If you use any UPI app, this story is for you. New changes related to digital transactions have been announced in India. We get you more details in this report.

India's new UPI rules | Tech It Out

National Payments Corporation of India (NPCI), the governing body of&nbsp;Unified Payment Interface (UPI) - India's prominent digital payment network -&nbsp; has announced it will be levying Prepaid Payment Instruments (PPI) fees on merchant transactions, beginning April 1.&nbsp;

The fee would be levied on transactions above Rs 2,000 ($24) which will result in&nbsp;an interchange at 1.1 per cent&nbsp;of the transaction value. Usually, the interchange fee is associated with card payments, used to cover the costs related to accepting, processing and authorising transactions.&nbsp;

While the broad fee of 1.1 per cent is applicable over the Rs 2000 limit, NPCI has set different merchant fee structures as well.

Reportedly, the interchange will be one per cent for mutual funds, insurance and railways, 0.9 per cent for supermarket, 0.7 per cent for telecom, education, agriculture and 0.5 per cent for fuel, according to the advisory.

Notably, the fee will not be applicable when the payment is made using a person-to-person transaction or person-to-merchant transaction.&nbsp;

“Interchange shall not be applicable to P2P (peer to peer) and P2M (peer to merchant) transactions between “bank account and the PPI wallet,” reads the NPCI circular.

<a href="https://www.wionews.com/india-news/indias-upi-singapores-paynow-to-integrate-soon-says-an-official-at-a-g20-meeting-550946">ALSO READ |&nbsp;India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting</a>

Though the jargon may sound confusing, a simple example ought to clear the new rules.&nbsp;

If an individual goes to buy a smartphone at a retailer's shop and scans the QR code to make the payment using a digital wallet, the customer will not have to pay anything extra. However, since the mobile phone is above the Rs 2,000 threshold, the merchant will have to pay a certain fee to the wallet service provider such as Google Pay, PhonePe, and Paytm.&nbsp;

Similarly, if a customer wants to load more than Rs 2000 in their Paytm wallet, say using an Axis Bank savings account, Paytm will have to pay 0.15 per cent of the amount as fees to the bank. No additional charge will be levied on the customer.&nbsp;

Watch |&nbsp;UPI's meteoric rise: India's UPI transactions rise over 7.82 billion in December 2022

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/upis-meteoric-rise-indias-upi-transactions-rise-over-782-billion-in-december-2022-549012/embed" width="560"></iframe>

The move has been brought in to help the wallet providers and banks who had not been able to earn any revenue despite scaling their operations countrywide. However, the one downside is that merchants, due to a lack of communication, may stop accepting UPI payments altogether. The reality is that share of digital wallets in UPI payments is significantly small and thus the charges may not burn a hole in merchants' pockets.&nbsp;

<h2>UPI's introduction in India</h2>

It was in 2016 that NPCI introduced the revolutionary UPI system. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on.

Singapore and Bhutan have already adopted UPI with a few more countries waiting to join the bandwagon.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

National Payments Corporation of India (NPCI), the governing body of Unified Payment Interface (UPI) - India's prominent digital payment network - has announced it will be levying Prepaid Payment Instruments (PPI) fees on merchant transactions, beginning April 1.

National Payments Corporation of India (NPCI), the governing body of Unified Payment Interface (UPI) - India's prominent digital payment network - has announced it will be levying Prepaid Payment Instruments (PPI) fees on merchant transactions, beginning April 1. The fee would be levied on transactions above Rs 2,000 ($24) which will result in an interchange at 1.1 per cent of the transaction value. Usually, the interchange fee is associated with card payments, used to cover the costs related to accepting, processing and authorising transactions. While the broad fee of 1.1 per cent is applicable over the Rs 2000 limit, NPCI has set different merchant fee structures as well. Reportedly, the interchange will be one per cent for mutual funds, insurance and railways, 0.9 per cent for supermarket, 0.7 per cent for telecom, education, agriculture and 0.5 per cent for fuel, according to the advisory. Notably, the fee will not be applicable when the payment is made using a person-to-person transaction or person-to-merchant transaction. “Interchange shall not be applicable to P2P (peer to peer) and P2M (peer to merchant) transactions between “bank account and the PPI wallet,” reads the NPCI circular. ALSO READ | India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting Though the jargon may sound confusing, a simple example ought to clear the new rules. If an individual goes to buy a smartphone at a retailer's shop and scans the QR code to make the payment using a digital wallet, the customer will not have to pay anything extra. However, since the mobile phone is above the Rs 2,000 threshold, the merchant will have to pay a certain fee to the wallet service provider such as Google Pay, PhonePe, and Paytm. Similarly, if a customer wants to load more than Rs 2000 in their Paytm wallet, say using an Axis Bank savings account, Paytm will have to pay 0.15 per cent of the amount as fees to the bank. No additional charge will be levied on the customer. Watch | UPI's meteoric rise: India's UPI transactions rise over 7.82 billion in December 2022 The move has been brought in to help the wallet providers and banks who had not been able to earn any revenue despite scaling their operations countrywide. However, the one downside is that merchants, due to a lack of communication, may stop accepting UPI payments altogether. The reality is that share of digital wallets in UPI payments is significantly small and thus the charges may not burn a hole in merchants' pockets. UPI's introduction in India It was in 2016 that NPCI introduced the revolutionary UPI system. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. Singapore and Bhutan have already adopted UPI with a few more countries waiting to join the bandwagon. (With inputs from agencies) WATCH WION LIVE HERE:

India: UPI transactions to cost from April. Know what it means for you

The Union finance ministry told the Parliament that more than 95,000 fraud cases of Unified Payments Interface (UPI) transactions were recorded in the country in 2022-23. In 2020-21, 77,000 cases such cases were recorded, while 84,0000 cases were seen in 2021-22. Meanwhile, the latest data from the National Payments Corporation of India revealed that users completed over Rs 125 crore ($1.52 million) worth of UPI transactions last year.&nbsp;

The ministry added that the Indian digital payments system also gained global acceptance last year. Singapore, the UAE, Mauritius, Nepal and Bhutan are among the countries that&nbsp; have adopted UPI. This means that Indians can make payments in these countries through UPI, RuPay etc.&nbsp;

All these figures were revealed when Rajya Sabha MP Kartikeya Sharma asked a question about the increasing cases of digital payment&nbsp;frauds in India.&nbsp;

“UPI applications provide an in-app intimation of a user initiating payment to an unknown beneficiary, the device-binding concept, wherein a user’s mobile number is bound with his mobile device, which makes it nearly impossible for anyone to interject,” Dr Bhagwat Karad, minister of state for finance told the Parliament.

Karad further said that the government has come up with the national cybercrime reporting portal to register grievances regarding UPI fraud cases.&nbsp;

UPI has become extremely popular in&nbsp;India and other countries have been praising the country's digital payment system. Union Minister Ashwini Vaishnaw said earlier in February this year that India has signed MoUs with 13 countries that want to adopt the UPI interface.

These partnerships over UPI have been made possible by the NIPL (NPCI International Payments Limited) that is entering partnerships with other countries to make UPI payments possible for Indians.&nbsp;

(With inputs from agencies)

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The Union finance ministry told the Parliament that more than 95,000 fraud cases of Unified Payments Interface (UPI) transactions were recorded in the country in 2022-23.

The Union finance ministry told the Parliament that more than 95,000 fraud cases of Unified Payments Interface (UPI) transactions were recorded in the country in 2022-23. In 2020-21, 77,000 cases such cases were recorded, while 84,0000 cases were seen in 2021-22. Meanwhile, the latest data from the National Payments Corporation of India revealed that users completed over Rs 125 crore ($1.52 million) worth of UPI transactions last year. The ministry added that the Indian digital payments system also gained global acceptance last year. Singapore, the UAE, Mauritius, Nepal and Bhutan are among the countries that have adopted UPI. This means that Indians can make payments in these countries through UPI, RuPay etc. All these figures were revealed when Rajya Sabha MP Kartikeya Sharma asked a question about the increasing cases of digital payment frauds in India. “UPI applications provide an in-app intimation of a user initiating payment to an unknown beneficiary, the device-binding concept, wherein a user’s mobile number is bound with his mobile device, which makes it nearly impossible for anyone to interject,” Dr Bhagwat Karad, minister of state for finance told the Parliament. Karad further said that the government has come up with the national cybercrime reporting portal to register grievances regarding UPI fraud cases. UPI has become extremely popular in India and other countries have been praising the country's digital payment system. Union Minister Ashwini Vaishnaw said earlier in February this year that India has signed MoUs with 13 countries that want to adopt the UPI interface. These partnerships over UPI have been made possible by the NIPL (NPCI International Payments Limited) that is entering partnerships with other countries to make UPI payments possible for Indians. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Over 95,000 UPI fraud cases reported last year: Union finance ministry

The Unified Payment Interface (UPI) of India and its similar network in Singapore, PayNow, will soon be integrated, according to the Monetary Authority of Singapore, which will result in a 10 per cent&nbsp;reduction in remittance costs, according to a PTI report.

The government seeks to reduce the risks of a financial or geopolitical scenario in which traditional payment channels are disrupted by creating a worldwide UPI ecosystem as a bigger strategy based on the geopolitical unrest seen in recent times.

<a href="https://www.wionews.com/india-news/paytm-says-delhi-ncr-emerges-as-indias-digital-payments-capital-report-547604">Also read |&nbsp;Paytm says Delhi-NCR emerges as India's digital payments capital: Report</a>

The two digital payment networks between India and Singapore would be interoperable, enabling seamless remittances between the two countries at a very affordable rate.

"Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," said Sopnendu Mohanty, chief fintech officer of the Singapore Central Bank, at the G20 financial inclusion meeting in Kolkata.

"As of now, remittance to India is at least 1 billion Singapore Dollars, and India to Singapore will be 200-300 million Singapore Dollars," he said.

Watch |&nbsp;UPI's meteoric rise: India's UPI transactions rise over 7.82 billion in December 2022

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/upis-meteoric-rise-indias-upi-transactions-rise-over-782-billion-in-december-2022-549012/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Mohanty anticipates that these payment networks' interoperability with Malaysia and India also would occur virtually simultaneously. Besides financial and legal constraints, Mohanty claimed that data-sharing requirements outweigh technological difficulties.

Aadhaar &amp; India Stack lead architect Pramod Verma predicted that Dubai and a few other nations would soon see a similar level of interoperability.

According to him, this connectivity will also enable Indian visitors to Singapore to make UPI payments. Singapore already has a partnership with PromPay in Indonesia to simplify cross-border transfers.

<a href="https://www.wionews.com/india-news/india-google-pay-phonepe-and-other-upi-apps-may-impose-transaction-limit-paytm-to-remain-unaffected-536903">Also read |&nbsp;India: Google Pay, PhonePe and other UPI apps may impose transaction limit; Paytm to remain unaffected</a>

Dilip Asbe, MD &amp; CEO of National Payment Corporation of India (NPCI), stated that India is prepared to provide UPI technologies and codes free of charge to assist other countries in developing digital payment infrastructure.

France, the United Arab Emirates (UAE), Saudi Arabia, Bahrain, the Maldives, Bhutan, and Oman are some other nations that have embraced various Indian payment methods.

That suggests Indians would now be able to transact in these nations using UPI, RuPay, etc.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Unified Payment Interface (UPI) of India and its similar network in Singapore, PayNow, will soon be integrated, according to the Monetary Authority of Singapore, which will result in a 10 per cent reduction in remittance costs, according to a PTI report.

The Unified Payment Interface (UPI) of India and its similar network in Singapore, PayNow, will soon be integrated, according to the Monetary Authority of Singapore, which will result in a 10 per cent reduction in remittance costs, according to a PTI report. The government seeks to reduce the risks of a financial or geopolitical scenario in which traditional payment channels are disrupted by creating a worldwide UPI ecosystem as a bigger strategy based on the geopolitical unrest seen in recent times. Also read | Paytm says Delhi-NCR emerges as India's digital payments capital: Report The two digital payment networks between India and Singapore would be interoperable, enabling seamless remittances between the two countries at a very affordable rate. "Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," said Sopnendu Mohanty, chief fintech officer of the Singapore Central Bank, at the G20 financial inclusion meeting in Kolkata. "As of now, remittance to India is at least 1 billion Singapore Dollars, and India to Singapore will be 200-300 million Singapore Dollars," he said. Watch | UPI's meteoric rise: India's UPI transactions rise over 7.82 billion in December 2022 Mohanty anticipates that these payment networks' interoperability with Malaysia and India also would occur virtually simultaneously. Besides financial and legal constraints, Mohanty claimed that data-sharing requirements outweigh technological difficulties. Aadhaar & India Stack lead architect Pramod Verma predicted that Dubai and a few other nations would soon see a similar level of interoperability. According to him, this connectivity will also enable Indian visitors to Singapore to make UPI payments. Singapore already has a partnership with PromPay in Indonesia to simplify cross-border transfers. Also read | India: Google Pay, PhonePe and other UPI apps may impose transaction limit; Paytm to remain unaffected Dilip Asbe, MD & CEO of National Payment Corporation of India (NPCI), stated that India is prepared to provide UPI technologies and codes free of charge to assist other countries in developing digital payment infrastructure. France, the United Arab Emirates (UAE), Saudi Arabia, Bahrain, the Maldives, Bhutan, and Oman are some other nations that have embraced various Indian payment methods. That suggests Indians would now be able to transact in these nations using UPI, RuPay, etc. WATCH WION LIVE HERE

India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting

Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data.

On a month-on-month basis, it registered 8.94 per cent growth from 1.23 billion in May.

UPI payments had fallen to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials.

Online payments slowly gathered pace from May&nbsp;with staggered opening of the economy. In May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.18 lakh crore, showed the NPCI data.

In June, the volume in terms of transactions touched the highest level so far, as per the data available, with the first set of data dating back to April 2016 -- with nil transaction.

The number of transactions through all the available means on NPCI platform&nbsp;was in upwards of 1 billion since October 2019 before dipping to 999.57 million in April this year. However, it soon regained the 1 billion-plus transaction volume in May.

NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. It has created a robust payment and settlement infrastructure in the country.

It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.

Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data.

Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data. On a month-on-month basis, it registered 8.94 per cent growth from 1.23 billion in May. UPI payments had fallen to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials. Online payments slowly gathered pace from May with staggered opening of the economy. In May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.18 lakh crore, showed the NPCI data. In June, the volume in terms of transactions touched the highest level so far, as per the data available, with the first set of data dating back to April 2016 -- with nil transaction. The number of transactions through all the available means on NPCI platform was in upwards of 1 billion since October 2019 before dipping to 999.57 million in April this year. However, it soon regained the 1 billion-plus transaction volume in May. NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. It has created a robust payment and settlement infrastructure in the country. It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.

UPI payments in India hit all-time high of 1.34 billion transactions in June

The Delhi High Court has sought response of the Reserve Bank of India (RBI) and the Centre on a plea seeking action and suspension of operations of the Google India Digital Service in UPI through its application 'Google Pay' till it fully complies with interoperability.

Justice Asha Menon, who conducted the hearing through video conferencing, issued notices to the RBI, the Centre and Google India Digital Service Pvt Ltd and granted them three weeks to file their responses.

The petitioner approached the high court after Google Pay did not allow him to contribute to the PM CARES Fund, without making another VPA or UPI ID on its app.

Petitioner Shubham Kapaley tried to use his already existing VPA/ UPI ID for other transactions as well, however, the same issue of denial of interoperability persisted.

The petition alleged that Google India's app 'Google Pay' was flouting the rules of Unified Payments Interface (UPI) interoperability and that it does not allow new users to use their existing Virtual Payment Address (VPAs) or UPI ID on its platform, which the consumer might have created through other UPI platforms or apps.

As per an earlier NPCI circular, no merchant can/ shall force the customer to create a VPA or register for UPI to avail any services on a merchant app.

The plea claimed that Google Pay insists consumers to create a new UPI ID or VPA to use its platform and sought initiation of action against Google India Digital which is provisioning its services by way of this app in the country.

It sought to direct RBI and Centre to conduct a thorough third party and independent investigation of the app to check compliance of every directive and guidelines issued by National Payments Corporation of India (NPCI), which operates various digital payment instruments including UPI, and RBI.

The plea said that a hefty penalty of at least 10 times revenue of Google Pay, since the start of its operations in India, be imposed and be contributed towards Covid-19 Relief Fund here.

The Delhi High Court has sought response of the Reserve Bank of India (RBI) and the Centre on a plea seeking action and suspension of operations of the Google India Digital Service in UPI through its application 'Google Pay' till it fully complies with interoperability.

The Delhi High Court has sought response of the Reserve Bank of India (RBI) and the Centre on a plea seeking action and suspension of operations of the Google India Digital Service in UPI through its application 'Google Pay' till it fully complies with interoperability. Justice Asha Menon, who conducted the hearing through video conferencing, issued notices to the RBI, the Centre and Google India Digital Service Pvt Ltd and granted them three weeks to file their responses. The petitioner approached the high court after Google Pay did not allow him to contribute to the PM CARES Fund, without making another VPA or UPI ID on its app. Petitioner Shubham Kapaley tried to use his already existing VPA/ UPI ID for other transactions as well, however, the same issue of denial of interoperability persisted. The petition alleged that Google India's app 'Google Pay' was flouting the rules of Unified Payments Interface (UPI) interoperability and that it does not allow new users to use their existing Virtual Payment Address (VPAs) or UPI ID on its platform, which the consumer might have created through other UPI platforms or apps. As per an earlier NPCI circular, no merchant can/ shall force the customer to create a VPA or register for UPI to avail any services on a merchant app. The plea claimed that Google Pay insists consumers to create a new UPI ID or VPA to use its platform and sought initiation of action against Google India Digital which is provisioning its services by way of this app in the country. It sought to direct RBI and Centre to conduct a thorough third party and independent investigation of the app to check compliance of every directive and guidelines issued by National Payments Corporation of India (NPCI), which operates various digital payment instruments including UPI, and RBI. The plea said that a hefty penalty of at least 10 times revenue of Google Pay, since the start of its operations in India, be imposed and be contributed towards Covid-19 Relief Fund here.

Delhi High Court asks RBI, Centre to respond to plea for action against Google Pay for flouting UPI rules

upi-rules

Upi Rules, News on Upi Rules, stories on Upi Rules, articles on Upi Rules, Upi Rules stories at Wion, Upi Rules news, Upi Rules latest news