If you are using UPI Lite for small-value transactions, then there is good news for you. Starting October 31, you will be able to use auto top-up option for reloading the amount of your choice in your UPI Lite account. By issuing a circular dated August 27, the National Payments Corporation of India (NPCI) has … Read more
Unified Payments Interface (UPI), which has emerged as the world’s most popular alternative payments method (APM), processed transactions to the tune of ₹80.8 lakh crore ($964 billion) in April-July 2024, a sharp 37% year-on-year (y-o-y) surge compared to the same timeframe the previous year. Transaction metrics and global comparison UPI processed a staggering 3729.1 transactions … Read more
Plastic cards are becoming passé with QR (quick response) codes that are scanned by using smartphones becoming the ‘go-to thing’ for most people who use it to make payments on the UPI (Unified Payments Interface) platform. This digital transformation happened in just about four years. But how about moving on to fingerprints and facial identity … Read more
Should transactions done on UPI (Unified Payments Interface) be charged? A merchant discount rate (MDR) or a transaction fee is currently not charged for almost all UPI payments (excluding payments through PPI or prepaid instruments) as it is seen as one of the major ways to enhance UPI’s coverage and minimise the resistance to technology … Read more
Will the RBI’s (Reserve Bank of India) latest decision to allow UPI (Unified Payments Interface) for cash deposits at ATMs (Automated Teller Machines) result in debit cards losing their relevance? The once ubiquitous debit cards are already slowly giving way to UPI. While the share of mobile payments has more than doubled in the last … Read more