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
UPI transaction limit: Anupam Mittal, Shark Tank judge and CEO of People Group, has raised a complaint against the Unified Payments Interface (UPI) transaction limits on the State Bank of India platform. In a post on X, which was named Twitter before this, Mittal noted that many merchants have been facing UPI limit errors for … Read more
The National Payments Corporation of India (NPCI) has yet again added a new feature to the Unified Payments Interface (UPI) platform. The new feature, UPI Circle-Delegate Payments, will help primary holders of UPI accounts to delegate transaction rights to secondary users. The main goal is to create a common platform that simplifies and enhances transactions … Read more
Digital payments platform PhonePe has recently launched a new feature called ‘pre-approved term life insurance’ on its platform. According to a statement released by PhonePe, this innovative feature aims to enhance the accessibility of insurance coverage for millions of individuals in India. PhonePe’s new initiative is aimed at revolutionising financial inclusion in India. The step … Read more
Last month MobiKwik launched its new feature ‘Pocket UPI’ through which it aims to transform how users handle their finances and perform Unified Payments Interface (UPI) transactions. For digital payments, you either use UPI linked to bank accounts or linked to the wallet. Pocket UPI enables users to carry out instant UPI transactions via their … Read more
Mobile wallets are gradually gaining popularity in India and it is projected that the digital payment mode will cross traditional methods like cash and cards in the coming years. GlobalData, a leading data and analytics company, in its report, said mobile wallets and their usage is expected to grow at a compound annual growth rate … Read more
Mumbai, Digital payments across the country registered a growth of 10.94 per cent in a year through March 2023, as per RBI‘s index that measures the adoption of online transactions. RBI’s Digital Payments Index (RBI-DPI) stood at 418.77 at end-September 2023 compared to 377.46 in September 2022 and 395.57 in March 2023. “The RBI-DPI index … Read more