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  • UPI Transactions Skyrocket, India Leads in Digital Payments

    Unified Payments Interface (UPI)

    IANS

    India’s digital economy has witnessed a significant milestone with the National Payments Corporation of India (NPCI) reporting a record-breaking surge in Unified Payments Interface (UPI) transactions in August. The data revealed a 41% year-on-year growth, with UPI transactions reaching an all-time high of 14.96 billion. This robust growth underscores the increasing acceptance and adoption of digital payments among Indian consumers.

    The total transaction amount for the month touched Rs 20.61 lakh crore, indicating a 31% YoY growth. This robust growth in UPI transactions underscores the increasing acceptance and adoption of digital payments among Indian consumers. The average daily transaction amount in August stood at a staggering Rs 66,475 crore, further highlighting the scale and reach of UPI.

    Interestingly, the value of UPI transactions has remained consistently above Rs 20 lakh crore for four consecutive months. In July, UPI-based transactions clocked Rs 20.64 lakh crore, with the total UPI transaction count standing at 14.44 billion.

    The UPI platform is witnessing a steady influx of new users, adding up to 60 lakh new users every month. This growth is primarily driven by the introduction of the RuPay credit card on UPI and its expansion into foreign markets. The NPCI has set an ambitious target of achieving 1 billion UPI transactions per day in the coming years, reflecting its confidence in the platform’s potential for further growth.

    Unified Payments Interface (UPI)

    UPI

    The UPI platform processed nearly Rs 81 lakh crore transactions in the April-July period this year, marking a 37% increase YoY. This impressive growth rate has propelled UPI past some of the world’s leading digital payments platforms. The homegrown digital payments solution processed 3,729.1 transactions per second, a 58% surge over the 2,348 transactions every second registered in 2022.

    This puts UPI ahead of global giants like China’s Alipay, Paypal, and Brazil’s PIX in terms of transaction numbers. India is leading the world in digital transactions, with over 40% of payments being made digitally. UPI is the preferred choice for a majority of these transactions, reflecting its widespread acceptance and trust among Indian consumers.

    RBI Governor Shaktikanta Das recently stated that the central bank is focusing on making UPI and RuPay truly global. This statement came in response to the encouraging response received from several jurisdictions. The central bank’s focus on globalizing UPI and RuPay is a testament to the success of these platforms and their potential for further growth.

    The success of UPI is not just limited to India. The UAE-based Al Maya Supermarket announced the acceptance of UPI-based payments across its outlets in the country. Furthermore, India Stack’s flagship offering is now available at the Eiffel Tower in Paris, Galeries Lafayette’s flagship store in Haussmann ahead of Paris Olympics, and certain countries in the Middle East.

  • UPI payments might soon work through Face ID or biometrics: Here’s How

    New Delhi. Soon smartphone users will be able to make UPI payments using their fingerprint sensor ID or face ID. Currently, a PIN needs to be entered to make UPI payments.

    National Payments Corporation of India or NPCI says that transactions worth billions of rupees are taking place through various UPI apps across the country. Crores of payments are being made every day.

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    More people in India are now using UPI for digital payments. In such a situation, soon you can see a big upgrade in UPI payments, which claims to be more secure than your existing digital payments. Different reports have claimed that the National Payments Corporation of India is talking to companies to authenticate UPI payments using biometric features on smartphones.

    People are getting robbed every day!

    According to a report by Moneycontrol, it is revealed that the UPI authority is quite concerned about the different types of scams that are being reported almost daily. People lose their hard-earned money just because they authenticate payments using a special four or six-digit PIN. The UPI system is generally safe. But people accidentally get cheated by scammers and send money while they expect to receive money.

    Also Read: LIC has launched new plans keeping the youth in mind. Know the full details

    You must be aware of a scam on OLX that forced the platform to display a pop-up message. This message gave a clear warning about sending and receiving money. NPCI believes that Face ID or biometric security is the right way for UPI payments. However, it is still not known when Face ID integration will happen in UPI apps, and if it does, which public-facing apps will support it.

    After all, you have Google Pay, PhonePe, Amazon Pay, Paytm and many other apps that let you make UPI payments in the country. Hopefully, more and more UPI apps will give people the option to use between PIN or biometrics.

     

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  • RBI hikes limit for tax payments via UPI from Rs 1 lakh to Rs 5 lakh

    Reserve Bank of India (RBI)

    Reserve Bank of India (RBI)IANS

    The Reserve Bank has decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction, RBI Governor Shaktikanta Das announced on Thursday.

    “UPI has become the most preferred mode of payment, due to its seamless features. Currently, the transaction limit for UPI is capped at Rs 1 lakh. Based on the various use cases, the Reserve Bank has periodically reviewed and enhanced the limits for a few categories like capital markets, IPO subscriptions, loan collections, insurance, medical and educational services, etc.,” Das said.

    “As direct and indirect tax payments are common, regular and high value, it has been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. Necessary instructions will be issued separately,” he added.

    The RBI is also making a provision for the Introduction of Delegated Payments through UPI which will enable a secondary user to make payments using UPI by making use of the bank account of the primary user. The step is aimed at further deepening the reach and usage of digital payments.

    “The Unified Payments Interface (UPI) has a very large user base of 424 million individuals. There is, however, potential for further expansion of the user base,” Das said.

    UPI

    UPIIANS

    “It is proposed to introduce ‘Delegated Payments’ in UPI. Delegated Payments would allow an individual (primary user) to set a UPI transaction limit for another individual (secondary user) on the primary user’s bank account. This product is expected to add to the reach and usage of digital payments across the country. Detailed instructions will be issued shortly,” he added.

    The Unified Payments Interface (UPI) has been a key driver in India’s digital payment ecosystem, experiencing a ten-fold increase in transaction volume over the past four years, according to the RBI report on Currency and Finance 2023-24. The volume of UPI transactions skyrocketed from 12.5 billion in 2019-20 to 131 billion in 2023-24, now accounting for 80 per cent of all digital payment volumes in the country.

    The report shows that digital payments in India have recorded a compounded annual growth rate (CAGR) of 50 per cent in volume terms and 10 per cent in value terms over the last seven years, involving 164 billion transactions worth Rs 2,428 lakh crore in 2023-24. The impressive growth has been supported by the Payment Infrastructure Development Fund (PIDF), which has bolstered the country’s payment infrastructure.

    (With inputs from IANS)

     

  • Paytm launches NFC card Soundbox QR code payments Tap card service – check features benefits





    Paytm has launched a new NFC Card Sound box. This sound box will not need to be charged. Also, there will be no need to put a paper roll in it. Paytm’s Managing Director Vijay Shekhar says that this increases the cost of a merchant.

    Therefore, we have come up with a system in which card payment will be done through QR Code and the sound box will also be in it.

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    New soundbox launched

    Vijay Shekhar further said that there is only one purpose behind launching this sound box. Shopkeepers can receive more payments at the lowest cost. That is why Paytm has launched a new sound box today.

    Merchant’s expenses will be saved

    Let us tell you, Paytm’s managing director says that the shopkeeper has to charge EDC. Also, he has to keep paper rolls. Due to this, his expenses increase and time is also wasted. There is also the cost of rental of the machine.

    Will give payment notification in regional languages

    Vijay Shekhar further said that all card networks work on Soundbox. Payment is done on Paytm Soundbox by tapping the card on the QR code – this is new in the payment system. Not only this…Soundbox will also give payment notifications in regional languages.

    Use of new technology

    Paytm has used Near Field Communication technology in this new soundbox. Vijay Shekhar has claimed that this is new in the market. The rent of this machine will be the same as that of a soundbox – merchants will be able to make UPI and card payments from the same machine. Apart from this, Paytm is launching customized QR code for merchants.

     

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  • Indian travellers may soon make UPI payments in Qatar

    Indian travellers can soon pay UPI payments in Qatar
    Indian travellers can soon pay UPI payments in Qatar Photo Courtesy: Representational image from Facebook/NPCI

    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.

    This initiative marks a significant milestone by enabling UPI payment acceptance in Qatar through the QNB merchant network, greatly benefiting Indian travellers visiting and transiting through the country.

    This partnership will provide Indian tourists the option to use their preferred payment method across retail stores, tourist attractions, leisure sites, duty-free shops and hotels.

    This announcement is of particular significance considering that Indians rank as the second largest group of international visitors to Qatar.

    By adopting UPI payments, merchants in Qatar will also be able to offer a faster and more convenient payment and checkout process, thereby enhancing customer satisfaction and opening up numerous opportunities for businesses across the country.

    Speaking on the development, Anubhav Sharma, Deputy Chief – Partnerships and Business Development, NPCI International said, “We are happy to collaborate with QNB to bring UPI payments to Qatar. We believe that enabling UPI acceptance in Qatar will offer substantial benefits to the large number of Indians visiting the country, simplifying their transactions, and ensuring a hassle-free travel experience abroad. Additionally, merchants in Qatar will greatly benefit from UPI, gaining access to a wider customer base and more efficient payment and collection processing.”

    Commenting on this, Adel Ali Al-Malki, Senior Executive Vice Present, QNB Group Retail Banking said, “We are thrilled to embark on this pioneering journey with NIPL to bring UPI payments to Qatar, setting a new standard in innovation in the region. With this new digital payment solution acceptance, we are revolutionizing the way transactions are conducted, enhancing the travel experience like never before. We are confident that the strategic initiative will not only elevate the travel and hospitality sectors but also empower local merchants to thrive in a dynamic and increasingly digital marketplace.”  

  • Himanshu Jaju’s Pioneering Innovations in Digital Payments and Consumer Technology

    Himanshu Jaju

    The Digital Payments market is projected to reach an impressive US$11.55 trillion in 2024, highlighting the need for innovative solutions to manage this volume and foster economic growth. Technological advancements in this sector are crucial for enhancing user experience, reducing fraud, and enabling businesses to expand their reach. Professionals like Himanshu Jaju play a pivotal role in shaping the future of digital finance by making transactions faster and more reliable. Known for his work at Stripe and Google, Himanshu is a thought leader in technology, transforming various sectors with his innovations in payment solutions and consumer technology.

    Himanshu’s journey from humble beginnings to becoming a sought-after expert in technology showcases his determination and ingenuity. Throughout his career at Directi, Google, and Stripe, he has achieved significant milestones, contributing to both the organizations he worked for and the wider tech industry.

    At Stripe, one of Himanshu’s significant achievements was the integration of PayPal into the platform in 2023. This integration was a major milestone, considering PayPal’s extensive user base and its significance in the digital payment landscape. Himanshu’s innovative contributions at Stripe include crafting a revolutionary reverse integration platform for financial partners and developing a patented payment solution. His focus on backend engineering has been instrumental in integrating local payment methods into Stripe’s system at a record speed. His work has not only strengthened Stripe’s market position but also unleashed substantial payment volumes, playing a pivotal role in the company’s extraordinary success.

    During his tenure at Google, Himanshu’s contributions were equally groundbreaking. He developed a demo for cross-device clipboard functionality on Chrome and Android, a precursor to the Nearby Share feature. As a founding member of Google’s cross-device team, he played a crucial role in the launch of Nearby Share in 2020, which evolved into Quick Share, showcased at CES 2024. Quick Share is quickly becoming the default option for peer-to-peer content sharing across various devices, including Android, Chromebooks, and soon, Windows PCs, allowing users to exchange pictures, files, and text effortlessly while maintaining control over their privacy settings. His tenure at Google was marked by technical innovation, leadership in tech projects, and exceptional problem-solving skills.

    Himanshu’s journey towards excellence began during his educational years, where he overcame challenges with determination and innovative thinking. Despite not hailing from a premier institution, he consistently strived for greatness. Recognized by industry luminaries like C++ inventor Bjarne Stroustrup and achieving India’s #2 spot in algorithmic competitions, his academic achievements at MS Ramaiah Institute of Technology underscore his exceptional problem-solving abilities.

    Currently based in London, Himanshu continues to advance technology at Stripe, driving innovative payment methods to enhance the internet’s GDP. Beyond his professional accomplishments, he is committed to mentoring and sharing knowledge. He has mentored students for the Indian National Olympiad in Informatics (INOI) camp and shares insights through algorithm-focused blog posts. Through Manara.tech, he supports underrepresented individuals in securing top software engineering roles. His journey from a non-premier college to a tech innovator exemplifies the power of determination and innovation in achieving success across multiple sectors.

  • Credit Card Bill Payments Via Cred, BillDesk, PhonePe To Be Stopped After June 30

    Credit Card Payment : There could also be issue in paying bank card payments by some platforms after June 30. PhonePe, Cred, BillDesk and Infibeam Avenue are a number of the main fintechs that could be affected by the brand new guidelines of the Reserve Bank of India.

    Credit card invoice funds by the platforms of PhonePe, Cred, BillDesk shall be affected. The Reserve Bank of India (RBI) had earlier directed that every one bank card funds after June 30 needs to be processed by the Bharat Bill Payment System (BBPS).

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    So far HDFC Bank, ICICI Bank and Axis Bank haven’t activated BBPS. These banks have issued a complete of greater than 5 crore bank cards to prospects.

    However, these banks haven’t but complied with the directions. Fintechs like PhonePe and Credi, that are already members of BBPS, can even not have the ability to course of funds on bank card dues for them after June 30. Therefore, banks have to comply with the principles for these fintechs to function with none trouble. These guidelines of RBI are legitimate until June 30.

    Also Read: Good information for Govt staff! eighth Pay Commission proposal obtained, this would be the wage construction

    According to the report, the cost business has demanded to increase the deadline to 90 days. So far, solely 8 banks have activated invoice funds on BBPS, whereas a complete of 34 banks are allowed to challenge bank cards. The record of banks which have activated BBPS consists of SBI Card, BOB Card, IndusInd Bank, (*30*) Bank and Kotak Mahindra Bank. According to the business, other than permitting the central financial institution to trace and resolve fraudulent transactions, RBI must regulate cost traits.

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  • IPPB Money Remittance Service: India Post Payments Bank started remittance service, no charge

    IPPB: India Post Payments Bank in partnership with Ria Money Transfer has launched worldwide remittance service at 25,000 places and can broaden it to over 1.65 lakh places.

    IPPB Money Remittance Service: India Post Payments Bank (IPPB) has started remittance from overseas to India in partnership with Euronet’s Ria Money Transfer. A senior IPPB officer gave this data on Wednesday. IPPB Managing Director and Chief Executive Officer (CEO) R Vishwaswaran mentioned that the individual receiving cash from overseas won’t should pay any payment when the quantity comes into the account and solely the sender must pay the charge for sending the cash to Ria Money.

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    What did the Managing Director of IPPB say

    R Viswesharan mentioned that our intention is to take away the limitations of the unbanked and underbanked folks. We are actually launching worldwide remittance service in partnership with Ria Money Transfer at 25,000 places. This will probably be step by step expanded to cowl our whole community of greater than 1.65 lakh places.

    Also Read: Airport New Facility: Self-baggage drop facility launched at Delhi airport, to cut back check-in time

    Facility to withdraw full or partial quantity will probably be out there

    A high official of Ippb, a cost financial institution operated below the postal division, mentioned that via this service, the recipients of cash can have the choice of withdrawing the whole quantity or partial quantity as per their alternative.

    You also can ship cash to IPPB account

    Vishwaswaran mentioned that these receiving cash from overseas will even have the choice of sending the cash to their IPPB account. This is a paperless course of. They can withdraw the cash utilizing biometrics. This service will probably be delivered to their doorstep via a postman and no prices will probably be levied on the recipients.

    Ria Money Transfer has presence in 200 international locations

    Ria Money Transfer Chief Operating Officer (COO) Ignacio Reid mentioned the corporate has a presence in practically 200 international locations and has a 22 per cent market share within the cash remittance phase. “We have been working in India for the final 10 years. With this partnership with IPPB, we anticipate to extend the variety of our places in India by about 30 per cent,” Reid mentioned.

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  • IPPB Money Remittance Service: India Post Payments Bank started remittance service, no charge

    IPPB: India Post Payments Bank in partnership with Ria Money Transfer has launched worldwide remittance service at 25,000 areas and can increase it to over 1.65 lakh areas.

    IPPB Money Remittance Service: India Post Payments Bank (IPPB) has started remittance from overseas to India in partnership with Euronet’s Ria Money Transfer. A senior IPPB officer gave this data on Wednesday. IPPB Managing Director and Chief Executive Officer (CEO) R Vishwaswaran stated that the particular person receiving cash from overseas won’t should pay any charge when the quantity comes into the account and solely the sender must pay the charge for sending the cash to Ria Money.

    – Advertisement –

    What did the Managing Director of IPPB say

    R Viswesharan stated that our goal is to take away the boundaries of the unbanked and underbanked individuals. We are actually launching worldwide remittance service in partnership with Ria Money Transfer at 25,000 areas. This can be progressively expanded to cowl our total community of greater than 1.65 lakh areas.

    Also Read: Airport New Facility: Self-baggage drop facility launched at Delhi airport, to scale back check-in time

    Facility to withdraw full or partial quantity can be accessible

    A high official of Ippb, a cost financial institution operated underneath the postal division, stated that by means of this service, the recipients of cash could have the choice of withdrawing your complete quantity or partial quantity as per their selection.

    You may ship cash to IPPB account

    Vishwaswaran stated that these receiving cash from overseas can even have the choice of sending the cash to their IPPB account. This is a paperless course of. They can withdraw the cash utilizing biometrics. This service can be delivered to their doorstep by means of a postman and no prices can be levied on the recipients.

    Ria Money Transfer has presence in 200 nations

    Ria Money Transfer Chief Operating Officer (COO) Ignacio Reid stated the corporate has a presence in almost 200 nations and has a 22 per cent market share within the cash remittance phase. “We have been working in India for the final 10 years. With this partnership with IPPB, we anticipate to extend the variety of our areas in India by about 30 per cent,” Reid stated.

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  • ICICI Bank Enables NRI Customers To Use International Mobile Numbers To Make UPI Payments In India


    NRI customers residing in 10 countries can pay utility bills and merchants in India through iMobile Pay

    NRI customers residing in 10 countries can pay utility bills and merchants in India through iMobile Pay

    MUMBAI: ICICI Bank today announced that it has enabled NRI customers to use their international mobile number to make UPI payments instantly in India, thereby significantly enhancing their convenience of making everyday payments. With this facility, the NRI customers of the Bank can make payments for their utility bills, and merchant and e-commerce transactions with their international mobile number registered with their NRE / NRO bank account held with ICICI Bank in India. The Bank has made this service available through its mobile banking app, iMobile Pay. Earlier, NRIs had to register an Indian mobile number with their banks to make UPI payments.

    To bring forth this facility, ICICI Bank has leveraged the international infrastructure laid down by the National Payments Corporation of India (NPCI) for convenient usage of UPI across countries. The Bank offers this facility across 10 countries namely the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia.

    NRI customers of the Bank can make UPI payments by scanning any Indian QR code and sending money to a UPI ID or any Indian mobile number or Indian bank account.

    Speaking on the initiative, Sidharatha Mishra, Head of Digital Channels and Partnerships, at ICICI Bank said, “We are delighted to partner with NPCI to launch the UPI facility on international mobile numbers through iMobile Pay. With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI. This launch reinforces our commitment to provide our NRI customers with innovative solutions, for them to have a safe, secure, and hassle-free payment experience. We are witnessing a positive response from our NRI customers who have started using this facility. With this initiative, we intend to leverage NPCI’s UPI Infrastructure in strengthening and transforming the digital payments ecosystem globally”.

    Below are easy steps to activate the UPI facility on international mobile numbers using iMobile Pay:

    Step 1: Log in to the iMobile Pay app

    Step 2: Click on ‘UPI Payments’

    Step 3: Verify Mobile Number

    Step 4: Click on Manage –> My Profile

    Step 5: Create a new UPI ID (select from the suggested options)

    Step 6: Select the Account Number -> Submit

    To know more about UPI facility on international mobile numbers, please visit https://www.icicibank.com/nri-banking/money_transfer/money2india/upi