Page 14 - Upi Transactions

RBI to allow third-party apps for UPI payments through PPI wallets

Cash deposit facility in banks through UPI soon

Govt to broaden e-rupee distribution beyond banks to boost retail use: RBI

It has now proposed that non-bank payment system operators, which include third-party payment app providers like PhonePe, Google Pay and Paytm, offer the e-rupee through CBDC wallets

UPI's new feature: Soon, you can deposit cash at ATMs through UPI, says RBI

In a significant decision, the Reserve Bank of India (RBI) on Friday said it will soon facilitate cash deposit facilities in banks through the use of the popular UPI

How India spends: UPI reigns supreme, credit cards see 2nd-highest growth

An interesting finding is the decline in the average ticket size (ATS) for UPI transactions. This dropped by 8 per cent to Rs 1515 from Rs 1648 in the year-ago period,

Singapore Tourism Board, PhonePe sign MoU to boost UPI for Indian tourists

The collaboration with the tourism board and the Bengaluru-based company builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore

In a first, yearly transactions through UPI cross 100 billion in FY24

The year also saw a record value of Rs 199.89 trillion, compared to Rs 139.1 trillion. In February 2024, transactions stood at 12.10 billion and Rs 18.28 trillion, respectively

NBBL to begin work on net banking interoperability from April: Report

The RBI had earlier approved an interoperable system saying it will standardise settlement cycles for merchants, improve customer grievance mechanism

Cashfree Payments launches product solution to cut fraudulent transactions

Cashfree's 'RiskShield' enables customers to add limits on the frequency and cumulative sum of transactions that an individual customer is permitted to pay on a periodic basis

Explained: How to make payments using credit on UPI

As a customer, you have the option to use a pre-approved credit limit at the point of sale, integrated into the UPI platform

YES Bank, Axis Bank go live as payment service providers for Paytm

YES Bank has gone live as a PSP bank with a closed group of users with the @ptyes handle. Similarly, Axis Bank is live with a closed group of users with the @ptaxis handle

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

Paytm parent One97 Communications plans partnership with 4 banks for UPI

UPI payments on the Paytm app will likely redirected to SBI, HDFC Bank, Axis Bank, and Yes Bank for settlement, if Paytm Payments Bank operations cease after March 15

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, ..

Processing UPI transactions: Paytm's TPAP request awaits bank tie-ups

Need to comply with security, data localisation norms

Paytm's UPI transactions drop in February amid regulatory challenges

Overall UPI volumes of Paytm witnessed a marginal dip to 12.1 billion transactions compared to 12.2 billion transactions in January

73% will stop using UPI if transaction fee is charged, reveals survey

Some platforms or merchants are levying a convenience or transaction fee for UPI transactions

Majority of users to stop using UPI if it attracts transaction fee: Report

A majority of people will stop using UPI if a transaction fee is levied on it, according to an online survey by LocalCircles. However, a sizable number of respondents claimed that they have experienced a transaction fee being levied on their UPI payment once or more in the last one year, it added. LocalCircles on Sunday said the survey received over 34,000 responses from citizens in over 364 districts, comprising 67 per cent of male respondents and 33 per cent of women. In August 2022, the Reserve Bank of India (RBI) released a discussion paper proposing a tiered structure charge on UPI payments based on different amount bands. Following the RBI discussion paper, the finance ministry clarified that there was no proposal to levy charges on UPI transactions, LocalCircles said in its report on UPI transaction fees. "Only 23 per cent of UPI users surveyed are willing to bear a transaction fee on payment. 73 per cent of those surveyed indicated that they will stop using UPI if a ...

GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong

The manufacturing sector, too, gathered momentum in February on the back of expansion in new export orders and easing of pricing pressures

UPI transactions decline marginally in February to Rs 18.28 trillion

In volume terms, transactions were seen at 12.10 billion, compared to 12.20 billion in January

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman

The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions