Adani Group to enter UPI, digital payment, credit card business to compete Google and Reliance: Report
6 months, 3 weeks ago

Adani Group to enter UPI, digital payment, credit card business to compete Google and Reliance: Report

Live Mint  

Adani Group is in discussions to enter the e-commerce and payments space as the conglomerate develops a digital company to rival Google and Reliance Industries, owned by Mukesh Ambani, in the world’s most populous country, according to the Financial Times, which cited sources. As per the news report, it is also negotiating to provide online shopping via the Open Network for Digital Commerce, India's rapidly expanding public e-commerce network supported by the government. If approved, the services will be accessible via Adani One, the company's consumer app, which was released in late 2022 and provides travel-related services including hotel and flight reservations. The plans come as Gautam Adani, the group's politically connected founder, looks to move beyond adverse problems and expand his company into rapidly expanding consumer-facing markets.

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History of this topic

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024
1 week, 1 day ago

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024

Hindustan Times  

The Finance Ministry said on Saturday that from January to November of this year, 15,547 crore transactions of ₹223 lakh crore were handled through the Unified Payments Interface. From January to November of this year, 15,547 crore transactions of ₹ 223 lakh crore were made over the Unified Payments Interface, "demonstrating its transformative impact on financial transactions" in India.) The …

UPI enables expansion of credit among underserved borrowers: Study
2 weeks, 1 day ago

UPI enables expansion of credit among underserved borrowers: Study

New Indian Express  

BENGALURU: Unified Payments Interface has enabled underserved borrowers to access formal credit for the first time as loans to new-to-credit borrowers in regions with high UPI adoption have increased by 4% and to subprime borrowers by 8%, according to a study. Titled Open Banking and Digital Payments: Implications for Credit Access, the study points out that the UPI, since its …

UPI enabled significant expansion of credit among underserved borrowers: Study
2 weeks, 2 days ago

UPI enabled significant expansion of credit among underserved borrowers: Study

Live Mint  

New Delhi, Dec 7 Unified Payments Interface has brought in a significant expansion of consumer credit among the underserved borrowers who had no credit history, a study said. By October 2023, 75 per cent of all retail digital payments in India were through UPI, according to a study titled Open Banking and Digital Payments: Implications for Credit Access. It has …

RBI to allow small finance banks to extend pre-sanctioned credit lines through UPI, check details
2 weeks, 4 days ago

RBI to allow small finance banks to extend pre-sanctioned credit lines through UPI, check details

India TV News  

In a latest development, the Reserve Bank of India on Friday proposed to allow small finance banks to extend pre-sanctioned credit lines through Unified Payments Interface. Credit line on UPI has the potential to make available low-ticket, low-tenor products to "new-to-credit" customers, RBI Governor Shaktikanta Das said. The scope of UPI was in September 2023 expanded by enabling pre-sanctioned credit …

Swiggy integrates UPI for 5-second in-app payments: How does it work?
4 months, 1 week ago

Swiggy integrates UPI for 5-second in-app payments: How does it work?

India TV News  

Swiggy, a popular online food delivery platform has recently announced the launch of 'Swiggy UPI', a new integration of National Payments Corporation of India’s digital payments solution. Users could complete UPI transactions without leaving the Swiggy app, which will reduce the payment process from five steps to just one, the food aggregator stated in a statement. Anurag Panganamamula, Head of …

Adani Super app launches digital lending trials with fintechs and NBFCs: What we know
4 months, 3 weeks ago

Adani Super app launches digital lending trials with fintechs and NBFCs: What we know

Hindustan Times  

Adani One, the ‘super app’ developed by Adani Group, initiated pilot projects with digital lending firms and non-banking financial companies to provide loans through the platform, it was reported. Adani One is operated under Adani Enterprise Limited’s digital branch Adani Digital Labs Ltd. Citing sources, the report claimed that Adani One is also in discussions with other NBFCs and fintech …

UPI grows in India: Here's how many users adopting it every month, what's fueling it
5 months ago

UPI grows in India: Here's how many users adopting it every month, what's fueling it

India TV News  

The digital payment sector continues to grow rapidly, with the Unified Payments Interface adding up to 60 lakh new users every month. According to the latest data from the National Payments Corporation of India, the number of transactions on the UPI platform increased by 49 percent year-on-year to 13.9 billion in June, with the transaction value rising by 36 percent …

UPI Disruptions Not NPCI's Fault, Banks' Outdated Tech Is Responsible, Says RBI Guv
6 months, 1 week ago

UPI Disruptions Not NPCI's Fault, Banks' Outdated Tech Is Responsible, Says RBI Guv

News 18  

UPI customers around the country have recently been experiencing difficulties due to issues with digital payments. The National Payments Corporation of India, which oversees the UPI platform, is not the primary cause of the frequent disruptions in UPI payments, according to Reserve Bank of India Governor Shaktikanta Das. Furthermore, UPI transactions reach 450 million per day, and according to NPCI …

Adani Group to foray into payments services; ties up with ICICI Bank
6 months, 3 weeks ago

Adani Group to foray into payments services; ties up with ICICI Bank

New Indian Express  

NEW DELHI: Adani Group would soon enter into payment services as it is likely to collaborate with ICICI Bank for a co-branded credit card, financial industry sources told TNIE. The co-branded credit card could be used to avail several retail services offered by the group, like payment for airport lounges, electricity and gas services. Meanwhile, a Financial Times report on …

Adani Group to enter UPI, digital payment, credit card business: Report
6 months, 3 weeks ago

Adani Group to enter UPI, digital payment, credit card business: Report

Hindustan Times  

Gautam Adani-led Adani Group may enter ecommerce and payments segments as the conglomerate plans to diversify into the fast-growing market, it was reported. Adani Group is planning to work on a digital business to compete with Google and Mukesh Ambani-helmed Reliance Industries, Financial Times reported citing people in the know. It may also apply for a licence to operate on …

The UPI paradox: Making you overspend but helping others save
7 months, 2 weeks ago

The UPI paradox: Making you overspend but helping others save

India Today  

A small UPI code peeks out of the green coconuts heaped on Yuvraj Yadav's handcart outside a park in Delhi's GK-1. "A significant majority, 74.2% of the respondents, admitted to experiencing increased spending after adopting UPI," Dhruv Kumar, Assistant Professor of IIIT Delhi, tells IndiaToday.In. "Academic research suggests that paying with cash makes people spend more consciously than using digital …

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging
7 months, 4 weeks ago

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging

Hindustan Times  

There is little doubt that Indians are spending more than ever before. You cannot use your credit card or debit card for subscriptions and recurring payments on the Apple App Store or the Google Play Store, be it for any app or service. Then there was a pursuit of getting RuPay credit cards aboard the UPI or unified payments interface. …

India plans to curb Google, PhonePe’s dominance in mobile payments: Report
8 months ago

India plans to curb Google, PhonePe’s dominance in mobile payments: Report

The Hindu  

India’s governing body overseeing the country’s Unified Payments Interface mobile payments system is set to engage with fintech startups to develop a strategy to address the growing market dominance of companies including PhonePe and Google pay in the UPI ecosystem. The National Payments Corporation of India plans to meet executives from companies including CRED, Flipkart, Fampay, and Amazon to discuss …

UPI now accepted in Nepal: How it works and other key details
9 months, 1 week ago

UPI now accepted in Nepal: How it works and other key details

Hindustan Times  

UPI in Nepal: UPI will now be operational in Nepal as well, National Payments Corporation of India announced. The move will help UPI users to scan QR codes for payments while travelling to Nepal as the NPCL said, “NPCI International Payments Ltd, the international division of the National Payments Corporation of India, and Fonepay Payment Service Ltd, Nepal's largest payment …

Flipkart brings new UPI handle to drive digital economy in India
9 months, 3 weeks ago

Flipkart brings new UPI handle to drive digital economy in India

India TV News  

Flipkart, an e-commerce marketplace launched its Unified Payments Interface handle to enhance further its digital payment which will offer all the customers, including its 500+ million customers. In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with @fkaxis handle for their digital transactions using the Flipkart app. Dheeraj Aneja, Senior Vice President - …

UPI Services Will Begin in Sri Lanka and Mauritius
10 months, 1 week ago

UPI Services Will Begin in Sri Lanka and Mauritius

Deccan Chronicle  

Prime Minister Narendra Modi, along with Sri Lankan President Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth, will witness the launch of the Unified Payment Interface services in Sri Lanka and Mauritius and also the RuPay card services in Mauritius on Monday afternoon via video conferencing, New Delhi announced on Sunday. The launch of the service in India's southern …

Sri Lanka, Mauritius will get UPI services, PM Modi to be virtually present
10 months, 1 week ago

Sri Lanka, Mauritius will get UPI services, PM Modi to be virtually present

Hindustan Times  

Prime Minister Narendra Modi will be present at the launch of Unified Payment Interface services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius, on 12 February, 2024 at 1pm via video conferencing, the ministry of external affairs said in a press release on Sunday. Prime Minister Narendra Modi will witness the launch of Unified Payment Interface …

RBI raises UPI transaction limits, e-mandate bar; check all announcements
1 year ago

RBI raises UPI transaction limits, e-mandate bar; check all announcements

Hindustan Times  

Reserve Bank of India Governor Shaktikanata Das on Friday announced several decisions on the Unified Payments Interface, including raising the Unified Payments Interface payment limit to hospitals and educational institutions to ₹5 lakh from ₹1 lakh. The UPI, India's mobile-based fast payment system, enables users to make instantaneous, round-the-clock payments via Virtual Payment Address UPI limits increased: While unveiling the …

Google to assemble Pixel phones in India from 2024
1 year, 2 months ago

Google to assemble Pixel phones in India from 2024

The Hindu  

Google, Inc. set a 2024 target to assemble its Pixel line of smartphones in India, the firm announced at its annual Google for India event on Thursday. The company said that it was firming up protections against financial frauds, saying it was engaged with the Reserve Bank of India and the National Payments Corporation of India on the issue. Saikat …

NPCI unveils a suite of digital-payment products
1 year, 3 months ago

NPCI unveils a suite of digital-payment products

The Hindu  

National Payments Corporation of India, the developer of UPI, has unveiled several new products — Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI - Conversational Payments on UPI, BillPay Connect - Conversational Bill Payments — with an aim to create an inclusive, resilient, and sustainable digital payments ecosystem. While Credit Line on UPI would enable …

India in talks with countries in LatAm, Africa for UPI, RuPay
1 year, 3 months ago

India in talks with countries in LatAm, Africa for UPI, RuPay

Live Mint  

New Delhi: India is in talks with several South American and African nations for introducing Unified Payment Interface and RuPay cards, in its efforts to establish the payment platforms internationally, a senior government official said. “The discussions are primarily on with high commissions embassies, and are at various stages of negotiations, as India looks to internationalise these platforms,” the official …

Apple Pay set to launch in India, talks underway with NPCI: All details here
1 year, 6 months ago

Apple Pay set to launch in India, talks underway with NPCI: All details here

India TV News  

Apple is reportedly in discussions with the National Payments Corporation of India to bring Apple Pay to the country. According to IANS, iPhone users in India may soon be able to scan QR codes and make payments through the unified payments interface using Apple Pay, similar to other popular digital payment apps. Apple Pay provides a convenient, secure, and private …

UPI Supremacy In Retail Sales: 70% MSMEs Believe UPI Drives More Sales For Them
1 year, 7 months ago

UPI Supremacy In Retail Sales: 70% MSMEs Believe UPI Drives More Sales For Them

News 18  

70% of Ministry of Micro, Small & Medium Enterprises believe more than half of their retail sales will be via UPI, found NeoInsights study titled ‘Decoding Digital Payments: A Retailer Perspective’, recently released by NeoGrowth, an MSME-focused digital lender in India. The study covered the digital payments adoption behaviour of Indian retailers across 25+ cities and 70+ industry segments. UPI …

How can you make payments using a credit card via UPI: Step-by-step guide
1 year, 8 months ago

How can you make payments using a credit card via UPI: Step-by-step guide

India TV News  

The National Payments Corporation of India has collaborated with payment aggregators such as Google Pay, Paytm, and Razorpay to allow credit card transactions over the Unified Payments Interface. This comes after the Reserve Bank of India linked RuPay credit cards to UPI in an effort to combine the benefits of both, providing customers with the quick payment experience of UPI …

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED
1 year, 8 months ago

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED

News 18  

National Payments Corporation of India on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface transactions above Rs 2,000 while using PPI. “The interchange charges introduced are …

RBI allows UPI-based transactions for inbound travellers to India
1 year, 10 months ago

RBI allows UPI-based transactions for inbound travellers to India

The Hindu  

A facility to enable all in-bound travellers visiting India to make local payments using Unified Payments Interface while they are in India has been made available from Tuesday, the Reserve Bank of India said. “Eligible travellers would be issued Prepaid Payment Instruments wallets linked to UPI for making payments at merchant outlets. To begin with, ICICI Bank, IDFC First Bank …

India's UPI and Singapore's PayNow are now linked: How will this benefit users?
1 year, 10 months ago

India's UPI and Singapore's PayNow are now linked: How will this benefit users?

Firstpost  

India has experienced a technological revolution in recent years. With the Unified Payments Interface being connected to PayNow on Tuesday, Indians can now send money to their friends, coworkers, and relatives in Singapore via digital payment systems like Google Pay and PayTM. 🎥A short film screened on UPI of India and PayNow of Singapore It elucidates how the linkage of …

India, Singapore launch linkage of real-time payment systems
1 year, 10 months ago

India, Singapore launch linkage of real-time payment systems

The Hindu  

India’s Unified Payments Interface — better known as UPI — and Singapore’s PayNow were officially connected on Tuesday, allow for a “real-time payment linkage”. Congratulations to the Monetary Authority of Singapore, the Reserve Bank of India and all the stakeholders in Singapore and India who have helped make the linkage a reality,” Lee Hsien Loong said at the event. Demonstrating …

Explained | India’s UPI push
1 year, 10 months ago

Explained | India’s UPI push

The Hindu  

The story so far: On January 10, the National Payments Corporation of India paved the way for international numbers to be able to transact using UPI. Addressing theinfrastructural and technological changes required to support such payments, he said, “Currently, all the internal systems as well as ecosystem players such as banks, NPCI, etc only understand India-based mobile numbers for UPI …

Time is right for a digital rupee
2 years ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

Google adds UPI as a payment option to buy subscriptions from its Play Store
2 years, 1 month ago

Google adds UPI as a payment option to buy subscriptions from its Play Store

The Hindu  

Google is introducing UPI Autopay as a payment option for subscription-based purchases on Google Play in India. “With the introduction of UPI Autopay on the platform, we aim to extend the convenience of UPI to subscription-based purchases,” Saurabh Agarwal, Head of Google Play Retail & Payments Activation - India, Vietnam, Australia & New Zealand said in a release today. The …

The promise of ONDC and the challenges it will face
2 years, 3 months ago

The promise of ONDC and the challenges it will face

Live Mint  

In the first half of 2016, when the Unified Payments Interface which enables real-time payment or transfer of funds between banks was launched, a black swan event in the form of demonetisation in November that year provided the major ballast that was required for digital payments to take off in India. What was touted as the WhatsApp moment for India …

FM Nirmala Sitharaman: Not the Right Time to Make Digital Payments Chargeable
2 years, 3 months ago

FM Nirmala Sitharaman: Not the Right Time to Make Digital Payments Chargeable

News 18  

UPI Payment Charges: Finance minister Nirmala Sitharaman has said that the central government sees digital payments a public good and that it is not the right time to make them chargeable. The comments made by the finance minister come days after the Centre said that the government had no consideration to make UPI payments chargeable, after the Reserve Bank of …

UPI expands further globally; Indian travellers to U.K. to enjoy hassle-free digital transactions
2 years, 4 months ago

UPI expands further globally; Indian travellers to U.K. to enjoy hassle-free digital transactions

The Hindu  

Expanding further outside India, the indigenously developed real-time payments solution the Unified Payments Interface will foray into the United Kingdom market starting with QR code-based transactions. The NPCI International Payments Ltd has forged a partnership with payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in the U.K. NIPL is the wholly-owned subsidiary of National Payments Corporation …

The 10 things India got right—from mid-day meals to UPI
2 years, 4 months ago

The 10 things India got right—from mid-day meals to UPI

Live Mint  

Road transport, which accounts for about 87% of the country’s passenger traffic and 60% of its freight traffic movement, has zoomed ahead in the last two decades. View Full Image Mint India’s road network at 6.33 million kilometres as on 31 March 2019 is second only to the US, which had 6.65 million km in the same period, according to …

UPI will Act as Delhi’s Digital Bridge to Drive Rupee Across Global Payment Corridors
2 years, 4 months ago

UPI will Act as Delhi’s Digital Bridge to Drive Rupee Across Global Payment Corridors

News 18  

A cash on delivery payment, purchase at a hypermarket, mom-and-pop stores and vegetable cart, mobile recharge, bill payment, filling at a fuel station and an offering at a temple – what cuts across all these activities is a UPI payment — scan and pay. This development of zero dependence on foreign card network operators is India’s response to US sanctions …

UPI: the dawn of digital fintech nirvana
2 years, 5 months ago

UPI: the dawn of digital fintech nirvana

The Hindu  

If you own a smartphone, you have most probably done UPI-based payments using BHIM or some other mobile application. Secondly, a Payment Service Provider takes care of the to-and-fro transactions to this VPA and finally, the UPI software orchestrates the fund movement from a customer’s VPA to a target VPA and completes the transaction. A ubiquitous payment system The popularity …

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin
2 years, 6 months ago

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin

News 18  

Spending through credit cards and debit cards in April jumps 77.8 per cent and 12.5 per cent to Rs 1.05 lakh crore and 3.49 lakh crore, respectively. “Value of UPI transactions processed through the National Payment Corporation of India stood at Rs 10.4 lakh crore during May 2022, the highest since UPI was launched in 2016, registering month-on-month growth of …

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform
2 years, 6 months ago

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform

News 18  

UPI-Credit Card Linking: As the Reserve Bank of India has proposed to link credit cards to Unified Payments Interface, the homegrown virtual payment system has got yet another filip for its growth. Here’s details about UPI and credit card usage in India: Total UPI Transactions in India RBI Governor Shaktikanta Das, while announcing the decision, said, “UPI has become the …

RBI allows credit cards to be linked to UPI; Rupay credit cards first in line
2 years, 6 months ago

RBI allows credit cards to be linked to UPI; Rupay credit cards first in line

The Hindu  

The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface, which will enable more people to make payments using the popular platform. "…it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review. He said that Rupay credit …

RBI allows credit cards to be linked with UPI platform
2 years, 6 months ago

RBI allows credit cards to be linked with UPI platform

India TV News  

Highlights RBI today allowed credit cards to be linked with the unified payments interface It will enable more people to make payments using the popular platform At present, UPI facilitates transactions by linking savings or current accounts through debit cards RBI news updates : The Reserve Bank of India on Wednesday allowed credit cards to be linked with the unified …

Modi govt 8 years: How India outpaced world in UPI, digital payments
2 years, 6 months ago

Modi govt 8 years: How India outpaced world in UPI, digital payments

India TV News  

Long gone are the days when people use to stand in the long queue at ATMs or at banks to withdraw money. Today, his will effort towards the technological advancement, and support of great engineers, UPI payments were launched in the nation on 11th April 2016 by Dr Raghuram G Rajan, Governor, RBI. And eventually, various banks started to upload …

Paytm Money allows HNI investors to bid higher amount of up to ₹5 lakh for IPOs
2 years, 7 months ago

Paytm Money allows HNI investors to bid higher amount of up to ₹5 lakh for IPOs

Live Mint  

NEW DELHI: One97 Communications Ltd. has said that its wholly-owned subsidiary--Paytm Money Ltd.--will help high net-worth individuals to place higher bids of up to ₹5 lakh for initial public offerings through UPI. As per the company, it is the first among discount brokers in the country to launch this service of allowing HNIs to bid higher amounts via UPI. This …

Google Pay unveils ‘Tap to Pay’ for UPI payments
2 years, 8 months ago

Google Pay unveils ‘Tap to Pay’ for UPI payments

The Hindu  

Google Pay on Wednesday announced collaboration with Pine Labs to unveil ‘Tap to Pay’ for UPI payments, a feature which was earlier available only for payments made through cards. “The functionality will be available to any UPI user who wants to use their NFC-enabled android smartphone to transact using any Pine Labs Android PoS terminal across the country,” the company …

Tech tips: How to make UPI payments without using the internet
2 years, 8 months ago

Tech tips: How to make UPI payments without using the internet

India Today  

India is on its road to becoming a cashless economy. Until now, the UPI payments could only be done from a smartphone, and people owning feature phones would still have to go for cash mode. “UPI 123PAY is an instant payment system for feature phone users who can use Unified Payments Interface payment service in a safe and secure manner. …

NPCI Announces UPI Lite That Aims To Make Transactions In Offline Mode: Details
2 years, 9 months ago

NPCI Announces UPI Lite That Aims To Make Transactions In Offline Mode: Details

ABP News  

New Delhi: In a bid to boost the digital payments system in the country, the National Payments Corporation of India has announced UPI Lite, after the immense popularity that UPI has garnered. Now, the NPCI has announced UPI Lite what it calls "UPI lite – On-Device wallet" that will small value transactions in an offline mode. UPI Lite would essentially …

UPI123Pay: Payment solution for feature phone users
2 years, 9 months ago

UPI123Pay: Payment solution for feature phone users

The Hindu  

The story so far: On March 8, the Reserve Bank of India launched a new Unified Payments Interface payments solution for feature phone users dubbed ‘UPI123Pay’. The new UPI-based service is designed to bring the digital payments platform closer to a significant number of feature phone mobile subscribers in the country, which is estimated to be more than 40 crore. …

UPI for feature phones: Four key things to know about UPI123Pay
2 years, 9 months ago

UPI for feature phones: Four key things to know about UPI123Pay

Live Mint  

The Reserve Bank of India recently introduced UPI123Pay that enables unified payment interface payment for feature phone users. {{^adFree}} {{/adFree}} As there are more than 400 million feature phone subscribers in India, UPI123Pay is seen to improve the options for users to access UPI. This allows feature phone users to access their bank account and carry out routine transactions such …

RBI launches UPI for feature-phone users
2 years, 9 months ago

RBI launches UPI for feature-phone users

Deccan Chronicle  

Mumbai: In a move that would boost digital payments among people from the lower rung of the society, the Reserve Bank of India governor Shaktikanta Das on Tuesday rolled out UPI123Pay, an option that would help over 40 crore feature phone users in the country to make Unified Payments Interface payments. Besides, the governor also launched Digi-Saathi—a 24x7 Helpline to …

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