Page 8 - Upi Transactions

UPI-enabled credit cards see 20% monthly growth, users avg 40 transactions

This growth aligns with a broader trend in transactions processed through UPI on RuPay credit cards

UPI can grow 10 times from current base, says NPCI chief Dilip Asbe

The apex payments body recorded 16.73 billion transactions in December 2024. UPI registered over 172 billion transactions in 2024 alone

Navi crosses 1% market share in UPI transactions in December 2024

This is the first time in many months that a firm outside the top three has achieved this

BharatPe parent to sell up to 25% stake in Unity SFB for $800 mn

According to the licensing requirements, BharatPe has to bring down its stake in the bank to 10 per cent within eight years from the bank's operations

UPI transactions continue upward trajectory, hit all-time high in Dec 2024

For the full calendar year 2024, UPI-enabled platforms handled approximately 172 billion transactions, reflecting a 46 per cent annual increase

UPI moment for B2B payments: Bharat Connect likely to go live by March

The NPCI subsidiary, which will follow the model similar to TPAPs, is conducting pilots with eight companies

UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn

Interestingly, for the entire 2024, the volume increased by 46 per cent to around 172 billion transactions, compared to 118 billion in 2023

WhatsApp Pay: What is it, how to enable it, competitors in India, and more

WhatsApp has received approval from the NPCI to offer its payment service to all users in India, removing the earlier cap of 100 million Unified Payments Interface (UPI) users

Why are Paytm shares down 4% on NSE today? Check reason here

Paytm share: The fall in Paytm share came after the National Payments Corporation of India (NPCI) extended the deadline to implement transaction volume cap on Unified Payments Interface (UPI) apps

NPCI extends market cap deadline for UPI apps by two years to end of 2026

This extension provides significant relief to market leaders PhonePe and Google Pay, which dominate UPI transactions in India

As NPCI lifts limits, WhatsApp Pay can now extend UPI services to all users

National Payments Corporation of India (NPCI) has lifted the limit from onboarding UPI users for the third-party app provider WhatsApp Pay with immediate effect. With this development, WhatsApp Pay can now extend UPI services to its entire user base in India, NPCI said in a statement. Previously, NPCI had permitted WhatsApp Pay to expand its UPI user base in a phased manner, it added. There was a cap of 100 million users which has been lifted by NPCI. With this notification, it said, NPCI is removing the limit restrictions on user onboarding on WhatsApp Pay. WhatsApp Pay will continue to comply with all existing UPI guidelines and circulars applicable to existing Third-Party Application Providers (TPAPs), it said. NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association, is an umbrella organisation for operating retail payments and settlement systems in India (IBA). NPCI governs the Unified Payments Interface (UPI) framework in India.

NPCI delays UPI payments market share cap in relief for PhonePe, Google Pay

The mandate, which was to take effect from the end of 2024, will now kick in at the end of December 2026

RBI allows interoperability between PPIs like wallets for UPI payments

Currently, UPI payments are interoperable such that a user can use any TPAP to transfer funds

RBI allows PPI holders to make UPI payment using third-party apps

The Reserve Bank on Friday allowed prepaid payment instruments holders to make and receive UPI payments through third-party mobile applications. It has been decided to enable Unified Payments Interface (UPI) payments from/to full-KYC prepaid payment instruments (PPIs) through third-party UPI applications, the central bank said in circular. "A PPI issuer shall enable holders of only its full-KYC PPIs to make UPI payments by linking its customer PPIs to its UPI handle. UPI transactions from PPI on the issuer's application shall be authenticated using the customer's existing PPI credentials," it said. Such a transaction will, thus, be pre-approved before it reaches the UPI system. A PPI issuer, in its capacity as a payment system providers, should not on-board customers of any bank or any other PPI issuer, the RBI said. The RBI's decision is aimed at providing more flexibility to holders of PPIs such as gift cards, metro rail cards, and digital wallets, among others. Currently, UPI

UPI QR transactions jump 33% at retail stores this year: PayNearby

UPI transactions at retail stores have increased by 33 per cent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, says a report. Moreover, insurance policy purchases and premium collections saw a 127 per cent increase in transaction volume and a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby said. "The data highlights the role digital retail stores play in overcoming the challenges of insurance penetration across Bharat," it stated. The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions. The findings compare business data from January to November 2024 with the same period in 2023. The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across

Number of UPI apps grows in 2024, yet top two command maximum market share

In 2024, NPCI issued 20 third party application approvals. This was much higher than three and four issuances in 2022 and 2023 respectively

About 4 out of 10 individuals in rural, semi-urban India prefer UPI: Report

Yet UPI is the most preferred mode of financial transactions in such regions

BharatPe launches 'Shield' to protect users from digital transaction frauds

BharatPe Shield covers risks such as computer fraud, phishg attacks, and unauthorised transactions caused by phone loss

RBI raises UPI Lite wallet limit to Rs 5,000; per transaction to Rs 1,000

The Reserve Bank on Wednesday increased the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000 in order to encourage wider adoption of the popular instant payment system through mobile phones. UPI Lite transactions are offline to the extent that Additional Factor of Authentication (AFA) is not required, and transaction alerts are not sent in real time. Currently, the upper limit of an offline payment transaction is Rs 500 and the total limit for offline transactions on a payment instrument is Rs 2,000 at any point in time. The Reserve Bank on Wednesday amended the 'offline framework' issued in January 2022 with an aim at facilitating small value digital payments in offline mode. "...the enhanced limits for UPI Lite shall be Rs 1,000 per transaction, with Rs 5,000 being the total limit at any point in time," said a Reserve Bank circular. An announcement in this regard was made by the central bank in October this year. An offline payment means a transaction whi

Post-festive slump: UPI volume down 7%, value drops 8% in November

In October, UPI recorded 16.58 billion transactions worth Rs 23.5 trillion-the highest since the digital payment system became operational in April 2016