News That Matters

Tag: payments

Younger consumers prefer digital payments this festive season: ACI study

Younger consumers prefer digital payments this festive season: ACI study

Finance
Pune: Digital payments are preferred by 42 per cent of consumers in India, leading card payments (29 per cent ) and cash (27 per cent ), according to a new online study conducted by YouGov and ACI Worldwide, a global provider of real-time electronic payment and banking solutions. The study found that younger consumers preferred digital payments (42 per cent for Gen Z and 48 per cent for Millennials), but their adoption was consistent across age groups. Nearly 77 per cent of Millennials had used digital payments at least once during the festival season, compared to 72 per cent of Gen Z and 69 per cent of Gen X. Nearly half (45 per cent ) of Baby Boomers also indicated they had used digitals payments within the survey period. “Digital payments, including UPI and other eWallets, are increasin
Digital payments growing in India at 12.7% CAGR: KPMG

Digital payments growing in India at 12.7% CAGR: KPMG

Finance
NEW DELHI: Digital payments in India are witnessing thriving growth with a compound annual growth rate (CAGR) of 12.7 per cent in the number of non-cash transactions, global advisory KPMG said on Thursday. A KPMG report said that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations in 2016-17. Besides, the number of merchants accepting digital payments modes has increased to over 10 million in a short span of two to three years. "The mobile payment revolution with its evolving form factors has led to a boom in the number of merchants adopting digital payments. From close to 1.5 million digital payment acceptance locations in 2016-17, the number of merchants acceptin...
GAO report: Pentagon spent nearly $1B on improper travel payments

GAO report: Pentagon spent nearly $1B on improper travel payments

Business
Aug. 16 (UPI) -- The Department of Defense incorrectly distributed nearly a billion dollars in travel fees over a three- year period, a General Accounting Office report said. The 54-page report, issued this week, noted that "improper payments -- including payments that should not have been made or were made in an incorrect amount -- are a long-standing, significant challenge in the federal government. Both GAO and the DOD Inspector General have reported on problems related to improper payments in DOD's travel pay program." It noted that in fiscal years from 2016 to 2018, the Defense Department disbursed $ 18.3 billion after travelers submitted expense vouchers for refunds. About $ 965.5 million was improperly distributed. The report added that beginning in 2017, the Defense Department be...
28% of consumer complaints to RBI are about digital and card payments

28% of consumer complaints to RBI are about digital and card payments

Finance
Bengaluru: About 28% of the complaints filed by consumers with the Reserve Bank of India are in the space of digital transactions and card payments, according to data released by the central bank on Wednesday. As per the RBI’s annual report on the Banking Ombudsman Scheme for 2017-18, 22% of the complaints pertained to banks not adhering to the ‘fair practice code’, while ATM and debit card-related issues made up the second largest category at more than 15%. Together with credit card-related complaints (at 7.7%) and online banking issues (at 5.2%), the total share of complaints on digital channels almost touched 30% of the total complaints filed. Almost 8,500 complaints were filed on issues around internet and mobile banking. The number was more than 24,000 for issues around debit cards an
Square loses head of payments to Visa

Square loses head of payments to Visa

Finance
Mary Kay Bowman, head of payments at Square is going to Visa to be new head of seller solutions, reporting to Chief Product Officer Jack Forestell. Visa announced the hire in a blog post Friday. Square's shares went slightly negative, about 1 percent, after the announcement. Bowman's departure from Square comes just months after CEO Jack Dorsey lost key deputy and CFO Sarah Friar, regarded by Wall Street as a "rockstar CFO." Bowman was a big hire for Square in 2015. She came from Amazon, wher...