India

Digital payments can make travel payments easier and boost financial services in emerging markets. In some cases, it's doing both.

India's latest government-supported payments initiative, Bharat QR, officially launched on Monday, aiming to provide an interoperable mobile payments platform linking small merchants and consumers across channels via several major card payment networks.

OMA Emirates, a UAE-based payments provider, has acquired India-based MobiSwipe Technologies, a mobile payments provider launched in Mumbai in 2012.

Little-noticed during India’s cash-crunch late last year — triggered by the government’s demonetization of about 80% of its currency — was Samsung Pay quietly testing the waters in India with an eye to opening up vital new digital payment options in a nation that relies heavily on cash for everyday transactions.

Hong Kong and Singapore have long been economic crossroads. China and India are economies with vast populations. And Shenzhen is bursting with innovative creativity. All of these contribute to the Asian fintech market being far ahead in adoption and ecosystem creation.

India's sudden shake-up of its currency system last fall was an early holiday for digital payment companies, and Visa was no exception.

Axis Bank, one of India’s largest private-sector financial institutions, has reportedly become the first bank in the country to partner with Ripple for a blockchain-powered approach to cross-border payment.

India’s latest efforts to shift to digital payments and reduce the nation’s tight grip on cash are in the spotlight, following the government’s recent cash recall and the Reserve Bank of India (RBI) giving its blessing to about a dozen digital payments startups. The newest, BHIM, is controlled by India’s government and is off to a fast start after its first week.

On the heels of India’s move last month to discourage cash-hoarding by demonetizing certain bills, Prime Minister Narenda Modi on Dec. 30 announced the rollout of a government-managed mobile payments app.

Payments software provider Ezetap says an agreement with Pax Global Technology Ltd. will bring "hundreds of thousands" of mobile and mini point-of-sale terminals to India as the country lessens its use of cash.