May 27, 2024 15:15 (IST)
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India to again delay caps on UPI payments market share, reports Reuters

Mumbai/IBNS: India will again delay caps on market share for a popular digital payments method, benefiting Google Pay and Walmart-backed PhonePe as the authorities prioritise growth over concerns about market concentration, Reuters reported quoting its sources.

NPCI may defer market cap restriction for UPI platforms for 2 yrs: Report

New Delhi: The National Payments Corporation of India (NPCI), responsible for managing the Unified Payments Interface (UPI), is likely to limit market share for digital payment platforms two years later, according to Reuters.

PhonePe users can now pay via NEOPAY terminals in UAE

Indian payment platform PhonePe App users travelling to the UAE can now make payments using UPI at Mashreq’s NEOPAY terminals, available across retail stores, dining outlets, as well as tourist and leisure attractions.

India's UPI is now accepted in Nepal

NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.

Google Pay signs MoU with NPCI to expand UPI outside India

Google India Digital Services (P) Limited and NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), have signed a Memorandum of Understanding (MoU) to expand the transformative impact of UPI to countries beyond India.

As India surges ahead in digital payments, US plays catch-up

Gene Bradford opens up his shop, West Main Auto Repair, each morning at 8 a.m in Lexington, Georgia (USA). He’s lived in the small, close-knit community of Oglethorpe County for years now, and has come to know his customers’ personalities, mannerisms – and preferred forms of payment.

UPI transactions in Dec 2023 touch Rs 17.4 lakh cr: RBI Bulletin

Mumbai: The UPI transactions reached a cumulative value of Rs 17.4 lakh crore in December 2023 according to the Reserve Bank of India's monthly bulletin.

Total digital payment transactions jump at a CAGR of 45 % to Rs 13,462 crore in FY23

New Delhi: India’s total digital payment transactions volume increased from Rs 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 percent.

RBI raises UPI transaction limit for hospitals, educational institutions to Rs. 5 lakh

New Delhi/IBNS/UNI: In a significant step, the Reserve Bank of India (RBI) on Friday announced the raise of the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions to Rs. 5 lakh, media reports said.

UPI IDs not used for one year to be disabled soon

New Delhi: The National Payments Corporation of India (NPCI), which oversees the Unified Payments Interface (UPI), has directed banks and payment applications like Google Pay, Paytm, PhonePe, etc., to disable UPI IDs and numbers associated with customers who have not conducted any transactions for a period of one year or longer.

Aditya Birla Capital Digital launches Payment Lounge for merchants

Aditya Birla Capital Digital Limited, the wholly owned subsidiary company of Aditya Birla Capital Limited, has introduced Payment Lounge, an omni-channel, multi-mode collections platform to enable merchants a platform for making digital payments.

Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across the country

Mumbai: Public sector lender Bank of Baroda on Friday announced that it has enabled the UPI ATM facility at over 6,000 Bank of Baroda ATMs across the country.

NPCI launches new UPI products to achieve 100 bn monthly transactions

New Delhi: The National Payments Corporation of India (NPCI) on Wednesday announced a string of innovative products aimed at boosting the payments giant Unified Payments Interface (UPI) to reach 100 billion monthly transactions.

Revolutionising Digital Space: Empowering Millions: Journalist Aparajita Gupta's book is India's digital journey ready reckoner

"India’s fast-payment system, called the Unified Payments Interface (UPI) and run by the nonprofit National Payments Corporation of India, exemplifies how the regulator (for example, the central bank) and the regulated (for example, commercial banks) can together run a payment system as a voluntary digital public infrastructure that operates around the clock." - IMF 

UPI crosses 10 billion monthly transactions in Aug; PM Modi congratulates

New Delhi: India’s contactless digital payments framework, Unified Payments Interface (UPI), crossed 10 billion monthly transactions in August, said Reserve Bank’s non-profit agency, National Payments Corporation of India (NPCI) on Friday.