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.
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.
Apart from allowing users to simply tap and pay on the go using their registered cards, the service, Samsung Pay, has integrated Paytm as well as the government's Unified Payments Interface (UPI) into the application, the South Korean giant said in a statement here.
IT Secretary Aruna Sundarajan said the government was looking to rationalise charges on digital transactions as part of its push for a less-cash economy.
Latest RBI data suggest that measures implemented to push digital transactions haven’t been able wane citizens off the “touch and feel” of cash.
The tags can be reloaded as and when required and tags are valid at all toll lazas throughout the country, Venkataraman said.
Cyber security has become a hot-button topic particularly after demonetisation gave a huge filip to digital payments. However, banks have still not put in adequate security measures to prevent cyber fraud.
Naspers Group-backed digital payments firm PayU is likely to invest USD 250 million in the Indian business in the next five years, as the company extends focus on consumer offerings besides core products, according to a senior executive of the company.
The move to educate the public on UPI and USSD services comes in the wake of the note ban enforced last November which sought to create a less-cash economy.
It said the policy on conduct of camps by FLCs (Financial Literacy Centres) and rural branches of the banks has been revised given the recent developments on withdrawal of legal tender status of old Rs 500/1,000 notes and the focus on going digital.
The government has asked all banks to provide mobile banking facility to all customers by March 31 in a bid to push digital transactions.