The apex payments body head pressed on the need for economic incentivisation for firms processing UPI
Interestingly, for the entire 2024, the volume increased by 46 per cent to around 172 billion transactions, compared to 118 billion in 2023
The apex payments body has cautioned citizens to identify such scams based on themes such as unexpected calls from alleged government officials
At present, the overall user base of PhonePe is over 500 million. Of these, its merchant base is over 40 million
UPI Lite allows low-value transactions without requiring a PIN and are carried out without utilising a remitter bank's core banking systems
This growth follows the company's announcement in April that it would roll out cashbacks and rewards for customers using its UPI service
In September 2024 alone, UPI processed 15.04 billion transactions, valued at Rs 20.64 trillion
Earlier in the year, NIPL had agreed to develop digital payments systems for Peru and Namibia, using UPI as a blueprint
Earlier this year, the NIPL signed deals with the central banks of Peru and Namibia to help them build real-time payment systems similar to UPI
NPCI, which operates UPI platform, earned Rs 2,693.42 crore in FY24, up 36 per cent from Rs 1,971.69 crore
The GFF is an annual fintech conference, and this year it is scheduled between August 28 and 30
At present, the Sachin Bansal-founded fintech company has introduced the offering to a closed group of select users. It plans to launch it to a wider user base based on feedback
PhonePe and Google Pay, the two largest players, process about 85 percent of UPI volumes in the country
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.
The decline in funding comes on the back of reasons such as companies shifting their business models to lending and other sectors due to lower sustainability of the payments business
The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said. The sector, he said, is expected to continue to grow due to factors like favourable policies of the government. The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added. "As of 2024, Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent," industry chamber Assocham said in a statement, quoting Choudhary. It said the advent of the fintech ecosystem, driven by technology-linked innovation, has revolutionised traditional financial services and led to improvement in the efficiency of delivery of
The Bengaluru-based digital payments and financial services company has maintained its streak of growth on UPI with its share increasing from 47.35 per cent in February this year
BHIM Aadhaar Pay enables merchants to receive digital payments from customers over the counter through Aadhaar authentication, according to the NPCI website
NPCI notified in March that YES Bank would act as merchant acquiring bank for existing and new UPI merchants for OCL