United Payments Interface

Paytm's UPI market share plummets; Google Pay and PhonePe continue to dominate digital payments in India

Currently, there are 1.4 million students enrolled in Kendriya Vidyalayas across the country

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The first violation of the law by the central government is to divide job card holders into eligible and non-eligible for ABPS, the CPI(M) said

UPI new rules: The RBI and NPCI have announced a number of changes to regulations for online payments via UPI. Here are the top 5 such changes

RBI MPC: In another key announcement related to digital payments, Governor Shaktikanta Das proposed to hike the e-mandate for recurring payments to Rs 1 lakh from the current Rs 15,000

Developed by the National Payment Corporation of India (NPCI), UPI enables fund transfers without requiring an IFSC code or account number

India's Unified Payments Interface system (UPI) stands out in advancing bilateral links with other countries, including Singapore and the United Arab Emirates, a US treasury official said. In a speech at Harvard Law School on Wednesday, Jay Shambaugh, Under Secretary of US Treasury for International Affairs, spoke on new technologies and cross-border payments. He said a set of ASEAN countries have the greater ambition of interlinking their fast payment systems multilaterally. Shambaugh said several initiatives are already underway to upgrade legacy payment systems. He said payment service providers, system operators, banks, and FMIs are investing in operational improvements to make their systems faster, cheaper, more transparent, more accessible, and more efficient for individual or financial sector users. "For example, institutions around the world are presently at different stages of implementing the ISO 20022 messaging standard. This standard is more data-rich than its precursor

The average ticket size of UPI in the first six months of 2023 was 10% lower than the same period last year showing its growing penetration and increasing adoption of small payments

T Rabi Sankar added the RBI does not have a date in mind on when to go live with CBDC beyond the present pilot project

Half of these frauds, however, have a ticket size of less than Rs 10,000

Speaking at the Global Fintech Fest 2022, he said the supply chain will become far more efficient and will help reach products and services to everyone much more easily

Announces UPI-backed crypto trading for Indian users

Banks aren't intuitively geared to handle the unique requirements of small businesses

UPI has been the biggest beneficiary of the digital payments drive.

Conceptualised by the Bank for International Settlements (BIS), Nexus is a model for con­necting instant payment systems (IPS) of various countries

The efficiencies resulting from making insurance products and processes digital can be passed on to customers through more affordable premiums

In FY22 so far, UPI has processed a little over 40.49 billion transactions worth Rs 74.51 trillion

Overall, about half a million rejected on technical grounds

Several countries have shown interest to learn from Indian experience so that they could replicate the model: Financial Services Secretary Debasish Panda