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
Fintech unicorn Razorpay said today that it is launching its own UPI infrastructure. Named UPI Switch, this product, which is developed in association with Airtel Payments Bank, will be cloud-based and is designed to enhance success rates by 4-5% and can manage up to 10,000 transactions per second (TPS). As per the company, the UPI … 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
UPI transactions in 2023: India has witnessed an exceptional surge in Unified Payments Interface (UPI) transactions in 2023. In FY2022-23, 8,375 crore transactions were reported up from 92 crore transactions in FY 2017-18, showcasing a compound annual growth rate (CAGR) of 147% in terms of volume. UPI has emerged as a significant player in India’s … Read more
Mumbai: Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. In value terms, these transactions are worth Rs 6.27 lakh crore, registering … Read more