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UPI transactions likely to touch 100 billion mark in next 10 years: NPCI chief

UPI transactions likely to touch 100 billion mark in next 10 years: NPCI chief

Thu, Aug 29, 2024

India's Unified Payments Interface (UPI) is poised to reach 100 billion transactions in the next 10-15 years, driven by credit growth and increasing fintech transactions, according to NPCI CEO Dilip Asbe. A PwC India report forecasts a threefold increase in UPI transactions by 2028-29, with UPI accounting for 91% of retail digital payments.

RBI focuses on making UPI, RuPay 'truly global': Governor Shaktikanta Das

RBI focuses on making UPI, RuPay 'truly global': Governor Shaktikanta Das

Wed, Aug 28, 2024

India is engaged actively in international fora and bilateral agreements to foster economic cooperation with many countries going forward, and strengthening financial infrastructure, including cross-border payment systems, will be the RBI's key focus areas, he added.

RBI to set up public repository of digital lending apps to check unauthorised players

RBI to set up public repository of digital lending apps to check unauthorised players

Thu, Aug 08, 2024

The Reserve Bank of India proposes new measures including a public repository for unauthorized digital lending apps and the introduction of 'Delegated Payments' in UPI. These changes aim to enhance the digital lending ecosystem, increase UPI tax payment limits to Rs 5 lakh, and speed up cheque clearing through continuous settlement. More details in Shaktikanta Das address.

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Govt sets budget of Rs 3,500 crore to promote BHIM UPI and Rupay Card: Check details

Govt sets budget of Rs 3,500 crore to promote BHIM UPI and Rupay Card: Check details

Tue, Mar 12, 2024

The move is in with the various initiatives being taken by the Government to promote digital payments and, as a result, over past few years, digital payment transactions have witnessed tremendous growth across the country with the number of transactions growing from 2,071 crore in financial year 2017-18 to 13,462 crore in financial year 2022-23.

PM Modi calls important meeting to discuss steps to promote Bhim UPI and RuPay debit card

PM Modi calls important meeting to discuss steps to promote Bhim UPI and RuPay debit card

Tue, Mar 05, 2024

Since the ban on Paytm by the Reserve Bank of India (RBI), the government has been taking proactive steps to promote digital payments.

ICICI Bank customers can now make payments to merchant QR code using digital rupee app

ICICI Bank customers can now make payments to merchant QR code using digital rupee app

Thu, Nov 02, 2023

This move comes as the ICICI bank makes its digital rupee app UPI interoperable, revolutionizing the way customers and merchants conduct digital transactions.

India's UPI 'incredibly painful' experience for ecosystem participants: Mastercard CFO

India's UPI 'incredibly painful' experience for ecosystem participants: Mastercard CFO

Wed, Oct 11, 2023

Speaking at the recent UBS conference, Mehra said that "it is an incredibly painful experience for ecosystem participants who all end up losing money as part of that proposition," reports TechCrunch.

P2M transactions driving UPI growth in India, average ticket size drops

P2M transactions driving UPI growth in India, average ticket size drops

Tue, Sep 26, 2023

The average ticket size for UPI P2M transactions which was Rs 885 in January 2022 has reduced to Rs 653 in June this year, indicating that UPI is now being increasingly used for micro transactions, indicating a further entrenchment of UPI.

German embassy praises India's UPI, shares video of minister making payment digitally

German embassy praises India's UPI, shares video of minister making payment digitally

Sun, Aug 20, 2023

The German embassy said that Germany's Federal Minister for Digital and Transport Volker Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated.

UPI: How foreign nationals and NRIs visiting India can make payments using Unified Payments Interface

UPI: How foreign nationals and NRIs visiting India can make payments using Unified Payments Interface

Tue, Aug 01, 2023

UPI transactions in India have seen an exponential rise in value, from 5.86 lakh crore in 2018 to 125.94 lakh crore in 2022. The UPI facility has been extended for travellers from G-20 countries at the Mumbai, Bengaluru, Mumbai and New Delhi international airports for merchant payments.

Yes Bank introduces UPI payments through its RuPay credit cards; Know how it works

Yes Bank introduces UPI payments through its RuPay credit cards; Know how it works

Sat, Jul 29, 2023

Yes Bank customers can now link their RuPay credit cards with popular UPI apps like BHIM, Google Pay, Phone Pe, Paytm, Slice, MobiKwik, and others.

What is Aadhaar-enabled payment system? Why is it more popular than UPI in rural India?

What is Aadhaar-enabled payment system? Why is it more popular than UPI in rural India?

Tue, Jul 25, 2023

AEPS enables you to transfer funds with just the name of the bank, Aadhaar number, and fingerprint. There's no need for one-time passwords or even the hassle of remembering specific bank account details.

UPI for NRIs: How to make UPI payments abroad? Here’s who can use it

UPI for NRIs: How to make UPI payments abroad? Here’s who can use it

Tue, Jul 18, 2023

NRIs living in at least 10 countries can use UPI using their international mobile numbers for Non-Resident External (NRE) or Non-Resident Ordinary (NRO) bank accounts. NRIs can use UPI in countries like Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States, Saudi Arabia, the United Arab Emirates, and the United Kingdom.

UPI-Credit Card Linkage: How you can link your SBI, ICICI RuPay card with BHIM

UPI-Credit Card Linkage: How you can link your SBI, ICICI RuPay card with BHIM

Mon, Jul 17, 2023

Initially, the National Payments Corporation of India (NPCI) allowed users to make UPI payments using their bank accounts only, but now it has collaborated with Google Pay and enabled the integration of RuPay credit cards with UPI. The payment facility by RuPay Credit Card on UPI was introduced last year, allowing customers to use credit cards to make payments at local stores by simply scanning them.

UPI Transfer: Have you sent money to the wrong UPI address? Here's what you can do

UPI Transfer: Have you sent money to the wrong UPI address? Here's what you can do

Sat, Jul 15, 2023

If you've made an incorrect payment, you can lodge a complaint about it on the National Payments Corporation of India (NPCI) website. You should also register a complaint about the wrong UPI transaction with your bank as soon as possible.

PM Modi announces India's UPI to be used in France soon: How UPI payments can be made in European nation, check list of countries using UPI system

PM Modi announces India's UPI to be used in France soon: How UPI payments can be made in European nation, check list of countries using UPI system

Fri, Jul 14, 2023

Prime Minister Narendra Modi announced during his visit to France that India's Unified Payments Interface (UPI) will soon be introduced in the country. The service will begin at the Eiffel Tower, allowing Indian tourists to make rupee payments using UPI. The collaboration between the National Payments Corporation of India (NPCI) and France's Lyra aims to strengthen bilateral ties and reduce foreign remittance charges for cross-border payments.

Daily UPI transactions jump 50% to 36 crore: RBI Governor Shaktikanta Das

Daily UPI transactions jump 50% to 36 crore: RBI Governor Shaktikanta Das

Tue, Mar 07, 2023

In terms of volume, the number of UPI transactions exceeded 800 crore in January 2023, while NEFT (National Electronic Funds Transfer) witnessed the highest ever daily volume of 3.18 crore transactions on February 28. Acceptance of digital payments infrastructure has increased from 17 crore touch points to 26 crore touch points, which is an increase of 53 per cent.

RuPay, UPI technologies are India's identity, says PM Modi

RuPay, UPI technologies are India's identity, says PM Modi

Tue, Mar 07, 2023

The benefits of India's economic development should reach every class and person, he said urging all stakeholders to work with this vision. The Prime Minister noted that GST, corporate taxes and other tax reforms have greatly reduced India's tax burden compared to the past.

Feeding of fake notes in coin vending machines led to launch UPI-based alternative: RBI

Feeding of fake notes in coin vending machines led to launch UPI-based alternative: RBI

Wed, Feb 08, 2023

Governor Shaktikanta Das announced the 'QR Code based Coin Vending Machine - Pilot project' during the monetary policy announcement today.

Number of digital payment transactions spike in FY 2021-22

Number of digital payment transactions spike in FY 2021-22

Wed, Feb 08, 2023

The Ministry informed that Growth of Digital Payments in India and availability of various easy and convenient digital payment solutions have facilitated ease of living for citizens, financial inclusion, and growth of business and economy.

Razorpay allows merchants to accept credit card payments via UPI

Razorpay allows merchants to accept credit card payments via UPI

Tue, Dec 06, 2022

The company said that move is made possible in partnership with Axis bank, which shares Razorpay's focus on catering to the ever-evolving needs of merchants and delivering greater convenience.

Credit Card-UPI linkage: How this will drive card acceptance ecosystem

Credit Card-UPI linkage: How this will drive card acceptance ecosystem

Wed, Nov 16, 2022

Last month, the Reserve Bank allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.

NPCI launches open source BHIM app licensing model

NPCI launches open source BHIM app licensing model

Thu, Nov 10, 2022

The source code of BHIM App will help those who do not have UPI app of their own, to empower them to launch their own UPI app.

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