Page 31 - Upi

India has potential to do 100 billion UPI transactions a month: NPCI CEO

India has the potential to do 100 billion Unified Payments Interface (UPI) transactions a month, a top official from the National Payments Corporation of India said on Tuesday. This would be a 10-time growth over the 10 billion transactions achieved by the 2016-launched platform in August. Dilip Asbe, chief executive officer and managing director of NPCI, said there are 350 million UPI users at present and pegged the growth opportunity in merchants and users at 3 times more. "...if you take the combined effect, we have a 10x opportunity from where we stand," Asbe said speaking at the Global Fintech Fest here. He declined to specify a date by which NPCI aims to reach there, but said that by 2030, India will witness 2 billion transactions a day. At present, global giant Visa processes 22.5 billion transactions a month, while its rival MasterCard does over 11 billion transactions. Asbe also said that credit card usage can witness a ten-time growth if the industry shifts to the emerg

State Bank of India announces introduction of UPI interoperability on CBDC

The State Bank of India (SBI) on Monday said it has implemented UPI interoperability in its digital rupee, called Central Bank Digital Currency (CBDC). With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers, SBI said in a statement. This cutting-edge feature, accessible through the 'eRupee by SBI' application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions, it said. SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022. "The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions," it said. This integration will be a game changer for the digital currency ecosystem, it said, adding, the move is the outcome of our unwavering commitment to pushing the boundaries of digital innovation to accelerate the transition to a

RBI allows scheduled commercial banks to issue credit lines through UPI

The regulator said banks may, as per their board-approved policy, stipulate terms and conditions of use of such credit lines

Top headlines: Q1 GDP data, core sector output slowed to 8%, and more

Business Standard brings the top headlines at this hour

India clocks 10 billion UPI transactions for the first time in a month

In August 2023, the Immediate Payment Service (IMPS) transactions were seen at 473 million until August 30 with a value of Rs 4.93 trillion

India discusses launch of UPI in New Zealand to enable ease of doing biz

India's exports to New Zealand were $548 million in FY23, up from $487.6 million in FY22

India, New Zealand discussing UPI introduction to promote ease of doing biz

India and New Zealand are discussing the possibility of introducing the Unified Payments Interface (UPI) in the island country with a view to promoting ease of doing business, trade and tourism between the countries, the commerce ministry said on Tuesday. The two countries are also looking at ways to allow the import of wooden logs from New Zealand. These issues were discussed during a bilateral meeting between Commerce and Industry Minister Piyush Goyal and New Zealand's Minister for Trade and Export Growth Damien O'Connor on Monday here. "Ministers welcomed early discussions between National Payments Corporation of India (NPCI) and Payments NZ regarding the UPI system and agreed that both sides should continue deliberations on this issue. They agreed that introduction of UPI in New Zealand would promote ease of doing business between both the countries and promote trade and tourism as well," the ministry said. In 2022, the National Payments Corporation Of India (NPCI), the umbrel

UPI has empowered India leading to a revolution: Justice Yashwant Varma

Technology has changed the way we work, communicate, educate and learn, Justice Yashwant Varma of the Delhi High Court said on Saturday, adding that unified payments interface (UPI) has empowered India leading to a revolution. Speaking at the Indian Science Competition hosted by Anand and Anand law firm, Justice Varma called the initiative a great step. "Today, we stand at the cusp of the fourth industrial revolution and find that everything has changed -- the way we work, communicate, educate and learn. We see rapid penetration of AI (artificial intelligence), internet of things, driverless cars..." a statement issued by the law firm quoted Justice Varma as saying. He also spoke about the government's initiative such as the National Innovation Foundation, which encourages the spirit of India to promote science and discovery. Justice Varma said out of almost 140 patents filed through these foundations, one was of Rajendra Yadav from a small village in Maharashtra who invented a ...

RBI raises small value payment transaction limit in offline mode to Rs 500

The total limit for offline transactions on a payment instrument, however, remains Rs 2,000

Noida Metro integrates UPI facility for payment of tickets, card recharge

Passengers not having change while purchasing tickets on Noida Metro can now avoid hassle by using the UPI payment facility across all the stations of the rail network. Noida Metro Rail Corporation (NMRC) Managing Director Lokesh M inaugurated the Unified Payments Interface (UPI) payment facility at the Sector 51 metro station of the Aqua Line on Thursday. "The UPI facility for purchasing tickets from counters is now functional at all stations of the Noida-Greater Noida Metro corridor," an official of the NMRC said. The use of cash, credit and debit cards for purchasing tickets at the counter as well as the NMRC smart card at the customer care centre at all stations will continue as usual, the official added. The Sector 51 metro station, which has six ticket counters and one customer care centre, also has two automatic ticket vending machines (TVM) which have the UPI facility. So far, only these two "prototype" TVMs are available at this station while a proposal to have more such .

Noida Metro begins UPI payment facility at all stations for tickets

Passengers not having change money for purchasing tickets on Noida Metro can now avoid hassle by using the UPI payment facility across all the stations of the rail network. Noida Metro Rail Corporation (NMRC) Managing Director Lokesh M inaugurated the Unified Payments Interface (UPI) payment facility at the Sector 51 metro station on Thursday. The UPI facility for purchasing tickets from counters is now functional at all stations of the Noida-Greater Noida Metro corridor, an official of the NMRC said. The use of cash, credit and debit cards for purchasing tickets at the counter or the NMRC smart card at the customer care centre at stations will continue as usual, the official added. Built at a cost of Rs 5,503 crore, the Aqua Line connects the twin cities of Noida and Greater Noida in Gautam Buddh Nagar over a distance of 29.7 km through 21 stations.

India plans to seek its own rating, testing mechanism for DPIs, DPGs

India is working to create collaborations in order to certify, register, test, and benchmark Indian digital public infrastructure (DPIs) and digital public goods (DPGs)

UPI can play vital role as a global public asset: RBI Governor Das

RBI governor asks private sector to engage in provision of global public goods

Monetary policy review: Soon, conversational payments on UPI using AI

Reserve Bank of India (RBI) Governor Shaktikanta Das said that talks are underway with several countries, including Japan, regarding UPI linkage

Our economy is fastest growing: FM Sitharaman during the no-trust debate

In just nine years, the economy rose and saw economic development due to the policies of BJP government,' Nirmala Sitharaman said in Lok Sabha

You may soon be able to make UPI payments by talking or just tapping phone

RBI governor Shaktikanta Das in the MPC decision announcement on Thursday, proposed to enable 'conversational' payments on UPI using AI

UPI transaction value up 4% in July; inches closer to 10 billion in volume

In July 2023, the Immediate Payment Service (IMPS) transactions were seen at 490 million up 5 per cent from 468.1 million in volume

Fintech company CRED launches RuPay credit card-based UPI payments

According to CRED, this initiative will benefit banks and merchants through increased consumption and inclusion in the credit ecosystem

Universal Postal Union to assess UPI platform for cross-border remittances

The Universal Postal Union will evaluate UPI for integrating the unified payment interface with cross-border remittances using global postal network, an official release said on Tuesday. Director General of Universal Postal Union (DG UPU) Masahiko Metoki, who is on a three-day visit to India for the inauguration of UPU Regional Office, also met Minister of Communications, Electronics and IT Ashwini Vaishnaw here on Tuesday. "During the interaction, DG UPU appreciated India's expansion of physical post offices riding on the waves of digital infrastructure and advocated the replication of similar models in other countries. He also agreed to evaluate UPI platform for integrating it with cross-border money remittance through postal channels," the release added. Vaishnaw shared the transformation of the post offices into a digitally powered network, capable of doorstep delivery of government services in remote areas, according to the release.

PhonePe Insurance launches monthly subscriptions for health policies

Option will lower financial burden for customers, says company owned by fintech major PhonePe