Page 18 - Upi Transactions

PNB introduces CBDC-UPI interoperability for seamless transactions

State-owned Punjab National Bank (PNB) on Tuesday announced the launch of Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) interoperability feature in its digital rupee mobile application. This move is in line with the RBI's CBDC pilot project and unleashes a new potential in India's payment ecosystem, PNB said in a statement. PNB customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet, it said. Even if the merchants do not have a CBDC Wallet, PNB digital rupee app users can utilise their CBDC wallets to conduct transactions on the UPI QR of these merchants, it added. The app with this new functionality is currently available for Android users on the Play store and will also be made live for iOS users, it said.

UPI transactions may soon touch 100 billion a month, says NPCI CEO

UPI's 10 billion-per-month transaction volume places it among the fastest-growing payment processing systems in the world

India clocks 10 billion UPI transactions for the first time in a month

In August 2023, the Immediate Payment Service (IMPS) transactions were seen at 473 million until August 30 with a value of Rs 4.93 trillion

PhonePe forays into online stock broking as it expands its services

The platform will charge users an onboarding price of 199 rupees, while there will be no charge for trades of up to 400 rupees, the company said in a statement

A step-by-step approach to CBDC

Why would anybody shift from UPI to CBDC? What are its advantages over UPI?

German embassy praises India's UPI, shares video of minister making payment

The German embassy on Sunday described digital infrastructure in India as one of its success stories and shared a footage of its Digital and Transport Minister Volker Wissing using UPI at a vegetable shop here. "One of India's success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it," the embassy said on X. It said Germany's Federal Minister for Digital and Transport Volker Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated. Unified Payments Interface (UPI) is an instant payment system.

India plans to seek its own rating, testing mechanism for DPIs, DPGs

India is working to create collaborations in order to certify, register, test, and benchmark Indian digital public infrastructure (DPIs) and digital public goods (DPGs)

Monetary policy review: Soon, pay up to Rs 500 at a go via UPI Lite

UPI-Lite was launched in September 2022 to reduce transaction failures and optimise processing resources for banks

No pin needed: RBI raises payment limit on UPI lite from Rs 200 to Rs 500

The overall limit is, however, retained at Rs 2000 to contain the risks associated with relaxation of two-factor authentication.

You may soon be able to make UPI payments by talking or just tapping phone

RBI governor Shaktikanta Das in the MPC decision announcement on Thursday, proposed to enable 'conversational' payments on UPI using AI

UPI transaction value up 4% in July; inches closer to 10 billion in volume

In July 2023, the Immediate Payment Service (IMPS) transactions were seen at 490 million up 5 per cent from 468.1 million in volume

RBI to banks: Report all digital frauds not just those above Rs 1 lakh

The rising volumes of UPI transactions and related frauds have emerged as a major challenge for the banks

India extends UPI services to France, first in Europe after Singapore

The National Payments Corporation of India (NPCI) has set up connectivity with Lyra in France

Zomato temporarily suspends rollout of UPI enrolment for new users

The rollout is on hold as the company is working to improve the onboarding process

Soon, you may be able to use the same QR codes for e-Rupee and UPI payments

The interoperability between e-Re and UPI QRs will be implemented only at the front end

UPI falls marginally in June to Rs 14.7 trn, with 9.33 transactions

Based on data from NPCI, compared to the same month last financial year, transaction volume rose by 59% and value by 45%

Tata AIA allows consumers to pay premiums through Whatsapp and UPI

Tata AIA has partnered with WhatsApp and PayU to make payments through Unified Payment Interfaces (UPIs) for their consumers more efficient

Is UPI the new Rs 2000? Data suggests so, says SBI

Rural and semi-urban areas are leading the surge in UPI transactions

WinZo saw 40 bn micro-transactions on its platform in FY23, mostly via UPI

The company added that it contributes to at least one out of every 250 UPI transactions that occur in India and accounts for over 30 million UPI transactions per month

Google Pay allows users to validate UPI using Aadhaar authentication

Company says it will not store Aadhaar numbers and will act as a facilitator for validation