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.
UPI services in India are provided by various apps like PhonePe and Google Pay. In April, PhonePe was the biggest player and had 49 percent share across P2M (person to merchant) and P2P (person to person) transactions.
NPCI International Payments Limited deploys RuPay and UPI outside of India. Its network allows for RuPay and UPI allows Indian travellers to use these payment channels in their destination country. Now, it is helping other countries to develop their own UPI-like system.
Recent data released by the National Payments Corporation of India suggests a drop in UPI transaction count in April. These transactions were less than what was reported in March.
The new product from BharatPe will help merchants who accept a range of payment options including UPI and cards. The product streamlines transactions for merchants and offers versatile payment acceptance options.
NPCI International Payments Limited allows Indian travelers to make UPI payments in 6 countries. If you're traveling to any of these countries or want to make UPI payments to merchants located in these countries, here's how to enable UPI International in your UPI app.
WhatsApp may be working a new payment feature for its users in India, allowing international payments through its in-app Unified Payments Interface (UPI) service, as per a leak.
Paytm has secured a third-party application provider license amidst regulatory challenges faced by its banking unit. This license enables Paytm to continue offering seamless transactions through India's unified payment interface (UPI), ensuring uninterrupted services for its users.
In a meeting by NPCI, smaller UPI players stated their inability to offer cashback and rewards mostly because of the limited marketing budgets, which has been hindering their ability to attract consumers away from established and highly used online payment apps like Google Pay and PhonePe.
Ecologically, DPI adoption has led to significant paper savings and carbon emissions reduction. The time saved in the logistics and transportation sector reduced carbon emissions by 3.2 million tonnes in 2022.
Here is everything you need to know about the Paytm Payment Bank and restrictions with UPI, Fastag, Wallet and more after March 15.
The Government of India has made UPI payments available in many international countries, to make transactions easier for Indians who are planning to travel abroad. This service could also be used by the Non-Resident Indians (NRIs) for making any international transactions.
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