"The narrative from the fintech side has changed from being competitors to banks to collaborators to banks. Whether it is Axis powers Google tez for UPI or we will soon power WhatsApp for UPI," its executive director and head of retail banking, Rajiv Anand, said at an event here.
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.
The digital payments ecosystem is engaged in an all-out Twitter war after Paytm founder Vijay Shekhar Sharma cooked up a storm by accusing WhatsApp of flouting rules of level playing field and NPCI abetting it in doing so.
Uttam Nayak from Visa was in the fray to take over the position but lost out to the in-house expert Asbe.
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.
Digital revolution will truly take place only when the infrastructure for mass public interaction areas like tolls, transit and retail are fully automated and digitized
Banks will look at finding their niche but focus will remain on their core lending and deposit business
In an effort to boost digital payments, the Union Cabinet has decided to waive the merchant discount rate (MDR) applicable on all debit cards, BHIM and UPI transactions up to Rs 2,000.
The following article is an initiative of Airtel Payments Bank and is intended to create awareness among the readers.
Online transaction growth in value and volume terms are fluctuating in the range of a meagre 1-5 percent on a monthly basis since April
Apart from debit and credit card swipe options, the bank will offer UPI (united payments interface), Bharat QR, SMS Pay, PayZapp and EMI options.
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.
UPI has a unique feature of creating a virtual address through which you can transfer money without disclosing your account number and IFS code (IFSC) to the receiver.
The fourth payment option in Uber app – besides cards, cash, and Paytm – will be added only for Android users, for now. Uber users on iOS will have to wait a little bit longer.
Innoviti Payment Solutions backed by Infosys co-founder N.R. Narayana Murthy-promoted Catamaran Ventures, has raised Rs 120 crore (about USD 18 million) in its second round of funding from SBI-FMO and Bessemer Venture Partners
Technology giant Google has completed the testing of its Unified Payments Interface payment service and awaiting RBI's approval to launch its service in the country, the National Payments Corporation of India said.
Urjit Patel said India’s fintech industry has almost tripled its size since 2013 and the value of transactions has touched USD 30 billion already.
It will offer features such as bank-to-bank, wallet-to-wallet money transfer and mobile recharge options right from the app itself.
Both Apps uses Unified Payments Interface (UPI) technology to transfer money between any two individuals and between an individual and a merchant.
The new fund will also invest in developing a proprietary data science-based investment methodology to quantitatively understand startup health metrics like product market fit and user growth
Payment options provided through PayU Biz are Credit Card, Debit Card, Net Banking, Itz Cash, Yes Pay, Ypay, PayU Money wallet and UPI.
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.
Hike Messenger is likely to beat competitor WhatsApp to become the first messaging app in India to launch a UPI-backed payments mechanism on its app.
The government and RBI’s pet project UPI witnessed a 26 percent growth from February and 44 percent from January to 6.2 million transactions worth Rs 2,390 crore in March.