Significant changes are expected in the new year for users making digital payments through UPI. Users will now have a higher limit for UPI payments than before.
To enhance the smoothness of UPI transactions, the NPCI has implemented various rule changes this year. UPI users should be aware of these updates.
Unified Payments Interface (UPI) has set a new milestone by crossing 15,000 crore transactions from January to November this year. According to a study, by October 2023, 75 per cent of all retail digital payments in India were through UPI.
Credit line on UPI has the potential to make available low-ticket, low-tenor products to "new-to-credit" customers, RBI Governor Shaktikanta Das said.
With the rise of internet usage, most people now make digital payments. However, in the last six months, there have been about Rs 485 crore in fraud cases involving UPI.
With the rise of the internet and UPI, related scams are also increasing in India. UPI merchants can take the following steps to protect themselves and safeguard their hard-earned money.
Know how to use UPI Circle to enable UPI transactions for family members without bank accounts. Discover how UPI Circle allows multiple users, including children and the elderly, to make payments through a single account with easy setup.
UPI scams have escalated and if you ever get a text message from an unknown source claiming that they have transferred money, then you need to be alert. This UPI-based refund scam is spreading like wildfire and people are losing money frequently. Here is everything you need to know.
HDFC Bank UPI service: UPI has not only eliminated the need to carry cash but has also made transactions much easier and safer. However, this month, UPI will be unavailable in HDFC bank for two days, preventing people from using this service.
The National Payments Corporation of India (NPCI) launched the UPI Lite service some time ago, and new rules have taken effect as of November 1. As a result, users will have a higher limit on their payment transactions than before.
Earlier this year, the Reserve Bank of India (RBI) directed Paytm to halt several of its financial services due to repeated regulatory violations. Following the ban, Paytm requested approval from the National Payments Corporation of India (NPCI) in August.
UPI is a payment system, used through payment apps like Paytm, PhonePe, and Google Pay, where a person has to link their bank account to send or receive payments instantly. However, UPI Wallet will not be linked to any bank account.
The agreement to introduce UPI in Maldives was signed during External Affairs Minister S Jaishankar's three-day official visit to the country in August.
The Reserve Bank of India (RBI) has raised the transaction limits for UPI Lite and UPI 123PAY, increasing accessibility to digital payments. The UPI Lite limit has risen from Rs 500 to Rs 1,000, while UPI 123PAY limits have doubled to Rs 10,000.
With UPI Circle, Google Pay makes it easier for users to manage payments for others securely and efficiently. Whether you’re helping family members or managing payments for dependents, this new feature simplifies digital transactions while maintaining control and transparency.
NPCI has introduced UPI AutoPay feature that allows users to manage recurring payments seamlessly. If you've activated AutoPay for any service, here's how you can stop it.
For the first time, UPI transactions surpassed 100 billion, reaching a total of 131 billion in a single financial year, compared to 84 billion in 2022-23. In terms of value, UPI transactions hit an impressive Rs 199.89 trillion.
An image of an auto driver from Bengaluru is going viral on social media. The image shows the auto driver flashing a smartwatch with a QR code in it for collecting payments. Ashwini Vaishnaw called it UPI ka swag.
Finance Minister Nirmala Sitharaman highlighted the crucial role of banks in India's vision for 2047. She called for enhanced infrastructure development, MSME support, financial inclusion, and digital security while praising the global success of UPI.
NPCI has launched the UPI Number, which is an additional payment address consisting of the user's own 10-digit mobile number or an 8-9-digit number that the user can choose. Here's how to set it up.
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