KNOW ALL ABOUT : UPI
Unified Payments Interface (UPI) allows easier real-time transfer of money between bank accounts using smartphones. UPI will completely do away with any addition of a beneficiary along with the account number and IFS Code, as the technology requires just a virtual handle for instant peer-to-peer payments. Read ET stories to know more about the process.
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Visa and Mastercard are firming up plans to increase competition against NPCI
The companies – among the most valued financial entities on the planet – are pursuing partnership opportunities with prospective applicants of the central bank’s New Umbrella Entity (NUE) license, as per two sources aware of the talks.
ICICI Bank, Axis Bank remove UPI transaction charges from websites but these banks have not
Private sector lender, ICICI Bank mentions ‘NIL’ under charges for UPI transactions on its website. The Axis Bank website shows an error message when you go to the ‘Change in charges for UPI’ page.
UPI crosses record 1.5 billion transactions in August, shows latest RBI data
Industry experts said that while the surge in UPI-based micro-transactions could help India achieve its stated objective of transforming into a cashless economy, banks would be nervously monitoring the rising volumes of low-ticket fund transfers.
Google Pay has no access to Aadhaar database: Google to Delhi High Court
The allegation, according to Google's affidavit, was made by financial economist Abhijit Mishra in the rejoinder filed by him in his PIL claiming that GPay was facilitating financial transactions without the requisite authorisation from RBI.
Banks cautioned against imposing levies like MDR on electronic transactions
Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore.
CBDT asks banks to refund any fees levied on UPI transactions in 2020
Private banks such as ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank have recently started charging customers on UPI transactions beyond a prescribed limit for free transactions.
View: Namaste, kirana.com? Covid can open new doors for neighbourhood shops
Covid-19 has already led to a material drop in footfalls, and once the pandemic ends, consumer habits would have moved a greater share of wallets online. Here lies the opportunity for kirana storeowners to pivot their approach and combine their stores’ inherent advantages with the right set of technologies to move up the value chain.
Private banks levying extra charges on customers for using UPI over 20 times a month
According to a report published by Ashish Das of IIT Bombay, banks are interpreting the UPI law to suit them to conclude that, while 'payments' are free, transfers can be charged. The report highlights this as an anomaly as such an interpretation would mean different things for different types of transactions.
Government, RBI need to share cost of maintaining UPI infrastructure: Report
"With the government's vision of no direct or indirect charge on payments using UPI, an appropriate sharing of cost burden by the government and the RBI is called for (with UPI being the simplest alternative to cash in this era of mobile phones)," the report added.
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Banks, payment operators want to render “contactless” digital services
Increased apprehension among consumers during the pandemic towards physical modes of payments is giving rise to a new category of digital payments spends which are ‘contactless’ in nature, say industry insiders. These payments are driven predominantly by the use of technologies such as tokenization, Near Field Communication and Quick Response (QR) codes.
Reliance Jio launches UPI-enabled Jio Pay for select subscribers
It was earlier reported that Jio was working with the NPCI to bring UPI to its 388 million 4G subscribers.
Andhra Pradesh teams up with NPCI for digital payments in hinterlands
The initiative, aimed at providing impetus to digital payments among last-mile customers towards financial inclusion was launched by the chief minister YS Jagan Mohan Reddy on Monday, introducing UPI QR code in 15,004 village and ward secretariats.