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Digital payments set to become a trillion-dollar market in next five years: NITI Aayog

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NEW DELHI: The digital payments market In India is expected to grow to US $ 1 trillion by 2023 led by growth in mobile payments, presenting huge business opportunities for players in the digital space. Mobile payments are slated to rise from $ 10 billion in 2017-18 to $ 190 billion by 2023.

These estimates are based on a study of Credit Suisse and have been mentioned in a booklettitled ‘Digital Payment: Trends, Issues and Opportunities’, launched today by Ratan P. Watal, Principal Advisor, NITI Aayog and Member Secretary, EACPM, at a conference organised by FICCI and NITI Aayog.This is the 2nd annual edition of the booklet on Digital Payments which was published in July 2017.

The key messages of the booklet on Digital Payments are:

Growth momentum of Digital Payments in Volume and Value sustained post Demonetization
Spectacular Growth in New Products like UPI
Steps taken to bring in a New Regulatory Regime as per Watal Committee Report
RBI has taken four key initiatives to usher in a new era of Digital Payments
World of Opportunities ahead for Fintech Players
Mr. Watal dwelt on the Growth Trends in Digital Paymentsas mentioned in the booklet. They are as follows:

Digital payments clocked a robust growth in 2017-18 both in volume and value terms
In volume terms, the growth during the year was much higher than the trend growth rate during 2011-16
Growth in total retail payments in value terms has seen a three-fold increase than the trend rate of the last five years
The Unified Payments Service (UPI) and Immediate Payment Service (IMPS) segments in terms of volume registered a spectacular growth during 2017- 18. UPI, despite being a new product in the payment segment, has shown a great adoption rate among consumers and merchants.
Total card payments continued its growth momentum and exceeded the trend growth rate of the last five years both in volume and value terms
The analysis of growth trends is based on both MeitY and RBI data. While MeitY data provides volume data in public domain, RBI provides both volume and value data in public domain. A note on Data Sources is also covered in the booklet which gives a comparative picture of the data sets captured by MeitY and RBI.

The new features of this booklet cover the areas of Policy Developments, Global Trends and Opportunities. In the policy space Mr Watal dwelt on the significant development with respect to amendment of the Payment and Settlement Act, 2007.

While responding to some questions from the gallery,Watal shared the initiative taken by NITI Aayog in collaboration with Ministry of Human Resource Development under the Global Initiative of Academic Networks (GIAN) Scheme. NITI Aayog has initiated a short-term course on Digital Payments. This coursewas held at Mangalore University from 23rd to 27th July 2018.

In conclusion Mr. Watal remarked that the proposed changes in the regulatory framework, entry of global giants and the advancement of technology will drive the future growth of Digital Payments in the Country.

Dilip Chenoy, Secretary General, FICCI and Sudhakar Ramasubramanian, MD & CEO, Aditya Birla Idea Payments Bank Ltd. And Co-Chair, FICCI Fintech Committee, also shared their perspectives on the subject.

Following a presentation on trends in digital payments by Dr. B. N. Satpathy, Senior Consultant, EACPM and NITI Aayog, the industry perspective on digital payments issues and opportunities was shared by Kiran Shetty, CEO, SWIFT India,  Rinki Dhingra, Senior President & National Head, Government Banking, YES Bank; Sanjeev Moghe, Executive Vice President & Head – Cards & Merchant Acquiring Business, Axis Bank; Amitabh Tewary, Vice President – Market Development, South Asia, MasterCard and Gaurav Chopra, Executive Director, Payment Council of India.

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Airtel announces its largest ever 5G roll-out in 125 cities

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NEW DELHI: Bharti Airtel, India’s telecommunications services provider, today announced the launch of its ultra-fast 5G services in 125 cities. Airtel 5G Plus service is now available to customers in over 265 cities in the country.

Airtel 5G Plus has three compelling advantages for customers. First, it runs on a technology that has the widest acceptance in the world with the most developed ecosystem. This ensures that all 5G smartphones in India seamlessly work on the Airtel network. Second, the company promises to deliver the best experience – between 20 to 30 times higher speeds than today coupled with brilliant voice experience and super-fast call connect. Finally, Airtel 5G Plus network will also be kinder to the environment with its special power reduction solution. Powered by the reliable Airtel network infrastructure, Airtel 5G Plus will provide superfast access to High-Definition video streaming, gaming, multiple chatting, instant uploading of photos et all.

Commenting on the launch, Randeep Sekhon, CTO, Bharti Airtel said, “5G has revolutionized the world of internet, ushering new era of connectivity and communications that will prove to be a game-changer for the country. At Airtel, we remain committed to delivering the highest quality of network and service to our customers as we roll-out 125 more cities today. Airtel was the first in the country to offer 5G services in October 2022, and today’s mega launch is our promise to connect every Airtel customer in the country with ultra-fast Airtel 5G Plus. Our 5G rollout is on track to cover all towns and key rural areas by March 2024.”

Airtel 5G Plus service availability will continue to rapidly expand – including service in all towns and villages in the country soon – as the company is working towards offering nationwide coverage. Airtel is now offering its 5G services in every major city from the upper northern city of Jammu to the southern tip of Kanyakumari.

In the last one year, Airtel has demonstrated the power of 5G with a host of powerful use cases that will change the way customers lead their lives and do business. From India’s first live 5G network in Hyderabad to India’s first private 5G network at the BOSCH facility in Bengaluru to partnering with Mahindra & Mahindra to make its Chakan manufacturing facility, India’s first 5G enabled auto manufacturing unit, Airtel has been at the forefront of 5G innovation.

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Apple rolls out beta programme for iPhones to enable 5G services

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NEW DELHI: Apple Inc has rolled out a beta programme to enable 5G on Apple devices as the upgrade lets users try out pre-release software.

This software upgrade enables 5G access on Apple devices, as and when service providers Jio, Airtel and Vodafone enable 5G network access, sources said.

Apple Users have to enrol for the Beta Programme on the website, install a profile and download the software.

Jio users using iPhone 12 and above, in cities where JioTrue5G has been rolled out, will be invited to the Jio Welcome Offer. Jio Welcome Offer provides unlimited 5G data at up to 1 Gbps speed to users at no additional cost. However, there is a condition that prepaid users must be on active Rs 239 and above plan. All Postpaid users are eligible for this trial.

Airtel is not providing any special 5G offer like Jio to their users. In the cities/areas in which the Airtel 5G network has been launched, users can trial 5G services as a part of their existing plan, once they have updated the latest Apple Beta software.

While an email sent to Apple did not solicit an immediate response, the firm had last month stated: “We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance is completed. 5G will be enabled via a software update and will start rolling out to iPhone users in December”.

Airtel and Jio customers on iPhone 14, iPhone 13, iPhone 12 and iPhone SE (3rd generation) models can experience 5G as part of Apple’s iOS 16 Beta Software Program. The Apple Beta Software Program is open to anyone with a valid Apple ID who accepts the Apple Beta Software Program Agreement during the sign-up process.

If a user has an iCloud account, that is an Apple ID, it is recommended they use that. If they do not have an iCloud account or any other Apple ID, they can create one.

Customers who want to try the beta software should back up their iPhones before installing the beta software. It is recommended to install the beta software only on non-production devices that are not business-critical. Users can also provide feedback to Apple on quality and usability, which helps Apple identify issues, fix them, and make Apple software even better.

The iOS beta comes with the built-in Feedback Assistant app, which can be opened from the Home screen on the iPhone or iPad or from the Dock on the Mac.

Source: Press Trust of India

 

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Nokia wins multi-year deal with Reliance Jio India to build one of the largest 5G networks in the world

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NEW DELHI: Nokia has announced that it has been selected as a major supplier by Reliance Jio to supply 5G Radio Access Network (RAN) equipment from its comprehensive AirScale portfolio countrywide in a multi-year deal. Reliance Jio is India’s number one mobile operator and has one of the largest RAN footprints in the world.

Under the contract, Nokia will supply equipment from its AirScale portfolio, including base stations, high-capacity 5G Massive MIMO antennas, and Remote Radio Heads (RRH) to support different spectrum bands, and self-organizing network software. Reliance Jio plans to deploy a 5G standalone network which will interwork with its 4G network. The network will enable Reliance Jio to deliver advanced 5G services such as massive machine-to-machine communications, network slicing, and ultra-low-latency.

Akash Ambani, Chairman Reliance Jio, commented: “We are pleased to be working with Nokia for our 5G SA deployment in India. Jio is committed to continuously investing in the latest network technologies to enhance the experience of all of its customers. We are confident that our partnership with Nokia will deliver one of the most advanced 5G networks globally.”

Pekka Lundmark, President and CEO at Nokia stated: “This is a significant win for Nokia in an important market and a new customer with one of the largest RAN footprints in the world. This ambitious project will introduce millions of people across India to premium 5G services, enabled by our industry-leading AirScale portfolio. We are proud that Reliance Jio has placed its trust in our technology and we look forward to a long and productive partnership with them.”

Nokia has a long-standing presence in India. This new deal will mean that Nokia is now supplying India’s three largest mobile operators.

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