Page 3 - Upi

New feature: Deposit cash at ATMs via UPI, no debit card required

UPI Interoperable Cash Deposit lets customers add cash to their own or any bank account via UPI at ATMs run by banks and white-label ATM operators, simplifying cash deposits

PhonePe CEO says UPI mcap overhang holding back company from going public

Speaking at the Global Fintech Fest, Sameer Nigam, chief executive officer, PhonePe, said, "As far as going public, the market cap overhang is definitely a problem for us

Sebi proposes mandatory UPI block secondary market for larger brokers

Under the block mechanism, the amount is not deducted from the bank account unless the transaction takes place

UPI transactions can touch 100 bn in next 10-15 years: Dilip Asbe

He was responding to a question posed by Kunal Shah, serial entrepreneur and founder of Cred, at the Global Fintech Fest on what will bring the next millions to the UPI ecosystem

Lot of headroom for digital payments platform UPI to grow: Google Pay V-P

Speaking at the Global Fintech Fest, Kenghe said close to 400 million customers are transacting on UPI currently

Over 40% consumers use digital payment daily in Tier 3-6 cities: Report

More than 40 per cent of consumers in Tier 3 to 6 cities use digital payment on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of digital payments by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by merchants and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment serv

SaaS startup Finarkein announces raising $4.75 mn in pre-series A round

Company's technology allows enterprises to co-create data products on India's digital public infrastructure

RBI to launch Unified Lending Interface to transform lending space: Das

There should not be in any rush to roll out system-wide CBDC before one acquires a comprehensive understanding of its impact, Das said

Flipkart-backed super.money aims to be among top five on UPI leaderboard

The company, which rolled out its beta version in June, has processed about 10 million transactions to date

Fintech major PhonePe introduces 'credit line on UPI' on its platform

The option also allows merchants on PhonePe's Payment Gateway to offer customers an additional payment option at the time of checkout

Small UPI players show promise even as larger ones continue to dominate

Smaller fintechs gain traction as top UPI apps near 30% market cap limit

Well-regulated, mkt-based mechanism necessary for UPI MDR: Sharath Bulusu

"In the long run, the payments ecosystem has to be viable in a country of our scale," said Bulusu

NPCI launches 'UPI Circle' for secure delegated payments with trusted users

Primary users can link their UPI accounts with secondary users, granting them the ability to make payments on their behalf

Well-regulated, mkt-based mechanism necessary for UPI MDR: Sharath Bulusu

Bulusu explains the rationale behind the need for merchant discount rate (MDR) for UPI, the company's focus on Indian languages, and credit strategy

NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary

Former banker Lalitha Nataraj will head the new subsidiary as its chief executive officer (CEO). Nataraj has previously worked with IDFC FIRST Bank and ICICI Bank

NPCI incorporates NPCI BHIM Services Ltd as wholly-owned subsidiary

National Payments Corporation of India (NPCI) on Tuesday announced the incorporation of NPCI BHIM Services Ltd (NBSL) (earlier known as Bharat Interface for Money' BHIM) as a wholly owned subsidiary. This development aims to meet the growing demand for digital transactions and evolving market expectations while keeping pace with innovation and rapidly shifting customer preferences, NPCI said in a statement. Additionally, it aims to promote financial inclusion, it said. This development not only aims to strengthen India's own digital payment ecosystem but also reflects a sense of national pride and significance in developing a sovereign digital payments framework, it said. The incorporation of NBSL underscores NPCI's commitment to facilitate digital payments and financial inclusivity across the country and beyond, it added.

India to introduce UPI payment service in Maldives: EAM Jaishankar

India and Maldives have signed an agreement to introduce the Unified Payments Interface in the archipelago nation, which will have a "very positive" impact on its tourism sector, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (NPCI), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it

Govt taking initiatives to expand UPI's global reach: MoS Chaudhary in RS

Minister of State for Finance Pankaj Chaudhary on Tuesday said the government and RBI have been taking various initiatives for expanding the global reach of UPI, which is currently available in seven nations. RBI's Payments Vision Document 2025 has also outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar, he said in a written reply in the Rajya Sabha. "The government along with RBI has been taking various initiatives from time to time for expanding the global outreach of UPI. RBI has been collaborating with various relevant stakeholders (central banks of various countries, Bank of International Settlements, World Bank and other institutions) for expanding the outreach of UPI," he said. With these concerted efforts, he said, UPI is live in seven countries--Bhutan, Singapore, the UAE, France, Mauritius, Sri Lanka and Nepal. Replying to another question, Chaudhary said, the government, Reserve Bank of India .

UPI transactions jump 36% to Rs 60 trn in Apr-Jun qtr: MoS Finance

UPI transactions in the first three months of the current fiscal have grown over 36 per cent to Rs 60 lakh crore, Parliament was informed on Monday. As per the details of UPI transactions shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha, 4,122 crore UPI transactions worth Rs 60 lakh crore took place between April and June in 2024-25. In the April-June period, 2,762 crore UPI transactions took place, having a value of Rs 44 lakh crore. For the full fiscal 2023-24, 13,113 crore UPI transactions were made with a value of Rs 200 lakh crore. In FY23, a total of 8,371 crore UPI transactions took place with a value of Rs 139 lakh crore, while in FY22, there were 4,596 crore transactions involving Rs 84 lakh crore. Chaudhary further said that a facility of cardless cash deposits on an inter-operable basis has been extended through UPI. Presently, this facility has been made available by a select few banks. To ensure the safety and security of cash deposits throug

Gaining momentum: UPI transactions top Rs 20 trn for third straight month

NPCI's data shows that the average daily transaction count on UPI in July was 466 million, amounting to Rs 66,590 crore