RBI is pushing for bank account number portability on the back of factors such Aadhaar enrollment.
According to R Gandhi, recently retired as the Reserve Bank of India’s Deputy Governor said, "Right now we are trying to do all things including Aadhaar Pay, UPI, BHIM and simultaneously trying to work on MDR (merchant discount rates) on card payments."
In March, digital transaction volume went up 1.43 times. The 23 times increase, as indicated by Niti Aayog, is applicable only for Unified Payments Interface (UPI) volume and not for all digital payments methods.
"Our latest payment interface - Unified Payments Interface (UPI), backed by leading banks is yet another smart solution that is simple, convenient and secure," Jet Airways Chief Commercial Officer Jayaraj Shanmugam said.
National Payments Council of India is tightening mechanisms to make UPI platform more secure and safeguard customers against dubious transactions.
Truecaller will allow the bank to use its 150 million customers to transfer money from the UPI or United Payments Interface application of the bank.
Called Truecaller Pay, it will allow users of the app to instantly create a UPI id, send money to any UPI id or a mobile number registered with the BHIM app, ICICI Bank said in a statement.
As customers reduce their dependence on banks for their financial needs, fintech firms are spreading their focus to a wide range of products.
National Payments Corporation of India (NPCI) today said it has started a pilot project to digitise the transactions in micro finance institutions (MFIs).
Soon paying for your cinema ticket or buying prescription pills over the counter will become easier and less time conusming. In a move to make retail payments seamless, the RBI today introduced BharatQR or quick response platform.
Hitachi Payments Services today accepted its systems were compromised by a sophisticated malware in mid-2016, that led to one of the biggest cyber security breaches in country with 3.2 million cards affected and a scare over security of card-based transactions.
When disputes become public, they further erode the brand â€“ a payment startups might have worked hard in building up via bootstrapping or limited marketing spend
ICICI and NPCI have locked themselves in a war of words over blockage of Flipkart owned payments app PhonePe.
The corporation, which runs the UPI platform that focuses on interoperability, had discussions with both ICICI Bank and YES Bank, which is the banker for PhonePe before arriving at the decision, it said.
Launched last week by government, BHIM became the top trending app on Google Play store in India. However, few know that the UPI based payments app has been made secure by a bunch of hackers in their late twenties.
Indigenous digital payments app BHIM has been downloaded 3 million times and enabled over 5 lakh transactions since its launch, Niti Aayog CEO Amitabh Kant said today.
Of the 13-member committee chosen to boost digital payments across country, actions of three men will hold the key to realising effectively Prime Minister Narendra Modi's dream of cashless economy.
"A UPI enabled platform will help the migration of cash towards the electronic platform and support the larger vision on digital payments while overcoming the challenges of a cash-fuelled economy," its country head Stuart P Milne said.
There are over 300 million RuPay Debit Cards in circulation and on an average these cards record over 10 lakh transactions on PoS and e-commerce every day, NPCI said.
The switching fee is waived effective November 11 till December 31, 2016, NPCI said in a statement here.
During last two days, RuPay usage on PoS / e-Commerce was around 8 lakh transactions a day compared with a daily average of 4 lakh transactions earlier. The value of transactions almost doubled.
The Reserve Bank of India and government have asked banks to submit a detailed report on data theft which puts 3.2 million debit cards at risk, besides raising a question as to why banks failed to alert authorities when they allegedly came to know about it about 6 weeks ago.
A security breach at some ATM branches has led to breach of security information of various card holders. The country‘s largest public lender State Bank of India (SBI) has cancelled 6,25,000 cards as a precautionary measure.
Confident that it has done a global first with the Unified Payment Interface (UPI), the National Payments Corporation of India (NPCI) is all set to file a patent application for its latest interoperable payment system, a senior official said today.