Page 16 - Upi

RBI allows small finance banks to offer pre-sanctioned credit line on UPI

Step will 'further deepen financial inclusion and enhance formal credit', says central bank

RBI allows small finance banks to offer pre-sanctioned credit via UPI

RBI allows Small Finance Banks to offer pre-sanctioned credit lines via UPI, aiming to boost financial inclusion for underserved communities, including small businesses and micro-entrepreneurs

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

Fintech major PhonePe eyes replicating UPI success via diversification

At present, the overall user base of PhonePe is over 500 million. Of these, its merchant base is over 40 million

RBI enhances UPI Lite wallet limits, updates offline payments framework

Earlier, the per-transaction limit and wallet limit for transactions made through Unified Payments Interface (UPI) Lite were set at Rs 500 and Rs 2,000, respectively

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

UPI frauds: Rising cases can affect users' confidence in digital payments

The volume of digital-payment transactions increased from 20.71 billion in 2017-18 to 187.37 billion in 2023-24 - at a compound annual growth rate (CAGR) of 44 per cent

UPI 123 Pay: RBI extends transaction limits- Here are key changes

UPI 123Pay facilitates digital payments on feature phones, enabling users to access UPI services without an internet connection. It supports four payment methods

PM Modi holds bilateral talks with Trinidad and Tobago PM Keith Rowley

PM Modi also commended PM Rowley for adopting UPI platforms and welcomed the signing of MoU relating to agro and food processing

Migrating low-ticket payments to UPI Lite key to easing system pressure

UPI Lite allows low-value transactions without requiring a PIN and are carried out without utilising a remitter bank's core banking systems

Paytm launches UPI International, enables cashless payments abroad

Paytm brings UPI payments for Indian travellers to UAE, France, Singapore, and more

Newer companies rise on UPI leaderboard, Navi now the fourth largest

The company processed 157.51 million transactions in October, overtaking Bengaluru-based Cred, which recorded 152.28 million transactions in the same month

ULI will be for lending what UPI is for payments: RBI Dy Guv at BFSI Summit

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

UPI sets new record in Oct with 16.58 bn transactions worth Rs 23.5 trn

Growth in transactions driven by person to merchant transactions during festival season

President Muizzu introduces UPI payment service to boost Maldivian economy

Maldives President Mohamed Muizzu has taken "necessary steps" to introduce India's Unified Payments Interface (UPI) in the archipelago nation, slated to benefit the Maldivian economy substantially. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones. Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President's Office. The president also suggested the participation of the country's banks, telecom companies, state-owned companies and fintech companies in the consortium. He "decided to take the necessary steps" on the recommendation of the Cabinet, the press release said. "This move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and

RBI changes UPI limits: Check the details!

The Reserve Bank of India has just raised limits for the popular digital payment system, Unified Payment Interface (UPI). The per-transaction limit has jumped from Rs 2,000 to Rs 5,000.

Spending Boost: Soon, pay up to Rs 1,000 without entering PIN on UPI Lite

The daily transactions on UPI crossed 501 million in September, the highest ever since UPI turned operational

RBI ups UPI Lite limit for smooth payment transactions: Check revised caps

During the RBI MPC announcement, Shaktikanta Das announced increased UPI transaction limits for UPI123Pay and UPI Lite wallet, a move aimed at boosting UPI adoption

Stock brokers to offer UPI-based fund blocking or 3-in-1 account from Feb 1

Starting February 1, qualified stock brokers will have to either offer the facility of trading in the secondary market using the UPI-based block mechanism to their clients, similar to the ASBA facility, or a three-in-one trading account facility, a move that will empower investors. Qualified Stock Brokers (QSBs) must offer one of these two options, in addition to the current mode of trading. A three-in-one trading account combines a savings account, a demat account, and a trading account into a single integrated solution. In this case, the clients would have their funds in their bank account, earning interest on the cash balances. "This initiative will empower and benefit investors with enhanced security, improved transparency, interest earnings and ease of making payments at a time when UPI payments are witnessing significant growth," Rahul Jain, CFO, NTT DATA Payment Services India, said. Additionally, the move will improve fund management and further enhance investors' convenien