In an effort to boost digital payments, the Union Cabinet has decided to waive the merchant discount rate (MDR) applicable on all debit cards, BHIM and UPI transactions up to Rs 2,000.
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Online transaction growth in value and volume terms are fluctuating in the range of a meagre 1-5 percent on a monthly basis since April
Apart from debit and credit card swipe options, the bank will offer UPI (united payments interface), Bharat QR, SMS Pay, PayZapp and EMI options.
Dilip Asbe will be the CEO-in-charge till a new incumbent assumes charge. Hota was the first MD & CEO of NPCI since August 23, 2010.
UPI has a unique feature of creating a virtual address through which you can transfer money without disclosing your account number and IFS code (IFSC) to the receiver.
The fourth payment option in Uber app – besides cards, cash, and Paytm – will be added only for Android users, for now. Uber users on iOS will have to wait a little bit longer.
Innoviti Payment Solutions backed by Infosys co-founder N.R. Narayana Murthy-promoted Catamaran Ventures, has raised Rs 120 crore (about USD 18 million) in its second round of funding from SBI-FMO and Bessemer Venture Partners
Technology giant Google has completed the testing of its Unified Payments Interface payment service and awaiting RBI's approval to launch its service in the country, the National Payments Corporation of India said.
Urjit Patel said India’s fintech industry has almost tripled its size since 2013 and the value of transactions has touched USD 30 billion already.
It will offer features such as bank-to-bank, wallet-to-wallet money transfer and mobile recharge options right from the app itself.
Both Apps uses Unified Payments Interface (UPI) technology to transfer money between any two individuals and between an individual and a merchant.
The new fund will also invest in developing a proprietary data science-based investment methodology to quantitatively understand startup health metrics like product market fit and user growth
Payment options provided through PayU Biz are Credit Card, Debit Card, Net Banking, Itz Cash, Yes Pay, Ypay, PayU Money wallet and UPI.
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.
Hike Messenger is likely to beat competitor WhatsApp to become the first messaging app in India to launch a UPI-backed payments mechanism on its app.
The government and RBI’s pet project UPI witnessed a 26 percent growth from February and 44 percent from January to 6.2 million transactions worth Rs 2,390 crore in March.
Transactions done through the Unified Payments Interface (UPI) have seen a massive jump, in what would be a boost to Prime Minister Narendra Modi’s push towards digital payment.
Facebook-owned messaging app WhatsApp could soon make a foray into digital payment services starting with India and is looking to hire a digital transactions head for the country.
A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China.
"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.
This integration will allow Ola customers to use their unique UPI IDs to pay for all their rides on the Ola platform, the company said in a release.
"There has been a phenomenal 584 per cent increase (0.3 to 4.5 million) in transactions made through the Unified Payments Interface (UPI) since demonetisation. In the same period, payments using Adhaar have also seen an unprecedented jump of 1352 per cent (0.7 to 2.7 million)," a NITI Aayog press release said.
All PoS terminals or machines launched after July 1 will be Aadhaar-enabled and the existing terminals will be upgraded to the same in a year’s time.