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UPI transaction limits: Factors influencing maximum transfer amounts

For new UPI users, the daily transaction limit is Rs 5,000 for the first 24 hours

PhonePe collaborates with LankaPay to promote UPI payments in Sri Lanka

Apart from the National Payments Corporation of India's (NPCI) UPI, these transactions will be facilitated by the LankaPay National Payment Network

PhonePe partners LankaPay, enables UPI payments for travelers in Sri Lanka

PhonePe on Wednesday announced a partnership with LankaPay to allow its users to pay using UPI across Sri Lanka. At an event to mark the collaboration, PhonePe said its app users travelling to Sri Lanka can make payments using UPI across LankaPay QR merchants. The transactions will be facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network. Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in INR, showing the currency exchange rate. PhonePe's CEO, International Payments, Ritesh Pai, said the collaboration with LankaPay offers unparalleled convenience to Indian tourists who can now use a familiar and secure payment method while travelling and paying across LankaQR merchant points. "We are excited about the potential of this collaboration that would enhance payment experience to Indian tourists and business travellers during their stay in Sri Lanka and

NPCI to delay payments market cap by two years, helping PhonePe, Google Pay

NPCI, which has a regulatory mandate from the central bank, announced the 30% cap in 2020 but later extended the deadline by two years to the end of 2024

NPCI may defer market cap deadline for UPI payment platforms by 2 years

Eight months left for the implementation deadline, the National Payments Corporation of India (NCPI) may be favouring growth over concerns about market domination

RBI governor discusses ways to scale up UPI ecosystem with stakeholders

The meeting was attended by banks, the National Payments Corporation of India (NPCI), third-party application providers, and technology service providers

RBI meets stakeholders to discuss strategies to widen scope, reach of UPI

UPI transaction volumes rose 54% in March, as compared to 60% a year ago

NPCI likely to extend UPI market cap deadline for payment platforms

Paytm's UPI market share plummets; Google Pay and PhonePe continue to dominate digital payments in India

BHIM to challenge Google Pay, PhonePe e-commerce dominance through ONDC

BHIM will expand its presence in e-commerce by offering a diverse range of products and services, including food and beverages, groceries, fashion, and apparel to its user base

NPCI, Bank of Namibia ink an agreement to develop UPI-like system

The development follows NPCI's push to take UPI rails international after breaking into other markets such as France, Sri Lanka, Singapore, and Mauritius

NPCI inks pact with Bank of Namibia for developing UPI-like payment system

NPCI on Thursday said its overseas arm has signed a pact with the Bank of Namibia (BoN) for developing a UPI-like instant payment system for Namibia. By leveraging technology and experiences from India's UPI, the partnership seeks to help Namibia modernize its financial ecosystem. This includes improving accessibility, affordability and connectivity with both domestic and international payment networks, and interoperability. NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia (BoN) to support them in developing an instant payment system like Unified Payment Interface (UPI) for Namibia, a statement said. This strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation. Through this collaboration, BoN will gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the ...

Know more about interchange fee as NPCI considers policy change for UPI

Currently, there is no defined interchange fee for credit lines on UPI by NPCI

UPI credit line: NPCI may go easy on interchange fee for transactions

At present, there is no interchange fee defined by the NPCI for the credit line on Unified Payments Interface (UPI) service

Industry keenly awaiting implementation of 30% UPI market share cap by NPCI

With extended deadline for 30 per cent UPI market ceiling by NPCI approaching, industry players are keenly awaiting the implementation and measures to achieve the cap from January 1. The National Payments Corporation of India (NPCI) in December 2022 extended the deadline for third-party UPI players to meet its 30 per cent volume cap in digital payment transactions by two years to end December 2024. Presently, third-party app providers (TPAP) like Google Pay and Walmart's PhonePe have a majority 85 per cent share in UPI-based transactions. NPCI runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants' end while making purchases. According to sources, NPCI would spell out ways to implement the 30 per cent UPI market ceiling in a bid to minimise concentration risk. One option would be to stop on-boarding of new customers for those who have higher than 30 per cent market shares in UPI transaction, sources said, adding it can be done in a phase

NPCI to review by end of year decision on 30% UPI market share cap

December 2024 deadline for implement market cap remains unchanged, say sources

Paytm to migrate users to new UPI IDs; here is what it means for you

The National Payments Corporation of India (NPCI) recently gave Paytm the green light to migrate users to specific banks that handle UPI transactions.

NPCI allows Paytm to start migration of users to PSP bank handles

UPI users with the @Paytm UPI handle can now create new virtual payment addresses or VPAs with partner PSP banks

PhonePe, Google Pay creating a duopoly in India's UPI space? NPCI to check

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

Amazon Pay explores credit on UPI through collaboration with NPCI

NPCI recently unveiled new features for UPI-linked RuPay credit cards, including EMI facilities, UPI AutoPay for credit card bill settlements, and enhanced credit limit

RBI, NPCI officials discuss remittance cost analysis with WTO members

Senior officials of the RBI and the National Payments Corporation of India (NPCI) have made a presentation to the WTO members on reducing cost of remittances on March 25, an official said. India is pressing for the adoption of open and inter-operable payment systems like UPI, among WTO (World Trade Organisation) members with a view to cut the cost of money transfers or remittances. To cut the cost, India is suggesting to encourage digital transfers, fostering inter-operable systems, promoting competition, streamlining regulations, and enhancing pricing transparency. A proposal in this regard was pushed by India in the 13th ministerial conference, which was held in February in Abu Dhabi. "We had requested to make a presentation on the cost of remittances. The RBI and the NPCI gave presentations online on March 25. The meetings will continue on the subject at Geneva," the official said. The remittance costs are about 6.18 per cent globally which is well above the United Nation's tar