upi – The News Desk

Amazon Pay To Introduce Credit On UPI Option

15Apr

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Amazon Pay To Introduce Credit On UPI Option

Amazon India is partnering with the National Payments Corporation of India. Over 100 million customers are using Amazon Pay UPI for different transactions, like shopping, bill payments, online purchases from merchants and sending money to others.Amazon Pay is planning to launch credit options using the unified payments interface (UPI) to its customers. The company is partnering with the National Payments Corporation of India (NPCI).According to the Financial Express, Vikas Bansal, Amazon Pay India’s whole-time director, said, “Improving customer experience and value proposition is one of our key goals, and we’re partnering with NPCI to work towards this initiative. Credit on UPI is a significant milestone we’re looking forward to achieving.”Over 100 million customers are using Amazon Pay ...

RBI introduces two new UPI features! From cash deposit to PPI wallet interoperability – what they mean for you

5Apr

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RBI introduces two new UPI features! From cash deposit to PPI wallet interoperability – what they mean for you

New UPI features: RBI governor Shaktikanta Das on Friday announced two new features or measures for Unified Payments Interface (UPI) users, with an aim to enhance ease of transactions and cash deposits. The new announcements were made by Shaktikanta Das as a part of RBI’s monetary policy statement.The two new UPI features allow users to deposit cash at Cash Deposit Machines using UPI and also make UPI payments from PPIs using third party apps.Let’s understand what the new UPI features are and what they mean for you:UPI Access for Prepaid Payment Instruments (PPIs) through Third Party AppsWhat RBI governor Shaktikanta Das said: At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to p...

HDFC Bank goes live with NPCI-developed UPI in secondary market platform

1Jan

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HDFC Bank goes live with NPCI-developed UPI in secondary market platform

On December 29, the NPCI had said the 'UPI for secondary market' facility will go live from January 1 in the Beta phase for the equity cash segment, with support from clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers. (Photo: Bloomberg) HDFC Bank has executed transactions via the NPCI's UPI payments app as part of the 'UPI for secondary market' facility, which which went live on Monday, the lender said in a statement. The move follows markets regulator Sebi allowing the facility through the UPI app developed by the National Payment Corporation of India (NCPI). Effective January 1, Sebi and the stock exchanges permitted trading in the cash segment through block mechanism, on an optional basis, for the secondary market on th...

UPI ATMs: Bank of Baroda launches 6,000 UPI ATMs

10Sep

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UPI ATMs: Bank of Baroda launches 6,000 UPI ATMs

MUMBAI: Bank of Baroda has gone live with 6,000 UPI ATMs nationwide where customers can withdraw cash without a debit card by simply scanning a QR code on the ATM's display screen. The facility utilises an interoperable cardless cash withdrawal technology that allows customers of all participating issuer banks using any UPI-enabled mobile app to withdraw from the ATMs."The UPI ATM facility is a convenient and secure way to withdraw cash without using a card. It marries the popularity and security of UPI with the extensive reach and availability of ATMs," said Joydeep Dutta Roy, executive director of Bank of Baroda. !(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) ...

RBI allows pre-sanctioned credit lines through UPI

4Sep

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RBI allows pre-sanctioned credit lines through UPI

MUMBAI: The Reserve Bank on Monday said the UPI System will also include pre-sanctioned credit lines issued by banks for transactions.Earlier, only the deposited amount could be transacted through the UPI System.In April, the RBI proposed to expand the scope of the Unified Payments Interface (UPI) by enabling transfer to/from pre-sanctioned credit lines at banks.Currently, savings accounts, overdraft accounts, prepaid wallets and credit cards can be linked to UPI.The scope of UPI is now being expanded by the inclusion of credit lines as a funding account, it said in a circular on 'Operation of Pre-Sanctioned Credit Lines at Banks through UPI'."Under this facility, payments through a pre-sanctioned credit line issued by a Scheduled Commercial Bank to individuals, with the prior consent of ...

‘August’ Month for UPI as India Clocks Record 10 Billion-plus Transactions for Rs 15,000 Billion

1Sep

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‘August’ Month for UPI as India Clocks Record 10 Billion-plus Transactions for Rs 15,000 Billion

This comes after India had almost touched the 10-billion mark in July as well, clocking 9.96 billion transactions through UPI. (Representational image: X)Till August 30, a total of 10.24 billion transactions were done digitally through UPI in the month with one day's tally still to be added. This is a nearly 52% year-on-year growth from August 2022, when the country had clocked about 6.5 billion UPI transactions, while the figure was only about 3.5 billion in August 2021India has achieved a new record by crossing 10 billion UPI transactions for over Rs 15,000 billion for the first time in August. This marks a remarkable milestone in India’s digital journey in the last seven years. Till August 30, a total of 10.24 billion transactions were done digitally through UPI in the month, in a coun...

RBI raises small value payment transaction limit in offline mode to Rs 500

24Aug

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RBI raises small value payment transaction limit in offline mode to Rs 500

The Reserve Bank of India (RBI) on Thursday raised the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or not available. The total limit for offline transactions on a payment instrument, however, remains Rs 2,000. In a circular titled "Enhancing transaction limits for Small Value Digital Payments in Offline Mode", the central bank said, "The upper limit of an offline payment transaction is increased to Rs 500." "Replenishment of used limit shall be allowed only in online mode with AFA," it added. AFA stands for Additional Factor of Authentication. It also said that offline payments should only be made face-to-face. Moreover, these transacti...