Page 8 - Unified Payments Interface

Welcome financial inclusion

UPI upgrade can bring mobility to household savings

RBI and Singapore central bank to link payment systems by July 2022

The RBI and MAS hope to complete the linkage by July 2022 "on a reciprocal basis without a need (for users) to get onboarded onto the other payment system".

India and Singapore to link their digital payment systems, says RBI

The linkage will be reciprocal and won't need users to get "onboarded" onto either payment system.

Sebi streamlines IPO application process, issues new guidelines

The market regulator identified key issues plaguing the UPI payment process and issued operational guidelines to address them

Both kinds of currencies will evolve

Cryptos will develop frameworks for increased privacy, and checks could generate reduced intrusions into uses of conventional money

The zero MDR has affected the PoS business: Worldline's Deepak Chandnani

India has some 5.2 million PoS units, but a country of our size needs more, DEEPAK CHANDNANI, managing director, Worldline (South Asia and the Middle East), tells Raghu Mohan

UPI handled record 2.23 bn transactions, worth Rs 4 trn, in December

Payments system breached the 2-billion mark in volumes for the third time in December

Google, Walmart hit by India's move to limit some digital payments players

More than 2.07 billion UPI transactions were processed in October, according to NPCI, with Walmart's PhonePe accounting for just over 40% of those transactions

NPCI allows WhatsApp to start payments service in a 'graded' manner

The decision came after the NPCI also issued a statement saying that it had decided to impose a 30% cap on the share of UPI transactions that a single payment application can process

UPI transactions hit all-time high of 1.49 billion in July: NPCI data

During the April-July period of 2020-21, the cumulative transactions on UPI reached 6.31 billion. The value transacted stood at Rs 6.31 trillion

Digital payments see good growth in Jul; UPI transactions up 11% to 1.49 bn

While there was a blip in the transactions in April due to the nation-wide lockdown, digital payment transactions soon recovered as the nation opened up

Diversifying contactless payments a way ahead during coronavirus outbreak

Some countries have already quarantined cash, while others like South Korea, have burnt, or high-heat laundered their notes

YES Bank to transform into a retail bank: Administrator Prashant Kumar

Hopeful that moratorium on withdrawal will be lifted by Friday, says bank administrator

Google Pay leads UPIs in digital payments, Amazon Pay most favoured wallet

All the findings in this report are based on transactions held on the Razorpay platform from January 2018 to December 2019

RBI allows use of UPI and other non-bank payment methods to link FASTags

Move to boost NETC, foster competition among system participants; turnaround time for resolving failed transactions will be applicable to the transactions carried out in the NETC system

As UPI gears up for global markets, Indian fintechs smell opportunity

Indian fintechs have already started getting enquires from other developing economies to customize UPI for them. Expect UPI launch by April 2020

Digital payments: Google wants US Fed to replicate India's UPI model

Launched in 2016, the UPI is the country's flagship real-time payments system

Number of UPI transactions up 6% at 1.2 bn in Nov; value falls marginally

While the number of UPI transactions during November rose to 1.22 billion from 1 billion in October, the combined value of these declined marginally to Rs 1.89 trillion from Rs 1.91 trillion

UPI transactions in July-Sep up 183% at 2.7 bn; value jumps to Rs 4.6 trn

The number of transactions done on mobile wallets was 1.04 billion, an increase of just 5 per cent over previous year period while the value of transactions in the July-September period was Rs 466 bn

Banking with Google

Regulators need to be watchful about sensitive financial data