UPI

Global payments services provider Worldline has joined hands with NPCI International Payments in a move to expand the acceptance of Indian payment means across Europe. NPCI International Payments is the international arm of the National Payments Corporation of India (NPCI) -- which is the driver of digital payments here in India.As part of the partnership, Worldline will bring more convenience for Indian customers in European markets,… read-more

Bajaj Finance Limited has collaborated with Worldline, a global payment services company, to offer point-of-sale (POS) payment acquisition solutions for its merchant network. The partnership will allow a wide range of payment instruments to be accepted on those terminals, including EMI cards, credit cards, UPI, and wallets. Billing integrations, EMI options, transaction processing, data analytics, and fraud control services will be provided… read-more

The RBI has mandated using of UPI for cardless withdrawal of money across all ATMs, on April 8. The decision was taken to boost customer convenience and lessen cases of fraud. ''It is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks,” stated RBI Governor.  The RBI will soon issue guidelines for the same.

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

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