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
A new feature called "Credit Line on UPI" has been introduced on PhonePe's platform. This feature gives customers the ability to link their pre-approved credit lines to UPI, which enables them to make payments without any hassle. Users now have the ability to control their monthly
After a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim in New Delhi on August 20, Prime Minister Narendra Modi of India announced intentions to link the Unified Payments Interface (UPI) with PayNet. Modi announced the partnership at a joint news conference, where he also highlighted plans to connect the
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