Page 2 - Digital Payments

India launches UPI payments at world-renowned Galeries Lafayette in Paris

India has launched the Unified Payments Interface (UPI) at Paris' historic department store Galeries Lafayette after a successful launch at the iconic Eiffel Tower. This significant step is towards realising Prime Minister Narendra Modi's vision of globalising UPI, which is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. "On July 3, 2024, the UPI became live at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris after a successful launch at the iconic Eiffel Tower," the Indian Embassy in France said in a release on Thursday. Ambassador of India to France and Principality of Monaco Jawed Ashraf launched UPI by live use at the store in the presence of Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group, the release said. "Delighted to launch @UPI_NPCI in the world-famous @Galeries_Laf in Paris. After the launch in the Eiffel

Reserve Bank of India to set up platform to curtail payment frauds

Auto replenishment facility for Fastags, NCMCs, UPI Lite wallets

RBI hikes threshold for bulk fixed deposit to Rs 3 crore from Rs 2 crore

The Reserve Bank on India on Friday hiked the threshold for bulk fixed deposits to Rs 3 crore from existing Rs 2 crore. Bulk fixed deposits earn slightly higher interest rate than retail term deposits as banks offer different rates as part of their liquidity management exercise. Now single rupee term deposits of up to Rs 2 crore with Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will be part of retail fixed deposits. On a review of the bulk deposit limit, it is proposed to revise the definition of bulk deposits as 'Single Rupee term deposit of Rs 3 crore and above' for SCBs (excluding RRBs) and SFBs, RBI Governor Shaktikanta Das said while announcing the bi-monthly policy on Friday. Further, it is also proposed to define the bulk deposit limit for Local Area Banks as Single Rupee term deposits of Rs 1 crore and above', as applicable in case of RRBs. To promote ease of doing business, RBI has proposed to rationalise guidelines for export and im

Restrictions on cash transaction: Know details before making any payment

The government's intention is to curb black money, promote digital transactions, and ensure tax compliance

HDFC Bank to stop SMS alerts for small UPI payments soon; details here

The private lender notified its customers via email and SMS that they will continue to receive email alerts for all UPI transactions

Now, Adani Group plans to enter India's digital payment, e-commerce spaces

The Adani Group plans to offer new services through its consumer app, Adani One, which was launched in late 2022. The app currently offers travel services such as flight and hotel bookings

BharatPe, PhonePe amicably settle trademark disputes over 'Pe' suffix

The settlement concludes five-year-long legal disputes across multiple courts

NPCI may defer market cap deadline for UPI payment platforms by 2 years

Eight months left for the implementation deadline, the National Payments Corporation of India (NCPI) may be favouring growth over concerns about market domination

RBI meets stakeholders to discuss strategies to widen scope, reach of UPI

UPI transaction volumes rose 54% in March, as compared to 60% a year ago

Paytm's UPI transactions fall for 3rd straight mth, market share contracts

However, the Noida-based company has continued to retain its spot as the third largest player in the ecosystem because other players are considerably smaller in comparison to the fintech major

Sebi streamlines digital onboarding for portfolio managers' clients

Capital markets regulator Sebi on Friday relaxed the digital onboarding process for clients of portfolio managers, a move aimed at facilitating ease of doing business. While onboarding clients, portfolio managers will have to ensure that new clients use a typed or electronically written note saying that they have understood the fee structure rather than the current practice that focuses on clients giving the same in their own handwriting. The change, aimed at making digital onboarding easier, would become effective from October 1, the Securities and Exchange Board of India (Sebi) said in a circular. The move came after Sebi observed certain operational challenges in complying with the requirement of a handwritten note on the annexure of fees in the agreements, including the non-availability of a stylus at the location of the investors. This requirement was creating a hindrance towards the complete digital onboarding of the clients. "While on-boarding a client, portfolio manager sh

UPI credit line: NPCI may go easy on interchange fee for transactions

At present, there is no interchange fee defined by the NPCI for the credit line on Unified Payments Interface (UPI) service

NPCI allows Paytm to start migration of users to PSP bank handles

UPI users with the @Paytm UPI handle can now create new virtual payment addresses or VPAs with partner PSP banks

Mobile wallet payments in India to surpass Rs 531 trn in 2028: GlobalData

The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion in 2023

NPCI discusses means to grow UPI ahead december market cap deadline

NPCI owns and operates the Unified Payments Interface (UPI) platform

63% women aspire to be entrepreneurs, seek financial independence: Study

The fourth edition of the PayNearby Women Financial Index finds more women are seeking financial independence, adopting digital payments, and seeking better financial planning

Digital payments: 'A shift in focus crucial to drive next phase of growth'

A policy document, which was published by the UN before the G20 Summit, mentions India has achieved around 80 per cent of financial inclusion in the last six years

UPI payments launched in Sri Lanka, Mauritius to boost economic ties

India's Unified Payment Interface (UPI) services were on Monday rolled out in Sri Lanka and Mauritius during a virtual ceremony attended by Prime Minister Narendra Modi and the top leadership of the two island nations. Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe joined Modi at the virtual ceremony. The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi's increasing bilateral economic ties with the two countries. The launch enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India.

Fintech major Paytm set for small win as govt close to approving investment

The RBI in 2022 held back Paytm Payments Services' application to become a so-called payments aggregator - an entity which makes it easier for online retailers and merchants to accept digital payments

Monetary policy: New rules for verification of digital payments on cards

Measures to address frauds in the financial system