Page 25 - Upi

As credit card transactions rise in India, debit cards take a backseat

Recent data from the Reserve Bank of India (RBI) shows that out of 25 crore card transactions in the month of April this year, 22 crore were credit card transactions

Monetary policy review: CBDC QR codes likely to be interoperable with UPI

RBI plans to have 1 mn active customers by June-end

e-Rupi to wearables: How 50% of all transactions will be digital in 3 years

As of January 2022, there were 65 crore RuPay debit cards in circulation, accounting for 65% of the total debit cards issued

Bank of Baroda launches cash withdrawal facility via UPI on its ATMs

Bank of Baroda on Monday announced launch of Interoperable Cardless Cash Withdrawal (ICCW) facility wherein a customer can withdraw cash using UPI from the bank's ATMs. "The first public sector bank to launch this service, Bank of Baroda customers as well as customers of other participating issuer banks that use BHIM UPI, bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card," the lender said. On selecting the option 'UPI Cash Withdrawal' at a Bank of Baroda ATM, the customer needs to enter the withdrawal amount, post which a QR code is displayed on the ATM screen. Explaining the process, the lender said the customer will scan the QR code using a UPI app enabled for ICCW and then authorise the transaction with her/his UPI PIN on the mobile phone to withdraw the cash from the ATM. If multiple bank accounts are linked to a single UPI ID, ICCW functionality gives customers the option

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

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

BOB Financial opens up its entire RuPay Credit Card base for linking on UPI

BoB Credit Card customers can now use their RuPay Credit Cards on UPI with BHIM and other UPI-enabled Apps, BOB Financial Solutions Ltd (BFSL) said on Wednesday. BFSL is a wholly owned subsidiary of Bank of Baroda, and National Payments Corporation of India (NPCI). This enablement would open doors for Bank of Baroda RuPay Credit Card users to transact across all the merchant outlets with QR codes and POS devices in the country backed by convenience and security assurance of UPI, a joint statement said. Credit Card on UPI gives our customers access to the ease and convenience of transacting on UPI while they continue to enjoy the benefits of a credit card, BoB managing director Sanjiv Chadha said. BoB RuPay credit card customers can now directly link their credit cards with the UPI applications of their choice, such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik and PayZapp. "And they do not even have to carry the card with them. With this launch, we expect a significant rise

Razorpay unveils India's fastest one-step payments solution Turbo UPI

Razorpay Turbo UPI aims to deliver a 5X faster payment experience, streamlines the payment process and eliminates any redirection to external apps

Account Aggregator at heart of creating inclusive growth in India: Nilekani

Touted as the UPI moment for lending, AAs are licensed by the RBI to access data between financial information providers and financial information users

Google Pay allows UPI payments using RuPay credit cards; check details here

This feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank of India

Japan mulling to join UPI payment system to promote cooperation: Official

Japan is mulling to join India's UPI payment system and promote cooperation on the digital identity system, an official statement said on Friday. Bhutan, Nepal, Singapore and UAE have already started accepting Unified Payment Interface (UPI) payment systems. "Almost every global forum, whether G20, SCO (Shanghai Cooperation Organisation) or G7, wherever we are presenting Hon'ble PM Modi's Digital India vision, has very good traction. "People understand how Modi ji has democratised digital technology. I thank the Japanese digital minister. He has accepted PM Modi's very deep and extensive vision of Digital India," Union Minister for IT and Telecom Ashwini Vaishnaw said. Japanese Digital Minister Kono Taro earlier on Friday said in an interview with a media channel that Japan is mulling joining India's UPI system and working on mutually recognising digital identities as well. "We just had our G7 Digital Ministers' meeting last month and we had our Indian Digital Minister Mr Vaishnaw

Paytm partners with SBI Card and NPCI to launch Paytm SBI Card on RuPay

Earlier this year, the Reserve Bank of India allowed users to link RuPay credit cards to the United Payments Interface

Mobile wallets market in India to surpass $5 trn in 2027, says GlobalData

UPI has become one of the most preferred methods for day-to-day payments, said the report

Paytm appoints Bhavesh Gupta as COO, President amid profitability push

The fintech giant, in its Q4 results for FY23, managed to narrow its losses to Rs 168 crore. This compares to losses of Rs 392 crore a quarter ago and Rs 761 crore in the year-ago period

Zomato inks partnership with ICICI Bank to launch its own UPI offering

Currently, Zomato UPI has been rolled out to select users only. Further expansion of the service will hinge on the initial customer response

Zomato begins its own UPI offering, Flipkart expected to follow soon

The report citing sources added that e-commerce platform Flipkart is also hopping on the bandwagon and has started its work for UPI offerings

UPI-related scams account for 55% of total digital payments frauds in India

Half of these frauds, however, have a ticket size of less than Rs 10,000

SCO digital ministers adopt India's proposal to adopt digital public infra

India also shared its plans to invest $3 billion to take mobile connectivity to villages in remote areas and $5 billion to bring broadband connectivity to all 250,000 Gram Panchayats

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

Biz of moving currency booming, with new revenue streams set to open up

Millions of rural Indians now have debit cards, yet lack access to ATMs. Such drivers are expected to contribute to the growth of ATMs in the rural regions