A new rule of UPI has been implemented to make small payments easily, without any Password or PIN. Users could use the UPI Lite app to do the needful. Here is everything you need to know about the new rule.
PhonePe has introduced PG Bolt, new payment gateway which has been designed to enhance the merchant and customer experience by providing ultra-fast in-app transactions with a 99 per cent success rate.
As UPI goes global, the private banks of the US are expected to explore the service which will help them in faster online payment. He further added that the cross-border payment will be interlinking and will be one of the key areas for development.
The National Payment Corporation of India (NPCI) is set to enhance its UPI service with features like face unlock and the new Delegated Payment System. This initiative aims to make UPI more inclusive by allowing users without their bank accounts to access the service.
The Indian government is introducing UPI service in the UAE market. NPCI International Payments Limited has recently collaborated with Network International, a major digital commerce company in Africa and the Middle East, to facilitate the services.
This year in June, the UPI hit a record 13.89 billion transactions, marking a 49 per cent increase year-on-year, as per the National Payments Corporation of India (NPCI). Despite the growth in transaction count, the transaction volume slightly decreased to Rs 20.07 lakh crore, down 1.9 per cent.
Flipkart has introduced its own payments app, Super.money, in a significant push into the fintech space. This launch comes about 1.5 years after Flipkart's separation from its erstwhile payment partner, PhonePe.
PayU Payments Private Limited, a key player in India's digital financial services sector, backed by Prosus as an investor, manages businesses subject to regulation by the Reserve Bank of India. It provides sophisticated solutions to address the digital payment needs of the Indian market.
PayU said that the integration of PayPal's ISU 2.0 Application Programming Interface (API) will set a new standard for the payment services of the company and will benefit the merchants who are expanding worldwide.
The agreement will enable users of both systems to conduct instant, cost-effective fund transfers between India and Nepal.
Eiffel Tower is the first merchant to offer UPI payments in France, and the service will soon be extended to other merchants in the tourism and retail space across France and Europe.
Investors such as Lone Pine Capital, Sequoia Capital India, Ribbit Capital, Alkeon Capital, TCV, GIC, Tiger Global, Y Combinator, MasterCard, Matrix Partners, and Salesforce Ventures which has invested USD 741.5 million in Razorpay to date.
UPI is a problem solver many users across the country are going cashless and making payments with the help of the same. If you want to start with your UPI payment, then follow the steps below to activate it.
RBI Governor Shaktikanta Das has revealed upgrades to the Unified Payments Interface (UPI) to enhance payment convenience. These upgrades encompass conversational AI for transactions, the facility to use UPI in offline scenarios via UPI Lite, and a transaction limit boost from Rs 200 to Rs 500.
The National Payments Corporation of India is set to launch a new feature that will allow NRIs to link their foreign mobile number with their Indian bank account for UPI transactions.
PayU said it does not have any plans for any major downsizing of the team and "any attritions would be a part of our usual course of business". The platform enables the businesses to collect digital payments across 150 online payment methods.
UPI transactions: In August 2020, the total number of Unified Payment Interface (UPI) based digital financial transactions stood at 6.57 billion (657 crore).
Even though it claims to have taken action against these con artists by suspending their accounts and limiting their access, it has been difficult to stop situations like this.
Paytm continues to maintain its leadership in offline payments with rapid growth in merchant base and device adoption, enabling the company to
Contactless payments have gone up by more than 6 times, from less than 2.5 per cent in December 2018 to 16 per cent in December 2021, according to a whitepaper by Visa and Worldline India.
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