Page 7 - Upi

In a first, yearly transactions through UPI cross 100 billion in FY24

The year also saw a record value of Rs 199.89 trillion, compared to Rs 139.1 trillion. In February 2024, transactions stood at 12.10 billion and Rs 18.28 trillion, respectively

PhonePe users can now make UPI payments in UAE via NEOPAY Terminals

Fintech firm PhonePe App users travelling to the UAE can now make payments using UPI at Mashreq's NEOPAY Terminals, the Walmart group digital payments firm said on Thursday. The transactions will be facilitated by the Unified Payments Interface (UPI). The account debit will occur in Indian rupee, showing the currency exchange rate, PhonePe said in a statement. NEOPAY Terminals is available across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions. "With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe's commitment to convenience but also embraces the evolving needs of today's travellers," PhonePe CEO for International Payments, Ritesh Pai said. The collaboration is facilitated through Mashreq's partnership with NPCI International Payments Limited (NIPL). Through this partnership, Mashreq has enabled NEOPAY Terminals to accept UPI

Paytm gets nod to continue UPI via State Bank of India, three others

Four banks-- Axis Bank, HDFC Bank, State Bank of India, YES Bank will act as Payment Service Providers (PSPs) to Paytm

Paytm parent One97 Communications plans partnership with 4 banks for UPI

UPI payments on the Paytm app will likely redirected to SBI, HDFC Bank, Axis Bank, and Yes Bank for settlement, if Paytm Payments Bank operations cease after March 15

NPCI discusses means to grow UPI ahead december market cap deadline

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

Paytm's UPI transactions drop in February amid regulatory challenges

Overall UPI volumes of Paytm witnessed a marginal dip to 12.1 billion transactions compared to 12.2 billion transactions in January

Majority of users to stop using UPI if it attracts transaction fee: Report

A majority of people will stop using UPI if a transaction fee is levied on it, according to an online survey by LocalCircles. However, a sizable number of respondents claimed that they have experienced a transaction fee being levied on their UPI payment once or more in the last one year, it added. LocalCircles on Sunday said the survey received over 34,000 responses from citizens in over 364 districts, comprising 67 per cent of male respondents and 33 per cent of women. In August 2022, the Reserve Bank of India (RBI) released a discussion paper proposing a tiered structure charge on UPI payments based on different amount bands. Following the RBI discussion paper, the finance ministry clarified that there was no proposal to levy charges on UPI transactions, LocalCircles said in its report on UPI transaction fees. "Only 23 per cent of UPI users surveyed are willing to bear a transaction fee on payment. 73 per cent of those surveyed indicated that they will stop using UPI if a ...

Flipkart unveils its UPI handle to boost India's digital evolution

The service would be available to all users including Flipkart's over 500 million customers

UPI transactions decline marginally in February to Rs 18.28 trillion

In volume terms, transactions were seen at 12.10 billion, compared to 12.20 billion in January

PhonePe to go global in a couple of months, says CEO Sameer Nigam

The Bengaluru-headquartered company is expected to announce its international plans over the next couple of months

Things have changed from UPA to UPI, says Anurag Thakur at FICCI event

India will become a developed nation much before 2047 through initiatives of the government and contributions from all quarters, including the industry, Union Information and Broadcasting Minister Anurag Thakur said here on Tuesday. Addressing the Viksit Bharat @ 2047 conclave organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Thakur said India moved from being counted among the fragile five economies in the world to the top five due to the bold policies and decisions taken by Prime Minister Narendra Modi. The senior BJP leader said the prime minister was empowered to make tough decisions because of the clear mandate he received in the elections. "If you look back at 2014, we were among the fragile five economies of the world. There were corruption cases. There were many other issues faced by a lot of people where the delivery was a big challenge. From a lost decade to 'techade', how this journey has been from the time of UPA to the time of UPI, I think

Paytm likely to partner with four banks for enabling UPI transactions

The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app

MobiKwik's Pocket UPI to allow wallet payments without linking to bank

This latest feature is aimed at creating more security and flexibility during transactions by mitigating risks associated with direct bank transfers

Coalition at WTO to help India push for open payment systems adoption: GTRI

Building coalitions with other WTO members will help India push for the adoption of open and interoperable payment systems like UPI with a view to cut the cost of money transfers or remittances, a report by think tank GTRI said on Monday. The dominance of a few large players in the market contributes to these high costs, through complex and opaque fee structures, the GTRI said. It added that India's recommendations to tackle this include encouraging digital transfers, fostering interoperable systems, promoting competition, streamlining regulations, and enhancing pricing transparency. In the ongoing WTO's 13th Ministerial Conference (MC13) in Abu Dhabi, UAE and India will make a strong push for the adoption of open and interoperable payment systems, among WTO (World Trade Organisation) members. The Global Trade Research Initiative (GTRI) said that this proposal is driven by India's belief that such systems can streamline global digital payments, and cut costs by fostering innovation

Paytm shifts nodal account to Axis Bank for seamless transactions

Paytm QR, soundbox, card machine will continue to work as always, said One97 Communications

Reserve Bank of India, Nepal Rastra Bank sign pact for UPI-NPI linkage

The integration of Indian and Nepalese fast payment systems is aimed at facilitating cross-border remittances between the two countries, RBI said

Central banks of India, Nepal sign agreement to link UPI-NPI, says RBI

State-owned Central banks of India and Nepal on Thursday signed terms of reference for the integration of the Unified Payments Interface (UPI) and National Payments Interface (NPI). The Reserve Bank of India and Nepal Rastra Bank signed the terms of reference. The formal launch of the linkage or commencement of operations will be done at a later date, the Reserve Bank said in a statement. "The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers," it said. The RBI further said the collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries. Based on the terms of reference exchanged between the RBI and NRB, the necessary systems will be put in place for the interlinking of UPI and Nepal's NPI.

Paytm fiasco: Merchants must onboard alternative provider for UPI payments

Long-term, fundamentals-oriented investors should stay away from its stock for now

UPI, RuPay card to be launched in Sri Lanka, Mauritius on February 12

The launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius, as well as for Mauritian nationals travelling to India

UPI to be launched in Sri Lanka, Mauritius on Monday in virtual ceremony

India's Unified Payment Interface (UPI) services will be rolled out in Sri Lanka and Mauritius at a virtual ceremony on Monday that will be witnessed by Prime Minister Narendra Modi and the top leadership of the two island nations. India's RuPay card services would also be launched in Mauritius at the event Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe will join Modi at the virtual ceremony, according to the Ministry of External Affairs (MEA). "Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing," it said. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment