NPCI

Clearing the misinterpretation, the Government of India confirmed that UPI payments are free with no other additional charges. A news that UPI payments will attract additional charges went viral on social media and triggered panic amongst people, using the digital payment mode for important transactions. However, the authorities confirmed that the 1.1 per cent interchange charge is only applicable on prepaid payment instrument merchant… read-more

The RBI has issued rolled new rule for banks and payment platforms to send notifications of auto and recurring payments of mobile, utility and OTT platform bills. Applicable from April 1, the rule provisions banks and pay-platforms to send a 24-hour pre-transaction notification to users and mandates banks to send OTP to customers for payments above ₹5,000. Including payment wallets, the rule asks for additional authentication by customers for… read-more

Amazon will be collaborating with ICICI Bank, Axis Bank and Visa to set up a national payments network in India. The proposed entity, 'New Umbrella Entity (NUE)', will compete against National Payments Corp of India which dominates the country's digital sphere with its UPI. Pine Labs and BillDesk are also a part of the consortium that is eyeing the NUE. Interestingly, India's digital market has shown annual growth rate of 55% in last 5 years… read-more

Partnering with National Payment Corporation of India, e-commerce platform Snapdeal has allowed its users to pay via QR-based payment option. The move aims to target new customers who are not comfortable with pre-paid orders. Under the arrangement, buyers will pay by scanning the QR code generated by delivery person through any UPI-linked payment app. The NPCI Marketing Chief Kunal Kalawatia said the process will be secured, hassle-free and… read-more

Facebook's WhatsApp Pay on November 5 received approval from the National Payments Corporation of India (NPCI) to go live on the Unified Payment Interface (UPI) system. However, NPCI has allowed Facebook to execute it only in a graded manner by adding a maximum of 20 million users in the first phase. WhatsApp Pay was already launched in India as a Beta version in 2018 with around one million users.