Page 18 - Upi Transactions

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

Shoppers need not stop: Dynamics of in-store payments is being rewritten

The dynamics of in-store payments are fast changing, and this will impact retailing in a big way

Digital transactions in India highest in world but why is cash still king?

The Reserve Bank of India believes that households in India hold more high-value currency notes at home while substituting lower-value notes with digital transactions

UPI transactions at record high of Rs 14.3 trn in May, spike in 10 days

Rise at a time when the government is pushing to bring various tax collections under digital payment

UPI to account for 90% of retail digital payments by 2026-27: PwC report

Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report. Unified Payments Interface (UPI), which is driving the digital payments revolution, accounted for about 75 per cent of the total transaction volume in the retail segment during 2022-23, said the PwC report titled "The Indian Payments Handbook 2022-27". UPI is projected to account for 90 per cent of the total transaction volume in retail digital payments over the next five years, the report said. The Indian digital payments market saw steady growth at a CAGR of 50 per cent (volume-wise) and is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23, the report said. "It is estimated that UPI will record 1 billion transactions per day by FY20262027, going from 83.71 billion transactions in 2022-23 to 379 billion transactions by 2026-27," it added. It further sai

Nokia launches feature phones with in-built UPI functionality: Details here

The Nokia 105 and Nokia 106 4G will be available for purchase in India starting May 18. These feature phones come with in-built UPI 123PAY functionality

70% of MSMEs believe more than 50% of customers will pay using UPI

A report by NeoGrowth looks at the data from around 3,000 retail customers and 1,000 retail sellers across the country

How are PPI wallets different from UPI? All that you need to know

The rising popularity of UPI-based transactions is eating up traditional payment options like debit cards

PhonePe goes live with UPI LITE to enable low-value transactions

Feature enables faster, seamless transactions for low-value amounts of Rs 200 or less

UPI transactions at record high in April, touch Rs 14.07 trn

Some 1 bn transactions worth around Rs 1.37 trn happened during the last three days of April

India, Mauritius review vostro account mechanism, implementation of CECPA

India and Mauritius carried out a comprehensive review of their overall ties including the vostro account mechanism for settlement of trade transactions and the proposed launch of Indian Unified Payments Interface (UPI) system and RuPay card in the African country. The two sides took stock of the bilateral cooperation during Foreign Secretary Vinay Kwatra's three-day visit to Mauritius that concluded on Friday. The Indian High Commission in Port Louis said the two sides also delved into their Comprehensive Economic Cooperation and Partnership Agreement (CECPA), which was inked on February 22, 2021. Kwatra on Thursday called on Prime Minister Pravind Kumar Jugnauth and discussed bilateral cooperation in areas of capacity building, trade and investment. It was the foreign secretary's first official visit to Mauritius, a key partner and trusted friend of India under India's 'neighbourhood first' policy and SAGAR (Security and Growth For All in the Region) vision for the Indian Ocean.