Page 7 - Upi

UPI's contribution to payments ecosystem volume grows to 83.4% in FY25

UPI recorded 185.8 billion transactions in FY25, up 41.7% from FY24, with India's digital payments now accounting for 99.9% of non-cash retail payments, according to RBI data

Almost-universal UPI usability in 15-29 age group in India, finds survey

The study found that about 85.5% of Indian households have at least one smartphone, while 86.3% have access to the internet within the home

Why your UPI app may soon restrict balance and account info requests

Starting August 1, new rules will aim to reduce slowdowns and improve transaction reliability for users

No more scams: UPI apps to now show recipients' bank-registered names only

New NPCI rule makes UPI safer by displaying only bank-verified names, cutting down fraud, confusion, and shady display names in payment apps

NPCI steps up UPI vigil to prevent future disruptions in core network

Outlines operational guidelines for 10 APIs linked to UPI

ATMs slide into the shadows as digital transactions take centerstage

With the Covid-induced surge in UPI transactions now firmly here to stay, banks are rethinking their strategies - and costs - on ATMs, especially for off-site machines

FM asks banks to stay alert, says financial system remains robust

Finance Minister asks banks to ensure uninterrupted banking, cyber vigilance and ATM cash flow amid India-Pakistan tensions; insurers told to speed up claim settlements

UPI QR codes fastest-growing payment infrastructure in FY25, shows data

In FY25, the number of UPI QR codes saw 91.5 per cent year-on-year (Y-o-Y) growth to 657.9 million, while growth in credit card slowed down to 7.94 per cent Y-o-Y

Time spent on gaming grows 30%, 18-30 ages dominate India's market

Lumikai report shows gaming time in India rose to 13 hours a week in 2024, driven by young users aged 18-30, with UPI accelerating in-game payments and monetisation

NPCI issues two circulars on API usage amid rising UPI disruptions

The NPCI has directed banks to implement changes in the response time of UPI APIs by June 16 this year. These guidelines, shared with banks and other stakeholders, aim to reduce UPI network outages

Optimise credit card rewards by picking high-value redemption option

"They swipe the same card for every transaction, regardless of whether it offers optimal rewards for that category," says Adhil Shetty, chief executive officer (CEO), Bankbazaar.com

BHIM app rolls out the UPI Circle feature with partial delegation

Transactions initiated by these secondary users will require explicit approval from the primary users via their UPI PIN on the application

Coming soon: A new system to integrate netbanking, payment aggregators

This new switch being developed by NPCI subsidiary NPCI Bharat BillPay Limited (NBBL) will not leverage any existing payments system tech but will focus on creating a new system altogether

UPI Circle launched on Bhim app: how it works and key benefits

Feature allows users to securely delegate UPI payments to trusted individuals; each transaction requires real-time approval

No GST on UPI transactions above ₹2,000, clarifies Finance Ministry

A ministry release said that since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions

PhonePe launches UPI Circle, payment feature that helps the 'unbanked'

'Primary user' of a UPI account can add trusted individuals to their circle by using UPI ID or QR code & authorise payments for them from anywhere

NPCI meets banks, UPI apps to discuss recent outages on the platform

Sources also said that NPCI informed banks that it will be sharing a detailed to-do list, outlining specific actions that need to be implemented to strengthen the UPI ecosystem

India planning to bring 300 million new users onto UPI payments platform

The home-grown payments platform has in the past five years transformed how more than 450 million retail consumers pay for everything from holidays to a cup of tea using their smartphones

Transaction declined: UPI outages raise tough questions for NPCI, RBI

To be fair, NPCI has done phenomenal work over the past decade. It has revolutionised digital payments in the country with about 600 million average daily UPI transactions

Uganda gears up to roll out of Aadhaar-like ID system, eyes UPI adoption

MOSIP is an open-source digital identity platform developed in India to help governments build secure and inclusive Aadhaar-like national ID systems