Paytm, a leading digital payments provider, has enhanced its Unified Payments Interface (UPI) service by introducing a new feature that allows users to download transaction statements in Excel format. This development, announced by the company, aims to assist users in better managing their finances, specifically aiding in tax filing and daily expense tracking. The new … Read more
Starting February 1, 2024, UPI payment apps will be prohibited from using special characters to create transaction IDs. Transactions made through UPI apps that incorporate special characters in the transaction ID will be rejected by the central system. The National Payments Corporation of India (NPCI) has issued a statement regarding the impact of Unified Payments … Read more
The Income Tax Department has issued a strong warning against cash transactions, cautioning taxpayers about the risks and penalties associated with non-compliance. Under the Income Tax Act, 1961, certain deductions and allowances are disallowed for cash payments, and violations above specified limits can attract penalties equal to the amount involved. “Say ‘No’ to cash transactions. … Read more
The Reserve Bank of India (RBI) announced on Friday that users of Prepaid Payment Instruments (PPI) are now permitted to conduct UPI payments through third-party UPI applications. While UPI payments between bank accounts can be done using the bank’s own UPI app or any third-party provider’s app, UPI transactions involving PPIs must currently be completed … Read more
The National Payments Corporation of India (NPCI) has released a public advisory to alert the public to an emerging risk in the realm of digital payments – the ‘Digital Arrest’ scam. As digital transactions gain popularity in India, NPCI emphasizes the critical need to identify and steer clear of online scams to safeguard personal and … Read more
Digital payments are transactions conducted through digital or online mediums, utilizing electronic methods for money exchange between the payer and the payee. In India, there is a diverse range of payment options available, including cash, credit and debit cards, UPI (Unified Payments Interface), mobile wallets, NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), … Read more
The Unified Payments Interface (UPI) has been a game-changer in the digital payments sector since its inception in 2016. Developed by the National Payments Corporation of India (NPCI), UPI has seamlessly integrated itself into the everyday financial activities of countless Indians. Data analyzed by the global payments hub Paysecure earlier this year revealed that the … Read more
Credit cardholders in India now have the option to choose their preferred card network, which includes Mastercard, RuPay, or Visa, when applying for a new card or renewing an existing one. This change aligns with the Reserve Bank of India’s (RBI) efforts to expand customer choice and promote competition within the digital payments sector. In … Read more
Credit card rules: From tomorrow, i.e. September 6, 2024, credit card holders will have the freedom and flexibility to choose their card network. From now on, credit card users can choose their choice of card network from the available ones — Visa, MasterCard, RuPay — while applying for a new credit card or renewing the … Read more
A recent report has noted that digital payments in India are surging with a year-on-year (YoY) transactional volume growth of 42% in FY 2023–24. This growth is poised to multiply by three times in FY 2028–29 duet to multiple factors, such as innovations by ecosystem participants, new business models and opportunities, changing technology and increasing … Read more