National Payments Corporation Of India

At present, the overall user base of PhonePe is over 500 million. Of these, its merchant base is over 40 million

UPI Lite allows low-value transactions without requiring a PIN and are carried out without utilising a remitter bank's core banking systems

This growth follows the company's announcement in April that it would roll out cashbacks and rewards for customers using its UPI service

In September 2024 alone, UPI processed 15.04 billion transactions, valued at Rs 20.64 trillion

Earlier in the year, NIPL had agreed to develop digital payments systems for Peru and Namibia, using UPI as a blueprint

Earlier this year, the NIPL signed deals with the central banks of Peru and Namibia to help them build real-time payment systems similar to UPI

NPCI, which operates UPI platform, earned Rs 2,693.42 crore in FY24, up 36 per cent from Rs 1,971.69 crore

The GFF is an annual fintech conference, and this year it is scheduled between August 28 and 30

At present, the Sachin Bansal-founded fintech company has introduced the offering to a closed group of select users. It plans to launch it to a wider user base based on feedback

PhonePe and Google Pay, the two largest players, process about 85 percent of UPI volumes in the country

National Payments Corporation of India (NPCI) on Tuesday announced the incorporation of NPCI BHIM Services Ltd (NBSL) (earlier known as Bharat Interface for Money' BHIM) as a wholly owned subsidiary. This development aims to meet the growing demand for digital transactions and evolving market expectations while keeping pace with innovation and rapidly shifting customer preferences, NPCI said in a statement. Additionally, it aims to promote financial inclusion, it said. This development not only aims to strengthen India's own digital payment ecosystem but also reflects a sense of national pride and significance in developing a sovereign digital payments framework, it said. The incorporation of NBSL underscores NPCI's commitment to facilitate digital payments and financial inclusivity across the country and beyond, it added.

The decline in funding comes on the back of reasons such as companies shifting their business models to lending and other sectors due to lower sustainability of the payments business

The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said. The sector, he said, is expected to continue to grow due to factors like favourable policies of the government. The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added. "As of 2024, Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent," industry chamber Assocham said in a statement, quoting Choudhary. It said the advent of the fintech ecosystem, driven by technology-linked innovation, has revolutionised traditional financial services and led to improvement in the efficiency of delivery of

The Bengaluru-based digital payments and financial services company has maintained its streak of growth on UPI with its share increasing from 47.35 per cent in February this year

BHIM Aadhaar Pay enables merchants to receive digital payments from customers over the counter through Aadhaar authentication, according to the NPCI website

NPCI notified in March that YES Bank would act as merchant acquiring bank for existing and new UPI merchants for OCL

Google Pay and PhonePe, together account for 86% of UPI transactions by volume in India and are also expanding to offer UPI services abroad

Fintech firm One97 Communications, owner of the Paytm brand, has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website. The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end. National Payments Corporation of India (NPCI) has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank. NPCI has also approved @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner. However, these two handles are not active immediately. Paytm spokesperson said users can continue to use @paytm handle seamlessly without the need to make any changes at their end. On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company's users. Paytm's UPI transactions were earlier

The NPCI on Friday announced that Unified Payment Interface (UPI) is now live in neighbouring Nepal. UPI users can scan QR codes to make payments to Nepalese merchants, an official statement said. This follows a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network Fonepay Payment Service in September last year. In its first phase, the partnership will enable Indian consumers to make instant, secure, and convenient UPI payments across various business stores in Nepal by using UPI-enabled apps, the statement said. Merchants acquired by the participating members of Fonepay Network can accept UPI payments from Indian customers, it specified. It called the integration a "revolutionary shift" in cross-border transactions between citizens of both countries. "This initiative not only signifies our commitment to innovating the digital payments space but also reflects our dedication to creating new avenues for trade, ..