Digital transactions saw a big spike after demonetization in November 2016, however, the pace of adoption was slower than what was anticipated. In December 2018, Unified Payments Interface (UPI), the country s flagship payments platform crossed Rs 1 trillion milestone, a growth of nearly 8-fold compared to the previous year. According to the data released
After demonetization in November 2016, there has been a bigger push towards Digital India initiative. You can now book a cab, do mobile recharge and bill payments, and even banking transactions on your phone. Mobile wallets and UPI-based bank apps and BHIM have played a critical role in making mobile banking easier. And while UPI
WhatsApp Chief has written to the Reserve Bank of India (RBI), seeking a formal nod to expand payments services to all its 200 million users in India. The messaging app, which has drawn fire from the government over spread of fake messages on its platform, continues to wait for a regulatory clearance to launch full-fledged
The National Payments Corporation of India (NPCI) has reportedly asked Google and WhatsApp to share plans on how they will store all UPI-based payment data locally in India. At present, both companies have started storing all payments data in India, but apparently they still keep a mirror copy abroad. According ET report on Friday, NPCI
Ever since it arrived on the scene, Reliance Jio has caused the Indian telecom landscape to change massively. While the primary reason for Jio s popularity is undoubtedly the telco s affordable and unlimited plans, the fact that they offer more than just calls and data makes things even better. All Jio plans come with
There s no doubting the fact that India is currently undergoing a massive digital transformation, and perhaps the biggest evidence of it can be seen in the retail payments space. National Payments Corporation of India (NPCI), the organization that manages and handles digital payment solutions, has introduced many homegrown payment/cash transaction systems, with UPI and
Last week, RBI released new operational guidelines to enable inter-operability between bank accounts and e-wallets via the Unified Payments Interface (UPI) system. Soon after that the National Payments Corporation of India (NPCI) announced a reduction in the number of peer-to-peer transfers users can make in a span of 24 hours. Earlier, the limit is 20
India is WhatsApp's largest market in the world by users, and is naturally one of its most important as well. Many of its features and tweaks are designed with Indian users and use-cases in mind, including its recent plans to introduce a payment interface to its service. WhatsApp payments will use the Unified Payments Interface
Immediate Payments Service (IMPS), India s very own instant payments and electronic funds transfer system, has been rated the best global payments service in the world. The information was revealed in the fifth-annual Flavors of Fast report, released by US-based research firm Fidelity Information Services (FIS). For the report, FIS took into account forty real-time
A year ago, Google launched the cashless payment app Google Tez in India. The app allows users to transfer funds using a UPI address, mobile number, account number, or QR code. Recently, Google rebranded the app, and it is now called Google Pay. The app has over 50 million downloads since launch. If you haven
Apple is putting a brake on its plans to introduce UPI-based payments interface in the country. The Silicon Valley giant is not going ahead with its plans to introduce Apple Pay based on Unified Payments Interface despite holding talks with few leading banks and National Payments Corporation of India, which manages the UPI platform. Apple
United Payments Interface (UPI), the inter-bank transaction system developed by National Payments Corporation of India (NPCI), has crossed a major milestone of more than 300 million monthly transactions. According to a report by Economic Times, the government-backed payments system registered around 312 million transactions in August, based on the data from NPCI. This is an
The next version of online payments solution 'Unified Payments Interface' (UPI), the UPI 2.0, has been launched by National Payments Corporation of India (NPCI) today at an event in Mumbai. UPI 2.0 was launched in presence of RBI Governor, Urjit Patel along with NPCI MD & CEO, Dilip Asbe and NPCI Advisor Innovation, Nandan Nilekani.
Over the past couple of months, we have been hearing reports about NPCI working on the upgraded version of Unified Payments Interface (UPI), called UPI 2.0. It was expected to launch around mid-July, but the launch had been pushed back as it did not meet expectations of industry experts. Now, reports suggest that NPCI could
WhatsApp has started working on building its payments service for other countries even as it waits for the "green light" from Indian authorities for offering the feature to its user base here. Facebook-owned WhatsApp has been testing its payments services in India for a few months now with about one million users and is waiting
To promote the use of BHIM app for cashless transactions, last year, the government introduced cashback schemes. However, to ensure that people don t end up gaming the system and waste public money, the government has decided to limit the cashback incentives on UPI transactions. Until now, the government used to offer up to Rs
The National Payments Corporation of India (NPCI) launched Unified Payments System (UPI), a peer-to-peer payments system in August 2016. Now, almost two-years later, NPCI is expected to launch the upgraded version, UPI 2.0, on July 13. And while the current payment system promotes peer-to-peer payments, UPI 2.0 could bring nifty features to promote merchant transactions.
In 2016, former RBI Governor Raghuram Rajan launched the cashless payments platform, UPI (Unified Payments Interface). The inter-bank fund transfer platform is operated by the National Payments Corporation of India (NPCI), and it allows for instant funds transfer. The use of UPI rose after demonetization. In fact, last month, 247 million UPI transactions were recorded
WhatsApp is working on setting up a 24-hour customer support for users of its payments services that is slated to be rolled out in India in the coming weeks. WhatsApp, which has over 200 million users in India, will provide support through e-mails as well as a toll-free number. "We will provide 24-hour customer support.