The increase of the number of cycle to 23 from the current 12 will allow faster settlement of funds and more funds to settle in a day.
While UPI is predominantly a peer-to-peer payment mode, the latest addition to its stable is UPI@PoS.
According to industry insiders, ATMs are not being filled to the maximum capacity of around Rs 30 lakh because of insufficient cash supply .
According to industry insiders, ATMs are not being filled to the maximum capacity of around Rs 30 lakh because of insufficient cash supply.
The growth in UPI-based transactions is driven majorly by the government-promoted BHIM app and non-bank payment apps such as PhonePe and Trupay, experts say.
The product is aimed at making checkouts faster and reduce friction of online payments.
All major forms of digital payments, Immediate Payment Service (IMPS) along with mobile wallets and plastic cards, have seen a reduction in transaction numbers.
With this, Spandana has managed to wriggle out of its status as a defaulting institution and has repaid all its lenders
The device which accepts all forms of cards and mobile wallets also enable the merchants using it to get a pre-approved loan of Rs 25,000 for working capital requirements.
Former investment banker Bhupinder Singh has started a technology driven financing company InCred to address financing needs of various sections of the Indian population.
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