Page 16 - Upi Transactions

India built best digital economy, finance infra: Nobel winner Spence

Noting that India is a major economy with the highest potential growth rate right now, Nobel laureate economist A Michael Spence said the country has successfully developed by far the best digital economy and finance architecture in the world. Spence, who was awarded the Nobel prize in Economic Sciences in 2001, shared his views during an interaction with students and faculty at the Bennett University in Greater Noida on Monday. "The major economy with the highest potential growth rate right now is India. India has successfully developed by far the best digital economy and finance architecture in the world. It is open, competitive and delivers services of an inclusive kind to a vast array of territory," the Nobel laureate said, according to a statement issued by the varsity. Spence also pointed out that the world is experiencing a "kind of regime change in the global economy". Tracing the evolution of the global economy after World War II, Spence said that the 70-year-old global ..

UPI payments launched in Sri Lanka, Mauritius to boost economic ties

India's Unified Payment Interface (UPI) services were on Monday rolled out in Sri Lanka and Mauritius during a virtual ceremony attended by Prime Minister Narendra Modi and the top leadership of the two island nations. Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe joined Modi at the virtual ceremony. The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi's increasing bilateral economic ties with the two countries. The launch enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India.

Confusion and concern: Traders brace for impact of Paytm crisis

Some shift to alternatives and shun the platform, others still swear by it

We hope frictionless credit scale up to digital infrastructure: P Vasudevan

In the future, he noted that the central bank aims to include both banks and non-banks gradually into the platform for their loan journey

Volume, value of UPI transactions slip due to downtime with bank servers

The volume and value of transactions on UPI were pegged at 430.42 million and Rs 77,049 crore, respectively, a day before the widespread outage

RBI mulls revoking Paytm Payments Bank licence or superseding board

Action may come once pipeline transactions settled

UPI payments failing amid server outages; NPCI working with banks

Regret inconvenience on UPI connectivity as few of the banks are having some internal technical issues, NPCI said in a statement

UPI transactions reach a record Rs 18.41 trillion in January: NPCI data

According to data shared by the National Payments Corporation of India (NPCI), January numbers were 52 per cent higher in volume compared to the same month last financial year

New IMPS fund transfer rules coming soon: Here is all you need to know

New IMPS rules will be implemented from February 1, 2024. This will facilitate fund transfers using a mobile number and bank name

As consumer credit grows, India's lending boom can be safer, if not slower

For lenders, however, the problem with adding new borrowers is the incremental cost

French Prez Macron, PM Modi likely to use UPI at Hawa Mahal in Jaipur

At Hawa Mahal, both leaders will shop at local shops, and transactions are likely to be done through UPI

Experts hail India's digital public infra for reducing inequality

A group of global experts has hailed India's robust digital public infrastructure, especially UPI, in reducing inequality. At a panel discussion here this week at Davos Innovation Week, hosted by World Innovation Economics, the experts discussed how UPI and overall digital public infrastructure have scaled new heights in India. The panel comprised of Sanjeev Sanyal (Economic advisor to Prime Minister Narendra Modi), Phillip Weights (Swiss banking leader), Efi Pylarinou (Swiss fintech influencer) and Ashok Ranadive (Ex-Indian Navy, Ex-Google, entrepreneur and investor). The panel discussed about UPI, Digital Public Infrastructure, India Stack 2.0, CBDC, Blockchain, and Data privacy. All the panellists praised India's rapid inclusive growth due to its robust digital public infrastructure, good governance and inclusive growth. The panel also discussed how technology like UPI can be in future exported to the US or Europe as it is better than existing platforms there. Sanyal emphasise

Google Pay signs agreement to expand UPI for international payments

This will enable Indian travellers to transact digitally outside the country while also establishing systems similar to the Unified Payments Interface (UPI) in other countries

Google Pay signs pact with NPCI to expand UPI payments outside India

Google India Digital Services and NPCI International Payments Ltd (NIPL) have signed an agreement that will help expand UPI payments to countries outside India. The memorandum of understanding (MoU) will enable Indian travellers to make payments in other countries via Google Pay (also known as GPay), eliminating the need to carry cash or resort to international payment gateways. "The MoU has three key objectives. First, it seeks to broaden the use of UPI payments for travellers outside of India, enabling them to conveniently make transactions abroad. Second, the MoU intends to assist in establishing UPI-like digital payment systems in other countries, providing a model for seamless financial transactions. Lastly, it focuses on easing the process of remittances between countries by utilizing the UPI infrastructure, thereby simplifying cross-border financial exchanges," Google Pay said in a statement. The deal focuses on easing the process of remittances between countries by utilising

TMS Ep607: C-level attrition, Interim Budget, banks' Q3 results and more

Can non-poaching pacts fix C-level attrition? Will Interim Budget 2024 revive demand and investment? Which should you watch out for in banks' Q3 results? What is UPI for secondary market? Answers here

UPI best payments system, RBI not averse to having rival of NPCI: Das

Reserve Bank Governor Shaktikanta Das on Thursday dismissed criticism from certain quarters that after the huge success of UPI, its creator NPCI has become a monopoly and asserted that there is more room for the payment app to grow and it can become the world leader in payments. Unified Payments Interface or UPI, developed by National Payments Corporation of India (NPCI), has been a runaway success and is already operational in some countries, including Singapore and the UAE. Its monthly volume in the country crossed the 100-billion mark many months ago. RBI is in discussion with more central banks in other countries. Dismissing the criticism that NPCI, set up by RBI and other financial institutions, has become a monopoly, he said, it is the best creation. Das was speaking at a BFSI seminar organized by business daily Mint. "UPI has already become a digital public infrastructure. In fact it has to grow even further. I would say this is the best payments system in the world as of n

Large merchants may have to pay reasonable fee on UPI payments: NPCI chief

Asbe said investments will be key to rope in another set of users under the digital payments mode while emphasising that the country has an opportunity to grow ten times in the digital payments space

Comply with higher UPI transfer limit by Jan 10, NPCI directs members

To ensure compliance with the enhancement, NPCI has asked banks, payment service providers, and UPI applications to ensure transaction limits are raised for the aforementioned merchant categories

UPI scales new high in December; 2023 value up 59% at Rs 183 trn

Monthly FASTag and IMPS transactions increase too, but those at Aadhaar Enabled Payment System fall

NPCI kickstarts deployment of 'UPI Tap and Pay' facility for payment apps

The feature is currently live on Bharat Interface for Money or BHIM app along with Paytm where it is open for limited users, according to details on NPCI's website