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India expanded the reach of the Unified Payments Interface (UPI) on Monday by launching the facility at Lulu Group's stores in Qatar, following its rollout at duty-free outlets in Hamad International Airport here last month. Launching the facility at a Lulu store, Commerce and Industry Minister Piyush Goyal said it will help facilitate smoother and more cost-effective movement of capital between the two countries. Last month, NPCI International Payments Ltd (NIPL), in partnership with Qatar National Bank (QNB), introduced UPI at point-of-sale terminals across Qatar for merchants acquired by QNB. The rollout is part of a collaboration between NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese payments gateway NETSTARS. He also encouraged other banks and institutions in Qatar to adopt UPI. "The launch of UPI and UPI transactions is not just a digital payment solution, but has the potential to revolutionise trade between Qatar and India. It's an opportuni
The Reserve Bank of India on Friday asked banks to review their payment systems to ensure easier accessibility to persons with disabilities. All sections of the population, including differently-abled persons, are increasingly adopting digital payment systems, it said in a circular. "To promote effective access, payment system participants (PSPs, that is, banks and authorised non-bank payment system providers) are advised to review their payment systems/devices in terms of accessibility to Persons with Disabilities," it noted. Based on the review, banks and non-bank payment system providers may carry out the necessary modifications in payment systems and devices like point-of-sale machines, which can be accessed and used by persons with disabilities with ease, the RBI said. The RBI also asked them to refer to the accessibility standards issued by the Ministry of Finance in February. While selecting potential solutions for the purpose, care should be taken to ensure that the ...
Fintech platform BharatPe on Wednesday announced the launch of its UPI TPAP (third-party application provider) to facilitate consumer digital payments. Earlier, BharatPe provided merchant-to-merchant digital payment services. The company has also rebranded buy-now-pay-later app postpe' to BharatPe', according to a statement. With this, there are now two apps available in the public domain: BharatPe (earlier postpe), and BharatPe for Business. The fintech platform said it has partnered with Unity Bank to enable TPAP. Customers can create their UPI ID on the BharatPe app with the extension @bpunity, and make both individual and merchant transactions. "With our UPI TPAP, we aim to enable millions across Bharat to make seamless and secure UPI transactions, for their individual as well as business needs. "The foray into the consumer payments category will help us to further propel adoption of digital payments and drive financial inclusion across the country," BharatPe CEO Nalin Negi
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 .
The RBI on Tuesday said non-bank payment system operators will have to put in place a real-time fraud monitoring solution to identify suspicious transactional behaviour and generate alerts. Also, non-bank payment system operators (PSOs) will have to ensure that an online session on mobile application is automatically terminated after a fixed period of inactivity and customers are prompted to re-login, according to Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank PSOs. The directions have come into effect from Tuesday, but the Reserve Bank has also prescribed a phased implementation to provide adequate time to PSOs to put in place the necessary compliance structure. RBI said the directions aim to improve safety and security of the payment systems operated by PSOs by providing a framework for overall information security preparedness with an emphasis on cyber resilience. Regarding mobile payments, RBI said PSOs should ensure that an authenticat
All taxi drivers in Sikkim have been directed to compulsorily provide QR codes as an additional payment option to the passengers by July 15, a senior official said on Wednesday. The decision was taken in view of several complaints from the public over providing accurate fares to drivers due to the non-availability change either with the driver or the passenger, resulting in arguments and traffic jams, he said. "All drivers are to compulsorily provide the QR code by July 15, 2024, (as an additional payment option) and affix one on the front windscreen of the vehicle facing the passenger and another at the rear seat of the vehicle," the Transport Commissioner-cum-Secretary Raj Yadav said in a circular. The mandatory display of the QR code on the front and rear side of the taxis was ordered to address this issue of haggling between the taxi drivers and commuters on payment issues, Yadav said, adding that a meeting was held recently with the stakeholders/local taxi associations, where i