CURRENT AFFAIRS

Detailed explanation-1: -WhatsApp announces Digital Payments Utsav for 500 villages in India. WhatsApp has announced the Digital Payments Utsav for 500 villages in India.

Detailed explanation-2: -The total transaction between credit cards and debit cards comes to around 65 per cent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards, the report showed. As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million.

Detailed explanation-3: -Total transaction value in the Digital Payments segment is projected to reach US$160.60bn in 2023. Total transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 14.16% resulting in a projected total amount of US$272.80bn by 2027.

Detailed explanation-4: -WhatsApp Pay: Modes of transaction WhatsApp Pay allows users to send money only to their contacts after which it enables UPI ID. WhatsApp Pay users could enter the UPI ID and send money. Through QR code, WhatsApp users can also send money to people who are not in their contact list.

Detailed explanation-5: -India. One of the first online payment systems in the country dates back to 1996, where the Industrial Credit and Investment Corporation of India (ICICI) began to offer their clients online banking services in their retail branches.