Page 18 - Upi Transactions

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

UPI transactions surge 118% in semi-urban & rural stores, shows report

Aadhaar Enabled Payments System (AePS) withdrawals increased 30 to 40 per cent during direct benefit transfer (DBT) releases

Automatic payment limit through UPI raised to Rs 1 lakh, says RBI

The Reserve Bank of India on Tuesday increased the limit for automatic payments through UPI to Rs 1 lakh per transaction from the existing Rs 15,000 for certain categories, including subscription to mutual funds. As of now, relaxation in Additional Factor of Authentication (AFA) is permitted while processing e-mandates/standing instructions on cards, prepaid payment instruments and UPI (Unified Payments Interface), for subsequent recurring transactions with values up to Rs 15,000. "...it has been decided to increase the limit from Rs 15,000 to Rs 1,00,000 per transaction for... subscription to mutual funds, payment of insurance premiums, and credit card bill payments," the central bank said in a circular on "processing of e-mandates for recurring transactions". UPI has emerged a preferred mode of payment for a large section of the population with over 11.23 billion transactions recorded in November. An announcement in this regard was made by Reserve Bank Governor Shaktikanta Das, .

UPI is king but 75% of online transactions are still through credit cards

Credit cards also appeat to be most dominant in West and South India as 75-80% of credit cards are issued in Western and Southern India.

UPI payment limit to hospitals, educational institutes raised to Rs 5 lakh

The hospital and education industry have cheered the regulator's move on hiking the transaction limit on UPI

RBI hikes UPI limit for hospital, educational payments: What does it mean?

RBI MPC: In another key announcement related to digital payments, Governor Shaktikanta Das proposed to hike the e-mandate for recurring payments to Rs 1 lakh from the current Rs 15,000

No OTP needed for UPI payments up to Rs 1 lakh for credit card bills, MF SIPs

This will be helpful to users who regularly use UPI for their SIPs and credit card bills as these transactions would now be automated and will not require their intervention every month to process pay

UPI transactions mark new peak of Rs 17.4 trn in Nov, dip in volume

FASTag transactions increase to 321 mn in Nov, compared to 320 mn in Oct

GSPay by Gupshup sees 70% M-o-M growth in UPI123 Pay transactions

The company said the average ticket size of these payments stood above Rs 650, whereas transactions up to Rs 100 constituted 56 per cent of the total payments

PM pitches for UPI transactions, urges people to hold weddings in India

In his monthly Mann Ki Baat radio broadcast, Modi said the trend of cash transactions has been declining in the country

Explained: The pros and cons of linking RuPay Credit Card to UPI

The National Payments Corporation of India (NPCI) is looking for ways to encourage RuPay credit card payments linked to the Unified Payments Interface (UPI) by addressing challenges in its adoption

Here are pros and cons of linking your credit card with UPI; details inside

The seamless and quick payment facility stands apart as a unique benefit while connecting a credit card to UPI. This also eliminates of the need to carry money or screen one's debit card balance

NPCI explores methods to increase RuPay on UPI payment adoption by vendors

UPI payments via RuPay credit cards have experienced slower adoption due to confusion in transaction classification

Transferred money to the wrong UPI ID? Here's how can retrieve it

Developed by the National Payment Corporation of India (NPCI), UPI enables fund transfers without requiring an IFSC code or account number

India's UPI transactions scale new high in Oct; clock Rs 17.2 trn in value

According to data shared by the NPCI, this is 56 per cent higher in volume terms compared to 7.30 billion in October 2022 and 42 per cent higher in value terms compared to Rs 12.12 trillion last year

Support to regulations difference between us and tech firms: Sameer Nigam

Nigam said that being an early mover in the adoption of the United Payments Interface also played in their favour