UPI fraud cases have surged in recent years. In 2021-22, there were 84,000 cases, increasing from 77,000 in 2020-21. The fiscal year 2022-23 witnessed over 95,000 cases, nearly doubling within a year.
UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report.
RuPay credit cards can also be linked to UPI, allowing users to pay using popular UPI apps like Paytm, PhonePe, and Google Pay.
Customers no longer need to carry their credit cards with them when making transactions, thanks to the integration of RuPay credit cards with UPI.
UPI transaction charges: In order to boost revenue for banks and payment service providers, the NPCI has proposed an interchange fee of up to 1.1%.
The Reserve Bank of India's Governor, Shaktikanta Das, announced at the launch of the Digital Payments Awareness Week that UPI transactions have increased by 50% YoY, with over 36 crore transactions in February 2023
The RBI has launched the UPI payment facility for foreign visitors to India, initially available at select international airports. Inbound travelers will receive PPI wallets linked to UPI to make local payments, with plans to expand this service to other airports and cities soon.
The RBI said that the eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets.
Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong witness the launch of cross-border connectivity between Singapore's 'Unified Payments Interface (UPI)' and 'PAYNOW' via video conference.
UPI is a system that bunches multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments under a common platform.
Phonepe Users will be able to make payments in foreign currency directly from their Indian bank - just like they do with international debit cards, the company said in a statement.
The National Payments Corporation of India (NPCI) released UPI Lite to simplify small ticket transactions up to Rs. 200, last year. Now, UPI Lite will be made available on Paytm and PhonePe's applications soon.
Here are five online payment modes which will enable the user to make a quick payment. These platforms will help you make payment quicker, safer and more accessible.
Razorpay merchants can begin accepting credit card payments on UPI via RuPay credit cards, with minimal changes to their existing setup. The company has said that move has been made possible in partnership with Axis bank, which shares Razorpay's focus on catering to the ever-evolving needs.
PhonePe is reportedly the first UPI Third Party Application Provider (TPAP) App which has rolled out the Aadhaar-based UPI onboarding flow- this will enable several crore Indians to become a part of the UPI ecosystem, seamlessly and securely for the first time, the company said in a statement.
As per the data by the National Payments Corporation of India (NPCI), the volume of transactions rose 85 per cent and value 67.85 per cent year-on-year (YoY). Around 72 per cent of those surveyed said they now consider discounts and offers as the major driver of their buying behaviour.
CRED has stated that whenever the user will make a payment via 'Scan & Pay' method- tehn the payment will be protected. And, in case the payment gets stuck and awaits confirmation from the bank, then user will not have to worry anymore, as the money will be refunded to the original source bank soon.
UPI transactions: In August 2020, the total number of Unified Payment Interface (UPI) based digital financial transactions stood at 6.57 billion (657 crore).
If you are looking forward to sending money to your contact, then the WhatsApp UPI feature might help you in a smarter and smoother way. Here is a step by step guide to transfer money to your contact via WhatsApp.
The growth in UPI volumes is up almost 100 percent (year-on-year) and amounts transacted grew by 75 percent YoY in the month of August.
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