Page 10 - Upi Transactions

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

Global leader: UPI surpasses 3,700 transactions per second, up 58% on year

Unified Payments Interface (UPI) has emerged as the world's most popular alternative payment method, with 3729.1 transactions per second in 2023, shows data analysed by global payments hub Paysecure.

UPI likely to grow further in several countries, says RBI Guv Das

Reserve Bank Governor Shaktikanta Das on Friday evening said he is optimistic that the Unified Payments Interface (UPI) will grow further in several countries. Das, who is on a five-day visit to the state, said UPI is already present in many countries through QR codes and the linkage of fast payments systems, and discussions are underway with several other nations. We expect this to grow further at the global level and internationalise in future, he told reporters here. Speaking at an event in Mumbai on Wednesday, Das had said that notable progress in this direction has already been made with countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, France and a few others for acceptance of RuPay cards and payments through the UPI network. These endeavours, he said, underscore collaborative efforts for the adoption of India's initiatives across the globe.

Google Pay launches UPI Circle, other features at Global Fintech Fest 2024

UPI Circle on Google Pay is a feature designed to help users make digital payments without needing to link their own bank account

Talk, don't type: There's a new voice payment feature for UPI transactions

With the new conversational payments, customers can now complete transactions by using their voice or typing their UPI ID or mobile number.

RuPay credit card: Same rewards, benefits for UPI transactions from Sept 1

According to NPCI, RuPay credit cards on UPI are not getting the same rewards and benefits as other RuPay credit card transactions

BharatPe launches UPI offering, taps into consumer payments segment

Fintech platform BharatPe on Wednesday announced the launch of its UPI TPAP (third-party application provider) to facilitate consumer digital payments. Earlier, BharatPe provided merchant-to-merchant digital payment services. The company has also rebranded buy-now-pay-later app postpe' to BharatPe', according to a statement. With this, there are now two apps available in the public domain: BharatPe (earlier postpe), and BharatPe for Business. The fintech platform said it has partnered with Unity Bank to enable TPAP. Customers can create their UPI ID on the BharatPe app with the extension @bpunity, and make both individual and merchant transactions. "With our UPI TPAP, we aim to enable millions across Bharat to make seamless and secure UPI transactions, for their individual as well as business needs. "The foray into the consumer payments category will help us to further propel adoption of digital payments and drive financial inclusion across the country," BharatPe CEO Nalin Negi

Over 40% consumers use digital payment daily in Tier 3-6 cities: Report

More than 40 per cent of consumers in Tier 3 to 6 cities use digital payment on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of digital payments by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by merchants and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment serv

Amazon Pay UPI surpasses 100 million customers, marking a major milestone

Amazon Pay UPI has become a significant success, said the company, streamlining transactions both on the Amazon.in shopping app and across a wide range of external platforms

Launched in 2019, Amazon Pay's UPI offering crosses 100 mn customers mark

Amazon Pay on Monday said its UPI offering is witnessing widespread adoption across the country with over 100 million customers using the service. Launched in 2019, Amazon Pay UPI has witnessed strong user preference from across big states of Maharashtra, UP, Bihar, West Bengal, Karnataka, the company said in a statement. The 18-24-year age bracket led the adoption of Amazon Pay UPI, it added. "We are humbled and proud that 100M customers have chosen Amazon Pay UPI as their preferred choice of online payment experience. We are excited to continue to innovate and expand our offerings to simplify lives and fulfil aspirations for millions across India," Amazon Pay India CEO Vikas Bansal said. Mobile recharges, utility bill payments and e-commerce transactions were among the top use cases of Amazon Pay UPI, the statement added.

Small UPI players show promise even as larger ones continue to dominate

Smaller fintechs gain traction as top UPI apps near 30% market cap limit