At present, there is no volume cap. So, two players -- Google Pay and PhonePe -- account for a market share of about 80 per cent.
Looking specifically at 'UPI fraud complaints,' a cybercrime category under National Cybercrime Reporting Portal (NCRP), the number jumped from 62,350 in Q1 2022 to 84,145 in Q2 2022.
National Payments Corporation of India (NPCI) managing director and chief executive Dilip Asbe replied to a tweet by billionaire Musk, saying the UPI's recurring payments offering already has 7 million users.
According to the press release, Zaggle and NPCI along with partner banks would use this platform to launch multiple credit cards to address the ever-growing demand of Corporates, SMEs, and consumers.
Delhi Lieutenant Governor Vinai Kumar Saxena would not have stopped the implementation of the "Red Light on Gaadi off" campaign to reduce vehicular emissions without instructions from the saffron party, Gopal Rai told reporters after inspecting a construction site.
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RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments.
During the month, 678 crore transactions in volume terms were done on the platform launched in 2016.
For all other transactions, existing interchange charges applicable on RuPay credit cards will be levied, the National Payments Corporation of India said in a circular.
A slew of circulars from the Reserve Bank of India has forced the fintech industry to abandon its growth-at-all-costs approach and scramble to comply with the stringent regulations
Indians are moving away from cash and traditional banking payment instruments and have wholeheartedly embraced UPI to make payments because of its ease and sheer convenience. Fintechs are driving this nationwide shift
Asbe took over as CEO of NPCI from former Reserve Bank of India (RBI) executive Abhaya Prasad Hota in 2018.
With UPI Lite and UPI123 Pay for feature phones, India can add another 500 million people to the payments system, according to Infosys Non-Executive Chairman Nandan Nilekani.
According to data released by NPCI, UPI reported transactions amounting to Rs 10.72 trillion in August.
Even as ONDC prepares for a public launch in September, it has started the groundwork for enabling business-to-business commerce transactions on the network
Vishwas Patel, who is also the executive director of omnichannel payments provider Infibeam Avenues, was responding to the Finance Ministry's tweet which said that there is no consideration to levy any charges on UPI transactions.
In June, WhatsApp had registered a six-fold jump in transactions at 23.04 million as against 3.48 million in recorded May, after it introduced a cashback offer to attract users
"This step is not only going to make payments simpler for NRIs and ease things for their parents living in India, but is also a way to deepen the cross-border payment ecosystem for India," said Vivek Iyer, partner, financial services, risk, Grant Thornton Bharat.
The UAE, Bhutan and Singapore have already accepted RuPay-based cards and UPI
For the next five years, CLSA expects credit card spends to grow at a compound annual growth rate (CAGR) of 19 percent, down from the 24 percent CAGR in the past five years. The stagnation will come from companies tapping customers from smaller towns and cities where per capita consumption is lower.
The Meta-owned company still has a minuscule share in overall UPI payments and makes up only 0.39 percent of transactions in the month
Former Prosus Ventures and Niti Aayog executive Arnab Kumar has been hired as as Director of India Market Expansion
UPI is increasingly becoming a super payment interface, shaking the payment ecosystem which was controlled by private banks and the payment duopolies
The payments industry is awaiting clarification on how the pricing of such an arrangement will work. From the look of it, many see this as advantageous for RuPay.