India has recorded the highest number of digital transactions in 2020 globally, clocking over 25 billion transactions. China, South Korea, and the US logged only 15.7 billion, 6 billion, and 1.2 billion transactions respectively. Moreover, India's volume share for instant payments was 15.6%, which is expected to increase to over 37% by 2025. Notably, Universal Payment Interface (UPI) transactions has been continuously increasing in India for… read-more
The National Payments Corporation of India (NPCI) is working on introducing a GST section in the UPI QR code. Reportedly, the move will provide easy access for the government to calculate the fiscal incentives for digital payments. While speaking at an event, the NPCI CEO Dilip Asbe said the NPCI is working with banks and payment companies to handle a billion UPI transactions daily. Asbe added, “UPI has grown 250% in nine months.”
Courtesy: The Times of India
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
Courtesy: The Economic Times
With a 7% hike, over 968.7 million UPI transactions were done through digital payment app PhonePe in January. The app, leaving behind its competitor Google Pay, processed a total value of Rs 1.92 trillion. Moreover, 42% of the total Unified Payments Infrastructure (UPI) transactions were made through the app. However, the transactions on Google Pay showed a slight decline processing 853.5 million (37%) UPI transactions.
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.
Courtesy: Live Mint
With over 1.5 billion transactions recorded in August, the Unified Payments Interface (UPI) logged its highest-ever volume of transactions. According to the Reserve Bank of India (RBI), there has been 1.56 billion transactions worth Rs 2.85 lakh crore processed in the month of August. This is the third consecutive month of record-breaking UPI transactions: In June the transactions' volume was 1.33 billion, which increased to 1.49 billion in… read-more
Courtesy: ET Tech
WhatsApp may soon launch its payment service 'WhatsApp Pay' in India as it has received approval from the National Payments Corporation of India (NPCI) to meet its data localisation requirements. According to the rules of Reserve Bank on payments and transactions details, customer information, along with other information and the data, must be stored in India. WhatsApp now offers a trial for limited users.
Courtesy: Money Control
A steep decline in Unified Payments Interface (UPI) transactions in April due to the nationwide lock-down, has now subsequently grown by 9%, in June. According to the data shared by National Payment Corp India (NPCI) the value of these payments is worth Rs. 2.62 trillion. It is believed by experts that contact-less payments have risen due to the pandemic that has prompted people to avoid cash transactions.