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.
Digital payments grew 46% in FY20, beats state-set target: MeitY to banks
These include transactions on a wide range of digital channels monitored by Indian banks and National Payme...
Fertiliser retailers told to accept digital payments
The Ministry of Chemicals and Fertilizers’ (MoCF) directive comes amid the crucial Kharif cropping season and is aimed at promot...
UPI payments hit all-time high of 1.34 bn transactions in June
UPI payments had fell to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials. Online payments slowly gathered pace from May, with staggered opening of the economy.
Digital payments bounce back to pre-Covid levels
UPI, operated by the National Payments Corp of India (NPCI), processed 1.23 billion transactions worth Rs 2.41 lakh crore until June 28, the most recorded by the channel in a month, Reserve Bank of India (RBI) data showed.
All transactions fully protected under RBI, NPCI guidelines: Google Pay
The statement comes against the backdrop of social media buzz that issues that might arise while transferring money through Google Pay cannot be redressed under law as the app is unauthorised. Google said RBI has not said that the Google Pay app is unauthorised or not legally compliant in its court hearing or in its written response to the Delhi High Court.
Mobile app-based payments rise 163 per cent to USD 287 billion in 2019: Report
The 'India Mobile Payments Market Report' noted that point-of-sale transactions completed using debit and credit cards, including online and in apps, rose 24 per cent to USD 204 billion.
Power discoms record rise of up to 90 per cent in digital payments of electricity bills during lockdown
New Delhi, Jun 14 () The power discoms have registered a significant rise of up to 90 per cent in digital payments of electricity bills in Delhi during the coronavirus-induced lockdown.
How to contribute to NPS account using UPI
To be able to make a contribution using UPI, the key requirement is to have a UPI ID. The subscriber needs to download the UPI application of the bank. A UPI id of the subscriber’s choice needs to be registered on the application.
Reserve Bank sets up a Rs.500 crore digital payments infra fund
The central bank has made an initial seed contribution of Rs.250 crore to the PIFD with the other half of the fund expected to be contributed by all card issuing banks and network operators. Fund primarily to be used for development of digital payment infra in rural and north east districts of the country
RBI to release daily payments data to facilitate research
Additionally, the data will also include the withdrawals made at ATMs and cash availability with business correspondents.
Digital payment volumes on NPCI channels rebound in May
Transaction volumes recorded on channels such as Unified Payments Interface (UPI), Immediate Payment System (IMPS), Bharat Bill Payment System and National Electronic Toll Collection (NETC) inched towards pre-covid levels signifying a slow revival in commercial activities and early signs of consumer appetite to spend.
BPCL launches cooking gas booking via WhatsApp
Bharat Petroleum has over 71 million LPG customers, making it the second-largest player after Indian Oil. WhatsApp booking can be done on BPCL Smartline number -- 1800224344 -- from the customer's mobile number registered with the company.
B2B firms exempted from using only BHIM, RuPay for accepting payments
The relaxation has been issued for B2B companies, “If at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by any mode other than cash,” the Central Board of Direct Taxes clarified on Wednesday.
RBI reiterates usage of digital modes for banking transactions
The use of digital payment modes has become more important as the ongoing nationwide lockdown, imposed to maintain social distancing to contain the spread of coronavirus, has restricted the movement of people.