In FY24, India processed Rs.2,830 lakh crore in digital payment volume, which included a total of 20,849 crore transactions, accounting for 99.7% of all digital volume. UPI was by far the largest payment method, accounting for 17,221 crore transactions worth over Rs.247 lakh crore, according to the RBI Payment Systems Report, and far exceeding the Rs.2.3 lakh crore referenced. Due to new verification loopholes, payment fraud increased five times to reach almost Rs.1,457 crore (29,082…
In FY24, India saw Rs.1,457 crore in digital payment frauds. This is a 30% rise from last year, as noted in the RBI Annual Report 2024. Many frauds included fund transfers to unverified accounts. This shows a significant compliance gap in digital transactions. As of March 2024, India hit over 13 billion UPI transactions each month. In April alone, more than rs.19.6 lakh crore was transacted, according to NPCI data. Many businesses still rely on…
Did you know that nearly 25% of payout failures in India stem from incorrect or unverified bank account details? According to NPCI and leading fintech reports, a large portion of refund rejections, delayed disbursals, and failed vendor payments trace back to inaccurate beneficiary information — most often due to manual errors or lack of real-time verification. The Real-World Impact: 6,000–10,000 crore worth of digital transactions fail every year due to data mismatches or inactive accounts.…
In India, your PAN or Permanent Account Number is more than just a tax ID. It’s a critical document used in everything from opening a bank account to buying property. Yet many people still struggle with questions like “What is a PAN card exactly?”, how it’s structured, or why linking it to Aadhaar matters. This guide simplifies the essentials: how PAN works, where it’s required, how to apply or correct it, and what those 10…
In today’s fast-paced digital landscape, security, compliance, and trust are non-negotiable for businesses. The global identity verification market is expected to reach ?14.8?billion in 2025, growing at over 13 percent annually—a clear signal of how crucial ongoing identity checks have become. But what happens when a user’s information changes, or when time or risk makes their old verification no longer valid? That’s where reverification comes into play. Whether you’ve heard of identity refresh, re-validation steps,…
Introduction In today’s financial world, where fraudulent activity and money laundering schemes are on the rise, financial institutions and regulated entities are stepping up their game with Enhanced Due Diligence (EDD). Whether you’re a compliance officer, a financial professional, or a curious consumer, understanding how this advanced layer of scrutiny works is essential. Let’s unpack the EDD’s full form, its significance in banking, how it differs from CDD (Customer Due Diligence), and how it helps…
