Page 5 - Unified Payments Interface

Paytm finishes merchant migration to new UPI ids: Here's how to activate it

Paytm is now enabled to offer UPI services through partners such as Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank

Paytm gets 5 handles to continue UPI transactions, existing one to continue

Fintech firm One97 Communications, owner of the Paytm brand, has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website. The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end. National Payments Corporation of India (NPCI) has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank. NPCI has also approved @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner. However, these two handles are not active immediately. Paytm spokesperson said users can continue to use @paytm handle seamlessly without the need to make any changes at their end. On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company's users. Paytm's UPI transactions were earlier

UPI can now be used to make payments to Nepalese merchants, says NPCI

The NPCI on Friday announced that Unified Payment Interface (UPI) is now live in neighbouring Nepal. UPI users can scan QR codes to make payments to Nepalese merchants, an official statement said. This follows a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network Fonepay Payment Service in September last year. In its first phase, the partnership will enable Indian consumers to make instant, secure, and convenient UPI payments across various business stores in Nepal by using UPI-enabled apps, the statement said. Merchants acquired by the participating members of Fonepay Network can accept UPI payments from Indian customers, it specified. It called the integration a "revolutionary shift" in cross-border transactions between citizens of both countries. "This initiative not only signifies our commitment to innovating the digital payments space but also reflects our dedication to creating new avenues for trade, ..

RBI directs credit card issuers to give users choice of other networks

RBI on Wednesday said issuers of credit cards shall not enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks

Fintech association launches awareness campaign about cyber fraud

Spotting fake lending apps and reporting online financial fraud will be part of Fintech Suraksha

Experts hail India's digital public infra for reducing inequality

A group of global experts has hailed India's robust digital public infrastructure, especially UPI, in reducing inequality. At a panel discussion here this week at Davos Innovation Week, hosted by World Innovation Economics, the experts discussed how UPI and overall digital public infrastructure have scaled new heights in India. The panel comprised of Sanjeev Sanyal (Economic advisor to Prime Minister Narendra Modi), Phillip Weights (Swiss banking leader), Efi Pylarinou (Swiss fintech influencer) and Ashok Ranadive (Ex-Indian Navy, Ex-Google, entrepreneur and investor). The panel discussed about UPI, Digital Public Infrastructure, India Stack 2.0, CBDC, Blockchain, and Data privacy. All the panellists praised India's rapid inclusive growth due to its robust digital public infrastructure, good governance and inclusive growth. The panel also discussed how technology like UPI can be in future exported to the US or Europe as it is better than existing platforms there. Sanyal emphasise

NPCI expands UPI's linkage with Singapore's PayNow: Check details here

Currently, users of mobile-based applications such as Bharat Interface for Money (BHIM), PhonePe, and Paytm can access the service

SalarySe secures $5.25 million in seed funding from Peak XV Surge, Pravega

The company has plans to develop a tech stack for the credit-on-UPI (Unified Payments Interface) product and drive its adoption in the country with the latest round of funding

UPI scales new high in December; 2023 value up 59% at Rs 183 trn

Monthly FASTag and IMPS transactions increase too, but those at Aadhaar Enabled Payment System fall

ToneTag launches CUSP for digital payments, contactless tokenised cards

It supports secure offline data transfer to enable contactless payments, and voice computing for voice payment experience, among other features

NPCI kickstarts deployment of 'UPI Tap and Pay' facility for payment apps

The feature is currently live on Bharat Interface for Money or BHIM app along with Paytm where it is open for limited users, according to details on NPCI's website

Support to regulations difference between us and tech firms: Sameer Nigam

Nigam said that being an early mover in the adoption of the United Payments Interface also played in their favour

Why you should link your credit card with UPI? Check all benefits

RBI allowed the integration of Unified Payment Interface (UPI) with credit cards to leverage the several benefits of credit card enthusiasts. Here's why you should use credit card with UPI

RapidX fares: 17 km journey to cost between Rs 50-100 in standard coach

The minimum fare for the five standard coaches on the priority section will be Rs 20 and the maximum fare is set at Rs 50; for premium coach, the minimum fare will be Rs 40, and the maximum is Rs 100

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

UPI transactions may soon touch 100 billion a month, says NPCI CEO

UPI's 10 billion-per-month transaction volume places it among the fastest-growing payment processing systems in the world

Hassle-free commute, RAPIDX to have UPI-enabled ticket vending machines

NCRTC, the nodal agency overseeing the RAPIDX project, aims to make the entire 82-km Delhi-Ghaziabad-Meerut corridor operational by 2025

70% of MSMEs believe more than 50% of customers will pay using UPI

A report by NeoGrowth looks at the data from around 3,000 retail customers and 1,000 retail sellers across the country

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