upi

Digital payments: How do UPI, UPI Lite, NEFT, RTGS work? Know the differences, charges, time taken

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Digital payments: How do UPI, UPI Lite, NEFT, RTGS work? Know the differences, charges, time taken

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

Flipkart-backed super.money launches new fixed deposit product; check details for investment

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Flipkart-backed super.money launches new fixed deposit product; check details for investment

Fintech company super.money, backed by Flipkart, has introduced ‘superFD’, a fresh fixed deposit (FD) offering that includes Unified Payments Interface (UPI) payments and offers interest rates of up to 9.5%. The platform has joined forces with small finance banks approved by the RBI to provide these FDs, which are backed by insurance of up to … Read more

‘UPI’s partnerships can streamline transaction routes for users in foreign lands’: Mohan K of TechFini

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‘UPI’s partnerships can streamline transaction routes for users in foreign lands’: Mohan K of TechFini

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

Biggest potential for CBDC will be cross-border money transfer

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Biggest potential for CBDC will be cross-border money transfer

Kolkata: India’s central bank governor Shaktikanta Das has backed the role of legal digital currencies in fostering trade beyond national frontiers, underscoring how such monetary units limit the scope for intermediaries and help reduce transaction costs linked to the movement of funds. “The biggest potential for CBDC (central bank digital currencies) going forward will be … Read more

Digital Fraud in Fintech Platforms and its Growth During the Festive Season

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Digital Fraud in Fintech Platforms and its Growth During the Festive Season

As India gears up for its vibrant festive season, starting with Onam in mid-September and continuing through Diwali, there’s an air of excitement and anticipation. This period traditionally marks a time of celebration and increased consumer spending across various sectors. The Indian festive season has long been synonymous with shopping and gifting. From automobiles to … Read more

Credit card: How the option to choose preferred card network can help you. Check details 

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Credit card: How the option to choose preferred card network can help you. Check details 

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

Digital payments: UPI to grow to 439 billion from 131 billion by 2028-29, says report 

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Digital payments: UPI to grow to 439 billion from 131 billion by 2028-29, says report 

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

Permanent deletion of transactions can help make e-rupee anonymous: Shaktikanta Das

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Permanent deletion of transactions can help make e-rupee anonymous: Shaktikanta Das

Governor Shaktikanta Das on Monday said that permanent deletion of transactions can make the e-rupee or central bank digital currency (CBDC) become anonymous and make it at par with paper currency. Speaking at the BIS Innovation Summit, Das said India is also working on making the CBDC transferable in the offline mode along with introducing … Read more

Cash still the king: Rs 1.4 cr monthly average ATM cash withdrawals in FY24 despite high UPI transactions

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Cash still the king: Rs 1.4 cr monthly average ATM cash withdrawals in FY24 despite high UPI transactions

There was a 5.51 per cent increase in average monthly cash withdrawals from automated teller machines (ATMs) in FY2024 despite rising Unified Payments Interface (UPI) payments in India. Cash logistics company CMS Infosystems in its report said withdrawals rose from Rs 1.35 crore in FY23 to Rs 1.43 crore in FY24. In 10 of the … Read more