Page 10 - Upi Transactions

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

Paytm gets NPCI nod to onboard new UPI users months after RBI restrictions

The approval may lead to an increase in company's UPI transaction volumes

Digital payments double in 3 years, cash transactions fall: RBI report

The study highlights that the share of digital payments more than doubled between 2021 and 2024, with UPI playing a key role in this transformation, particularly for small-value purchases

BharatPe's Ebitda loss declines to Rs 209 cr, revenue up 39% in FY24

The company said that its cash burn was reduced by 85 per cent on a Y-o-Y basis

UPI volume up 52% in H1CY24, transaction value rises 40%: Report

A decreasing average ticket size of transactions on the payments system indicates that it is increasingly being used to conduct small-value transactions

UPI transactions volume increases 52% to 78.97 bn in Jan-Jun: Report

Indian instant payment system Unified Payment Interface (UPI) transaction volumes recorded a 52 per cent year-on-year surge to 78.97 billion in the first six months of 2024, according to a report. In its India Digital Payments Report for the first half of 2024 (January to June), payment technology service provider Worldline said on Thursday that UPI continues to rule the payment market and is rapidly expanding its reach. "The number of UPI transactions rose significantly from 8.03 billion in January 2023 to 13.9 billion by June 2024. This growth in volume was matched by an increase in transaction value, which climbed from Rs 12.98 trillion in January 2023 to an impressive Rs 20.07 trillion in June 2024. "When comparing H1 2024 to the same period in 2023, UPI transaction volume saw a substantial increase of 52 per cent, rising from 51.9 billion to 78.97 billion," the report said. The value of transactions grew 40 per cent, increasing from Rs 83.16 trillion to Rs 116.63 trillion. In

Spending Boost: Soon, pay up to Rs 1,000 without entering PIN on UPI Lite

The daily transactions on UPI crossed 501 million in September, the highest ever since UPI turned operational

RBI ups UPI Lite limit for smooth payment transactions: Check revised caps

During the RBI MPC announcement, Shaktikanta Das announced increased UPI transaction limits for UPI123Pay and UPI Lite wallet, a move aimed at boosting UPI adoption

ICICI Bank, PhonePe partner to provide credit line on UPI for customers

PhonePe's market share on UPI is pegged at 49 per cent, with the second-largest player Google Pay processing about 38 per cent of the total transaction volumes in the country

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

Women entrepreneurs prefer gold as collateral to secure loans: Survey

The survey found that gold and property are the two most favoured assets when women entrepreneurs seek loans. The trend is most prevalent in Chennai, followed by Mumbai and Delhi

Smart plans and rising use-cases drive small UPI companies' growth

Smaller players on the UPI leaderboard, such as Navi, Groww, and MobiKwik, have shown remarkable year-on-year (Y-o-Y) growth

NIPL, Trinidad and Tobago ink agreement to develop UPI-like payments system

The partnership follows a series of recent announcements NIPL has made regarding the global expansion of UPI and associated rails

New UPI AutoPay rule: No 24-hour pre-debit alert for FASTag & RuPay NCMC

Issuer banks of NETC FASTag and RuPay NCMC must ensure that auto-replenishment done under pre-debit notification exceptions is strictly used for its intended purposes of NETC FASTag and RuPay NCMC onl

Investing up to Rs 5 lakh? Retail investors to use only UPI to block funds

Individual investors applying for amounts up to Rs 5 lakh through intermediaries will be required to use UPI to block funds.

Sebi mandates UPI payment for public issue applications of debt securities

To streamline the application process for public issues of debt securities, markets regulator Sebi on Tuesday asked individual investors applying for amounts up to Rs 5 lakh through intermediaries to use only UPI to block funds. Further, investors will continue to have the choice of availing other methods like applying through Self-Certified Syndicate Banks or the stock exchange platform for making applications, Sebi said in its circular. These provisions will apply to public issues of debt securities starting from November 1. The move is aimed at streamlining and aligning the process of applying in the public issue of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments with that of the public issue of equity shares and convertibles. "It has been decided that all individual investors applying in public issues of such securities through intermediaries (viz. syndicate members, registered stock brokers, registrar to

NPCI eyes Africa, South America for digital payment push via UPI: CEO

Earlier this year, the NIPL signed deals with the central banks of Peru and Namibia to help them build real-time payment systems similar to UPI

Majority say they will stop using UPI if transaction fee levied: Survey

Around 75 per cent UPI users will stop using it if any transaction charge is levied on the service, a survey by Localcircles said on Sunday. The survey found that 38 per cent of users make over 50 per cent of their payment transactions via UPI instead of debit, credit or any other form of digital transaction. "Only 22 per cent UPI users surveyed are willing to bear a transaction fee on payments, 75 per cent of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The National Payments Corporation of India (NPCI) posted a record 57 per cent rise in the volume of transactions and 44 per cent rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed

PhonePe, Liquid Group tie up to expand UPI QR payment service in Singapore

Walmart group's fintech firm PhonePe on Tuesday said it has partnered with cross-border payment solutions provider Liquid Group to expand its merchant acceptance network in Singapore. The collaboration will allow PhonePe users travelling to Singapore to scan and pay using the app at Liquid Group's merchant base. "We are thrilled to partner with Liquid Group to bring the convenience of UPI payments to Indian travellers visiting Singapore. This popular destination is a favourite among Indian tourists, and we are excited to empower them to pay quickly and easily at their favourite food, shopping, and sightseeing spots making their travel experience even more enjoyable," Ritesh Pai, CEO of International Payments at PhonePe, said. The QR codes will be widely available at tourist-centric locations, including Changi Airport, duty-free shops, restaurants, bars, retailers like The Cocoa Trees, Hard Rock caf, sightseeing spots, and transportation services, the statement said. The collaborati