One-Time Mandate (OTM) via the Unified Payments Interface (UPI) is now permitted for insurance businesses by the Insurance Regulatory and Development Authority of India (IRDAI). Policyholders will be able to block money in their bank accounts for particular transactions thanks to this function. According to IRDAI, funds are transferred from
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
According to data from the National Payments Corporation of India (NPCI), the volume of Unified Payments Interface (UPI) transactions decreased by 7% to 15.48 billion in November, while the value of these transactions decreased by 8% to INR 21.55 trillion. They reached an all-time high in October thanks
As of September 2024, 6.32 lakh cases of UPI payment scams totalling INR 485 crore had been registered nationwide, according to RBI data. In FY24, there were 13.42 lakh UPI fraud instances, involving around INR 1,087 crore, a significant increase from FY23's INR 573 crore.
Paytm, a major player in digital payments, has introduced a new feature that lets users download UPI statements straight from the app. By providing transaction data in an easily readable, downloadable PDF format, this update seeks to simplify the process of keeping track of spending and being ready to file
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
According to Governor Shaktikanta Das, the Reserve Bank of India (RBI) anticipates that the number of daily Unified Payments Interface (UPI) transactions will surpass one billion in the coming months from the current 500 million transactions per day. Das stated during a panel discussion at the Group of Thirty'
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
A fintech firm called Paysharp, which is based in Chennai, has been granted the final approval to function as a Payment Aggregator (PA) by the Reserve Bank of India (RBI). After receiving an in-principle license in December 2022, the company was awarded approval on August 30, 2024. This approval came
According to media reports, the GST Council might take into consideration a plan to charge payment aggregators (PAs) 18% GST for digital transactions with a minor value of up to INR 2,000 that are made through debit and credit cards during their upcoming meeting. Following the overnight demonetization of
In the period from April to July of this year, the Unified Payments Interface (UPI), which is India's very own digital payment system, handled transactions of INR 80.8 lakh crore, with July alone having the largest amount at INR 20.6 lakh crore. UPI completed transactions totaling