NPCI

UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks

Six New Umbrella Entity (NUE) hopefuls, including Facebook, Google and Amazon, have failed to present any innovative solution due to which efforts to build an alternative to the NPCI have not moved ahead, the RBI said on Thursday. A total of six consortiums which had the global tech majors teaming up with local entities including Axis Bank and ICICI Bank had applied in 2021 for the NUE licence. "Of the proposals that we have received, we did not quite see any innovative or infrastructural solution that had come up," Deputy Governor T Rabi Sankar told reporters when asked about progress on the front. He said the RBI has had a look at the applications, and reminded that the central bank's objective was to get some innovations into the digital payments system which is already functioning well with efforts like Unified Payments Interface. "We wanted to bring in new ideas. We did not want something which is either incremental or a substitute of existing ideas or technologies," Sankar ..

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The NPCI quickly clarified that the circular was only pertaining to PPI-based merchant transactions on UPI and the basic UPI transactions remain completely free

The NPCI's decision to levy 1.1 per cent fees on the UPI-wallet payments has led to a lot of speculation on social media, people are worried this will make the transactions costlier. But is it true?

From April 1, the platforms offering prepaid instruments like wallets and gift cards will have to pay interchange fees on transactions above Rs 2,000

National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. However, interchange charges are only applicable for the prepaid payment instruments (PPI) merchant transactions and there is no charge to customers, NPCI clarified in a statement. NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI. "The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account-based UPI payments (i.e. normal UPI payments)," it said. With this addition to UPI, the customers will have the choice of using any bank account, RuPay Credit card and prepaid wallets on UPI-enabled apps, it said. In recent times, it said, UPI h

As NPCI seeks to integrate digital wallets on the UPI platform is expected to be positive for Paytm, which has a 60 per cent share in wallets

The objective of the mission, as part of Digital Payments Awareness Week (DPAW) 2023, is to make every citizen in the country opt for digital payments

On Tuesday, India and Singapore linked their digital payment systems, United Payments Interface (UPI) and PayNow, to enable real-time money transfers

UPI Lite was introduced by the National Payment Corporation of India (NPCI) last year to facilitate small ticket transactions up to Rs 200

From accounting for a quarter of all UPI transactions, app now has a share of just 0.76%

The UPI ecosystem members have to comply with NPCI's directions by April 30, 2023

The Monetary Authority of Singapore on Monday said integration of India's Unified Payment Interface (UPI) and equivalent network in Singapore, known as PayNow, will begin anytime soon, which in turn will reduce the remittance cost by 10 per cent. There will be interoperability of the two digital payment networks, allowing seamless remittances between the two countries at a highly competitive rate. "Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," Singapore central bank's chief fintech officer Sopnendu Mohanty said at the G20 meeting on financial inclusion at Kolkata. "As of now, remittance to India is at least 1 billion Singapore Dollars and India to Singapore will be 200-300 million Singapore Dollars," Mohanty said. Pramod Verma, chief architect of Aadhaar & India Stack said similar interoperability will also happen with Dubai and a few other countries soon. He said this integration will also help Indian tourists pay in Singapore using ...

In the calendar year 2022, UPI processed over 74 billion transactions, worth Rs 125.94 trillion, NPCI data showed

Limits on digital payments should be avoided

Implementing NPCI volume-cap right now may have caused friction in UPI

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