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India saw 88 bn payment transactions worth Rs 150 tn in 2022, UPI leads
The UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) are the most preferred payment modes among consumers with a market share of 40 per cent and 44 per cent, respectively, in terms of transaction volume (UPI was 84 per cent in total).
NPCI clarifies that customers won't be charged for UPI transactions
Additionally, there are no charges for the bank account to bank account based UPI payments (normal UPI payments). "The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers,a the NPCI said in a statement.
UPI transactions see 650% rise at semi-urban, rural stores: Report
There was a growth of 25 per cent and 14 per cent in value and volume, respectively, in assisted financial transactions across semi-urban and rural retail counters in the country in 2022, according to the report by branchless banking and digital network PayNearby. While there was a 25 per cent increase in the demand for micro-ATMs and mPOS instruments, the EMI collections for financial institutions and NBFCs saw a steep growth of over 200 per cent.
Indian e-rupee to boost digital payments sans bank accounts
The rollout of the e-rupee has been one of the most sought-after developments, since its announcement in the FY23 Union budget. Jaya Vaidhyanathan, CEO of BCT Digital, said that the RBI's commencement of the pilot of the digital rupee marks appreciable progress in the journey toward digital payments.
Ready to deal in digital rupee? Find out what exactly it is
The RBI had further announced that within a month of this pilot project of digital rupee (eRs), a similar project for the retail segment would also be launched in closed user groups comprising customers and merchants. Details regarding this would be made public soon, it had added.
76% Indians now prefer UPI as payment mode for online checkouts
As the physical, digital and virtual worlds are converging, Indians are willing to explore and purchase within apps/browsers as well from the social media platforms, according to new research from financial services technology provider FIS.
India Incorporate hails Government's policy initiatives after meeting with Finance Ministry in Washington
After meeting Finance Minister Nirmala Sitharaman in Washington on Saturday, representatives of several Indian companies said that many countries aim to learn from initiatives like UPI and RuPay. C.T. Lakshmanan, President of Tech Mahindra Americas, said that the discussions with Sitharaman were 'amazing'.
PhonePe enables Online Dispute Resolution (ODR) platform for UPI
UDIR is an automated, single-channel redressal system designed to seamlessly address customer issues and complaints regarding pending transactions and provide speedy dispute resolution online instead of manual file-based processes.
Digital Payment solutions record unprecedented growth in India
BHIM-UPI has emerged as the preferred payment mode of users. The Government of India also launched the digital payment solution e-RUPI, a cashless and contactless instrument for digital payment, which is expected to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country.
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