Page 7 - Upi Transactions

UPI outage hits transactions as year-end rush strains bank servers

A surge in UPI transactions and year-end bank closures led to a system outage, causing transaction failures, which the NPCI attributed to high volumes and financial year-end settlements at banks

UPI transaction volume grows 42% to reach 93 billion in Jul-Dec 2024

India's Unified Payments Interface (UPI) continues to dominate the digital payments landscape, with transaction volumes surging 42 per cent year-on-year (YoY) to reach 93.23 billion in the second half of 2024, a recent report has shown. The 'India Digital Payments report for 2H 2024' report by Worldline showed that three UPI platforms are dominant in terms of volume and value: PhonePe, Google Pay, and Paytm. In terms of transaction volume, in December 2024, the three apps accounted for 93 per cent of all transactions. In terms of transaction value, they accounted for 92 per cent in December 2024. "When comparing the volume of UPI transactions in 2H (July-December) 2024 to 2H 2023, it increased by 42 per cent from 65.77 billion to 93.23 billion. During the same timeframe, the value of transactions increased by 31 per cent from Rs 99.68 trillion to Rs 130.19 trillion," the report said. Besides UPI, other forms of payment under digital payments include credit cards, prepaid cards, mob

UPI outage due to financial year-end transaction rush at banks, says NPCI

Transactions volumes declined 7 per cent on March 26 after the UPI network had reported an outage

UPI clocks new record in value and volume in March after dip in Feb

Digital payments system tops Rs 24 trn in value and 19 billion in volume for first time

NPCI attributes fin year-end processing load for UPI transaction failures

In March, the UPI network recorded more than 591 million average daily transactions

BHIM will continue to be sandbox or reference app: CEO Lalitha Nataraj

The latest version of BHIM 3.0 will be rolled out in phases to its customers, with the body planning a complete launch by April 2025

UPI incentive cut worries industry again; calls for MDR grow louder

Industry's concerns surfaced after the government approved ₹1,500 crore in a scheme for the promotion of low-value BHIM-UPI transactions when made from peers to merchants

Union Cabinet approves Rs 1,500 cr scheme to boost low-value BHIM-UPI txns

This is the first time the Centre has defined small and large merchants in the context of outlining BHIM-UPI incentives

Incentive scheme for low-value UPI transactions to boost ease of living: PM

The Union Cabinet headed by Modi on Wednesday approved an incentive scheme worth approximately Rs 1,500 crore to promote UPI transactions below Rs 2,000 for 2024-25

NPCI's international arm partners with Singapore firm to expand UPI

UPI services will be expanded to more than 12,000 merchants in Singapore

Govt clears ₹1,500 cr scheme to boost low-value BHIM-UPI transactions

Under the scheme, incentives will be provided for UPI transactions up to ₹2,000, specifically benefitting small merchants

Soon, merchants may lose option to request 'collect' UPI payments

Authorities are now favouring 'push' transactions, where customers initiate payments by scanning QR codes or using other secure methods

Govt may restore merchant charges on UPI, RuPay transactions for big firms

The government is reviewing a proposal to reintroduce merchant discount rates (MDR) on UPI and RuPay transactions for large businesses, aiming to ease the financial strain on banks

UPI posts 5% dip in volume to 16.11 billion, 7% in value in February

The value declined to Rs 21.48 trillion in February, compared to Rs 23.48 trillion in January

UPI transactions drop 5% in volume, 6.5% in value due to shorter February

Number of daily transactions for February stood at 14.46 million, up from 14.33 million in January, which translated to a value of Rs 20,110 crore in February and Rs 19,562 crore in January

UPI transactions in Jan surpass 16.99 billion, value exceeds Rs 23.48 trn

UPI transactions in January surpassed 16.99 billion and the value exceeded Rs ?23.48 lakh crore, marking the highest number recorded in any month, the Finance Ministry said on Thursday. For 2023-24, the digital payments landscape has demonstrated remarkable expansion, the finance ministry said in a statement. Unified Payments Interface (UPI) remains the cornerstone of India's digital payment ecosystem, contributing to 80 per cent of the retail payments across the country, it said. The total transaction volume exceeded 131 billion and the value exceeded Rs ?200 lakh crore for the 2023-24. Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country, it said. As of January, 2025, over 80 UPI Apps , 641 banks are currently live on UPI ecosystem, it said. In FY 24-25 (till Jan, 2025), the People to Merchant (P2M) transactions contributed 62.35 per cent and

UPI Autopay surges threefold as customers shift from cards to digital

Set up of UPI Autopay for various services, including OTT subscriptions, insurance premiums, loan repayments, and utility bills has paved the way for UPI dominance

NPCI warns users against call merging scams; here's how to protect yourself

The NPCI issues warning against a scam that involves fraudsters tricking people into merging calls, where users unknowingly share their OTPs, leading to financial loss

New UPI rule on automatic acceptance, rejection of chargebacks from Feb 15

Process will apply only to bulk transaction uploads and not to those done by individuals

PhonePe clocks record 8.1 bn UPI transactions in January, shows NPCI data

PhonePe continued to dominate the UPI ecosystem, commanding a 47.67 per cent market share, with Google Pay and Paytm holding 36.38 per cent and 6.78 per cent, respectively