Digital payments in India more than double since 2021, cash transactions fall
Oct 24, 2024, at 04:45 am
New Delhi: Cash continues to account for 60% of consumer expenditure, though its share is steadily declining due to a post-Covid shift toward digital payments, as of March 2024, according to a study by a Reserve Bank of India (RBI) economist, reported The Economic Times.
Paytm secures NPCI nod to onboard new UPI users
Oct 23, 2024, at 09:55 pm
New Delhi/IBNS: One97 Communications Limited, the parent company of Paytm, has received the green light from the National Payments Corporation of India (NPCI) to onboard new users for its Unified Payments Interface (UPI) platform.
RBI increases UPI 123Pay and UPI Lite limit in MPC meeting
Oct 09, 2024, at 07:06 pm
New Delhi/IBNS: The Reserve Bank of India (RBI) on Wednesday (Oct. 9) announced an increase in the transaction limit for UPI123 Pay from Rs 5,000 to Rs 10,000.
India to develop UPI-like real-time payments platform for Trinidad and Tobago
Sep 28, 2024, at 11:25 pm
NPCI International Payments Limited (NIPL) has entered into a strategic partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a real-time payments platform similar to India’s ‘Unified Payments Interface’ (UPI).
India to help countries in Africa and South America to develop UPI-like digital payment systems
Sep 25, 2024, at 04:37 am
New Delhi: India is in talks with countries in Africa and South America to assist in developing digital payment systems based on its Unified Payments Interface (UPI), with plans for two systems to launch by early 2027, Reuters reported.
UPI hits over 3,700 transactions per second, up 58% yearly
Sep 04, 2024, at 02:46 am
New Delhi: The Unified Payments Interface (UPI) has become the world's most popular alternative payment method, handling 3,729.1 transactions per second in 2023, media reports said.
US banks may link with India's UPI to enable fast payment network: Fed member Waller
Aug 28, 2024, at 10:50 pm
Mumbai: The United States might consider connecting some of its private banks with India's Unified Payments Interface (UPI) to speed up the formation of a fast payments network, said Christopher Waller, a member of the Federal Reserve Board of Governors, media reports said.
UPI merchant transactions in Nepal surpass 100,000 mark, announces NPCI
Aug 12, 2024, at 02:00 am
NPCI International Payments Limited (NIPL), the international armof National Payments Corporation of India (NPCI), recently announced surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-toMerchant (P2M) transactions in Nepal.
UPI transactions cross Rs 20 trillion for third straight month in July 2024
Aug 03, 2024, at 10:49 pm
New Delhi/IBNS: The Unified Payments Interface (UPI) transaction values surpassed Rs 20 trillion for the third successive month in July 2024, according to data released by the National Payments Corporation of India (NPCI) — a state-owned organization that operates retail payments and settlement systems in the country — on Thursday (Aug 1).
Indian travellers in Qatar can soon make UPI payments
Jul 16, 2024, at 10:58 pm
NPCI International Payments Limited (NIPL) has signed an agreement with QNB, the largest financial institution in the Middle East and Africa, headquartered in Qatar, to launch QR code-based Unified Payments Interface (UPI) payments across the country.
Jul 06, 2024, at 05:52 am
Kolkata: NPCI International Payments Limited (NIPL) in partnership with Network International (Network), a leading enabler of digital commerce across the Middle East and Africa (MEA) region, has enabled the acceptance of QR code-based Unified Payments Interface (UPI) payments via Network’s point-of-sale (POS) terminals in the UAE.
Jul 04, 2024, at 03:06 am
New Delhi: UPI payments are now available in the UAE through a partnership between NPCI International Payments Ltd and Network International, a key player in digital commerce across the Middle East and Africa.
Jul 03, 2024, at 03:25 pm
Reserve Bank of India has been collaborating bilaterally with various countries to link India’s Fast Payments System (FPS) – the Unified Payments Interface (UPI), with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments.
India to again delay caps on UPI payments market share, reports Reuters
May 10, 2024, at 11:38 pm
Mumbai/IBNS: India will again delay caps on market share for a popular digital payments method, benefiting Google Pay and Walmart-backed PhonePe as the authorities prioritise growth over concerns about market concentration, Reuters reported quoting its sources.
NPCI may defer market cap restriction for UPI platforms for 2 yrs: Report
May 10, 2024, at 03:36 am
New Delhi: The National Payments Corporation of India (NPCI), responsible for managing the Unified Payments Interface (UPI), is likely to limit market share for digital payment platforms two years later, according to Reuters.
PhonePe users can now pay via NEOPAY terminals in UAE
Mar 30, 2024, at 10:00 pm
Indian payment platform PhonePe App users travelling to the UAE can now make payments using UPI at Mashreq’s NEOPAY terminals, available across retail stores, dining outlets, as well as tourist and leisure attractions.
India's UPI is now accepted in Nepal
Mar 10, 2024, at 12:16 am
NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.
Google Pay signs MoU with NPCI to expand UPI outside India
Jan 17, 2024, at 09:53 pm
Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), have signed a Memorandum of Understanding (MoU) to expand the transformative impact of UPI to countries beyond India.
As India surges ahead in digital payments, US plays catch-up
Jan 08, 2024, at 11:18 pm
Gene Bradford opens up his shop, West Main Auto Repair, each morning at 8 a.m in Lexington, Georgia (USA). He’s lived in the small, close-knit community of Oglethorpe County for years now, and has come to know his customers’ personalities, mannerisms – and preferred forms of payment.
UPI transactions in Dec 2023 touch Rs 17.4 lakh cr: RBI Bulletin
Dec 21, 2023, at 04:48 am
Mumbai: The UPI transactions reached a cumulative value of Rs 17.4 lakh crore in December 2023 according to the Reserve Bank of India's monthly bulletin.
Total digital payment transactions jump at a CAGR of 45 % to Rs 13,462 crore in FY23
Dec 20, 2023, at 05:27 am
New Delhi: India’s total digital payment transactions volume increased from Rs 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 percent.
RBI raises UPI transaction limit for hospitals, educational institutions to Rs. 5 lakh
Dec 08, 2023, at 05:44 pm
New Delhi/IBNS/UNI: In a significant step, the Reserve Bank of India (RBI) on Friday announced the raise of the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions to Rs. 5 lakh, media reports said.
UPI IDs not used for one year to be disabled soon
Nov 18, 2023, at 06:24 am
New Delhi: The National Payments Corporation of India (NPCI), which oversees the Unified Payments Interface (UPI), has directed banks and payment applications like Google Pay, Paytm, PhonePe, etc., to disable UPI IDs and numbers associated with customers who have not conducted any transactions for a period of one year or longer.
Aditya Birla Capital Digital launches Payment Lounge for merchants
Sep 18, 2023, at 11:19 pm
Aditya Birla Capital Digital Limited, the wholly owned subsidiary company of Aditya Birla Capital Limited, has introduced Payment Lounge, an omni-channel, multi-mode collections platform to enable merchants a platform for making digital payments.
Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across the country
Sep 09, 2023, at 01:25 am
Mumbai: Public sector lender Bank of Baroda on Friday announced that it has enabled the UPI ATM facility at over 6,000 Bank of Baroda ATMs across the country.
NPCI launches new UPI products to achieve 100 bn monthly transactions
Sep 07, 2023, at 04:50 am
New Delhi: The National Payments Corporation of India (NPCI) on Wednesday announced a string of innovative products aimed at boosting the payments giant Unified Payments Interface (UPI) to reach 100 billion monthly transactions.
Sep 02, 2023, at 10:20 pm
"India’s fast-payment system, called the Unified Payments Interface (UPI) and run by the nonprofit National Payments Corporation of India, exemplifies how the regulator (for example, the central bank) and the regulated (for example, commercial banks) can together run a payment system as a voluntary digital public infrastructure that operates around the clock." - IMF
UPI crosses 10 billion monthly transactions in Aug; PM Modi congratulates
Sep 02, 2023, at 06:47 am
New Delhi: India’s contactless digital payments framework, Unified Payments Interface (UPI), crossed 10 billion monthly transactions in August, said Reserve Bank’s non-profit agency, National Payments Corporation of India (NPCI) on Friday.
India and New Zealand explore adoption of UPI to biz, boost trade & tourism
Aug 30, 2023, at 07:18 am
New Delhi: India and New Zealand are actively considering the implementation of the Unified Payments Interface (UPI) in the island nation to enhance the ease of conducting business, trade, and tourism interactions between the two countries, the Commerce Ministry said on Tuesday.
Canara Bank launches UPI Interoperable Digital Rupee Mobile Application
Aug 22, 2023, at 01:20 am
Canara Bank launches, UPI Interoperable Digital Rupee mobile application as a part of the Reserve Bank of India's Central Bank Digital Currency (CBDC) pilot project.