Over 70 per cent of consumers anticipate online festive shopping events to purchase electronic items. Furthermore, more than 75 per cent of consumers are excited about attractive bank offers and no-cost EMIs, which make their purchases more convenient and rewarding.
In August, UPI-based payments in India achieved a milestone by surpassing 10 billion monthly transactions for the first time, as reported by the National Payments Corporation of India (NPCI). Monthly transaction counts on UPI reached 10.24 billion, with a net transaction value of Rs 15.18 trillion.
The Netherlands and India have wide-ranging economic ties and over 350 Dutch companies do business here, said Netherlands PM.
With its ability to facilitate offline transactions, UPI Lite X addresses a critical need for seamless payments in areas with limited connectivity. As the feature undergoes testing, users can anticipate a more inclusive and efficient payment experience soon.
Presently, the UPI ATM is accessible through the BHIM UPI app, with plans to integrate it into other apps like Google Pay, PhonePe, and Paytm.
In another breakthrough, UPI ATM, showcased at the Global Fintech Fest in Mumbai, allowed cardless cash withdrawals.
Autopay is a game-changer for those looking to simplify their bill payments. With its flexibility and ease of use, it ensures that you never miss a payment again.
UPI Lite is a better option for those individuals who frequently make small payments. It offers flexibility and convenience, allowing users to add up to Rs 2,000 to their UPI Lite account twice a day, with a daily limit of Rs 4,000.
The scope of UPI is now being expanded by the inclusion of credit lines as a funding account, it said in a circular on 'Operation of Pre-Sanctioned Credit Lines at Banks through UPI'.
The UPI was started in September 2016 and then after the growth has been very steady and now it has crossed 10 billion.
On August 19, Wissing attended the G20 Digital Ministers Meeting in Bengaluru. On August 18, Wissing arrived in Bengaluru to participate in G20 Digital Ministers Meeting.
The integration of UPI in feature phones has opened up a world of opportunities, enabling individuals from all walks of life to participate in the digital payment ecosystem, while also promoting the concept of digital detox.
RBI Governor Shaktikanta Das has revealed upgrades to the Unified Payments Interface (UPI) to enhance payment convenience. These upgrades encompass conversational AI for transactions, the facility to use UPI in offline scenarios via UPI Lite, and a transaction limit boost from Rs 200 to Rs 500.
The Sanchar Saathi portal offers a crucial feature that allows users to block personal data stored on a lost or stolen smartphone, encompassing sensitive information such as net banking details, UPI IDs, and social media accounts like WhatsApp.
The RBI and the Central Bank of UAE have agreed to cooperate on linking unified payments interface (UPI) and Instant Payments Platform (IPP) respectively.
PM Modi told the diaspora in Paris that soon Indian tourists will be able to pay in rupees via UPI in Paris. The service will first begin from Eiffel Tower.
With its Aadhaar-based UPI onboarding flow, Google Pay aims to expand the accessibility of UPI IDs, allowing a wider range of users to participate in digital payments. Currently available for customers of supported banks, more banks are expected to join soon.
UPI fraud cases have surged in recent years. In 2021-22, there were 84,000 cases, increasing from 77,000 in 2020-21. The fiscal year 2022-23 witnessed over 95,000 cases, nearly doubling within a year.
UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report.
RuPay credit cards can also be linked to UPI, allowing users to pay using popular UPI apps like Paytm, PhonePe, and Google Pay.
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