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Tag: Google Pay

  • Google Pay introduces UPI Lite: How to activate, what it means for customers and extra

    Google Pay has began rolling out the UPI Lite characteristic for customers in India. With UPI Lite, Google Pay customers could make on a regular basis funds for on a regular basis gadgets resembling groceries, snacks, and cab rides quicker.

    UPI Lite was launched by the Reserve Bank of India in September final 12 months. It is a digital fee service designed by the National Payments Corporation of India (NPCI). Users can ship as much as ₹200 cash with a single faucet from their UPI Lite account. The service doesn’t require one to enter a PIN to provoke the fee. Aim of UPI Lite is to make digital funds easy and quick.

    Although UPI Lite is linked to the consumer’s checking account, it doesn’t depend on the issuing financial institution’s core banking system in real-time. The UPI Lite guarantees larger success charges even throughout peak transaction hours. Users can load as much as ₹2,000 twice a day and make fee of as much as ₹200 at a time. 

    Readers should be aware that different platforms like Paytm and PhonePe have already rolled out the characteristic on their platforms. As of now 15 banks help UPI Lite.

    Speaking concerning the roll-out, Ambarish Kenghe, VP Product Management from Google, mentioned, “At Google Pay, we feel privileged to partner with the Indian government along with NPCI and RBI, in growing the reach and usefulness of UPI. Unique offerings and use cases are core to driving further adoption of digital payments in the country and with the introduction of UPI Lite on the platform, we aim to simplify small-value transactions by helping users access a convenient, compact and superfast payments experience.”

    How to activate UPI Lite on Google Pay

    To activate UPI Lite on Google Pay, observe these steps:

    Go to Google Pay appLocate and faucet on the profile icon on the prime proper nook of the telephone’s screenHere, scroll down and discover the ‘UPI Lite’ featureTap on it. This will open a brand new display with directions and particulars about UPI LiteFaucet on activate UPI Lite.Link your checking account and observe the on-screen directions Once the method is full, you’ll obtain a affirmation message stating that UPI Lite has been activated You can now add funds to your UPI Lite account of as much as ₹2,000

     

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    Updated: 13 Jul 2023, 06:50 PM IST

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  • Apple Pay’s Long Road to Paying Off Is Getting Shorter

    Apple Inc. hasn’t modified your pockets however, nevertheless it hasn’t given up attempting. Its latest strikes could put it lots nearer to success.



  • Fraud alert! Scamsters utilizing Google Pay, Phone to con you, 81 customers lose ₹1 cr

    Amid information of cyber criminals looting ₹1 crore from 81 Mumbaikars in 16 days via financial institution KYC, PAN rip-off, a brand new sort of on-line financial institution fraud has emerged the place a fraudster would knowingly ship cash in your account utilizing Google Pay or PhonePe gateway. After sending cash in your checking account via Google Pay or PhonePe, the fraudster would ask you to repay the cash posing because it has been ship by mistake. In a very good gesture, you’d repay that ₹10 or ₹50 quantity instantly to the callers Google Pay or PhonePe quantity and turn into a sufferer of malware assault.

    On such on-line frauds are executed focusing on Google Pay and PhonePe customers, Pavan Duggal, a Delhi-based cybercrime professional mentioned, “In this mix of malware plus human engineering scam, someone knowingly sends money to your account via Google Pay or PhonePe gateway and calls you posing that the money was sent in your account by mistake and requests that you send the money back to their number. If you send the money back, your account will be hacked.”

    On how this phishing is executed, Pavan Duggal mentioned, “When a Google Pay or PhonePe user repays the money, their entire data, including banking and other KYC documents like PAN, Aadhaar, etc. become available to the fraudster and these documents are enough to hack anybody’s bank account.”

    Precaution for Google Pay, PhonePe customers

    Pavan Duggal, who’s President at cyberlaw.com went on so as to add, “As I told earlier, this is a mix of malware phishing plus human engineering and hence anti-malware software are not going to safeguard Google Pay and PhonePe users from this online fraud. So, the best solution for Google Pay or PhonePe users is to just reply to such calls citing they asking their bank to look into the matter as the money deposited in their account has come by mistake.”

    Duggal instructed Google Pay and PhonePe customers to ask the caller to return to nearest police station and obtain its cash as a substitute of giving the cash again to the sender.

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  • How to safe your transactions? 5 UPI ideas for protected on-line funds

    Online funds have turn into more and more well-liked, however so have cases of cybercrime, which make them unsafe. Cybercriminals may cause vital financial losses. To shield your self, listed here are 5 security tricks to observe when making on-line funds utilizing UPI.

    Screen lock

    Having a powerful display lock, password or PIN is essential for not solely securing your cellphone but in addition defending your cost and monetary transaction apps. This ensures that delicate private and monetary info will not be leaked or accessed by unauthorized people. It is vital to keep away from utilizing easy passwords like your title, date of delivery or cellular quantity.

    Do not share your PIN

    Sharing your PIN with anybody could make you susceptible to fraud, as they’ll acquire entry to your cellphone and make unauthorized transactions. It’s vital to by no means share your PIN with anybody, and in the event you suspect that it could have been compromised, you need to change it instantly to stop any potential losses.

    Avoid clicking on unverified hyperlinks or answering calls from suspicious numbers

    Be cautious of unverified hyperlinks and pretend calls to keep away from monetary loss. Cybercriminals usually ship pretend messages containing hyperlinks or fake to be calling from banks or different organizations to trick you into giving freely your private info like PIN, OTP, and many others. They may additionally ask you to obtain a third-party app for verification functions. It is vital to notice that banks by no means ask for such private particulars. So, keep away from clicking on unverified hyperlinks and do not decide up calls from unknown numbers or suspicious sources.

    Keep updating UPI app usually

    It’s important to maintain your UPI cost app up to date with the newest model to make sure you have entry to the newest options and advantages. Always verify for updates and obtain the newest model of the app accessible on the app retailer.

    Avoid utilizing a number of cost functions

    To make sure the safety of your on-line funds, it’s advisable to put in solely trusted and verified cost functions from the official app shops like Play Store or App Store. Avoid putting in a number of cost apps in your cellphone to reduce the danger of fraudulent actions.

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  • Here is create a number of UPI IDs in Google Pay

    NEW DELHI: In the present digital age, getting access to real-time, safe on-line funds has turn out to be quintessential. With its Unified Payments Interface (UPI), India has taken the lead and made important progress towards selling digital cost transactions. While digital wallets assist make fast and hassle-free funds, generally funds would possibly get caught as a consequence of a busy server. Multiple UPI IDs are useful when there’s loads of site visitors on the UPI networks. On Google Pay, customers can have as much as 4 UPI IDs related to their financial institution accounts and a number of UPI IDs related to the identical financial institution.

    Having further UPI IDs in Google Pay with totally different banks supplies totally different routes to make transactions seamless, swift, and hassle-free. How does it work? If any of the UPI ID routes usually are not obtainable, the app will select another route to your cost, to verify the person can expertise a clean cost expertise each time. This additionally ensures that the cost goes via securely, with none delays or failure The person can even delete these IDs at any time they want to.

    Here is a step-by-step information for including one other UPI ID to Google Pay.

    ● Launch the Google Pay app in your Android or iOS gadget

    ● Sign in/Log in to the app

    ● At the highest proper nook of the display screen, click on on the picture

    ● Now select cost strategies

    ● Select the checking account you wish to add for the brand new UPI ID

    ● At this level, choose ‘Manage UPI IDs’ from the drop-down possibility

    ● Tap the “+” symbol next to the UPI ID you wish to generate in to create a new one

    ● Under the “Choose an account to pay with” possibility, you possibly can choose the UPI ID you wish to use for cost strategies

    Note: When you choose ‘Add Now’, Google Pay will ship an SMS to generate an additional UPI ID in your behalf. Standard SMS prices will apply.

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    First article

  • ExpressBasics: How to set your cellphone quantity as UPI ID on Google Pay

    UPI transactions are tremendous helpful once you need to keep away from any contact, once you don’t have any money on you, and even once you rapidly need to ship cash over lengthy distances. However, customers should resort to UPI IDs in the event that they need to ship cash to somebody distant and in the event that they don’t have their contact quantity saved. Remembering UPI IDs, as you might have skilled, is usually a little bit of a problem.

    An simpler implementation is to make use of your 10-digit cellphone quantity as a UPI ID. However, you should set your cellphone quantity as your UPI ID first for this to work. Here’s the best way to do it through Google Pay.

    Step 1: Select a checking account linked to your Google Pay

    Opne Google Pay and from the primary display, navigate to the checking account part by clicking in your profile icon on the highest proper. Tap on the ‘Bank Account’ choice on the next web page and select an account on the subsequent display when you’ve got a number of accounts related to your Google Pay.

    Step 2: Set up your quantity as UPI ID

    Open any one of many banks you need to join your cellphone quantity with as a UPI ID, and within the subsequent display, select ‘Manage UPI numbers’, under ‘Manage UPI IDs’ choice.

    Step 3: Wait for the financial institution to approve the addition

    On the next display enter your registered cellphone quantity (the cellphone you need to use because the UPI ID) and proceed. You will now have to attend on your financial institution to approve this step and relying on what financial institution you might have an account in, this might take some time.

    When your financial institution approves the addition, your cellphone quantity might be set as your UPI ID and others will have the ability to ship you cash by coming into your cellphone quantity instantly because the UPI ID, without having of saving your contact particulars first.

  • Credit card on UPI: NPCI in talks with banks for pilot

    The National Payments Corporation of India (NPCI), the umbrella organisation for retail funds within the nation, will start a pilot undertaking of enabling bank cards on unified funds interface (UPI) over the following two months. The entity is in discussions primarily with public sector card corporations like SBI Card, PNB Cards and Union Bank to start the take a look at run, in line with a supply with data of the matter.

    Currently, UPI permits linking of financial institution accounts by mapping a checking account linked with a cell numbers. This will be completed by means of third-party apps like Google Pay, Amazon Pay, PhonePe, and so forth or the apps of banks like SBI, ICICI Bank, Axis Bank, HDFC Bank, and so forth. Last month, the Reserve Bank of India (RBI) allowed linking of bank cards with UPI, and mentioned that to start with Rupay bank cards will probably be linked with UPI in an effort “to provide additional convenience to users and enhance the scope of digital payments”.

    “NPCI is trying to make it live by end of August or September. It will start with a pilot, with a few banks who are ready to start this. There are some players like SBI Card, PNB Cards, Union Bank have shown interest, in addition to Axis Bank on the private side,” an NPCI official mentioned, including that non-public banks haven’t been as forthcoming for the undertaking as their public-sector counterparts.

    As a part of the pilot undertaking, NPCI will combine the UPI AutoPay function with bank card transactions, with an purpose to scale back the danger of defaults on bank card funds.

    “Today, banks cannot issue a physical credit card to someone with a smaller credit limit because of the cost of issuance involved. That’s why the digital approach is necessary. With the UPI AutoPay, it adds a lot of value. With this the distribution and collection costs come to near zero. Technically, banks can do step-up credit once they understand consumer behaviour, and expand their base,” the official added. The UPI AutoPay permits customers to make recurring funds on the UPI platform for smaller quantities.

    The linking of bank cards with UPI will allow client to make small ticket sized funds on credit score issued to them by means of financial institution issued bank cards. “Growth happens through credit and not from your own money, that’s what various economic models over the years have shown. This will enable that,” a banking business govt mentioned.

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    However, business specialists on the time had identified that the adoption of bank cards by means of UPI will rely on MDR dynamics provided that a lot of UPI’s adoption on the backside of the pyramid has been potential as a result of these retailers should pay zero service provider low cost fee (MDR) — a charge payable by retailers to card issuers.

    The govt added that NPCI will probably suggest a mannequin the place a charge is levied on increased ticket measurement transactions, whereas waiving off the charge for small transactions to drive adoption with smaller retailers like roadside distributors, grocery retailer homeowners, and so forth.

    UPI has grow to be one of the crucial standard modes of cost in India with over 26 crore distinctive customers and 5 crore retailers on the platform. In May 2022, round 594 crore transactions amounting to Rs 10.4 lakh crore had been processed by means of UPI.

  • Wary of international gamers’ duopoly in UPI market, MPs plan to boost concern in Parliament

    With the funds by varied UPI apps quick turning into the norm of the day, regulators and even lawmakers have gotten cautious of a robust duopoly available in the market and that too of foreign-owned entities.

    As per the newest knowledge from the National Payments Corporation of India (NPCI), which is pushing for capping the market share of every participant at 30 per cent, there have been greater than 5 dozen UPI (Unified Payments Interface) apps registered within the nation on the finish of June 2022 and collectively they accounted for five.8 billion transactions with a complete worth of over Rs 10 lakh crore throughout the month.

    However, the top-two gamers — Walmart-owned PhonePe and Google’s G-Pay — accounted for greater than 81 per cent of the entire quantity and almost 84 per cent of the worth.

    Adding PayTM, the share of the top-three gamers rose even additional to 96 per cent.

    Amazon Pay, one other international participant, which usually figures within the high 5, has additionally been in search of to develop its market aggressively nevertheless it instructions nearly 1 per cent for now.

    WhatsApp has additionally been attempting to make inroads on this area however has bought restricted share to date.

    Multiple MPs, together with some from the ruling celebration BJP, stated they plan to boost the difficulty in Parliament throughout the upcoming monsoon session and likewise in conferences of related Parliamentary panels.

    None of them agreed to be recognized, saying a proper place is but to be taken on the matter by their respective events.

    While the market gamers are required to scale back their market share to inside a regulatory cap of 30 per cent by January 2023, some are already lobbying arduous to get the deadline prolonged.

    The MPs stated that it isn’t good for a couple of gamers to dominate this essential market and extra so not when the dominance is of international entities and there might be systemic dangers.

    As per the NPCI knowledge, the scenario was not like this at first.

    In the primary quarter of fiscal yr 2016-17, since when the information is offered, all high 5 gamers had 9-10 per cent market share, nevertheless it began altering from the next quarter itself with two of them getting over 15 per cent every. By the fourth quarter of that yr, the highest participant had over 45 per cent and the second 35 per cent.

    In the third quarter of the next yr, the highest participant had bought greater than 61 per cent, although it fell quickly and remained within the vary of 33-36 per cent until the second quarter of 2019-20, earlier than rising once more to greater than 40 per cent for a number of quarters now.

    The high two gamers have been commanding greater than 80 per cent market share collectively for a very long time now, an MP identified citing the NPCI knowledge.

    In the UPI ecosystem, rules are nonetheless evolving they usually principally experience on compliances of sponsor banks.

    NPCI got here out with customary working procedures for UPI apps in March 2021, during which it known as for a 30 per cent quantity market share cap for them in order to even out the distribution of market share alongside all members.

  • Paytm begins levying ‘platform fee’ on recharges. Check the small print right here

    Have you observed the change within the Paytm whereas making any recharge? It has began levying ‘platform fee’ for recharges finished by it. Paytm is charging between Re 1 to ₹6 as comfort charge, platform charge, surcharge, no matter you name it, for the recharges finished on the platform. It just isn’t solely restricted to the Paytm Wallet however relevant on recharges finished by UPI, debit or bank card as effectively. It is relevant for each, by way of app or by the web site.

    This new Paytm characteristic is being rolled out and might not be out there to all its customers now however in the end will probably be applied for all. Paytm is levying the platform charge on the recharges above ₹100. Paytm adopted the footsteps of PhonePe which began this pattern.

    View Full Image

    Paytm platform charge.

    Today, I confirmed this personally whereas recharging a pay as you go cell. The precise recharge quantity was ₹239 however on account of this ‘platform fee’ I needed to pay ₹241, extra ₹2 as comfort charge. When identified on Twitter, Paytm responded, “Paytm might cost a really nominal charge for some Mobile Recharges finished on Paytm App or Website. This cost is relevant for all Payment strategies and is displayed on the cost web page earlier than you proceed with the Recharge.”

    On the opposite, Amazon Pay and Google Pay aren’t charging any processing charge. People might go for certainly one of these choices to save lots of the platform charge/comfort charge/processing charge. This transfer probably aimed toward producing extra income.

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