Page 19 - Upi Transactions

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.

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

Customers can pay transaction amount above Rs 10,000 in the form of instalments in three, six, or nine months

Debit card usage declines 20% YoY as UPI becomes the first preference

A variety of reasons are responsible for the decline in debit card usage. Notably, UPI is available on mobile phones and has done away with the need to always carry a card

We should be allowed to charge for UPI: Worldline India's Ramesh Narasimhan

In a Q&A, the company's CEO dwells on the huge opportunity the payments business provides in India and why there is a sudden rush to acquire an aggregator licence

Monetary policy review: UPI payments via pre-sanctioned bank credit soon

This new feature could be seen as a substitute for credit card, which has limited reach, experts say

RBI proposes expanding UPI digital payments system to allow credit

UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details

RBI allows UPI linking with pre-sanctioned credit lines from banks

Central bank proposal could strengthen digital lending and buy now pay later businesses, says one expert

Top headlines: Unemployment rate rises to 7.8%, Twitter bans 680k accounts

Business Standard brings you the top headlines at this hour

TMS Ep401: Income tax, brand India, mutual funds, UPI payments

How will new income tax rules affect you from April 1? How can India create a global brand? Where will MFs invest when markets bottom out? Will your UPI payments not be free anymore? Answers here

UPI transactions will be free until govt reviews, says NPCI MD & CEO

The NPCI quickly clarified that the circular was only pertaining to PPI-based merchant transactions on UPI and the basic UPI transactions remain completely free

Account-to-account transfers on UPI fully free for customers, vendors: NPCI

Paytm set to gain from interchange fee for merchant payment via wallets on UPI platform