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
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
The National Payments Corporation of India (NPCI) has a campaign, “Link it, Forget it”, to raise awareness about RuPay Credit cards, which can be seamlessly linked to a UPI ID, enabling secure and convenient payments. The campaign was launched during the ongoing season of Indian Premier League (IPL). The campaign, designed by DDB Mudra Group, … 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
The launching of UPI services in Sir Lanka and Mauritius enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India. | Photo Credit: The Hindu India’s Unified Payment Interface (UPI) services were on February 12 rolled out in Sri Lanka … Read more
Sending money from India to Singapore? Look no further than the UPI-PayNow link for fast, safe, and affordable transfers. The cross-border linkage between the Unified Payments Interface (UPI) and PayNow enables Indians to receive instant, secure, and cost-effective remittances from the Singapore-based Indian diaspora directly into their bank accounts. Users of BHIM, PhonePe, and … Read more
The National Payments Corporation of India (NPCI) has asked its members to comply with the Reserve Bank of India’s (RBI’s) decision to increase the UPI transaction limit to Rs 5 lakh for hospitals and educational services by January 10. The NPCI has instructed banks, payment service providers (PSPs), and UPI applications to increase transaction limits … 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
Investors in the National Pension System (NPS) can add funds to their accounts through a D-remit-based Quick Response (QR) code. By scanning their unique QR code, subscribers can contribute using any UPI-enabled app. These personalised QR codes, distinct for Tier I and II accounts, can be stored offline for convenient future payments. In line with … Read more
With increasing reliance on digital transactions, the Unified Payments Interface (UPI) has become a popular and convenient method for money transactions. However, this convenience also comes with the risk of fraud. As we step into 2024, it’s crucial to be proactive in protecting financial information and ensuring a secure digital payment experience. There are several … Read more