Page 11 - Npci

Airtel Payments Bank partners NPCI to roll out face authentication for AePS

Airtel Payments Bank on Tuesday said it has collaborated with the National Payments Corporation of India (NPCI) to roll out face authentication for the Aadhaar-enabled Payment System at its 5 lakh banking points. Airtel Payments Bank is among the first four banks to offer face authentication for AePS (Aadhaar-enabled Payment System). "We are delighted to collaborate with NPCI to offer this new facility to our valuable customers. Face authentication is an important addition to our existing bouquet of secure and simple banking solutions to drive financial and digital inclusion in the country," Airtel Payments Bank COO Ganesh Ananthanarayanan said in a statement. NPCI's AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account. Until now, transactions were being authenticated using the customer's Aadhaar number and fingerprint or Iris match in the UIDAI records.

NPCI, PPRO ink deal to offer hassle-free e-commerce payments globally

NPCI International Payments Limited (NIPL) on Thursday executed a definitive agreement with digital payments infrastructure provider PPRO to offer Indian customers a platform for hassle-free e-commerce payments globally. The agreement aims at expanding RuPay card and UPI acceptance across PPRO's global clients, such as payment service providers (PSPs) and global merchant acquirers, a joint statement said. This association will drive NIPL's continued expansion into foreign markets and will add India to PPRO's Local Payment Method (LPM) coverage map, it added. The partnership between NIPL, a wholly-owned subsidiary of National Payments Corporation of India (NPCI), and PPRO will empower the global PSPs, banks, payment gateways and enterprises with payment platforms to expand globally, giving international e-commerce merchants access to Indian consumers, it said. Consumers can seamlessly make cross-border purchases in Indian rupees using their favourite payment method. Launched in 201

Canara Bank, Bharat BillPay tie up for cross border bill payments in Oman

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange, a statement said on Wednesday. This initiative signifies a milestone for Canara Bank as the first public sector bank in India to offer inbound cross-border bill payments through BBPS, it added. With the development, it said, Indians living in Oman will now be able to make quick, simple and secure payments of bills for services back home. Musandam Exchange, managed by Canara Bank, is also the first exchange house in Oman to go live on cross-border inbound bill payments, the statement said. The cross-border bill payment service is already live in Kuwait, facilitating inbound remittances across utilities like electricity, water, mobile phone, gas, credit card bills, and ..

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

Customers can pay transaction amount above Rs 10,000 in the form of instalments in three, six, or nine months

Debit card usage declines 20% YoY as UPI becomes the first preference

A variety of reasons are responsible for the decline in debit card usage. Notably, UPI is available on mobile phones and has done away with the need to always carry a card

Nothing innovative solution presented by NUE applicants, says RBI

Six New Umbrella Entity (NUE) hopefuls, including Facebook, Google and Amazon, have failed to present any innovative solution due to which efforts to build an alternative to the NPCI have not moved ahead, the RBI said on Thursday. A total of six consortiums which had the global tech majors teaming up with local entities including Axis Bank and ICICI Bank had applied in 2021 for the NUE licence. "Of the proposals that we have received, we did not quite see any innovative or infrastructural solution that had come up," Deputy Governor T Rabi Sankar told reporters when asked about progress on the front. He said the RBI has had a look at the applications, and reminded that the central bank's objective was to get some innovations into the digital payments system which is already functioning well with efforts like Unified Payments Interface. "We wanted to bring in new ideas. We did not want something which is either incremental or a substitute of existing ideas or technologies," Sankar ..

Finance Ministry to meet chiefs of PSBs, key schemes' progress in focus

DFS secretary to review progress of financial inclusion and social security schemes

UPI transactions will be free until govt reviews, says NPCI MD & CEO

The NPCI quickly clarified that the circular was only pertaining to PPI-based merchant transactions on UPI and the basic UPI transactions remain completely free

NPCI interchange fee rule: Will your UPI-wallet payments not be free now?

The NPCI's decision to levy 1.1 per cent fees on the UPI-wallet payments has led to a lot of speculation on social media, people are worried this will make the transactions costlier. But is it true?

UPI charges: Here is how interchange fees on wallet payments will work

From April 1, the platforms offering prepaid instruments like wallets and gift cards will have to pay interchange fees on transactions above Rs 2,000

No charge on normal UPI payment; interchange fee for PPI transactions: NPCI

National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. However, interchange charges are only applicable for the prepaid payment instruments (PPI) merchant transactions and there is no charge to customers, NPCI clarified in a statement. NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI. "The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account-based UPI payments (i.e. normal UPI payments)," it said. With this addition to UPI, the customers will have the choice of using any bank account, RuPay Credit card and prepaid wallets on UPI-enabled apps, it said. In recent times, it said, UPI h

Merchant payment via wallets on UPI to attract 1.1% interchange from Apr 1

As NPCI seeks to integrate digital wallets on the UPI platform is expected to be positive for Paytm, which has a 60 per cent share in wallets

A billion transactions a day can be processed through UPI: RBI governor

The objective of the mission, as part of Digital Payments Awareness Week (DPAW) 2023, is to make every citizen in the country opt for digital payments

Fintechs see UPI-PayNow linkage as foundation for a global network

On Tuesday, India and Singapore linked their digital payment systems, United Payments Interface (UPI) and PayNow, to enable real-time money transfers

Paytm, PhonePe to launch UPI Lite for smaller epayments soon: Report

UPI Lite was introduced by the National Payment Corporation of India (NPCI) last year to facilitate small ticket transactions up to Rs 200

BHIM dilemma: Transaction value high, but volumes way lower than rivals

From accounting for a quarter of all UPI transactions, app now has a share of just 0.76%

NRE/NRO accounts with international mobile numbers can now use UPI

The UPI ecosystem members have to comply with NPCI's directions by April 30, 2023

UPI, Singapore's PayNow integration anytime soon: Official at G20 meet

The Monetary Authority of Singapore on Monday said integration of India's Unified Payment Interface (UPI) and equivalent network in Singapore, known as PayNow, will begin anytime soon, which in turn will reduce the remittance cost by 10 per cent. There will be interoperability of the two digital payment networks, allowing seamless remittances between the two countries at a highly competitive rate. "Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," Singapore central bank's chief fintech officer Sopnendu Mohanty said at the G20 meeting on financial inclusion at Kolkata. "As of now, remittance to India is at least 1 billion Singapore Dollars and India to Singapore will be 200-300 million Singapore Dollars," Mohanty said. Pramod Verma, chief architect of Aadhaar & India Stack said similar interoperability will also happen with Dubai and a few other countries soon. He said this integration will also help Indian tourists pay in Singapore using ...

UPI processes record 7.82 bn transactions in December, ends 2022 on a high

In the calendar year 2022, UPI processed over 74 billion transactions, worth Rs 125.94 trillion, NPCI data showed

Growth restrictions

Limits on digital payments should be avoided