Unified Payments Interface

Number of daily transactions for February stood at 14.46 million, up from 14.33 million in January, which translated to a value of Rs 20,110 crore in February and Rs 19,562 crore in January

RuPay is India's indigenous payment network run on NPCI's infrastructure

The company plans to introduce checkout financing for direct-to-consumer (D2C) and e-commerce brands

The appointment comes at a time when the company is planning to expand in Southeast Asia and focus on expanding Unified Payments Interface (UPI) and Razorpay POS

The apex payments body head pressed on the need for economic incentivisation for firms processing UPI

For the full calendar year 2024, UPI-enabled platforms handled approximately 172 billion transactions, reflecting a 46 per cent annual increase

Interestingly, for the entire 2024, the volume increased by 46 per cent to around 172 billion transactions, compared to 118 billion in 2023

This facility will allow users to view and verify the name of the beneficiary before initiating a transaction, similar to the existing feature on India's real-time payment systems

UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report. Moreover, insurance policy purchases and premium collections saw a 127 per cent increase in transaction volume and a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby said. "The data highlights the role digital retail stores play in overcoming the challenges of insurance penetration across Bharat," it stated. The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions. The findings compare business data from January to November 2024 with the same period in 2023. The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across

NPCI is looking to go live with UPI in geographies relevant to Indian tourists, such as Qatar, Thailand, and the broader Southeast Asian region

Fintech has become sixth-largest UPI app, processing over 78 million transactions in November

In October, the company was the 12th-largest player on UPI

Step will 'further deepen financial inclusion and enhance formal credit', says central bank

The National Payments Corporation of India, which runs the real-time payments system Unified Payments Interface (UPI), launched the RuPay credit card programme in 2017

Paytm brings UPI payments for Indian travellers to UAE, France, Singapore, and more

Growth in transactions driven by person to merchant transactions during festival season

The International Logins feature enables those residing outside India with international numbers to transact on Swiggy Food, Swiggy Instamart, Swiggy Dineout and Swiggy Genie

Maldives President Mohamed Muizzu has taken "necessary steps" to introduce India's Unified Payments Interface (UPI) in the archipelago nation, slated to benefit the Maldivian economy substantially. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones. Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President's Office. The president also suggested the participation of the country's banks, telecom companies, state-owned companies and fintech companies in the consortium. He "decided to take the necessary steps" on the recommendation of the Cabinet, the press release said. "This move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and

At present, most UPI debit transactions continue to remain free, with payment-processing expenses borne by fintechs and banks

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