Unified Payment Interface

A decreasing average ticket size of transactions on the payments system indicates that it is increasingly being used to conduct small-value transactions

Amazon Pay on Monday said its UPI offering is witnessing widespread adoption across the country with over 100 million customers using the service. Launched in 2019, Amazon Pay UPI has witnessed strong user preference from across big states of Maharashtra, UP, Bihar, West Bengal, Karnataka, the company said in a statement. The 18-24-year age bracket led the adoption of Amazon Pay UPI, it added. "We are humbled and proud that 100M customers have chosen Amazon Pay UPI as their preferred choice of online payment experience. We are excited to continue to innovate and expand our offerings to simplify lives and fulfil aspirations for millions across India," Amazon Pay India CEO Vikas Bansal said. Mobile recharges, utility bill payments and e-commerce transactions were among the top use cases of Amazon Pay UPI, the statement added.

Branded as Swiggy UPI, the feature aims to cut on the transaction time from over 15 seconds to just 5 seconds

Company that runs community-led mobility apps will use the money for improving technology, research

Fasting, IMPS and Apes transactions decline too in the month

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

The collaboration with the tourism board and the Bengaluru-based company builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore

Company aiming to redefine access and coverage in financial landscape by early 2024

According to data shared by the NPCI, this is 56 per cent higher in volume terms compared to 7.30 billion in October 2022 and 42 per cent higher in value terms compared to Rs 12.12 trillion last year

Nigam said that being an early mover in the adoption of the United Payments Interface also played in their favour

Lipsky said that there's still a long way to go in terms of Indian engagement with global markets

The minimum fare for the five standard coaches on the priority section will be Rs 20 and the maximum fare is set at Rs 50; for premium coach, the minimum fare will be Rs 40, and the maximum is Rs 100

The priority section of RRTS or RapidX will open between Duhai and Sahibabad, covering a total of 17 km and will include five stations, namely Sahibabad, Ghaziabad, Guldhar, Duhai, and Duhai Depot

According to data from NPCI, this represented a 56 per cent rise in volume and a 41 per cent increase in value compared to September of the previous year. In September 2022

G20 India app has been developed to provide information about the event calendar, give a virtual tour of the summit venue

NPCI takes only an average of 24 hours to respond to frauds

India has the potential to do 100 billion Unified Payments Interface (UPI) transactions a month, a top official from the National Payments Corporation of India said on Tuesday. This would be a 10-time growth over the 10 billion transactions achieved by the 2016-launched platform in August. Dilip Asbe, chief executive officer and managing director of NPCI, said there are 350 million UPI users at present and pegged the growth opportunity in merchants and users at 3 times more. "...if you take the combined effect, we have a 10x opportunity from where we stand," Asbe said speaking at the Global Fintech Fest here. He declined to specify a date by which NPCI aims to reach there, but said that by 2030, India will witness 2 billion transactions a day. At present, global giant Visa processes 22.5 billion transactions a month, while its rival MasterCard does over 11 billion transactions. Asbe also said that credit card usage can witness a ten-time growth if the industry shifts to the emerg

Some 1 bn transactions worth around Rs 1.37 trn happened during the last three days of April

From April 1, the platforms offering prepaid instruments like wallets and gift cards will have to pay interchange fees on transactions above Rs 2,000

The launch will be done by RBI Governor Shaktikanta Das and Ravi Menon, managing director of Monetary Authority of Singapore