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UPI

06 April, 2020, 11:53 AM IST

UPI

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.

CERT-In alerts people about fake UPI IDs seeking donations towards PM-CARES Fund

"CERT-In has received several reports about fake UPI IDs, which are similar to the UPI ID used by th...

How does UPI work?

To use UPI, you must have a bank account with a member bank, i.e., your bank should allow you to use the UPI facility.

  • UPI crosses 100 crore transactions in March despite COVID-19 lockdown and Yes Bank crisis

    Nearly all digital channels operated by NPCI such as UPI, IMPS, Fastag and Aadhar Enabled Payment System (AePS) recorded reduced traffic in March; only BBPS bucks the trend and posts higher volumes.

    Covid-19: Karnataka Bank announces waiver of charges for digital transactions

    Private sector lender Karnataka Bank on Tuesday announced waiver of charges for NEFT, RTGS, IMPS and UPI transactions done through its digital channels and ATM transactions from Bank’s own ATMs to its customers until further notification.

    No ATM PIN for online transactions and other measures to make digital payments safe

    The guidelines state that payment aggregators, such as Razorpay, CC Avenue etc., will now have to stop giving the option of using ATM PIN to users to complete online transactions. Here is a closer look at the guidelines and how it can keep your digital life safer.

    Govt encouraging people to avoid using cash to stop coronavirus transmission

    Banks have been asked to encourage users to use digital payment methods as a precautionary step against virus.

    Bank on many lenders, UPI players told

    Curbs on Yes Bank caused massive outages in the operations of leading UPI players. The National Payments Corporation of India (NPCI) has asked payment service providers on its popular payments platform UPI to adopt a multibank model in a bid to ensure “full resilience” of the country’s payments ecosystem.

    How to use Bhim UPI to apply for IPO

    ​​SEBI has permitted the use of UPI ID for application to public issues. One’s UPI ID can be used as a payment option for making an application to such issues. This process has considerably reduced the IPO application time.

    View: The making of a caring economy

    The starting point is defining where people need help. Progressive nations such as New Zealand, Britain and the US have identified personal life-events such as births and deaths, first-time workers, taking care of the less-fortunate, which trigger complex, often traumatising engagement with public administrators.

    Paytm takes a dig on PhonePe over Yes Bank restrictions

    "Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let's get you back up, fast!," Paytm Payments Bank tweeted. PhonePe shot back to say that Paytm Payments Bank platform is not seamlessly scalable otherwise the company would have themselves approached it.

    Digital Payments services hit as RBI puts Yes Bank under moratorium

    RBI on Thursday night superseded the Yes Bank board and imposed a moratorium for a month as its financials deteriorated. The regulatory action follows an extended period of inability of the bank management to raise funds. The bank has deployed more than 90,000 points of sale machines, 8.27 lakh credit cards and 28.5 lakh debit cards, as per latest RBI data.

    India’s digital payments to grow substantially than in past decade: Ajay Banga, CEO, Mastercard

    "Companies like ours bring in global technology, scale and capability and therefore the value of that to a market like India. I have often said that we operate in countries at the pleasure and desire of the local government," said Ajay Banga, CEO, Mastercard.

    ‘UPI Chalega’ campaign to cast the net wider

    The UPI, which is a real time fund transfer interface, has significantly scaled since its launch in August 2016 when 92,000 transactions worth Rs 3.1 crore were processed on the NPCI operated platform to over 1.3 billion transactions worth Rs 2.16 trillion in January 2020.

    WhatsApp pay gets NPCI nod to expand UPI project to 10 million users

    Recently, Facebook said it expects to roll out WhatsApp Pay in a number of countries, in the next six months. CEO Mark Zuckerberg said commerce and payments are areas that will be important for private social platforms such as WhatsApp and Messenger.

    RBI proposes self-regulatory body for digital payment system

    The move can be seen to improve the security of digital transactions and prices and charges paid by the consumer to access the digital payment methods.

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