Unified Payment Interface

NPCI International and ACLEDA Bank have partnered to enable UPI and KHQR acceptance in India and Cambodia, offering tourists secure, interoperable and seamless QR-based payments

Compared to November 2024, the month witnessed a 32 per cent rise in volume and 22 per cent in value

Upcoming digital platform has the potential to achieve transformative impact of UPI, says Swaminathan J

Industry that was touted to overtake legacy banks and financial institutions gets wake-up call

Now non-FASTag users to pay 1.25x, not 2x of toll if paying via UPI

Cross-border UPI transactions rose 20 times to 7.55 lakh in FY25, with expansion to seven countries and over 1.5 million merchants accepting the platform

The business correspondent channel is sought to be reworked with more offerings being hawked on it

In 2024, NPCI issued 20 third party application approvals. This was much higher than three and four issuances in 2022 and 2023 respectively

Yet UPI is the most preferred mode of financial transactions in such regions

A decreasing average ticket size of transactions on the payments system indicates that it is increasingly being used to conduct small-value transactions

Amazon Pay on Monday said its UPI offering is witnessing widespread adoption across the country with over 100 million customers using the service. Launched in 2019, Amazon Pay UPI has witnessed strong user preference from across big states of Maharashtra, UP, Bihar, West Bengal, Karnataka, the company said in a statement. The 18-24-year age bracket led the adoption of Amazon Pay UPI, it added. "We are humbled and proud that 100M customers have chosen Amazon Pay UPI as their preferred choice of online payment experience. We are excited to continue to innovate and expand our offerings to simplify lives and fulfil aspirations for millions across India," Amazon Pay India CEO Vikas Bansal said. Mobile recharges, utility bill payments and e-commerce transactions were among the top use cases of Amazon Pay UPI, the statement added.

Branded as Swiggy UPI, the feature aims to cut on the transaction time from over 15 seconds to just 5 seconds

Company that runs community-led mobility apps will use the money for improving technology, research

Fasting, IMPS and Apes transactions decline too in the month

Google Pay and PhonePe, together account for 86% of UPI transactions by volume in India and are also expanding to offer UPI services abroad

The collaboration with the tourism board and the Bengaluru-based company builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore

Company aiming to redefine access and coverage in financial landscape by early 2024

According to data shared by the NPCI, this is 56 per cent higher in volume terms compared to 7.30 billion in October 2022 and 42 per cent higher in value terms compared to Rs 12.12 trillion last year

Nigam said that being an early mover in the adoption of the United Payments Interface also played in their favour

Lipsky said that there's still a long way to go in terms of Indian engagement with global markets