Page 26 - Upi

Fake notes in coin vending machines led to UPI-based alternative: RBI

Getting fake currency notes in coin vending machines led the Reserve Bank to announce the unified payment system-based alternative, Deputy Governor T Rabi Sankar said on Wednesday. Sankar said the RBI had installed coin vending machines at strategic places like vegetable markets where there is a high demand for coins but had to grapple with the challenge of fake notes. The problem then was that the currency that was being fed into these machines was found to be very often fake so that became an issue, he told reporters at the central bank headquarters here. This is where the RBI started to think of the alternatives that can be deployed, Sankar said, adding that a lot of people use cellphones which can scan a QR code which can be linked to the unified payments interface to initiate and process a transaction sans the use of currency notes. The machine was developed in-house and a pilot project was launched, which is now being expanded, Sankar said, adding that the newly announced ..

RBI to launch pilot project for QR-based coin vending machines in 12 cities

These vending machines will dispense coins against a debit to the customer's account. The process will use Unified Payments Interface (UPI) instead of physical tendering of notes

PhonePe launches cross-border UPI payments service, says it's India's first

Users can activate UPI-linked bank account for the international service at the merchant location, or before that

Penal charges by lenders on RBI radar, to come out with a paper: Das

Das also said RBI has decided to extend UPI to inbound travellers, expanding the scope of Trade Receivables Discounting System and launch a pilot project on QR Code-based Coin Vending Machines

Paytm, PhonePe to launch UPI Lite for smaller epayments soon: Report

UPI Lite was introduced by the National Payment Corporation of India (NPCI) last year to facilitate small ticket transactions up to Rs 200

Amping up DigiLocker as India moves to the next wave of digitisation

India's citizens will soon be able to access a wider range of authentic documents through their digital document wallets

Govt expects 5-7 countries to sign up for India's tech stack by March

The government expects five to seven countries to sign up for adopting India-developed technology platforms like UPI and Aadhaar by March for accelerating digitisation, according to Union minister Rajeev Chandrasekhar. While speaking at India Stack Developer Conference, the minister said that the Prime Minister has decided to offer India technology platforms to countries to help them accelerate digitisation. "I expect by February-March, about 5-7 countries around the world to sign up (for adopting platforms)," Chandrasekhar said. The government plans to reach out to several countries to offer them technology stack (Aadhaar, UPI, Digi Locker, Co-Win, GeM, GSTN etc) as part of its responsibility as G20 Presidency and expects Indian startups and system integrators to gain from the exercise.

Several countries expected to adopt India's tech stack in Feb: Minister

India not looking to monetise platform's features that can be helpful to countries for digitising economies

BHIM dilemma: Transaction value high, but volumes way lower than rivals

From accounting for a quarter of all UPI transactions, app now has a share of just 0.76%

TMS Ep349: India Inc yearly outlook, UPI, power stocks, trans-shipment hub

What's behind Indian CEOs' cautious outlook? Will UPI disrupt the billion-dollar remittances market? Will cold wave keep power stocks warm this winter? Why is a trans-shipment hub? All answers here

Sebi moots ASBA-like payment system for secondary market stock trade

Proposed payment system aimed at preventing misuse of client funds by brokers

Visa, Mastercard may be allowed a share of India's online payments

Growing from nothing in 2016, the smartphone-based UPI - a public utility - handled nearly Rs 13 trillion ($160 billion) in December

Leader in tech, laggard in succession systems

It is difficult to reconcile the ultra-modern technology-driven banking sector with its poor record on customer service, including on the succession front

Paytm to be key beneficiary of govt's UPI incentive scheme: Morgan Stanley

The Union Cabinet on Wednesday approved the incentive scheme of Rs 26 billion for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for FY23

NRE/NRO accounts with international mobile numbers can now use UPI

The UPI ecosystem members have to comply with NPCI's directions by April 30, 2023

Three-four countries keen on UPI, says NPCI MD & CEO Dilip Asbe

UPI, Singapore's PayNow integration to go live soon

UPI, Singapore's PayNow integration anytime soon: Official at G20 meet

The Monetary Authority of Singapore on Monday said integration of India's Unified Payment Interface (UPI) and equivalent network in Singapore, known as PayNow, will begin anytime soon, which in turn will reduce the remittance cost by 10 per cent. There will be interoperability of the two digital payment networks, allowing seamless remittances between the two countries at a highly competitive rate. "Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," Singapore central bank's chief fintech officer Sopnendu Mohanty said at the G20 meeting on financial inclusion at Kolkata. "As of now, remittance to India is at least 1 billion Singapore Dollars and India to Singapore will be 200-300 million Singapore Dollars," Mohanty said. Pramod Verma, chief architect of Aadhaar & India Stack said similar interoperability will also happen with Dubai and a few other countries soon. He said this integration will also help Indian tourists pay in Singapore using ...

96% MSMEs in India optimistic about 2023, expect profits to rise: Report

Two in every three MSMEs expect the profit to jump by over 30 per cent: MSME Business Confidence Study

UPI payments touch record high of Rs 12.82 trillion in December 2022

Payments through the Unified Payments Interface (UPI) touched a record high of Rs 12.82 lakh crore in December. During the month, 782 crore transactions in volume terms were done on the platform, which was launched in 2016. "UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth ?12.82 trillion," the Department of Financial Services said in a tweet on Monday. Payments through UPI had crossed the Rs 12 lakh crore mark in October this year. In November, as many as 730.9 crore transactions worth Rs 11.90 lakh crore had taken place via UPI. UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions. The inexpensive medium for cashless transactions has been gaining traction month-on-month and 381 banks are live on it. UPI transa

UPI processes record 7.82 bn transactions in December, ends 2022 on a high

In the calendar year 2022, UPI processed over 74 billion transactions, worth Rs 125.94 trillion, NPCI data showed