Overall, In Q3 2022, UPI, Debit and credit cards, and prepaid payment Instruments like Mobile Wallets, and prepaid cards executed 23.06 billion transactions amounting to Rs 38.32 trillion.
While the restrictions on UPI apps have been deferred by two years, nothing much would change from the current scenario unless we see another dominating app taking off in payments — the likelihood of that at the current stage looks very difficult
The guidelines requiring each UPI third-party app to adhere to a 30 percent transaction volume cap were first introduced in November 2020.
CreditVidya offers services for entire loan life cycles from origination to underwriting to collections of loans. The platform also allows customers to seek loans from its lending partners.
The development comes at a time when PhonePe is in talks to raise a mega round of $450-500 million, likely to be led by General Atlantic.
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.
A picture that illustrates the wide reach of UPI in India was re-tweeted by industrialist Anand Mahindra
The share of currency in circulation in payment systems has been declining from 88% in FY16 to 20% in FY22 and is estimated to shrink further to 11.15% in FY27, the report has said
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.
s much as Rs 5,000 crore can be raised per annum through a 0.3 per cent fee on payments through all electronic modes at e-commerce platforms, which could be used to maintain and strengthen the UPI infrastructure.
In a mail to customers, Slice said that the card will be temporarily suspended in November to transition to the new system
Anand Mahindra's tweet also opened a debate regarding the different modes of digital payment available to Indians.
Deepak Shenoy, CEO of Capitalmind, tweeted about Lotte’s annual report. “I don't really think UPI is killing the toffee business," he wrote.
Named Mumbai Meteors, the team is the eighth franchise in the Prime Volleyball League, which has RuPay as the prime sponsor
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.
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.
The Walmart-owned company said that the process was completed in three steps, following which all PhonePe Group businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd (India).
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
CRED said that users will be allowed to create an alias UPI ID, helping them mask personal details like mobile numbers, ensuring enhanced privacy during payments. It is also offering 2x rewards for payments made to partner merchants.
Relying on smartphones for almost everything has become the new normal in today’s fast-paced world, particularly when it comes to financial services. But it is actually the financial technology in the background that enables these services, making transactions a simple act of a touch or a click. Here’s a primer on the basics
Asbe took over as CEO of NPCI from former Reserve Bank of India (RBI) executive Abhaya Prasad Hota in 2018.
Nigam pointed out that when payment modes are made free of cost there is an underlying assumption that companies involved in these businesses will have alternate sources of revenue. However, that may be possible for banks, but not startups, he added.
The National Payments Corporation of India (NPCI) on Thursday launched the Rupay credit card on UPI platform, following a RBI policy move authorising it.