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.
Earlier, UPI users needed their ATM card to reset their UPI PIN. Now they can also use their bank account linked Aadhaar to reset UPI PIN. Here's how to do it.
UPI has become one of the most popular digital payment methods in India due to its ease of transaction. Users only need their UPI PIN to authenticate a transaction. Here's how you can reset your UPI PIN.
If you are visiting an area with low connectivity or if you have exhausted your data, you can still make UPI payments. Here's how.
UPI is currently adding around 60 lakh new users every month, driven by the integration of RuPay credit cards on UPI and its expansion into international markets. The NPCI has also set an ambitious goal of reaching 1 billion UPI transactions per day shortly.
As per Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to touch 100 billion transactions in the next 10-15 years backed by credit growth.
New feature coming to Google Pay is already available on other UPI platforms. These features will be added to Google Pay in the next few months.
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 National Payments Corporation of India (NPCI) is currently in talks with several startups to implement biometric authentication for UPI payments. Currently, UPI uses a personal identification number (PIN) as the second-factor authentication.
The HDFC bank in a statement said that the financial and non-financial transactions for HDFC Bank Current & Savings Account (CASA) holders will not be available during the maintaince time.
RBI Governor Shaktikanta Das also proposed creating a public repository of digital lending apps to curb unauthorized players and expressed concerns over the rising disbursals of top-up home loans.
The UPI One World wallet has been introduced for the convenience of the users, which is available via authorized Prepaid Payment Instrument (PPI) issuers at hotels, designated money exchange locations, airports, and other touchpoints.
Adoption of UPI is driving the growth of digital payments in India and leading to global collaborations due to several contributing factors.
HDFC Bank and Axis Bank will experience online and mobile banking service disruptions this weekend due to system upgrades. HDFC Bank’s UPI services will be down on July 13, 2024, from 3:00 AM to 3:45 AM and from 9:30 AM to 12:45 PM.
NPCI International Payments Ltd is expanding the UPI network in foreign countries. Just days after introducing UPI payment services in the UAE, the services are now also available in Qatar.
According to a report, UPI transactions are on the rise in both small towns and large cities of India. However, there is still a segment of the population that prefers wallets and cards over UPI.
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