Page 2 - Upi Transactions

PhonePe launches cross-border UPI payments service, says it's India's first

Users can activate UPI-linked bank account for the international service at the merchant location, or before that

Paytm logs 89 mn monthly transacting users, GMV grows 44% to Rs 1.2 trn

The company continues to dominate the offline payments market with 6.1 million merchants now paying subscriptions for payment devices, an increase of 0.3 million in January

GST not payable on Govt incentive to banks for promoting RuPay card

Incentives paid by the government to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions will not attract GST, the Finance Ministry said. Last week the Cabinet cleared a Rs 2,600-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal. Under the Incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions, the government pays banks an incentive as a percentage of the value of RuPay Debit card transactions and low-value BHIM-UPI transactions up to Rs 2,000. The Payments and Settlements Systems Act, 2007 prohibits banks and system providers from charging any amount from a person making or receiving payments through RuPay Debit cards or BHIM. In a circular to chief commissioners of GST, the Ministry said the incentive is in the nature of a subsidy directly linked to the price of the service and the same does not form part of the taxable value of the transaction in view

Cabinet clears Rs 2,600 cr scheme to promote RuPay debit card: Officials

The Cabinet on Wednesday approved a Rs 2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions. Under the scheme, banks would be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year. It would help in building a robust digital payment ecosystem. The scheme would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments. "Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person-to-Merchant)," said an official tweet.

UPI, Singapore's PayNow integration anytime soon: Official at G20 meet

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 ...

UPI payments touch record high of Rs 12.82 trillion in December 2022

Payments through the Unified Payments Interface (UPI) touched a record high of Rs 12.82 lakh crore in December. During the month, 782 crore transactions in volume terms were done on the platform, which was launched in 2016. "UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth ?12.82 trillion," the Department of Financial Services said in a tweet on Monday. Payments through UPI had crossed the Rs 12 lakh crore mark in October this year. In November, as many as 730.9 crore transactions worth Rs 11.90 lakh crore had taken place via UPI. UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions. The inexpensive medium for cashless transactions has been gaining traction month-on-month and 381 banks are live on it. UPI transa

UPI processes record 7.82 bn transactions in December, ends 2022 on a high

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

Indian rupee goes digital

Digital currency and fail-safe wireless connectivity should have preceded demonetisation

Union Minister Ashwini Vaishnaw unveils digital innovation alliance for G20

The minister also launched "stay safe online" campaign, with the aim of digitally transforming the global economy in a secure cyber environment

RBI to streamline charges for a safer, more affordable payments system

The central bank had released a discussion paper in August that outlined existing rules for charges, while presenting other options through which these could be levied

UPI ecosystem needs to be sustainable to grow further: Google Pay

Hints at the need to make transactions on the platform chargeable

GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions

Defers the classification of crypto assets under GST regime

Top Headlines: Tax levy on SUVs, tighter service norms for telcos, and more

Business Standard brings you the top headlines at this hour

G20 delegates call India pioneer of digital technology as they use UPI

Saudi Arabia's delegate said that all countries need to learn from India and its high technology

Transactions in CBDC pilots gather pace, all minor glitches fixed swiftly

Wholesale segment averages Rs 325 crore per day in November

CBDC versus the rest: Can RBI's digital currency replace physical cash?

The central bank digital currency is unlikely to replace cash and other digital mediums of transactions but could coexist with them

Is it the end of WhatsApp's UPI ambition?

The free run for PhonePe and Google Pay is likely to continue, as the 30% market cap mandate will not come into force for another two years. So, what does it mean for new players like WhatsApp?

Credit card use at PoS higher than at e-com sites in July-Sept: Report

Attributes trend to value-added services such as EMI and BNPL which are allowing consumers to use cards for big-ticket transactions, as opposed to small-ticket earlier

UPI volume cap deadline extended by 2 yrs in relief for PhonePe, Google Pay

Players wanted five-year extension on the market cap deadline

Interchange of Rs 17 at ATMs is not viable: Navroze Dastur of NCR Corp

In a Q&A, the country managing director of the world's largest ATM maker, says he sees a lot of banks come to firms such as his to run their ATM network for them in the future