Page 3 - Unified Payments Interface

UPI transactions continue upward trajectory, hit all-time high in Dec 2024

For the full calendar year 2024, UPI-enabled platforms handled approximately 172 billion transactions, reflecting a 46 per cent annual increase

UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn

Interestingly, for the entire 2024, the volume increased by 46 per cent to around 172 billion transactions, compared to 118 billion in 2023

RBI proposes lookup facility for NEFT, RTGS; banks to comply by April 1

This facility will allow users to view and verify the name of the beneficiary before initiating a transaction, similar to the existing feature on India's real-time payment systems

UPI QR transactions jump 33% at retail stores this year: PayNearby

UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report. Moreover, insurance policy purchases and premium collections saw a 127 per cent increase in transaction volume and a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby said. "The data highlights the role digital retail stores play in overcoming the challenges of insurance penetration across Bharat," it stated. The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions. The findings compare business data from January to November 2024 with the same period in 2023. The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across

Come 2025 and you may be able to use UPI in 6 more countries in the world

NPCI is looking to go live with UPI in geographies relevant to Indian tourists, such as Qatar, Thailand, and the broader Southeast Asian region

Flipkart-backed super.money plans credit and wealth management push

Fintech has become sixth-largest UPI app, processing over 78 million transactions in November

Flipkart-backed super.money jumps to sixth position in UPI volumes

In October, the company was the 12th-largest player on UPI

RBI allows small finance banks to offer pre-sanctioned credit line on UPI

Step will 'further deepen financial inclusion and enhance formal credit', says central bank

RuPay credit card UPI transactions double in first seven months of FY25

The National Payments Corporation of India, which runs the real-time payments system Unified Payments Interface (UPI), launched the RuPay credit card programme in 2017

Paytm launches UPI International, enables cashless payments abroad

Paytm brings UPI payments for Indian travellers to UAE, France, Singapore, and more

UPI sets new record in Oct with 16.58 bn transactions worth Rs 23.5 trn

Growth in transactions driven by person to merchant transactions during festival season

Swiggy unveils 'International Logins' for NRIs from 27 countries

The International Logins feature enables those residing outside India with international numbers to transact on Swiggy Food, Swiggy Instamart, Swiggy Dineout and Swiggy Genie

President Muizzu introduces UPI payment service to boost Maldivian economy

Maldives President Mohamed Muizzu has taken "necessary steps" to introduce India's Unified Payments Interface (UPI) in the archipelago nation, slated to benefit the Maldivian economy substantially. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones. Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President's Office. The president also suggested the participation of the country's banks, telecom companies, state-owned companies and fintech companies in the consortium. He "decided to take the necessary steps" on the recommendation of the Cabinet, the press release said. "This move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and

50 new payment apps keen on joining UPI despite zero MDR: NPCI MD & CEO

At present, most UPI debit transactions continue to remain free, with payment-processing expenses borne by fintechs and banks

Navi climbs UPI leaderboard for second consecutive time, now fifth largest

This growth follows the company's announcement in April that it would roll out cashbacks and rewards for customers using its UPI service

Since the year pandemic hit, average daily UPI transactions up over 8x

In September 2024 alone, UPI processed 15.04 billion transactions, valued at Rs 20.64 trillion

UPI crosses 500 million daily transactions; value falls flat in September

In volume terms, this is the highest number since UPI became operational in April 2016. The number of daily transactions was higher than 483 million and Rs 66,475 crore in August

A 'unified lending interface' carries great potential, but is also risky

India's model for financial interconnectedness is based around what it calls digital public infrastructure

UPI numbers scale fresh peak in August; volume up, value dips marginally

The Immediate Payment Service (IMPS) transaction volume was down by 8 per cent in August at 453 million, as compared to 490 million in July

RBI to launch Unified Lending Interface to transform lending space: Das

There should not be in any rush to roll out system-wide CBDC before one acquires a comprehensive understanding of its impact, Das said