Based on data from NPCI, compared to the same month last financial year, transaction volume rose by 59% and value by 45%
Customers will be charged a fixed markup of up to 0.50% on the mid-market forex rate on their transactions
According to the RBI's release, the central bank has invited feedback from the shareholders on the same
The Reserve Bank of India believes that households in India hold more high-value currency notes at home while substituting lower-value notes with digital transactions
Rise at a time when the government is pushing to bring various tax collections under digital payment
Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report. Unified Payments Interface (UPI), which is driving the digital payments revolution, accounted for about 75 per cent of the total transaction volume in the retail segment during 2022-23, said the PwC report titled "The Indian Payments Handbook 2022-27". UPI is projected to account for 90 per cent of the total transaction volume in retail digital payments over the next five years, the report said. The Indian digital payments market saw steady growth at a CAGR of 50 per cent (volume-wise) and is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23, the report said. "It is estimated that UPI will record 1 billion transactions per day by FY20262027, going from 83.71 billion transactions in 2022-23 to 379 billion transactions by 2026-27," it added. It further sai
UPI has become one of the most preferred methods for day-to-day payments, said the report
According to a Worldline India report on India's digital payments, in 2022, UPI processed over 74 billion transactions, an increase of 70 per cent YoY
The accord will allow Indian tourists in Nepal to make digital payments using Indian e-wallets like BharatPe, PhonePe, Google Pay and Paytm
Credit card growth does not conflict with real-time payment systems, but complements them and offers consumers more payment options
This new feature could be seen as a substitute for credit card, which has limited reach, experts say
"It is now necessary to assess the cumulative impact of our action taken so far"
UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details
Surge in digital payments in the past few years has highlighted the need for banks to raise the capacity of their digital platforms
Axis Bank in partnership with Visa on Monday launched an app that will empower merchants to accept payments through various digital modes and also enable them to manage their day-to-day business digitally. The app 'Digital Dukaan' has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing, among others, Axis Bank said in a statement. This Android Smart POS application has an in-built camera with LED flashlight that will enable scanning of product barcodes, allow tap and pay option for transactions up to Rs 5,000 and also support other value-added services such as EMI, acceptance of Sodexo card, Buy Now Pay Later, etc, it said. Digital Dukaan will also enable merchants to set up an online store and grow their business effortlessly by creating new channels, the bank said.
"India is looking to evangelise its successes in digital public infrastructure through its G20 Presidency to all 133 nations that do not yet have fast digital payments"
The government may consider a 0.3 per cent uniform digital payment facilitation fee to fund the infrastructure required for such transactions and also to ensure financial viability of the UPI payment system, suggested a study by IIT Bombay. The facilitation fee of 0.3 per cent can generate around Rs 5,000 crore in 2023-24, said the study titled 'Charges for PPI-based UPI payments--The Deception'. The study, which analyses the impact of the decision of the National Payments Corporation of India (NPCI) to introduce interchange fee on payments through mobile wallets, argued that the payments received by merchants should remain 'unpolluted' whether they are from UPI directly or through prepaid e-wallets. The NPCI, with effect from April 1, 2023 introduced an interchange fee of 1.1 per cent on transaction amount for usage of prepaid payment instruments for making payments through UPI to merchants. These will apply on prepaid wallet-based UPI merchant transactions. Rather than thrusting
"This is about spreading India's soft power and also enabling Indian private sector, which is well versed in these technologies, to get business opportunities abroad," a second senior official said
"The RBI's reply was revealing and unnerving...Just as the digital economy is soaring, the fraudsters and scamsters on the prowl in the virtual world are becoming bolder," said Sarda
Prime Minister Narendra Modi on Friday said India's digital payments ecosystem has radically transformed governance, financial inclusion and ease of living in the country