The rationalisation has been done across point of sale (PoS), eCom and BharatQR code based merchant transactions, a press release said.
Google Pay swept past other UPI platforms in India, clocking over 240 million transactions, 10 million more than its nearest competitor PhonePe
The number of banks on UPI in May also fell to 143 compared to April's 144.
As per a recent report by PwC, India would be one of the world's blockchain leaders by 2023.
The cost of physical KYC is very high and cumbersome. The government must permit e-wallets to access CKYCR.
RBI wants to encourage competition and innovation in the fast-growing sector and is seeking to invite more players into the industry by relaxing entry and other regulations
Some fear this could lead to more visits to bank branches or hoarding of cash at home as ATMs are frequently used by depositors
Modi has publicly endorsed the indigenous card payment network, saying using RuPay was like serving the country as its transaction fee stays within India and could help build roads, schools and hospitals.
A government committee in a draft report suggested setting up an independent Payments Regulatory Board.
Hackers managed to siphon off over Rs 90 crore through a malware attack on the server of the bank and cloning thousands of debit cards.
The new version of UPI, which is coming after a long delay, is likely to come with new features
Incidentally, the value of money that changed hands in 243.37 million UPI transactions in June — totalling Rs 40,834.03 crore — was also the highest in its history
NPCI's statement comes in the wake of allegations made by the likes of Paytm founder Vijay Shekhar Sharma, who alleged that Facebook, which owns instant messaging app Whatsapp, was flouting the rules of a level playing field.
AP Hota, the first managing director and CEO of NPCI, took over in August 2010 and retired from the position on August 10, 2017
The value of transactions in December also jumped to Rs 13,144 crore from a mere Rs 1,568 crore in January, 2017, an NPCI official told PTI.
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.
The transactions pertain to all types of payments handled by NPCI - from cheque and ATM clearing to IMPS, UPI, BHIM, RuPay, POS, e-commerce and also Aadhaar-based payments. Currently, the NPCI operates 12 payment systems.
The handset 'K9 Kavach 4G' is priced at Rs 5,290 and is available both via online and offline sales channels.
UPI is a system that brings multiple banks onto a single mobile application, merging several banking features, seamless fund routeing and merchant payments.
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.