Report Wire

Tag: Payment

  • 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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  • LazyPay companions Dukaan for pay-later providers

    NEW DELHI: Eyeing small companies and their ecosystem, LazyPay, a Buy Now Pay Later (BNPL) resolution provided by PayU Finance, has introduced a partnership with Dukaan, an easy-to-use app that lets retailers create on-line shops. The partnership will supply BNPL resolution to small sellers and entrepreneurs throughout classes, enabling them to scale their operations. For end-users, this collaboration will enable a seamless checkout expertise for time-efficient transactions.

    The collaboration is a testomony to LazyPay’s rising service provider ecosystem, signifying a robust demand for fast, handy, and hassle-free BNPL options. Since its introduction in 2017, LazyPay’s service provider ecosystem has grown multifold and right now stands at 46,000, as per the corporate.

    Varun Vummidi, Payments Head, LazyPay, mentioned, “India is a booming financial system and SMBs (small companies) are contributing largely in the direction of progress. They have gotten ubiquitous with rising adoption of expertise. We are excited to companion with Dukaan as Buy Now Pay Later options improve alternatives for SMBs, permitting them to cater to a wider part of on-line prospects with a penchant for quicker and hassle-free purchasing expertise.”

    For the mobile-first app, close to 60% of Dukaan’s merchants come from tier II and tier III markets. Integrating the BNPL solution into available payment modes will help storekeepers drum up sales and encourage first-time customers to become repeat customers. The partnership also has the potential to accelerate customer adoption through LazyPay’s strong user base. In addition to quick and seamless checkout experiences, Dukaan will also benefit from LazyPay’s near 100% transaction success rate.

    Suryansh Kumar, VP Business, Dukaan, said, “Joining hands with LazyPay will be a catalyst to our business, by helping us add to our objective of providing the best services to our customers. We are looking forward to this collaboration.”

    LazyPay extending its providers to SMB retailers is a strategic response to BNPL turning into one of many most well-liked fee choices in present instances. SMBs are thought-about the core of nation’s financial progress. According to an business report, expertise adoption in small companies has moved to 40% from 29%, publish pandmeic and will probably be characterised by digital transformation. Also, BNPL is prone to change into the quickest rising on-line fee choice with a 6% rise in market share from 3% to 9% in 2024, mentioned the agency.

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  • UPI123Pay: A step-by-step information to make UPI fee on function telephones

    The Reserve Bank of India (RBI) has launched Unified Payments Interface (UPI) service for function telephones known as UPI 123Pay. At current, environment friendly entry to UPI is offered on good telephones. Considering that there are greater than 40 crore function cellphone cell subscribers within the nation, UPI123pay will materially enhance the choices for such customers to entry UPI.

    It is essential to create a UPI ID to make use of UPI123 service in your cellphone. To create, a UPI ID on cellphone, dial *99#, select your financial institution identify, and enter the final six digits of your debit card, and your card expiry quantity. After that is achieved, you may be requested to setup your UPI pin. Now, your UPI ID will likely be activated.

    How to make use of UPI123?

    #Dial the IVR quantity 08045163666 in your cellphone.

    #On the IVR menu, choose your most popular language.

    #Now, select the financial institution linked with UPI

    #Press ‘1’ to substantiate the small print.

    #Press ‘1’ to ship cash by utilizing your cell quantity.

    #Enter the cell variety of the recipient.

    #Confirm the small print.

    #Now, enter the quantity that you just need to switch.

    #Enter your UPI PIN and authorise the cash switch.

    Users can provoke funds to family and friends, pay utility payments, recharge the FAST Tags of their automobiles, pay cell payments and likewise permit customers to test account balances. Customers will even be capable to hyperlink financial institution accounts, set or change UPI PINs.

    UPI123Pay consists of 4 choices as under:

    App-based performance: An app can be put in on the function cellphone via which a number of UPI capabilities, obtainable on smartphones, will even be obtainable on function telephones.

    Missed name: This will permit function cellphone customers to entry their checking account and carry out routine transactions reminiscent of receiving, transferring funds, common purchases, invoice funds, and many others., by giving a missed name on the quantity displayed on the service provider outlet. The buyer will obtain an incoming name to authenticate the transaction by getting into UPI PIN.

    Interactive Voice Response (IVR): UPI fee via pre-defined IVR numbers would require customers to provoke a secured name from their function telephones to a predetermined quantity and full UPI on-boarding formalities to have the ability to begin making monetary transactions with out web connection.

    Proximity sound-based funds: This makes use of sound waves to allow contactless, offline, and proximity knowledge communication on any system.

  • Different varieties of fee playing cards you need to learn about

    NEW DELHI: In India, there are broadly 4 varieties of playing cards by means of which you may make funds — debit playing cards, bank cards, pay as you go playing cards, and digital playing cards. These may be categorised primarily based on their issuance, utilization and fee by the cardholder.

    All these playing cards are completely different when it comes to making funds. While some are straight linked with one’s financial savings checking account, others may help construct your credit score rating. In this piece, we check out several types of playing cards and their utilization.

    Debit playing cards: If you will have a financial savings checking account, the financial institution is prone to difficulty a debit card that’s straight linked to your financial savings account. Debit playing cards usually could have a credit score community related to them like VISA or Mastercard. Having these credit score networks printed on playing cards means that there’s the acceptability of debit playing cards as a type of fee in lots of international locations, locations.

    However, utilizing a debit card is not going to assist construct your credit score rating. Besides, you can too withdraw cash from ATM utilizing your debit card.

    Credit playing cards: The banks and a few non-banks (or NBFCs) usually difficulty such playing cards. However, different authorized entities can even difficulty these playing cards. You should purchase items and companies at PoS terminals/e-commerce by means of bank cards. These playing cards may help you construct credit score rating if the payments are paid on time.

    You could use these playing cards domestically and internationally (offered they’re enabled for such use).

    While bank cards will also be used to withdraw money from an ATM, you need to not accomplish that since you are often charged a price upfront primarily based on the quantity you withdraw. You can even switch cash to financial institution accounts, debit playing cards, different bank cards and pay as you go playing cards inside India, topic to agreed limits and situations.

    Prepaid playing cards: Banks and non-banks difficulty pay as you go playing cards in opposition to the worth paid upfront by the cardholder and retailer them in such playing cards, which may be issued within the type of playing cards or wallets.

    The norm of pay as you go playing cards depends upon the issuer of such playing cards. Prepaid playing cards may be open or semi-closed and can be utilized to withdraw money from an ATM, buy items and companies at PoS terminals/e-commerce. You can even make home funds transfers, topic to prescribed limits and situations. While banks difficulty open system pay as you go playing cards, semi-closed system pay as you go playing cards may be issued by the financial institution and non-bank entities.

    Electronic playing cards: These playing cards may be thought-about debit playing cards issued in particular overdraft accounts like private loans with none particular end-use limitations. Banks have been allowed to offer digital playing cards to folks having overdraft accounts to allow home digital transactions.

    For all functions like safety and security, Merchant Discount Rate (MDR), Additional Factor of Authentication (AFA), the directions referring to debit playing cards are relevant on such digital playing cards as nicely.

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  • Instructions for resolving the issues confronted in MNREGA wage fee in time-limit

    MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) Commissioner Mr. Mohammad Kaiser Abdulhaq has directed to take away the issues of transaction rejections coming throughout wage fee by means of financial institution accounts of MNREGA employees in a time-bound method. He issued a round to the Chief Executive Officer of all of the District Panchayats, on the idea of the title and account variety of the MNREGA employees within the pass-book issued from the financial institution to the MNREGA employees within the circumstances of rejection of the transactions, the names and account numbers of the employees registered within the NREGA software program (NREGA-Soft). Have been requested to replace and rectify. He has directed the programmers working underneath MGNREGA and assistant programmers to rectify the errors in a time-bound method, in order that circumstances like transaction rejections don’t recur in future.

    The State MNREGA Commissioner has mentioned within the round issued to the CEOs of the District Panchayats that the fee of wages underneath MNREGA is to be executed inside the prescribed time restrict, however attributable to varied issues within the accounts of the employees, the transaction of fee of wages is being rejected. As a end result, employees usually are not getting paid on time. Major causes for transaction rejection embody “Invalid account type, No such account, Account closed or transferred, Inactive Aadhaar, KYC not updated, Account does not exist, Aadhaar not linked with the account, Invalid in case of merger of banks.” financial institution identifier,

    IFS Incorrect code and unclaimed account”. Problem-wise action-wise guideline has been despatched to all of the districts together with the round to handle these issues. The MNREGA commissioner has requested all of the districts to take crucial corrective motion instantly as per the rules despatched. He has directed to make out there the knowledge of such circumstances to the state workplace together with all the required paperwork if another downside arises along with the issues talked about within the pointers or if any downside just isn’t resolved.

  • Government to clear its position on loan moratorium in a week: Supreme Court

    The Supreme Court again heard today in the Lone Moratorium case. The court gave the government one more week in this case and the Supreme Court said that no guidelines have been issued by the Reserve Bank for the relief given on the interest, so the court has given a To clarify the situation within a week, a new affidavit has been filed.

    The court said that the government should give a new affidavit by October 12 detailing how the interest waiver will be applicable. During the hearing, the association of real estate companies has said that in the affidavit given by the government, many figures and facts are baseless. Credai has asked for a few more days for an answer on the affidavit of the central government.

    Credai’s lawyer said that the central government has not given any relief to the real estate sector. He said that the government has not given any loan restructuring facility to this sector. Companies have to pay full interest. CREDAI objected to the government’s figure of 6 lakh crore rupees. In response to this, Solicitor General Tushar Mehta presented on behalf of the government said that according to the available resources, relief has been given to different sectors.

    It is worth noting that to provide financial relief to the people in lockdown, the Reserve Bank had given the facility of moratorium to avoid payment of EMI of the loan. This facility started from March till 31 August i.e. for a total of 6 months. RBI had said that if the loan installment does not repay for 6 months, then it will not be considered a default. However, this condition has also been kept that after the moratorium, full interest will have to be paid on the outstanding payment. This means that after the end of the moratorium facility, additional interest will be charged on the loan interest of the last 6 months.