Page 7 - Unified Payments Interface

Should there be charges on UPI fund transfers?

Will you be comfortable paying for your daily UPI transactions? This is one of the many questions that the RBI has asked from the public as it wants to help make this digital ecosystem sustainable.

UPI charges may partially offset loss on credit card MDR: RBI paper

UPI charges may partially offset loss on credit card MDR

UPI records 6 billion transactions in July, highest ever since 2016

UPI crossed 1 billion transactions for the first time in October 2019, almost three years after its launch

Wary of foreign duopoly in UPI, MPs to raise issue in Parliament

With the payments through various UPI apps fast becoming the norm of the day, regulators and even lawmakers are becoming wary of a strong duopoly in the market and that too of foreign-owned entities. As per the latest data from the National Payments Corporation of India (NPCI), which is pushing for capping the market share of each player at 30 per cent, there were more than five dozen UPI (Unified Payments Interface) apps registered in the country at the end of June 2022 and together they accounted for 5.8 billion transactions with a total value of over Rs 10 lakh crore during the month. However, the top-two players -- Walmart-owned PhonePe and Google's G-Pay -- accounted for more than 81 per cent of the total volume and nearly 84 per cent of the value. Adding PayTM, the share of the top-three players rose even further to 96 per cent. Amazon Pay, another foreign player, which generally figures in the top five, has also been seeking to expand its market aggressively but it commands

As RBI rings in changes, here is why SBI Cards is the darling of analysts

SBI Cards' market share in terms of the number of credit cards has moderated by around 10 basis points to 19.1 per cent

UPI payment fraud: Here are safety measures to protect your money

The boom in UPI transactions has also led to a rise in the number of online frauds

How credit card route to UPI may come at a price for merchants

Smaller merchants can be subsidised to make it work

RBI allows credit cards to be linked to UPI; marks shift from 'pay now'

Initially, home-grown card network Rupay Credit cards will be linked with UPI

Fintech for every merchant

Fintech firms have created an ecosystem of trust and supportiveness for merchants, by helping them with creative solutions and innovative products

Central banks and the rule of law

In a constitutional democracy, the RBI is bound by the law to focus on its core mandate

India should take caution in introducing CBDC, says NCAER report

The report says that while a CBDC would have more penetration, the reach of Unified Payments Interface is widespread.

Decoded: How ONDC plans to level e-commerce playing field in India

The open network concept will not be restricted to the retail sector but will extend to mobility, food delivery, travel, among others

Payment gateways avoid powering crypto exchanges given RBI reservations

Recently, NPCI had clarified that it is not aware of any crypto exchanges using UPI after Coinbase, America's largest crypto exchange said it has tied up with UPI

Card-less cash withdrawals at ATMs may burden banks with additional costs

Of the tad over 250,000 ATMs in India, nearly 35,000, or 14.58 per cent, are recyclers

UPI most preferred payment mode among consumers with 56% share: study

That said, cards are still dominating the merchant acceptance payments ecosystem, with 26% market share by volume, 53% by value

UPI transactions likely to touch Rs 100 trillion soon: Shaktikanta Das

RBI launches UPI for 400 mn feature phone users to widen digital payment reach

Nepal to become first country to deploy India's UPI platform

Also, it will enable real-time cross-border P2P remittances between Nepal and India. Nepal becomes the first country outside India to adopt UPI

India's next UPI moment can be Open Network Digital Commerce: Piyush Goyal

ONDC will help the common man get access-new age technology at affordable costs

UPI AutoPay e-mandates jump 32% to 6 million in December, shows data

The AutoPay platform of UPI is also being touted as the pillar for its next phase of growth

UPI faced downtime for several hours on Sunday due to technical glitch

Sources said, UPI was operational after 5 PM on Sunday. There were multiple level hardware failures which is why UPI faced downtime