Making UPI Payments: 5 important things you need to know
Technology | August 26, 2022 16:50 ISTUPI has made payments simple. Using UPI apps connected to their bank accounts, users can send money to the recipient’s bank account in under a minute.
UPI has made payments simple. Using UPI apps connected to their bank accounts, users can send money to the recipient’s bank account in under a minute.
UPI to remain free: In a tweet, the finance ministry said: "UPI is a digital public good with immense convenience for the public and productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services."
Digital wallet usage is increasing and the research recommends that QR code payment vendors integrate loyalty features and personalised marketing capabilities to incentivise merchant acceptance, which will be critical to driving adoption.
There is a process to add money to the Paytm Wallet, and users will get multiple options like UPI, internet banking, credit or debit card and more, to choose from. UPI is considered to be the most secure way for adding money instantly and the process
Contactless payments have gone up by more than 6 times, from less than 2.5 per cent in December 2018 to 16 per cent in December 2021, according to a whitepaper by Visa and Worldline India.
Apple informed its customers in May 2022, that they will not accept Indian credit and debit cards for app purchases or subscriptions in the near future, as per the new norms from the RBI. Customers could use the UPI mode for payment and could also store money in their Apple wallet which could further be used for payments.
UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform, RBI Governor Shaktikanta Das said.
If you have suffered internet loss during the transaction, then follow this guide to still make transactions during offline mode.
Tata Group has recently launched its new ‘Tata Neu’ super app which will act as a payment solution for Indian users. Here is all you need to know.
The share of UPI in total retail payments in the country stood at 60% in 2021-22. The use of UPI has benefited the common man as well as the shopkeepers.
Tata Group is seeking clearance from the National Payments Corporation of India (NCPI) to offer its own United Payments Interface (UPI)-based digital payments service in the country.
NPCI has joined hands with GPS and Manam Infotech to provide UPI services in Nepal. While GPS is the authorised payment system operator, Manam Infotech will deploy UPI.
PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service.
The services will be affected from 22:45 hours on May 21 and 01:15 hours on May 22 and between 02:40 hours and 06:10 hours on May 23.
The top scamsters are from Patna, Chandigarh, Kolkata and Meerut for one of the top payment apps (at 15 per cent) and most QR Code scams originate from Assam, accounting for 20 per cent of the total distribution.
Several interlocutory applications have been filed in the plea which also seek direction for framing regulation to ensure that data collected on UPI platforms is not “exploited” or used in any manner other than for processing payments.
UPI users should avoid making transactions during the time specified by the NPCI.
DakPay digital payments app has been launched by India Post for Android users. Here's how you can download and start using the UPI based payments app.
Last week, Google had announced that it is launching a redesigned Google Pay app next year on Android and iOS, starting with the US, and that users will not be able to use the service on a web browser.
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