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.
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.