Page 5 - Online Payments

RBI hikes UPI limit for hospital, educational payments: What does it mean?

RBI MPC: In another key announcement related to digital payments, Governor Shaktikanta Das proposed to hike the e-mandate for recurring payments to Rs 1 lakh from the current Rs 15,000

Sequoia-backed mobile wallet Mobikwik selects banks for $84 million IPO

The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd and SBI Capital Markets Ltd for preparations for its listing

Paytm trims losses to Rs 290 crore in Q2, total income increases 8%

The Noida-based fintech's total income rose 8 per cent on a quarter-on-quarter basis from Rs 2,464.2 crore in Q1FY24 to Rs 2,662.5 crore in Q2FY24

India's UPI system leading in cross-border payment: US treasury official

India's Unified Payments Interface system (UPI) stands out in advancing bilateral links with other countries, including Singapore and the United Arab Emirates, a US treasury official said. In a speech at Harvard Law School on Wednesday, Jay Shambaugh, Under Secretary of US Treasury for International Affairs, spoke on new technologies and cross-border payments. He said a set of ASEAN countries have the greater ambition of interlinking their fast payment systems multilaterally. Shambaugh said several initiatives are already underway to upgrade legacy payment systems. He said payment service providers, system operators, banks, and FMIs are investing in operational improvements to make their systems faster, cheaper, more transparent, more accessible, and more efficient for individual or financial sector users. "For example, institutions around the world are presently at different stages of implementing the ISO 20022 messaging standard. This standard is more data-rich than its precursor

Here's how the Indian banks are making $64 billion from a freebie

Since April, customers dipping into their mobile-phone wallets to settle bills of more than Rs 2,000 ($24) have to bear a maximum

No phones, cards needed, your car can pay for its fuel and Fastag directly

The service can be availed by linking the Unified Payments Interface (UPI) with the car's infotainment system, thus eliminating the need for a smartphone to make payments

The next orbit of financial inclusion will be in the offline world

Payment solutions will allow transactions when connectivity is poor or if there is a systems breakdown

PhonePe forays into online stock broking as it expands its services

The platform will charge users an onboarding price of 199 rupees, while there will be no charge for trades of up to 400 rupees, the company said in a statement

When money talks: All you need to know about voice-based payment method

PhonePe, the digital payments firm, has launched a service by creating voice-based alerts for payments

BharatPe to double its POS network in India over the next 12 months

As a part of the plan, it launched its new Android POS terminal, BharatPe Swipe Android

Odisha EOW detects 'rarest' QR code scam of Rs 14 cr, hints at Chinese link

The complainant had alleged that they had entered into Technology integration agreements with the Directors of Noida-based Company Payone Digital Services Pvt Ltd during April-May 2023

How India fell in love with online payments

From paying a vegetable vendor to buying a high-end gadget, Indians are swiftly adopting online modes of payments for different needs. Watch the video to know why

SBI Cards and Payment Services to raise Rs 3,000 crore through NCDs

The board approved raising of funds by way of issuance of NCDs in one or more tranches, on a private placement basis

Paytm's loan disbursals more than doubled to Rs 9,618 crore in Apr and May

The total number of loans via Paytm was up 54% to 8.5 million during the period, as compared to 5.5 million last year

QR code, the smudgy pattern on a square, is becoming a tool for marketing

While marketers have started using it in innovative ways across consumer touch points, the QR code's full potential is yet to be tapped, experts say

How are PPI wallets different from UPI? All that you need to know

The rising popularity of UPI-based transactions is eating up traditional payment options like debit cards

USSD service to make UPI payments without Internet: Here's how to do it

USSD allows users without a smartphone or data/internet connection to use mobile banking through the *99# code

SBI's online banking services impacted for 'few hours' due to tech glitch

The country's largest lender SBI's online banking services were impacted for a few hours due to a technical glitch on Monday, inconveniencing scores of customers. SBI, which serves nearly a fourth of the over 130 billion Indians, admitted to a "technical glitch" on Monday. Many customers took to social networking sites to voice their concerns of service disruptions. Customers complained of inability to access the bank's 'Yono' banking app and also undertake any banking transactions online during the period while some said that services have been impacted since late last week itself. "We regret to inform you that due to a 'technical glitch', some of our digital services were impacted for a few hours on April 3, 2023. "However, the issue stands resolved, and the digital services are live and restored," the bank said in a late evening statement. Details about the exact issue, services impacted and the total duration of the downtime were not disclosed. In the past, the RBI had penal

Govt may consider 0.3% fee to maintain UPI payment system: Report

The government may consider a 0.3 per cent uniform digital payment facilitation fee to fund the infrastructure required for such transactions and also to ensure financial viability of the UPI payment system, suggested a study by IIT Bombay. The facilitation fee of 0.3 per cent can generate around Rs 5,000 crore in 2023-24, said the study titled 'Charges for PPI-based UPI payments--The Deception'. The study, which analyses the impact of the decision of the National Payments Corporation of India (NPCI) to introduce interchange fee on payments through mobile wallets, argued that the payments received by merchants should remain 'unpolluted' whether they are from UPI directly or through prepaid e-wallets. The NPCI, with effect from April 1, 2023 introduced an interchange fee of 1.1 per cent on transaction amount for usage of prepaid payment instruments for making payments through UPI to merchants. These will apply on prepaid wallet-based UPI merchant transactions. Rather than thrusting

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