Page 28 - Upi

NPCI holds talks with RBI on proposed December 31 volume cap deadline

National Payments Corporation of India (NPCI), which runs the UPI digital pipeline, is in talks with the Reserve Bank on implementation of its proposed December 31 deadline for limiting the volume cap of players to 30 per cent. At present, there is no volume cap. So, two players -- Google Pay and PhonePe -- account for a market share of about 80 per cent. NPCI in November 2022 had proposed a 30 per cent volume cap for third-party app providers (TPAP) in a bid to avoid concentration risk. In this regard, sources said, a meeting was convened to comprehensively look at all aspects. Besides NPCI officials, senior officials of the finance ministry and RBI also participated in this. At the moment, NPCI is evaluating all the possibilities and no final decision has been taken to extend the December 31 deadline, the sources said. NPCI has also received representations from industry stakeholders to extend the deadline and they are being examined, they added. According to the sources, NPCI

Six years after demonetisation, deployment of ATMs set for biggest spike

ATM deployments had hovered between 225,000 and 235,500 units, before sniffing the 260,000-mark recently

Future of technology going to be driven by India: UAE's AI minister

Though technology is driven from places such as Bengaluru, Al Olama said it is coming from the rest of the world as well

Google adds UPI's auto payment feature on Play Store for app subscriptions

Google has added UPI's auto payment system to the Play Store in India to enable users make recurring payment for apps subscription with one-time permission, the company said in a blog on Tuesday. "Today we're pleased to extend this convenience to subscription-based purchases by introducing UPI Autopay on Google Play in India. Introduced under UPI 2.0 by NPCI, UPI Autopay helps people make recurring payments using any UPI (Unified Payments Interface) application that supports the feature," Head of Google Play Retail & Payments Activation - India, Vietnam, Australia & New Zealand, Saurabh Agarwal, said in a blog. The money will be automatically deducted on every billing cycle of the app from user's bank account with activation of the feature.

A step-by-step guide on withdrawing cash from ATM using UPI apps

Withdrawing without debit or credit cards reduces chances of transaction failure due to wrong PINs, or lost or stolen cards; note, however, that very few banks offer UPI-based withdrawals currently

A step-to-step guide to transferring Amazon Pay balance to bank account

Note, however, that you can only do this if you have completed your KYC

G20 Delhi summit likely to have dedicated vertical for digital public goods

Open-source Aadhaar and UPI will be two top digital public goods offered; govt trying to take QR-based authentication and payment services global following success of DBT, payment digitisation

This company promises to let feature phone users make UPI transactions

The Mumbai-based fintech company says by using its services, feature phone users can access their bank accounts, transfer funds, and make bill payments by giving a missed call

Top headlines: Adani to build plants in SL, active Indian firms near 1.5 mn

Business Standard brings you the top headlines this hour

NPCI likely to extend volume cap deadline for existing UPI apps

PhonePe, and Google Pay likely to be the beneficiaries

Walmart-owned PhonePe to enable UPI activation on Aadhaar-based OTP

The Walmart-owned firm said this will now enable several millions of Indians to become a part of the UPI ecosystem seamlessly

We do much more than just enable payments: PayNearby CEO Anand K Bajaj

'We want to make India a more inclusive and empowered nation'

For first time in decades, cash in circulation dips in Diwali week: Study

Technology changing how Indians make payments; trend will help monetary transmission: SBI Research

Centre to not intervene in deciding deadline for payment platforms' 30% cap

PhonePe and Google Pay approached the National Payments Corporation of India (NPCI) asking for an extension to the December 2022 deadline for at least three years

RuPay credit card UPI to succeed if small transactions under 10%: Asbe

'RuPay credit card UPI to see good traction if small merchant transaction stays within 10%'

NPCI CEO pitches UPI autopay after Musk demands fee for blue ticks

Even as a debate rages about Twitter's decision to charge users for 'blue ticks', the NPCI has pitched its UPI autopay offering to take care of the monthly payments. National Payments Corporation of India (NPCI) managing director and chief executive Dilip Asbe replied to a tweet by billionaire Musk, saying the UPI's recurring payments offering already has 7 million users. "No worries, India has UPI AutoPay (7 Mn new approved collection mandates/month) to collect every anytime/month/quarter or yearly as you wish dear Twitter," Asbe wrote in response to Musk's tweet, tagging the microblogging site as well. "To all complainers, please continue complaining, but it will cost USD 8," Musk said in a tweet. It can be noted that the NPCI operated Unified Payments Interface (UPI) has been at the centre of the Indian digital payments story and taken the electronic alternative to newer highs. Twitter has been giving the 'blue tick' for public figures and known figures for many years now. The

Commonwealth Secretary General welcomes India's offer to share UPI tech

Commonwealth Secretary General Patricia Scotland has welcomed India's offer to share its path-breaking Unified Payments Interface (UPI) technology with other members of the Commonwealth of Nations, hailing the move as potentially transformational. 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 the UPI transaction so far. Moreover, it has played a key role in the country making a transition to a cashless economy. The inexpensive medium for cashless transactions has been gaining traction month-on-month basis. Payment through UPI has crossed a milestone of Rs 11 lakh crore in September, as per the data released by National Payments Corporation of India. An offer was made by India at the Commonwealth Bank of Governors meeting on October 12. This generosity is very welcome, Scotland told PTI in an interview. India's willingness t

Madras HC orders status quo against digital payment app MobilePe

The Madras High Court has ordered maintenance of status quo against digital payment app MobilePe and its group companies in the matter of offering unified payments interface (UPI) and Bharat interface for money (BHIM) services. Justice M Sundar granted the injunction while passing interim orders on an application arising out of a civil suit from PhonePe on October 19. In its suit, PhonePe contended that the defendant companies had infringed upon its trademark. The judge found the logos of the plaintiff company PhonePe and the defendant companies (MobilePe) were similar. The plaintiff company made out a prima facie case of possible deception, the judge said and passed the interim order and issued notice to the defendant companies returnable by November 2.

Play Store policies: CCI lands second blow, Google fined Rs 936 crore

Regulator suggests eight corrective steps

FM Sitharaman offers open source network India Stack to other countries

Separately on Thursday, at the G-20 meeting, Sitharaman called on her counterparts to work together from the current geopolitical risks from worsening