The National Payments Corporation of India (NPCI) has issued an updated directive requiring UPI applications to obtain explicit user consent for seeding or porting UPI numbers. This move aims to enhance transparency and user control in digital transactions. The guideline mandates that the default option for user consent should be “checked out,” necessitating manual opt-in … 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
New Delhi: Transactions through the popular Unified Payments Interface (UPI) touched a record 16.73 billion in December, recording a growth of 8 per cent over the preceding month, according to data released by the National Payments Corporation of India (NPCI). In November, the UPI transaction count was 15.48 billion. ET Year-end Special Reads NPCI said … 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
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
When you face unauthorised transactions on UPI, credit/debit cards, or ATM withdrawals, it is crucial to take immediate action. Unauthorised transactions can be stressful, whether a suspicious ATM withdrawal, an unknown online purchase, or a strange UPI transfer. But don’t panic! Here is expert advice to help you recover your funds and secure your accounts. A key … Read more
Paytm has completed the migration of merchant customer accounts from its payment bank to other unified payments interface (UPI) after it received a go-ahead from the National Payments Corporation of India (NPCI). On April 17, One97 Communications Limited (OCL), which runs Paytm, started the customer migration to partner with payment service provider (PSP) banks Axis … Read more
Paytm recently said that the National Payments Corporation of India (NPCI) has allowed One97 Communications (OCL) to kick-start the migration of users to a new payment service provider (PSP) the bank handles. For this, four major banks — State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank — will act as PSPs … Read more
Amazon Pay is planning to kick off credit services on the Unified Payments Interface (UPI) platform as part of a deal with the National Payments Corporation of India (NPCI). This initiative aims to enhance customer experience and value propositions, Vikas Bansal of Amazon Pay India told The Financial Express (FE). In February of this year, … 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