Key Points
Starting April 1, 2023,merchant transactions over 2,000 done through Prepaid Payment Instrument Wallets (PPI Wallets) on UPIwill attract an interchange charge of 1.1%..
This has been allowed by National Payments Corporation of India (NPCI) which governs UPI...
Rajsri Rengan, India Head of Development, Banking and Payments, at FIS in a statement said, The new interoperability guidelines for prepaid payment instruments announced by the NPCI is a significant step towards building a more inclusive and seamless digital payments ecosystem in India...
With greater interoperability between payment systems, consumers will have more choice and flexibility in how they transact with merchants, leading to increased adoption of digital payments and ultimately driving financial inclusion and economic growth, the statement said...
We believe this is a positive development for the Indian economy and the banking system as a whole, and we look forward to continuing to support the growth and development of digital payments in India, the statement further said..
You might be interested in
NPCI sets 1.1% interchange fee on UPI payments via prepaid instruments, wallets
28, Mar, 23The National Payments Corporation of India (NPCI) has set the interchange fee at 1.1% for merchant transactions initiated using a Prepaid Payment Instrument (PPI) such as mobile wallets on the Unified Payments Interface (UPI) network.
A billion transactions a day can be processed through UPI: RBI governor
06, Mar, 23The objective of the mission as part of Digital Payments Awareness Week DPAW 2023 is to make every citizen in the country opt for digital payments
UPI crosses 10 billion transactions for the first time in August
31, Aug, 23Drumroll please! UPI has just shattered records with an astonishing 10 billion plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let's keep the momentum going and continue to revolutionize the way we make transactions with UPI!. NPCI, which run the payment system, said on social media platform 'X', formerly known as Twitter.
Digital India: UPI monthly transactions hit record Rs 9 billion in May
01, Jun, 23Digital India: According to NPCI, the overall volume of transactions also registered a growth of 58% year-on-year. The total amount of the UPI transactions for May was Rs 14.30 lakh crore, up 37% from the previous year.
'PhonePe karenge ya Google Pay karenge?': Tata chief on tender coconut water sellers choosing UPI over cash
25, Aug, 23N Chandrasekaran said that UPI has become the preferred mode of payment for many people, even for small transactions like buying tender coconut water.
Daily UPI transactions jump 50% to 36 crore: RBI governor
06, Mar, 23The UPI was launched in 2016, and since then it has emerged as the most popular and preferred payment mode pioneering person-to-person and person-to-merchant transactions accounting for 75 per cent of the total digital payments. The volume of UPI transactions has increased manifold from 0.45 crore in January 2017 to 804 crore in January 2023.
UPI a big hit with retailers: Neogrowth’s Digital Payments Study
16, May, 23Technology for MSMEs: The FMCG and retail segment witnessed a 14 per cent increase in UPI transactions, followed by Food & Beverage at 12 per cent and Fashion & Lifestyle at 9 per cent which can be attributed to the retailers' ability to accept digital payments easily and the increased comfort level of their customers in transacting digitally.
After France and Singapore, India's UPI payment model reaches Sri Lanka
21, Jul, 23India's Unified Payments Interface (UPI) technology will now be accepted in Sri Lanka, as several agreements were exchanged between the two countries. UPI has already partnered with France, UAE, and Singapore for cross-border transactions.
India needs to internationalise payment products: RBI Governor Shaktikanta Das
18, Mar, 23The governor said with the Indian economy getting increasingly integrated with the global system, crossborder payments have assumed greater significance.
UPI transactions worth Rs 18.2 lakh crore made in February 2024
20, Mar, 24India Business News: India witnesses soaring digital transactions, notably through UPI, with February recording transactions worth Rs 18.2 lakh crore and 122 crore transa