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Tag: UPI payments

  • Online funds in India: How UPI is altering the face of digital transactions

    Online funds in India: The Unified Payments Interface (UPI) makes digital cost as simple as sending a textual content or scanning a QR code. Launched in 2016, the platform accounted for 73% of all non-cash retail funds in India within the yr to March.

    According to the Reserve Bank of India’s (RBI), 30 May annual report, and UPI transaction information from the National Payments Corp. of India (NPCI), combination UPI transactions stood at ₹139.2 trillion in FY23.

    Growing at a gradual tempo, UPI transactions are more likely to attain 1 billion per day by 2026-27, accounting for 90 p.c of the retail digital funds within the nation, mentioned the PwC report titled titled “The Indian Payments Handbook – 2022-27”.

    The widespread adoption of UPI in not simply tier 1 cities but additionally tier 2 & 3 cities in only a matter of seven years, coupled with the demand for UPI in different international locations is a testomony to it being one of the vital superior cost programs immediately.

    “What’s equally thrilling and vital to notice is that alongside making the ecosystem of transacting less complicated and extra handy, UPI can be enabling a number of related monetary providers similar to expense monitoring, budgeting, saving, investing, and extra,” said Satyajeet Kunjeer, Founder and CEO, Deciml.

    Over the past decade, India has witnessed a significant transformation in the banking and finance space, including the emergence of neo-digital banks, novel payment platforms, and the rise of fintech as a whole

    India is expected to cross 10 billion UPI transactions in June, experts told Livemint.

    “Digital payments, led by UPI, have become the favored transaction method. In 2022 alone, there were 74 billion transactions, and we are now on the brink of an unprecedented milestone: the possibility of surpassing 10 billion UPI transactions in the month of June alone,” mentioned Karthik Thenkarai, Co-founder and Director of Paycorp.io 

    This surge in transactions signifies elevated spending and a outstanding shift in direction of digital adoption by shoppers, changing the earlier reliance on cash-based transactions. Hence, this landmark in UPI transactions is certainly a welcome signal for an advanced digital India, added Karthik Thenkarai.

     

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    Updated: 20 Jun 2023, 01:33 PM IST

  • How UPI is shaping the financial system post-withdrawal of 2000 foreign exchange notes

    Unified Payments Interface (UPI) has supercharged India’s transition to non-cash funds by facilitating direct funds linked to a checking account. UPI has been a revolution for all of the financial system largely as a consequence of speedy adoption by millennials and GenZs. It has accelerated the adoption of digital funds, and made making peer-to-peer funds easier for use circumstances harking back to bill splitting and money transfers.

    The Reserve Bank of India (RBI) will withdraw ₹2,000 denomination banknotes which were in circulation since 2016. This was launched by the central monetary establishment on May 19. The RBI has said banknotes in ₹2,000 denomination will proceed to be approved tender.  The central monetary establishment talked about plenty of causes that influenced its option to withdraw the foreign exchange notes.

    Citing information from a report titled ‘India Digital Payments Annual Report’, RBI said UPI and digital funds elevated tremendously in the last few years. 

    According to Satyajeet Kunjeer, Founder, of Deciml, the extreme adoption of UPI by distributors along with customers has positively added to it becoming a useful and preferred platform – in a matter of solely 7 years. What’s far more fascinating, nonetheless, is that alongside making spending/transacting easier – UPI has moreover served to develop to be a central platform that is enabling plenty of totally different associated financial suppliers harking back to expense monitoring, budgeting, saving, and investing.

    As points stand at current, it is extraordinarily probably that everyone – not merely millennials – will come to rely utterly on digital financial suppliers, he added.

    E-commerce grew as UPI facilitated hassle-free on-line funds

    UPI has moreover elevated financial consciousness by offering entry to various financial suppliers and investments, making millennials and GenZs additional educated about their selections. “It has streamlined funding transactions, allowing for seamless investments in mutual funds, shares, and totally different investments harking back to P2P lending and IPOs. UPI-enabled platforms equipped real-time portfolio monitoring, simplified SIPs, and lowered funding costs,” said Neha Juneja, CEO, IndiaP2P.com

    Unified Payments Interface (UPI)

    UPI offers services from hundreds of banks and mobile payment apps, with no transaction fees. FinTech, banks, and telcos have adopted this platform and have further driven UPI growth through QR code placements at merchant point-of-sale (POS). 

    According to a PwC report titled “The Indian Payments Handbook – 2022-27″, UPI transactions usually tend to attain 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital funds inside the nation. 

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    Updated: 01 Jun 2023, 02:16 PM IST

  • Who’s going to learn from integration of India’s UPI and Singapore’s PayNow?

    The introduction of cross-border linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore has been noticed by Prime Ministers Narendra Modi of India and Lee Hsien Loong of Singapore. The cross-border hyperlink was launched by Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), and Shaktikanta Das, governor of the Reserve Bank of India (RBI). In India, UPI turned the most well-liked cost technique in 2022 with 74 billion transactions totalling greater than ₹126 trillion. According to consultants, the mixing of the 2 digital cost methods will make it doable for residents of each nations to ship cross-border remittances extra conveniently, rapidly and securely. Let’s learn the way.

    Speaking on the initiative, Akash Sinha, Co-founder & CEO, Cashfree Payments mentioned “The initiative of linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow, by the Indian Government is a vital growth within the nation’s cross-border crucial. The connectivity between the 2 cost methods will make cross-border remittances extra handy, fast and cost-efficient. This transfer will bolster the commerce and remittance circulate between the 2 nations. It will considerably profit migrant staff, vacationers, small companies, and enterprises. This may even set up a major basis for cross-border funds between India and ASEAN nations, creating a positive setting for digital funds past borders. In the grand scheme, this creates an enabling setting for innovators and regulators to speed up the supply of efficient digital funds options. It additionally supplies a safe and conducive setting for customers to undertake fintech options.”

    Swapnil Jambhale, Co-founder and COO, Safexpay, the quickest rising world funds platform mentioned “The collaboration of two fast payments systems (UPI and PayNow) will enable real-time, efficient, and most importantly, safe cross border funds transfers for users at the comfort of their mobile phones. Remittance can be made through bank accounts or digital wallets via UPI, using just the UPI ID, VPA or mobile number. Additional information such as bank account number, IFSC code are not required. This is a testimony to India’s growth as the digital payments superpower, further it fosters an ecosystem for financial inclusion and digital India goals. RBI’s partnership with the Monetary Authority of Singapore (MAS) brings together extensive resources which will aid India’s fintech growth. Currently, only a few banks have been chosen from both the countries to offer this cross-border remittance service. Customers of the selected banks can use this service via net banking as well. This partnership also presents an opportunity for small and medium businesses who operate with partners present in Singapore, offering them a service to optimize cross-border payments or collection.”

    Swapnil Jambhale, Co-founder and COO, Safexpay mentioned “The transfer of extending Unified Payments Interface (UPI) for in-bound travellers from the G20 nations comes at a strategic level after saying the UPI facility for NRI with NRE and NRO accounts linked with their cellular numbers. With G20 India Summit developing, this step will prove to strengthen India’s place because the funds chief within the world market. In-bound travellers from G20 nations will be capable to expertise UPI funds whereas transacting with totally different retailers. Once these travellers arrive in India, they’ll be capable to avail the power by complying with the mandatory process set by RBI on the airports and choose entry factors. India’s UPI is likely one of the most profitable digital funds system globally. Therefore, the extension of UPI companies to residents of G20 nations will foster India’s relationship with these nations for future collaborations.”

    Supratik Nag Vice President – Product Management Maveric Systems said “The real-time payment networking with Singapore is just the beginning of a greater disruption of the digital payment ecosystem by India. Considering the Indian diaspora across the globe, the National Payments Corporation of India (NPCI) has recently been planning to allow NRIs from 10 countries, namely Singapore, Hong Kong, Oman, Qatar, Saudi Arabia, United Arab Emirates, USA, Australia, Canada, and the United Kingdom to digitally transfer funds using the UPI platform from their NRE/NRO accounts. Singapore is the first from this set of 10 countries. It is indeed a revolution that customers in these countries can make cross-border transactions with India in real time with just their foreign mobile numbers. Technically such a global real-time linkage of the payment systems reduces the dependency on the SWIFT network, thereby optimizing time and resources and enhancing cross-border remittance. This move is a big win from the customer’s perspective as it opens up a new avenue of payment experience and brings them closer to their homes. In India, while only 5 – 6 banks are a part of this current India-Singapore cross-border payment network, we can expect more banks to join in. The UPI- PayNow network could become the main channel of cross-border transactions between the two countries in the long run.”

    On February 21, the Reserve Bank of India prolonged its unified funds interface (UPI) companies to incorporate guests from the G-20 nations. “To start with, it is available to travellers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi). Eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets,” the apex financial institution mentioned within the launch.

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  • NRIs from these 10 nations will quickly have the ability to make UPI funds

    Non Resident Indians (NRIs) will quickly have the ability to make funds in Unified Payments Interface (UPI) with out having to get an Indian cellular quantity. The National Payments Corporation of India (NPCI) has allowed NRIs in 10 nations to digitally switch funds utilizing the UPI platform from NRE/NRO accounts.

    NRIs with NRE (non-resident exterior) or NRO (non-resident bizarre) accounts in 10 nations can entry UPI companies for transactions utilizing their worldwide cellular numbers.

    The NPCI stated it has been receiving requests for permitting non-residents to make use of worldwide cellular numbers for transacting in UPI.

    Accordingly, the NPCI has given accomplice banks time until 30 April to adjust to the instructions beneath which non-residents having NRE/NRO accounts will likely be allowed to switch funds utilizing their worldwide cellular numbers.

    Which are these 10 nations?

    To start with, NPCI will likely be enabling transactions from cellular numbers having nation codes of Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, and the United Kingdom, together with the present home nation code.

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    This facility will likely be out there to NRIs in 10 nations.

    The NPCI, which operates the UPI platform, said: “To begin with, we shall be enabling transaction from mobile numbers having the country code of (10 nations)… and shall extend for other country codes in near future…”.

    This facility could also be prolonged to different nation codes in future.

    The solely situations are that the accomplice banks guarantee such accounts are allowed based on the Foreign Exchange Management Act (FEMA) laws, comply with the rules of the Reserve Bank of India (RBI) sometimes.

    Also, all needed anti-money laundering or combating of financing of terrorism checks and compliance validation based on the principles should be ensured by the remitter and beneficiary banks.

    An NRE account helps NRIs switch international earnings to India, whereas an NRO account helps them handle the earnings earned in India.

    The growth will assist worldwide college students, household dwelling overseas and native companies, officers have stated.

    Payments Council of India Chairman Vishwas Patel stated the foremost comfort issue could be within the type of ‘fee/cash switch comfort’ for NRIs after they go to India.

    Sarvatra Technologies Founder MD Mandar Agashe stated all these years, NRIs couldn’t entry the UPI community since SIM binding, which is a crucial safety characteristic of UPI, was out there solely to Indian SIM card telephones.

    “NRIs will just need to link their NRE and NRO accounts linked to their international SIM to UPI and use it like any ox`ther Indian UPI user for merchant payment as well as peer-to-peer payments,” Agashe said.

    All about UPI

    UPI is an immediate real-time fee system, which is now processing extra peer-to-merchant (P2M) transactions than peer-to-peer (P2P) transactions, in quantity phrases. The transaction is finished by way of cellular in straightforward steps. Besides, there aren’t any costs relevant for UPI transactions.

    UPI was earlier largely used for P2P transactions. However, the development has reversed within the final two years for the reason that Covid-related restrictions. Now, it’s the most most well-liked fee mode for P2M transactions.

    The cheap medium for cashless transactions has been gaining traction month-on-month and 381 banks are reside on it.

    There has been an enormous leap in UPI funds in simply six years. UPI transactions touched a file excessive of ₹12.82 lakh crore in December 2022.

    In November final yr, round 730.9 crore transactions value ₹11.90 lakh crore had taken place by way of UPI.

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  • Central financial institution unveils Payments Vision 2025: RBI bats for CBDC, regulation of fintechs, BNPL

    The Reserve Bank of India (RBI) has unveiled the Payments Vision 2025 doc which proposes a bunch of modern cost programs and regulation of BigTechs, fintechs, buy-now-pay-later (BNPL) programs, and introduction of a central financial institution digital forex (CBDC), amongst others.

    “The Payments Vision 2025 promises to further elevate our payment systems towards a realm of empowering users with affordable payment options accessible anytime and anywhere with convenience,” it mentioned.

    The RBI doc has proposed enabling of geotagging of digital cost infrastructure and transactions and revisiting tips for pay as you go cost devices (PPIs), together with closed system PPIs. It additionally proposed a framework for regulation of all important intermediaries in funds ecosystem and hyperlink bank cards and credit score parts of banking merchandise to UPI.

    Other proposals embrace bringing in enhancements to Cheque Truncation System (CTS), together with One Nation One Grid clearing and settlement perspective, and creating cost system for processing on-line service provider funds utilizing web and cell banking. It additionally proposed regulation of BigTechs and FinTechs within the funds house.

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    The imaginative and prescient doc beneficial that the BNPL technique needs to be examined, and issuance of applicable tips on funds involving BNPL needs to be explored. BNPL providers have developed into a brand new cost mode alongside the present cost modes like playing cards, UPI, and web banking. This channel, facilitated by a number of cost aggregators, leverages the present nodal account (escrow account after authorisation) to route funds between BNPL buyer and a service provider.

    “The Payments Vision 2025 has the core theme of E-payments for everyone, everywhere, everytime (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options,” it mentioned.

    “The Payments Vision 2021 had envisaged to empower every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable, and had set four goalposts of competition, cost, convenience and confidence with 36 specific action points and 12 expected outcomes,” the central financial institution mentioned in a launch.

  • US majors nonetheless dominating playing cards, funds ecosystem; homegrown firms achieve floor

    The sanctions-led withdrawal of card funds networks like Visa and Mastercard from Russia throws mild on the dominance of US-based firms within the world funds ecosystem.

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    In India itself, the highest two UPI fee apps — Walmart-owned PhonePe and Google Pay — accounted for 364.43 crore UPI transactions in February, which was over two-thirds of the overall transactions (446.77 crore) recorded through the month.

    The bank cards section, which is one other main mode of funds within the nation, can be dominated by American firms Visa and Mastercard collectively controlling greater than half of the market share.

    American card community operators suspended their providers in Russia in mild of the sanctions imposed on Russia by the United States on account of the continued battle in Ukraine.

    The withdrawal of providers from Russia by these firms signifies that any playing cards issued by banks globally on these networks is not going to work anymore in Russia at PoS terminals or ATMs. Further, playing cards issued by Russian banks on these networks will even cease working exterior the nation.

    As per information from the National Payments Corporation of India (NPCI), PhonePe noticed 212.02 crore transactions price Rs 4.08 lakh crore in February, whereas Google Pay recorded 152.41 crore transactions price Rs 2.91 lakh crore. The third and fourth largest Unified Payments Interface (UPI) apps have been Paytm Payments Bank, with 61.38 crore transactions price Rs 72,204.32 crore, and Amazon Pay, with 6.35 crore transactions price Rs 6,044.47 crore.

    Interestingly, the playing cards house has layers to it with the scales tipped within the favour of the international gamers. According to a January 2021 report by the Reserve Bank of India (RBI), with 60.36 crore playing cards issued, the NPCI’s RuPay card had extra 60 per cent share within the variety of playing cards issued as of November 30, 2020. But a major chunk of this was from debit playing cards, with solely 9.7 lakh RuPay bank cards being issued as of November 2020.

    ExplainedRuPay rising challenger

    Domestic card operator RuPay has emerged as the most important challenger to US majors Visa and Mastercard. In this context, the 2 firms had just lately raised considerations with the Centre about ‘level playing field’.

    The important lead for RuPay in variety of debit playing cards however, the worth of card funds made by means of point-of-sale (PoS) machines utilizing bank cards, the place the American card community firms like Visa and Mastercard loved a majority share, far exceeded these performed utilizing debit playing cards.

    During January 2022, RBI information confirmed that Rs 87,768.50 crore price of bank card transactions have been made at PoS terminals, whereas debit card transactions at PoS terminals stood at Rs 59,494.77 crore.

    However, the debit card-led enlargement of RuPay within the playing cards section to have over 60 per cent share in November 2020, in contrast with solely 15 per cent in 2017, did handle to unsettle Visa and Mastercard.

    In August final 12 months, Visa had reportedly raised considerations a couple of “level playing field” in India throughout a gathering with US Trade Representative Katherine Tai. It had particularly flagged India’s “informal and formal policies” that “appear to favour” the enterprise of NPCI, which runs RuPay. Mastercard, led by Indian-origin govt chairman Ajay Banga, had additionally raised comparable considerations again in 2018.

    The Reserve Bank, in July final 12 months, had banned Mastercard from issuing any new playing cards for not complying with information localisation necessities.

    However, when it comes to ATM transactions, that are pushed by debit playing cards each in volumes and worth, a hypothetical withdrawal of providers by international firms like Visa or Mastercard is unlikely to have an effect on ATM operations provided that transactions on the automated teller machines are performed by means of the NPCI-run National Financial Switch.

  • Govt testing UPI Lite to permit funds with out web

    The resolution, referred to as UPI Lite, will seemingly be used first to allow digital funds beneath ₹200 in rural areas, the individuals, together with three authorities officers and a senior government at a financial institution testing the answer, mentioned, requesting anonymity.

    The Reserve Bank of India (RBI), on 5 January, allowed offline digital funds price ₹200 to be made with out web connections.

    UPI Lite will allow function telephone customers to make digital funds from their financial institution accounts. The financial institution official cited above mentioned two key options are being examined. The first is a SIM overlay, and the opposite is a software-provisioned resolution that can leverage over-the-air (OTA) updates.

    SIM Overlay is a expertise that expands the functionalities of a telephone’s SIM card, permitting funds and different providers to be carried out even with out knowledge availability. OTA, then again, can have the answer delivered straight to the gadget’s firmware.

    The financial institution official defined that the OTA resolution could be akin to the snake sport on erstwhile Nokia function telephones, which might get updates over the networks with out 3G or 4G networks. However, it will likely be completely different from how it’s conventionally completed and the expertise in play right here is patent pending.

    “The transaction on the SIM overlay will use a telecom community. The overlay shall be embedded contained in the telephone by the telecom supplier. The person should get it deployed (on their telephone) by visiting a retailer,” one of the government officials said. “A Virtual Payment Address (VPA), usually called the UPI ID, will be created through SMS. Once the UPI ID is created, the payer has to select the contact to whom a payment needs to be made. If the contact, too, has a UPI ID, the payer will simply need to click on the name, enter the amount and send the money,” he added.

    He additional mentioned customers should arrange a four-digit or six-digit pin, relying on protocols their banks put in place. Payments made on the SIM overlay methodology will go to servers managed by the NPCI beneath the UPI system, and transactions happen over the common UPI community from there. “This total course of will run on SMS networks as a substitute of the web,” the official defined.

    India has seen a proliferation of digital funds since 2016’s demonetization of banknotes. A 21 July report by fintech agency RazorPay mentioned that tier-II and -III cities in India contributed over 50% of all on-line transactions within the quarter ended March 2021. However, money nonetheless dominates in villages and cities.

    “Small worth offline mode for digital funds will present another, safe, low-cost mode of funds with a near-cash-type attribute, thereby rising client confidence as a most popular mode for small retail funds,” said Monish Shah, partner, Deloitte India. “It can provide impetus to several innovative use cases in terms of retail payments, such as ticketing, bundling of products, as well as non-standardized pricing,” he added.

    Shah added that methods like this might finally present companies with “knowledge and analytical instruments to grasp small cost patterns and supply progressive, custom-made options”.

    To be certain, this isn’t the primary time that the federal government is attempting to push digital funds in rural areas. The NPCI has been providing UPI funds over Unstructured Supplementary Service Data (USSD) networks since 2012, nevertheless it hasn’t picked up, primarily as a result of it includes SMS expenses, that are too excessive for rural customers.

    According to knowledge from the NPCI, 83 banks had been reside on the USSD system as of December, and transactions price solely ₹1.21 lakh have been recorded in all of 2021.

    There are different options equivalent to near-field communication (NFC) expertise that’s being examined as effectively. “We have been working with the Maharashtra State Road Transport Corp. to facilitate NFC-based ‘tap and go’ funds with pay as you go playing cards for bus tickets. We have issued over three million pay as you go playing cards to rural lots throughout Maharashtra,” mentioned Ashish Ahuja, chief working officer, Fino Payments Bank.

    “Considering that function telephones nonetheless represent 50% of the market, it will support funds the place web penetration is low,” Ahuja added.

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  • Using GPay, Paytm? 5 UPI funds security suggestions and tips. Read right here

    Using UPI cost apps like GPay, Paytm, PhonePe? As a lot as these instruments deliver comfort to our transaction sample, they’ve sure professionals and cons which we have to be conscious off.  

    Hence, whereas such apps, the customers wants to concentrate on UPI funds security suggestions and tips to keep away from falling prey to cyber frauds. Some easy steps embody not clicking on random hyperlinks, answering fraud calls, giving out important transaction particulars like PIN quantity, password and so on. 

    Here are just a few suggestions and tips you need to comply with to avoid wasting your self from UPI transaction fraud: 

    Do not share your PIN: First within the checklist comes – by no means share your PIN. Be it a buddy, member of the family, even somebody you belief dearly – sharing PIN with anybody makes you susceptible to frauds. If your PIN has been revealed change it instantly.

    Use robust password: Lock your cellphone and your cost apps with robust password. Usually most individuals use easy passwords like your title, date of delivery, cell quantity, and so on. – this ought to be prevented. Make it a mixture of letters, numbers and characters to make your password robust.  

    Do not click on on unverified hyperlinks: Often we obtain pretend messages from unverified accounts or numbers containing hyperlinks on our cellphone and e mail. Never click on on them. By sending these, fraudster lure people with profitable provides after which ask them to disclose PIN, OTP and so on. Then caller pretends to be calling out of your financial institution or another organisation and may ask you on your particulars. 

    Time and once more, many people fell sufferer to transaction/Cyber fraud by clicking on such hyperlinks or answering such calls. Avoid them. 

    Keep you transaction mode easy: Try utilizing solely one of many cost apps and that too a trusted and verified cost software. Using a number of apps will increase the possibilities of fraud.  

    Update UPI App usually: Every software requires an replace and every replace brings higher options and advantages. You ought to at all times maintain updating the UPI cost app to the newest model.

     

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  • UPI-based merchandise for characteristic telephones quickly

    The RBI is planning to come back out with UPI-based cost merchandise for characteristic cellphone customers, which might be launched by leveraging on modern merchandise from the central financial institution’s Regulatory Sandbox on retail funds.
    This is being carried out as a part of steps to additional deepen digital funds and make them extra inclusive, ease transactions for customers, facilitate larger participation of retail clients in numerous segments of economic markets and improve the capability of service suppliers, the RBI mentioned.

    The central financial institution has additionally proposed to make the method move for small worth transactions easier by means of a mechanism of ‘on-device’ pockets in UPI functions. It has additionally enhanced the transaction restrict for funds by means of UPI for the Retail Direct Scheme for funding in G-secs and preliminary public providing (IPO) functions from Rs 2 lakh to Rs 5 lakh.
    Unified Payments Interface (UPI) is India’s single largest retail cost system when it comes to quantity of transactions, significantly for small worth funds.