In terms of volume, UPI-based transactions increased to 5,353 million in 2018-19 from 915.2 million, a jump of 83 percent in a year, according to the data.
Limiting the number of daily transactions by a customer can be a possible option, a media report said.
Google Pay, PhonePe clock 300 mn transactions each in July, get 35 per cent market share each; one-time leader Paytm lags at 16 per cent
Truecaller apologised for failing to deliver quality standard in the app and said it has discontinued the version which was hit by the bug but 'for the users already affected, the new version with the fix will be available shortly'.
In November, the regulator said it would launch UPI as an alternative payment option for retail investors to buy shares in a public issue in a phased manner from January 1, 2019, a move that will cut listing time for an IPO to three days from six.
RBI norms require global payments services companies to store their data within India.
If one fails to declare such ‘income’ in the ITR, it could lead to reassessment under Section 147 of the Income Tax Act.
The RBI and commerce ministry together with tax authorities and technology experts must define the data localisation issue.
The new regime must be one that can hold all entities to a common standard of institutional conduct in how they deal with the individual customer, including how they sell products.
Raise the issue with the bank and UPI app developing company and also file a written complaint with the nearest police station
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.
India plans to make QR code-based payment mandatory in all shops.
Google wants to add payment methods on its app and increase the number of places where Google Pay is accepted.
Amazon's rivals Paytm, Google Pay, and PhonePe have already enabled P2P transactions on their platform
The Reserve Bank of India proposes to put in place a framework on turnaround time for the resolution of customer complaints and compensation framework across all authorised payment systems by the end of June 2019.
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
Internet connectivity and data cost are no longer issues, trust in electronic systems and lack of accountability in digital systems is often cited as a hindrance to mass use.
However, most experts believe that competition between local and foreign players will benefit Indian users
The new version includes features like one-time mandate, invoice in the inbox and signed intent and QR, apart from overdraft facility.
This payment solution will enable members, especially kiranas/resellers, who shop online at Walmart India's B2B e-commerce site www.bestprice.in, to make direct and secured payments online.
The biggest beneficiaries of interoperability will be the wallet users, who will not have to specifically look for merchants who accept a certain wallet
The new version of UPI, which is coming after a long delay, is likely to come with new features
Since January 2018, Paytm has processed over 400 million Bhim UPI transactions