Users were unable to complete digital transactions on 26 March's night due to a major technical problem that interrupted Unified Payments Interface (UPI) services throughout India. The National Payments Corporation of India (NPCI), which is in charge of managing UPI operations, admitted to the issue and gave users
With immediate access via UPI and ATMs, the Employees' Provident Fund Organisation (EPFO) plans to implement a significant modification to PF withdrawals. By the end of May or the beginning of June 2025, EPFO members will no longer have to endure drawn-out withdrawal processes. The National Payments Corporation of
To combat growing online fraud, the National Payments Corporation of India (NPCI) plans to gradually phase out collect phone transactions for merchant payments on the Unified Payments Interface (UPI). By lowering the possibility of illegal fund withdrawals, this ruling attempts to minimise fraudulent transactions in which retailers ask for payments
* RuPay network accounts for nearly 16% of India's credit card spendings, driven by UPI linked credit cards. * Over 30 banks issue RuPay credit cards leading to a significant increasae in transactions. * The NPCI initiates to take indian payments global by setting up new R&D center to
The volume of Unified Payments Interface (UPI) transactions increased by 8% month over month to reach 16.73 billion in December, the largest amount the digital system has seen since becoming live in April 2016. Additionally, the value rose from INR 21.55 trillion in November to INR 23.25
The deadline for imposing a transaction volume cap on Unified Payments Interface (UPI) apps has been extended by two years, to December 31, 2026, by the National Payments Corporation of India (NPCI). The NPCI has extended this deadline for the second time. The industry giants PhonePe and Google Pay, who
The National Payment Corporation of India (NPCI) has certified Phi Commerce, a fintech digital payment company, to provide UPI Switch to its business clients, mainly to maintain high transaction volumes. Phi Commerce will be able to onboard enterprise customers more quickly thanks to UPI Switch, which will cut down on
Between September and October of 2024, the volume and value of transactions using the Unified Payments Interface (UPI) increased fairly. According to figures released by the National Payments Corporation of India (NPCI), the digital payment network logged 16.58 billion transactions in October, a 10% rise from 15.04 billion
To create a real-time payments platform for Trinidad and Tobago that is similar to the Unified Payments Interface (UPI), NPCI International Payments (NIPL) and the Ministry of Digital Transformation (MDT) have partnered strategically. The first country in the Caribbean to use India's well-known instant payments network, UPI, is
With just over four months to go until the deadline, industry insiders have expressed doubts about the proposed 30% market share cap in the Unified Payments Interface (UPI) category, according to multiple media sources. Multiple newcomers to UPI have been informed, informally, that the limit is not going to be
A renowned media house has reported that food tech company Swiggy, which is preparing for an initial public offering (IPO), has expanded its service fee policy to incorporate the gross order value (GST plus packaging fees) for restaurants located outside of metro areas. As a result of the change, its
Cashfree Payments has announced the launch of ‘AutoPay on QR’ in collaboration with NPCI. The solution would enable businesses to boost ROI on advertising expenditures. Cashfree Payments, a leading payment, and API banking solutions company, has announced the launch of ‘AutoPay on QR’ in collaboration with the National Payments Corporation
📖 Learning
The National Payments Corporation of India was formed in 2008 with the objective of integrating all payment mechanisms existing in the country and making them uniform for retail payments. However, the majority of the population was opting for cash payments as retailers encouraged this method. There was also the problem
digital payment
Due to the lockdown imposed to contain the spread of COVID-19 [https://startuptalky.com/tag/covid-19/], UPI has recorded transactions of less than one billion for the month of April after 12 months of constant growth. This is the first time in the past seven months that UPI volume went
npci
The National Payments Corporation of India (NPCI) is an umbrella organization for operating retail payments and settlements systems in India. It is an initiative by the Reserve Bank of India (RBI) and the Indian Bank Association (IBA) under the provisions of the Payment and Settlement Act, 2007, for creating a