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.
Indian tourists visiting Paris can now use UPI to make payments at two different locations. Initially, the UPI facility was limited to online ticket booking at the Eiffel Tower, and now it has expanded to one more location.
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.
The Reserve Bank of India (RBI) has proposed a new facility to allow automatic replenishment of UPI Lite wallets to promote small-value digital payments. Currently, UPI Lite has a daily limit of Rs 2,000 and a per-transaction limit of Rs 500.
Julio Velarde, Governor of the Central Reserve Bank of Peru calls it a significant step towards strengthening and modernising the Peruvian payments system by expanding access to digital payments.
The Reserve Bank of India has shared data on the frauds that occurred in the last financial year, and the numbers are alarming. The rise in UPI payments has corresponded with a similar increase in online fraud cases.
In June 2022, the RBI allowed individuals to link their credit cards to UPI, enabling payments by simply scanning QR codes. Here's a look at how the system has expanded since then and who the major beneficiaries are.
UPI network is rapidly expanding in foreign countries. UPI payments are now accepted in several countries including Bhutan, the United Arab Emirates, Malaysia, Singapore, Nepal, Oman, and more.
Digital transactions via UPI are increasing in India. As per NPCI data, there has been a 50 percent increase in UPI transactions on a year-on-year basis in April this year but this is also leading to a new problem.
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