Digital payments in India more than double since 2021, cash transactions fall
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
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
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
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
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
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
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
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
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
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.
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.
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.
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
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
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.