Page 27 - Upi

How financial reforms can quicken pace for India to become a $5-trn economy

In the Union Budget for FY22, no funds were earmarked for recapitalising state-run banks. This was a decadal first, and will temper their eagerness to lend

What can India's consumer fintech look forward to in 2023?

An SBI report recently said that the use of UPI has jumped 70 times in the past four years. So, should there be charges on UPI fund transfers? And, did the fintech industry come of age in 2022?

India's public digital platforms have delivered social inclusion: Vaishnaw

"India believes in the philosophy of inclusion. India's population scale and open source 'public digital platforms' such as UPI and Aadhaar have delivered economic and social inclusion," he added

SBI, Axis, ICICI Bank to go live on 'Rupay Credit card on UPI' by March

Move likely to cause a spike in daily transaction values on this feature, see many UPI users absorbed into credit card ecosystem

Zero MDR a force-multiplier of economic growth: Paytm chief at BFSI summit

We will be known as (the) consumer technology builder of the world,' said Sharma at the Business Standard BFSI Insight Summit in Mumbai on Wednesday

UPI ecosystem needs to be sustainable to grow further: Google Pay

Hints at the need to make transactions on the platform chargeable

Brokers fret as secondary market ASBA gains motion with new UPI feature

They are staring at a 15-20% drop in the revenues they make from interest on the surplus funds clients park with them. Something similar had played out when ASBA was launched for IPOs

Give us money to burn, we can build a UPI-like product: Axis Bank's Amitabh

After being chided by RBI brass for missing the UPI bus by not investing early, a top executive of Axis Bank on Thursday said banks do not have money to burn for building such businesses. "We didn't have Rs 3,000 crore of money to make a loss on," was the quick response of Amitabh Chaudhry, the managing director and chief executive of the third largest private sector lender, when asked to comment on RBI Deputy Governor T Rabi Sankar's weekend statement. Speaking at an event organised by brokerage Motilal Oswal, Chaudhry further said businesses like Unified Payments Interface (UPI) are loss-making and also lack cash flows, and wondered how their valuations keep going up. Entities like Google Pay and the Walmart-backed PhonePe are pumping money into such products because they have some other business to do. The way ahead for such businesses is to either act as a distributor and collect fees, or compete with banks by getting into similar businesses, he said. The RBI has made it clear

UPI to now allow blocking money for multiple debits, paves way for ASBA

The RBI said the Bharat Bill Payment System (BBPS) will now include a wider variety of recurring and non-recurring payments

Top Headlines: IDBI stake sale, comprehensive package for Vi, and more

Queries shows a strong interest in the proposed IDBI transaction

RBI introduces single-block-and-multiple debits functionality in UPI

Feature will make payments easier for e-commerce and investments in securities

UPI transactions see 650% rise at semi-urban, rural stores: Report

The unified payments interface (UPI) transactions witnessed a meteoric 650 per cent rise at the semi-urban and rural stores in India this year, a report showed on Tuesday

GSTN in AA network: Operational costs of banks expected to come down

GSTN is expected to go live on AA network in late January or early February, people aware of the development say

Digital payments in India touch Rs 38.3 trn at over 23 bn transactions

The Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 bn transactions amounting Rs 38.3 trn in the third quarter

Razorpay to allow merchants to accept credit card payments via UPI

Fintech platform Razorpay announced an industry-first move to enable merchants to accept credit card transactions on unified payments interface, as the digital payments landscape witnesses growth

Saw many threats from crypto; CBDC was the way forward: RBI DG Sankar

Implementing NPCI volume-cap right now may have caused friction in UPI

UPI volume cap deadline extended by 2 yrs in relief for PhonePe, Google Pay

Players wanted five-year extension on the market cap deadline

Paytm expects blended payment margin to stabilise at 5-7 bp on GMV

Digital financial services firm One97 Communications, which operates under Paytm brand, expects its blended net payment margin to stabilise at 5 to 7 basis points due to increase in share of UPI in the payment business, according to company's founder and CEO Vijay Shekhar Sharma. Net payment margin or net contribution profit is defined as payment revenues less payment processing charges. According to a presentation made before analysts, One97 Communications (OCL) said the company at present, earns net payment margin of 7 to 9 basis points (bps) of gross merchandise value (GMV) on processing. "Of which UPI gives us 3 to 4 bps and other instruments give us 15 to 18 bps. Since UPI is growing faster than other instruments, we expect blended margin to stabilize at 5 to 7 bps," Sharma said during the presentation. Paytm's payment charges will trend lower as percentage of GMV because of higher UPI in mix and routing and rate optimisations, the company explained. During the September 2022

Why this is India's decade

From being the 'office to the world', India is set to become its factory too

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet