline ePayments India has achieved a significant milestone by securing authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA) under the Payment and Settlement Systems Act, 2007. This development underscores the company’s commitment to the Indian market and its focus on compliance within the well-regulated payments landscape. Also Read: Decoding RBI’s Draft Guidelines for Payment Aggregators The Authorization Journey for Worldline In-Principle Approval: Worldline ePayments India received in-principle authorization from the RBI to act as a PA in 2022. This initial approval paved the way for the company to play a crucial role in facilitating digital payments across various sectors. Payment Aggregator Role...

India’s UPI Revolution: A Trillion-Rupee Success Story

In an era where digital transactions are becoming the norm, India’s Unified Payments Interface has emerged as a giant, overshadowing other payment methods with a staggering transaction value of Rs 99.68 trillion in the third quarter, as per the latest report by Worldline. Also Read: Revolutionizing Digital Payments: RBI’s New Rule on UPI Payments from PPI Wallets via Third-Party Apps and the Impact on Payment Service Providers UPI: The Colossus of Digital Payments in India The ‘India Digital Payments Report’ for H2 2023 by Worldline paints a vivid picture of UPI’s dominance. The transaction volume has seen a monumental increase from 8.03 billion transactions in January 2023 to 12.02 billion by December 2023. This surge is mirrored in the transaction value, whi...

UPI Transactions Surge: India Digital Payments Report H2 2023

The digital payments landscape in India has witnessed significant shifts in the latter half of 2023. According to a recent report by global payment services leader Worldline, Unified Payments Interface (UPI) transactions have surged by an impressive 56% year-on-year (YoY) during the second half of last year (H2 2023). Let’s delve into the key findings: 1. UPI Transactions Surge: In H2 2023, the volume of UPI transactions reached 65.77 billion, a substantial increase from 42.09 billion in H2 2022. The value of UPI transactions also soared, rising by 44% from Rs 69.36 trillion to Rs 99.68 trillion during the same period. Notably, PhonePe, Google Pay, and Paytmemerged as dominant UPI app players, accounting for ...