Page 26 - Upi

Top card cos to go live with UPI-linked RuPay credit card feature by June

The feature seeks to include 50 million UPI merchants in the formal credit economy and drive consumption in a big way

UPI continues to dominate digital payments thanks to wide use of QR codes

According to a Worldline India report on India's digital payments, in 2022, UPI processed over 74 billion transactions, an increase of 70 per cent YoY

India shows tech can bridge haves & have-nots divide: Rajeev Chandrasekhar

The government will spend some $200 million (around Rs 1,635 crore) to develop an AI ecosystem and make e-governance platforms more intelligent, said Chandrasekhar

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

Customers can pay transaction amount above Rs 10,000 in the form of instalments in three, six, or nine months

We should be allowed to charge for UPI: Worldline India's Ramesh Narasimhan

In a Q&A, the company's CEO dwells on the huge opportunity the payments business provides in India and why there is a sudden rush to acquire an aggregator licence

Monetary policy review: UPI payments via pre-sanctioned bank credit soon

This new feature could be seen as a substitute for credit card, which has limited reach, experts say

Pre-sanctioned credit lines at bank to come under UPI ambit, says RBI

The Reserve Bank on Thursday proposed to expand the scope of the Unified Payments Interface (UPI) by including pre-sanctioned credit lines at banks within the ambit of the popular payment platform. UPI is a robust payment platform supporting an array of features. Presently it handles 75 per cent of the retail digital payments volume in India. The UPI system has been leveraged to develop products and features aligned to India's payments digitisation goals, said RBI Governor Shaktikanta Das while announcing the bi-monthly monetary policy. "It is now proposed to expand the scope of UPI by enabling transfer to / from pre-sanctioned credit lines at banks, in addition to deposit accounts," he said. In other words, UPI network will facilitate payments financed by credit from banks. This can reduce the cost of such offerings and help in the development of unique products for Indian markets. At present, UPI transactions are enabled between deposit accounts at banks, sometimes intermediated

RBI proposes expanding UPI payments to allow pre-sanctioned credit lines

According to Das, the UPI has transformed retail payments in India and its robustness has been leveraged to develop new products and features from time to time

Thomas Cook to set up forex outlets at Manohar International Airport

Goa's Thomas Cook Airport counters will enable foreigners from G20 countries and NRIs to make UPI eligible Indian Rupee transactions upon arrival

SBI to find out reasons behind outage, ensure such event don't recur

Surge in digital payments in the past few years has highlighted the need for banks to raise the capacity of their digital platforms

SBI digital services impacted due to tech glitch, resolved later

Earlier in the day some customers complained in social media that they were unable to access net banking, Unified Payment Interface (UPI) of SBI

Govt may consider 0.3% fee to maintain UPI payment system: Report

The government may consider a 0.3 per cent uniform digital payment facilitation fee to fund the infrastructure required for such transactions and also to ensure financial viability of the UPI payment system, suggested a study by IIT Bombay. The facilitation fee of 0.3 per cent can generate around Rs 5,000 crore in 2023-24, said the study titled 'Charges for PPI-based UPI payments--The Deception'. The study, which analyses the impact of the decision of the National Payments Corporation of India (NPCI) to introduce interchange fee on payments through mobile wallets, argued that the payments received by merchants should remain 'unpolluted' whether they are from UPI directly or through prepaid e-wallets. The NPCI, with effect from April 1, 2023 introduced an interchange fee of 1.1 per cent on transaction amount for usage of prepaid payment instruments for making payments through UPI to merchants. These will apply on prepaid wallet-based UPI merchant transactions. Rather than thrusting

UPI processes 8.7 bln transactions in March, highest ever since inception

UPI transactions in March 2023 were over 60 per cent and 46 per cent higher in volume and value terms from the year-ago period, according to NPCI

Statsguru: Six charts explain the UPI's emerging growth challenge

There are more than 7 billion transactions every month using the payment system - more than five transactions for every man, woman and child in the country

From insurance policies to MFs, here are the new tax rules from April 1

What changes: Tax on proceeds from high-value insurance policies, higher tax on debt MFs and more

UPI transactions will be free until govt reviews, says NPCI MD & CEO

The NPCI quickly clarified that the circular was only pertaining to PPI-based merchant transactions on UPI and the basic UPI transactions remain completely free

G-20 Sherpas' meeting: India to fund digital payments infrastructure abroad

"This is about spreading India's soft power and also enabling Indian private sector, which is well versed in these technologies, to get business opportunities abroad," a second senior official said

NPCI interchange fee rule: Will your UPI-wallet payments not be free now?

The NPCI's decision to levy 1.1 per cent fees on the UPI-wallet payments has led to a lot of speculation on social media, people are worried this will make the transactions costlier. But is it true?

Account-to-account transfers on UPI fully free for customers, vendors: NPCI

Paytm set to gain from interchange fee for merchant payment via wallets on UPI platform

UPI charges: Here is how interchange fees on wallet payments will work

From April 1, the platforms offering prepaid instruments like wallets and gift cards will have to pay interchange fees on transactions above Rs 2,000