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The collaboration with fintech firm Magnati will enable QR-based UPI merchant payments through point-of-sale (POS) terminals across the UAE
NPCI clarified that simply opening a UPI or bank app does not approve transactions. Users must explicitly authorise payments by entering their UPI PIN for processing
The move is expected to have profound implications for WhatsApp Pay and the broader UPI market
Paytm share: The fall in Paytm share came after the National Payments Corporation of India (NPCI) extended the deadline to implement transaction volume cap on Unified Payments Interface (UPI) apps
This extension provides significant relief to market leaders PhonePe and Google Pay, which dominate UPI transactions in India
National Payments Corporation of India (NPCI) has lifted the limit from onboarding UPI users for the third-party app provider WhatsApp Pay with immediate effect. With this development, WhatsApp Pay can now extend UPI services to its entire user base in India, NPCI said in a statement. Previously, NPCI had permitted WhatsApp Pay to expand its UPI user base in a phased manner, it added. There was a cap of 100 million users which has been lifted by NPCI. With this notification, it said, NPCI is removing the limit restrictions on user onboarding on WhatsApp Pay. WhatsApp Pay will continue to comply with all existing UPI guidelines and circulars applicable to existing Third-Party Application Providers (TPAPs), it said. NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association, is an umbrella organisation for operating retail payments and settlement systems in India (IBA). NPCI governs the Unified Payments Interface (UPI) framework in India.
This is the first step in the company's foray into consumer facing businesses
NPCI is looking to go live with UPI in geographies relevant to Indian tourists, such as Qatar, Thailand, and the broader Southeast Asian region
The apex payments body has cautioned citizens to identify such scams based on themes such as unexpected calls from alleged government officials
In October, the company was the 12th-largest player on UPI
Faced with a jump in costs and transaction failures, bank agents are demanding an upward revision of per-transaction charges to 1 per cent or Rs 21, whichever is lower
UPI Lite allows low-value transactions without requiring a PIN and are carried out without utilising a remitter bank's core banking systems
Various payment methods such as UPI, internet banking, and prepaid payment instruments (PPIs) can be used to pay bills
She has three decades of experience primarily in the financial services sector. She also worked with Kotak Mahindra Bank, Citi and HSBC prior to joining NPCI
The approval may lead to an increase in company's UPI transaction volumes
At Terminal 3 of New Delhi's Indira Gandhi International Airport, Delhi, only select cardholders will have access to RuPay Exclusive Lounge
At present, most UPI debit transactions continue to remain free, with payment-processing expenses borne by fintechs and banks
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 is considering increasing the allowable market share to to over 40% from the previously proposed 30% cap