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.
Suspension of SMS facility in Kashmir affects services of several sectors
"We used to get details like balance, statement, credit or debit details through the SMSes, but since four ...
Not many new players will enter UPI space: Report
The report also came out with a list of top-30 fintech influencers, which includes Niti Aayog Advisor Anna Roy, Ujjivan Small Finan...
Compensation you get for poor services offered by insurers, banks, mutual funds, tax department
Did you know that financial services providers like banks, insurers and fund houses have to pay a penalty to you if they don't meet deadlines? Even the tax department is not free from this. Here is the compensation you can claim for poor services.
PMC Bank crisis: Should you change your bank? Here's how to evaluate
The PMC Bank crisis has brought safety of bank deposits into focus, but does that fear warrant a bank change?
India has potential for very rapid economic growth, says Bill Gates
India has the potential for "very rapid" economic growth over the next decade, Bill Gates has said.
Helpline fraud: Why an online search may be the best way to lose money
It happens when consumers seeking a solution to a problem do a Google search and call up any helpline number that it throws up; most do not bother to look up the organisation’s website or the papers they may hold to locate the official phone numbers. Mumbai resident Ruchira Damia lost Rs 40,000 when she tried to contact an HP Gas agency.
Just 5 banks claim 80% of UPI’s big billion October fest
State Bank of India, HDFC Bank, Axis Bank and ICICI Bank together account for more than 45% of the total transactions reported on UPI last month, according to numbers sourced by ET from bankers in the know of the matter.
How UPI-based frauds take place
In October, UPI based transactions have hit a landmark of one billion transactions. Therefore, as methods of making payments have become technologically advanced, fraudsters have also evolved different ways to con you out of your hard-earned money.
Sebi extends second phase of UPI implementation for retail investors till March 2020
The second phase was to be implemented from July 1, 2019.
Google, Walmart help drive India payments past 1 billion transactions
Indian digital payments took off when the govt pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in to curb corruption and push Indians away from cash. UPI has now surpassed a 100 million users 3.5 years after its launch, thanks to booming smartphone use and wireless data rates among the lowest in the world.
Centre hikes e-payments target for FY20 to 45 billion
The Ministry of Electronics and Information Technology (MeitY) has also redistributed individual targets for banks and payments firms for the same period.
UPI hits 1 billion transactions in October, plans to go global
The payments platform hit the number in 3 years - the fastest adoption of a payments system.
Soon, you can pay via UPI all over the world
The NPCI is working to enable this feature within next 6 months, starting with UAE and Singapore, sources said.
Younger consumers prefer digital payments this festive season: ACI study
The study found that younger consumers preferred digital payments (42 per cent for Gen Z and 48 per cent for Millennials), but their adoption was consistent across age groups.
Bank to pay you Rs 100 per day penalty for delay in transaction beyond these limits
RBI has issued a circular on TAT harmonisation and customer compensation in case of failed transactions.
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