Page 34 - Upi

No charge on UPI payments via RuPay credit card for up to Rs 2,000: NPCI

There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said. For international transaction enablement, the existing process from the app will apply to credit cards too, the National Payments Corporation of India (NPCI) said in the circular. Nil Merchant Discount Rate (MDR) would apply for this category up to the transaction amount less than and equal to Rs 2,000, it noted. MDR is the cost paid by a merchant to a bank for accepting payment from their customers via

UPI transactions touch a record Rs 11.17 trillion in September, shows data

On a year-on-year (YoY) basis, volume of transactions was up 85.55 per cent and value of transactions was up 70.61 per cent during the same period.

Massive growth in reels in past two years, says Meta's Ajit Mohan

Reels make up more than 20 per cent of the time people spend on Instagram, globally.

UPI Lite: A payment method that allows you to pay without PIN or internet

The upper limit for payments has been set at Rs 200; wallet balance cannot exceed Rs 2,000 at any point

Dilip Asbe reappointed MD & CEO of NPCI for five years at firm's AGM

Asbe took over as MD&CEO of NPCI in Jan 2018. Prior to that, he was the firm's COO for close to 5 years

Regulating Digital India

Discriminatory algorithms will be the most complex of challenges for regulators

Idea is to generally link credit cards with UPI: RBI executive director

There was lack of clarity on whether the RBI will extend this facility to credit cards of other card networks, such as Visa, Mastercard, etc

The big plastic bonanza: Credit cards business is booming like never before

Defying the after-effects of pandemic-related pay cuts and job losses, the credit cards business is booming like never before

ONDC and UPI together will reorder India's supply chain: Nandan Nilekani

Speaking at the Global Fintech Fest 2022, he said the supply chain will become far more efficient and will help reach products and services to everyone much more easily

Fintech industry needs to work relentlessly on safety, say PM Modi

Prime Minister Narendra Modi on Tuesday said the fintech sector needs to work relentlessly on safety and reliability to uphold trust of the people. In his message at the Global Fintech Fest, Modi said the sector has been an example of the wonders that can be worked when a government that encourages innovation comes together with the energy of young and inventive minds. "Innovation for inclusion has been our mantra, leading to the revolution in public delivery ensured by the JAM Trinity, success of UPI in making digital payments a way of life, and India's global rise in the fintech and startup space as a hub of innovation and investment," Modi said in the message which was read out by Kris Gopalakrishnan, Chairman, GFF 2022 Advisory Board. JAM Trinity refers to Jan Dhan-Aadhaar-Mobile. Modi said from a largely unbanked population to a country that is not only surging towards saturation in banking access but also digitally equipped, it has been a phenomenal journey. "People involved

Other nations showing interest in India's payment ecosystem: FM Sitharaman

India leading the way in building an inclusive financial world, she says

Walmart-backed PhonePe asks NPCI to extend the volume cap deadline

With this move, NPCI was aiming to reduce the concentration risk in the system and potentially curb the dominance of two large players while ensuring other players also get a chance to grow

Stocks to Watch: Adani Ports, Tata Power, UPL, SBI, Tata Motors, Patanjali

Stocks to Watch: State Bank of India (SBI) has clarified that it has not been identified as a nodal bank for handling Russia-related rupee transactions

Large corporates request RBI for customers' UPI data, says Dy Guv Sankar

Large corporates, including fintech, have requested the RBI on how they could access the data from UPI

Data monetisation should have consumer consent: RBI deputy governor

Last month, the government withdrew the Personal Data Protection Bill from the Lok Sabha and IT Minister had said the Centre was hopeful of getting a new legislation passed by the next Budget Session

Financial inclusion through fintechs

By helping to eliminate information asymmetry across the user journey, fintech has made the equitable distribution of financial services easier. This ensures better inclusivity.

Banks in talks with Singapore's DBS to begin real-time remittance system

At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone

National energy major IOCL enhances customer payment experience with Fiserv

Indian Oil Corporation Limited Enhances Customer Payment Experience with Fiserv

Growth in credit card spends is here to stay: Rama Mohan Rao Amara

Rama Mohan Rao Amara, MD & CEO, SBI Card spoke on the reasons behind record spends, the company's ideal run rate of issuance of credit cards, impact of RBI's discussion paper on payment charges.

UPI processes over 6.5 billion transactions in August worth Rs 10.72 trn

Digital payment transactions value through UPI rose to Rs 10.73 lakh crore in August this year, up marginally from the previous month, data showed on Thursday. In July 2022, the UPI-based digital transaction value stood at Rs 10.63 lakh crore. The value of UPI transactions during August this year relates to a total of 6.57 billion (657 crore) transactions, up from 6.28 billion (628 crore) in the preceding month, as per the data released by the National Payments Corporation of India (NPCI). In June, there were 5.86 billion transactions, valued at worth Rs 10.14 lakh crore. Of the other data sets on the NCPI framework, the instant transfer-based IMPS clocked transactions worth Rs 4.46 lakh crore in August, relating to a total of 46.69 crore transactions. In July, it stood at Rs 4.45 lakh crore in value terms through a total of 46.08 crore transactions. The NETC FASTAG for automatic toll deduction at toll plazas witnessed transactions worth Rs 4,245 crore in August, up from Rs 4,162