RBI Monetary Policy: UPI Payments To Be Made Easier, Bharat Bill Payment System To Include All Payments
2 years ago

RBI Monetary Policy: UPI Payments To Be Made Easier, Bharat Bill Payment System To Include All Payments

ABP News  

The Reserve Bank of India on Wednesday announced two major consumer-centric developments that will affect how you make investments, and shop online besides paying bills. The two changes announced in the monetary policy review include the Unified Payment Interface and Bharat Bill Payment System. Till now, the Bharat Bill Payment system has been limited to recurring bill payments for merchants and utilities. Launched in 2017, Bharat Bill Payment System is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “anytime anywhere” Bill payment service to all customers across India with certainty, reliability and safety of transactions. Akash Sinha, CEO and co-founder, Cashfree Payments, said, "The RBI’s announcement with respect to UPI payments and Bharat Bill Payment System are encouraging in the payments ecosystem.

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History of this topic

RBI Allows Small Finance Banks to Give Credit on UPI
2 weeks, 3 days ago

RBI Allows Small Finance Banks to Give Credit on UPI

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Friday allowed small finance banks to offer pre-sanctioned credit lines through Unified Payments Interface. Till now, only scheduled commercial banks were allowed to offer pre-sanctioned credit lines on the flagship payments platform. The central bank in its monetary policy also made several positive announcements for banks such as raising the FCNR deposit rates, …

Credit Lines on UPI: RBI Governor Shaktikanta Das says small finance banks to now offer facility
2 weeks, 3 days ago

Credit Lines on UPI: RBI Governor Shaktikanta Das says small finance banks to now offer facility

Live Mint  

Reserve Bank of India Governor Shaktikanta Das, during the Monetary Policy Committee meeting announcement on December 6, said the bank's facility of providing credit lines through Unified Payments Interface will now be expanded. RBI MPC keeps policy rate unchanged — Details The RBI MPC today decided to keep the policy rate unchanged for the 11th consecutive time, but sharply lowered …

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 …

How NBBL's Bharat Connect aims to streamline B2B payments for small businesses
1 month, 2 weeks ago

How NBBL's Bharat Connect aims to streamline B2B payments for small businesses

Live Mint  

Mumbai: After establishing a strong presence in the retail payments ecosystem, NPCI Bharat BillPay Limited is now developing an interlinked payments platform for small businesses. "That's where the entire thought process got seeded in so as to ask if we can do something to solve the B2B collection problem, which exists across countries," Chaturvedi said, adding that the idea was …

This NBFC Starts EMI Facility On UPI Payment; Check How It Works
3 months ago

This NBFC Starts EMI Facility On UPI Payment; Check How It Works

News 18  

BOBCARD LIMITED, a wholly owned subsidiary of Bank of Baroda, has announced the introduction of its EMI service on UPI Payments in partnership with RuPay. The new feature allows RuPay BOBCARD holders to seamlessly convert their purchases into EMIs by scanning a QR code through the UPI app, providing a more convenient and hassle-free payment experience, the company said. Customers …

RBI Introduces Delegated Payment Through UPI, Cheque Clearing Time Reduced
4 months, 2 weeks ago

RBI Introduces Delegated Payment Through UPI, Cheque Clearing Time Reduced

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Thursday proposed to introduce Delegated Payments’ in UPI. Delegated Payments would allow an individual to set a UPI transaction limit for another individual on the primary user’s bank account. In another major announcement, the RBI also enhanced the limit for tax payments through UPI from ₹1 lakh to ₹5 lakh per transaction. At …

RBI grants Payment Aggregator license to SabPaisa (SRS Live Technologies)
5 months, 2 weeks ago

RBI grants Payment Aggregator license to SabPaisa (SRS Live Technologies)

Deccan Chronicle  

New Delhi: SabPaisa, a leading payment solutions provider, announced that it has received final approval from the Reserve Bank of India to function as a Payment Aggregator under the Payments and Settlement Systems Act, 2007. This approval solidifies SabPaisa's position as a leading player in the Indian fintech industry, enabling it to offer comprehensive payment aggregation services to merchants across …

RBI’s digital rupee must leap over many hurdles for wider adoption
6 months, 1 week ago

RBI’s digital rupee must leap over many hurdles for wider adoption

Live Mint  

The Reserve Bank of India has been striving to boost the adoption of its Retail-Central Bank Digital Currency or e-rupee. RBI is also aiming to onboard more non-bank payment service operators and make the e-rupee inter-operable with India’s Unified Payments Interface. Despite having clearly defined use-cases for their country-specific CBDCs, these pilot projects suffered from weak internet connectivity and poor …

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. …

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments
10 months, 2 weeks ago

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments

New Indian Express  

The Reserve Bank of India today released a major policy statement outlining several developmental and regulatory initiatives covering financial markets, regulations pertaining to lending institutions, and payment systems including digital currency and fintech. On the financial markets front, RBI announced that it will comprehensively review the existing regulatory guidelines for Electronic Trading Platforms that enable transactions in financial instruments regulated …

UPI will continue to operate as normal, working with other banks for continuity of service: Paytm
10 months, 2 weeks ago

UPI will continue to operate as normal, working with other banks for continuity of service: Paytm

India TV News  

UPI service on Paytm will continue to work as normal as the company is working with other banks to make changes in the back-end for continuity of its services, the company said on Monday. While PPBL, the entity overseeing Paytm's UPI services, faces constraints on accepting money from customers after February 29, the company is working to connect with other …

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 …

SBI Card joins Bharat BillPay in the credit card category; details here
1 year ago

SBI Card joins Bharat BillPay in the credit card category; details here

Live Mint  

NPCI Bharat BillPay, a wholly-owned subsidiary of the National Payments Corporation of India, has successfully integrated SBI Card, one of India’s leading credit card issuers, into the credit card category of Bharat BillPay. Noteworthy credit card issuers already present in this category include Kotak Mahindra Bank, BoB Financial, Federal Bank, AU Small Finance Bank, IndusInd Bank, and Canara Bank. Through …

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 …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 3 months ago

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:

ABP News  

In a recent keynote address at the G20 TechSprint Finale, Reserve Bank of India Governor Shaktikanta Das drew attention to the challenges surrounding cross-border payments, emphasising the issues of high costs and slow transaction speeds. Das indicated that the central bank digital currency — dubbed Digital Rupee — instant-settlement feature could offer a viable solution to these challenges. Despite advancements …

Data | UPI payments: relief for users, a headache for banks
1 year, 6 months ago

Data | UPI payments: relief for users, a headache for banks

The Hindu  

The dizzying array of daily limits on United Payments Interface transactions set by apps and banks — both in terms of value and volume — has put the spotlight on the rapid rise in such transactions in India in recent years. Such limits were introduced given the surge in the volume of UPI transactions in India in recent years after …

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS
1 year, 6 months ago

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS

Live Mint  

The Reserve Bank of India's proposed lightweight payment and settlement system will introduce a paradigm shift in the Indian payment landscape. The need for lightweight payment and settlement system The central bank said that this payment system can be operated from anywhere by a bare minimum staff in order to be prepared to face extreme situations such as natural calamities …

RBI approves expanding UPI transactions to allow credit payments
1 year, 8 months ago

RBI approves expanding UPI transactions to allow credit payments

Live Mint  

Individuals with pre-approved credit lines from banks will soon be able to use it to make payments over the Unified Payments Interface, the Reserve Bank of India said on Thursday, setting the stage for new credit products over the homegrown payments platform. Last June, the RBI also approved the use of Rupay credit cards on UPI, stoking hopes that it …

'Main Payment Nahi Karega': UPI Charges For Over ₹2000 Transaction Trigger Meme Fest
1 year, 8 months ago

'Main Payment Nahi Karega': UPI Charges For Over ₹2000 Transaction Trigger Meme Fest

News 18  

“Bhaiya, QR code hai kya?” Honestly, we all can relate to this line. But some ppl be like: pic.twitter.com/hloHJmtzfb — Kadak March 29, 2023 A user shared how people would clean their devices after the UPI changes come into effect. #UPIcharges pic.twitter.com/UD3Na6BKPD— 👑Che_ಕೃಷ್ಣ🇮🇳💛❤️ March 29, 2023 In the middle of this, a user has shared the perfect UPI users vs …

UPI payment available for international travellers visiting Delhi, Mumbai, Bengaluru airports – Details
1 year, 10 months ago

UPI payment available for international travellers visiting Delhi, Mumbai, Bengaluru airports – Details

India TV News  

The Reserve Bank of India has announced that the Unified Payments Interface payment facility for foreign visitors to India has commenced operations. With the UPI payment facility, inbound travelers will be able to make local payments during their stay in India. However, there are plans to expand this payment facility to other airports and cities in the near future, enabling …

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 …

RBI’s nod to payment aggregators signals start of light-touch regulation
1 year, 10 months ago

RBI’s nod to payment aggregators signals start of light-touch regulation

Live Mint  

It is a measure of the rapid growth of digitization in India over the past few years, accompanied by that of fintechs providing innovative solutions and services, that India’s central bank had to move in with a regulatory framework to bring some of these non-banks under its ambit. Without a formal regulatory structure, India has had many payment aggregators and …

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 …

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments
1 year, 11 months ago

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments

The Hindu  

The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface, Union Minister Bhupendra Yadav announced on Wednesday. Banks will be provided this incentive money to promote such digital payments, the Cabinet said in a press release. “The scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly …

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI
2 years ago

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI

ABP News  

The Reserve Bank of India on Wednesday clarified the key differences between the Central Bank Digital Currency and Unified Payments Interface. Speaking with the media after the monetary policy announcement, Das said, "Any UPI transaction involves the intermediation of the bank. Further elaborating on CBDC, RBI Deputy governor T Rabi Sankar said that similar to cash, CBDC can enable the …

Das unveils three digital payment solutions at Fintech Fest
2 years, 3 months ago

Das unveils three digital payment solutions at Fintech Fest

The Hindu  

Reserve Bank of India Governor Shaktikanta Das on Tuesday unveiled RuPay Credit Card on UPI, UPI Lite, and Bharat BillPay Cross-Border Bill Payments to further boost digital payments in India. Customers of Punjab National Bank, Union Bank of India, and Indian Bank will be the first to be able to use RuPay Credit Card on UPI with BHIM app. Bharat …

How allowing Bharat Bill Payment System for cross-border payments boosts economy
2 years, 4 months ago

How allowing Bharat Bill Payment System for cross-border payments boosts economy

Live Mint  

Allowing Bharat Bill Payment System to process cross-border inbound bill payments is a much-needed boost for Non-resident Indians who have been facing challenges in paying utility bills for their family and friends in India. "Bharat Bill Payment System, owned and operated by NPCI Bharat BillPay Ltd., has transformed the bill payment experience in the country," RBI said on August 5 …

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 …

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 …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 6 months ago

RBI unveils Payments Vision 2025 with intent to increase e-payments

India TV News  

Highlights The core theme of the vision documents is E-Payments for Everyone, Everywhere, Everytime The volume of cheque-based payments are expected to be less than 0.25% of total retail payments UPI is expected to register average annualised growth of 50% and IMPS/ NEFT at 20% The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a …

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 …

Card-less cash withdrawal facility across all banks' ATM network soon: RBI
2 years, 8 months ago

Card-less cash withdrawal facility across all banks' ATM network soon: RBI

India TV News  

Highlights The facility is proposed to be made available through the Unified Payments Interface Settlement of such transactions would happen through the ATM networks In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs. "It is now proposed to make card-less cash withdrawal facility available across all …

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today
2 years, 9 months ago

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today

News 18  

You don’t need a smartphone or internet connection to do Unified Payments Interface payments anymore. To enable thousands of feature phone users with the digital payment ecosystem in the country, the Reserve Bank of India is all set to launch UPI123Pay on Tuesday. Why UPI Payment for Feature Phones RBI governor Shaktikanta Das announced to launch a UPI-based payment system …

Opinion | Bridging the financial divide digitally
4 years, 3 months ago

Opinion | Bridging the financial divide digitally

Live Mint  

The world economy has succumbed to the covid-19 pandemic over the past few months, leading to steep cuts in discretionary purchase. The phenomenal growth of the Unified Payment Interface in a country as diverse as India has drawn attention of all the big tech companies around the world with firms like Google requesting the US Federal Reserve to build a …

Now, you can pay monthly bills with UPI AutoPay
4 years, 5 months ago

Now, you can pay monthly bills with UPI AutoPay

India TV News  

The National Payment Corporation of India on Wednesday said that it has launched the functionality of Unified Payments Interface AutoPay for recurring payments. With this new facility, customers can now enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments …

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