Unified Payment Interface

In India, UPI and IMPS are prominent digital payment systems enabling real-time money transfers. UPI is mobile-first, user-friendly, and integrates with various financial services, making it ideal for small payments. IMPS caters to inter-bank transfers with higher transaction limits but requires detailed banking information.

NPCI introduces 'UPI One World' wallet service for international travelers in India, offering a cashless payment solution linked to UPI. The service simplifies transactions for foreign nationals and NRIs from G20 countries, providing a convenient alternative to carrying cash.

Adani Group, led by billionaire Gautam Adani, diversifying into e-commerce and digital payments sectors in India per FT report.

PhonePe offers up to Rs 2,000 cashback on 24k digital gold for Akshaya Tritiya 2024. Users can avail the offer on May 10 via various payment methods. Additionally, discounts at CaratLane stores are available for digital gold redemption."}

Amid rising cybercrimes, Aditi shared a scam tactic involving fake credit alerts, INR 30k return request, 'doctor's doorstep' urgency, and UPI Ids for transfer. Caution advised to verify 10-digit phone number and bank account on a separate device.

RBI's new rule allows linking PPIs with third-party UPI apps, enabling seamless wallet fund use. This boosts payment options, flexibility, and security for users, especially benefiting rural areas with limited UPI services.

NPCI introduces updates for RuPay Credit Card holders on UPI platform, offering EMI options, credit account bill payments, instalment management, and credit limit adjustments. Users can benefit from enhanced convenience and secure payment transactions. Banks to implement changes by May 31, 2024.

6.4 million traffic violation challans issued in July 2023 in India. E-challans simplify fine payment with online options. Dispute incorrect challans online within a 60-day grace period to avoid local court transfer.

WhatsApp introduces UPI Payments with a new QR code scanner shortcut in Beta for Android, offering users a convenient way to make payments. The app also hints at an upcoming international UPI payment option in development.

NPCI is likely to approve a TPAP license for Paytm by March 15, allowing customers to continue using the Paytm app for payments through UPI even after the banking arm ceases operations. Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank for processing UPI transactions.

Union IT minister Ashwini Vaishnaw is optimistic about the global adoption of UPI. 30 countries, including Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan, and Nepal, are keen on adopting India's UPI payment system. India leads in global online transactions, accounting for 46%.

UPI's share in digital payments reached nearly 80% in 2023 and is the biggest contributor to the growth of digital payments in India. Retail digital payments in India grew significantly, and UPI transactions are expected to cross 100 crore per day.

UPI revolutionizes money transfers via payment apps, offering seamless and secure transactions. Change UPI ID on Google Pay by following simple steps. Create up to 4 IDs per bank account. Remove and re-add bank account to update on Google Pay.

Following RBI's instructions, Paytm Payments Bank Ltd. (PPBL) stopped accepting new clients. Paytm and PPBL ended inter-company agreements. Paytm announced plans for new partnerships with banks and the potential financial impact of these initiatives. Paytm Wallet users can still use their funds but won't be able to add money or receive credits after March 15, 2024.

UPI, created by NPCI under RBI, enables immediate fund transfers using IMPS infrastructure. It integrates multiple bank accounts into a single mobile app for convenient and safe transactions using various identifiers. Payments are secured with 1-click 2-factor authentication, including the use of UPI PIN. Now, PPI Wallets can also be linked to UPI.

UPI failures can be due to wrong PIN, incorrect address, server problems, or connectivity issues. Generate new UPI PIN with debit card details. Contact NPCI if no SMS confirmation, refund, status update, or beneficiary credit.

One97 Communications shares, which operates under the brand name Paytm, hit 5 per cent upper circuit on Monday after RBI issued a directive to the National Payments Corporation of India (NPCI) to review third-party app provider request for unified payments interface (UPI) payments following its decision that Paytm Payments Bank will halt accepting further credits into customer accounts and wallets after March 15, 2024.

Paymart India's Virtual ATM revolutionizes cash withdrawal by allowing users to withdraw cash without a card or traditional ATM. The service, available in select cities, requires a smartphone, bank's mobile app, withdrawal request, OTP, and collecting the cash from a participating shop. The company plans to expand nationwide.

Paymart India's Virtual ATM service benefits banks by reducing operational costs through the elimination of traditional ATMs and creating revenue opportunities for affiliated shopkeepers.