In the latest,&nbsp;India's groundbreaking Unified Payments Interface (UPI) made its global debut with&nbsp;a formal launch at the renowned Eiffel Tower in Paris, France. In other news, tensions persist in West Asia as the conflict between Israel and Hamas escalates across the region. Following the alleged killing of three US troops at an American base in Jordan by a group associated with Iran, the situation remains volatile. Additionally,&nbsp;Tesla, the electric vehicle giant, is undertaking its most extensive recall in the United States, involving nearly all electric vehicles sold in the country.

Click on the headlines to read more.

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West Asia continues to be on edge as the war between Israel and Hamas continues to expand in the region. After three US troops were killed at an American base in Jordan allegedly by a group linked to Iran, President Joe Biden has vowed to retaliate but his administration has fallen short of declaring a full-fledged war.

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India's revolutionary Unified Payments Interface (UPI) marked its global debut as it was formally launched at the iconic Eiffel Tower in Paris, France. The momentous occasion, organised by the Indian Embassy in France, aligns with Prime Minister Narendra Modi's vision of taking UPI to the global stage.

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Indian Navy foiled another piracy attempt along the eastern coast of Somalia. This time, New Delhi's naval forces ensured the safe release of 11 Iranian and 8 Pakistani crew aboard the Iranian-flagged vessel FV Omari that had been boarded by seven pirates who took the crew hostage, Indian Navy said in a statement on social media.&nbsp;

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Mark Zuckerberg, the Chief Executive Officer of Meta Platforms Inc, the parent company overseeing social media giants Facebook, Instagram, and WhatsApp, is poised to receive an annual dividend of $700 million. The announcement follows Meta's disclosure on Thursday that it would issue its first-ever quarterly dividend to investors, in a significant development since Facebook's Initial Public Offering in 2012.

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Tesla, the electric vehicle giant, is undertaking its most extensive recall in the United States, involving nearly all electric vehicles sold in the country.

The recall is prompted by concerns related to warning lights, posing potential safety risks due to difficulties in reading critical information on the instrument panel, as reported by the Wall Street Journal.

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At least three&nbsp;people were killed and more than 270&nbsp;were&nbsp;injured in a massive fire started by a gas explosion&nbsp;in Kenya's capital Nairobi.

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Chinese billionaire banker Bao Fan, who had been missing for nearly a year, has officially resigned from all positions at China Renaissance Holdings, a financial advisory firm he founded in 2005. Health reasons and a desire to focus on family matters were cited as&nbsp;reasons by the bank for Bao Fan's resignation in its statement,&nbsp;reported BBC.

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Two British teenagers, Scarlett Jenkinson and Eddie Ratcliffe, received life sentences on Friday (Feb 2)&nbsp;for the shocking knife murder of a 16-year-old transgender girl, Brianna Ghey, in Warrington, northwest England, in 2023. Judge Amanda Yip mandated a minimum of 22 years for Jenkinson and 20 years for Ratcliffe in their respective sentences.

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In a shocking development, three teenage girls lost their lives whilst they were undergoing female genital mutilation (FGM) in Sierra Leone.

According to the reports, police have launched an inquiry into the incident.

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Multiple gunshots were fired at pro-Khalistan Simranjeet Singh's residence in Surrey, Canada. He is an associate of now-dead pro-Khalistan leader Hardeep Singh Nijjar. Updates in Canadian media say that the firing took place in the early hours of Thursday (February 1) and that the house indeed belongs to Simranjeet Singh.

In the latest, India's groundbreaking Unified Payments Interface (UPI) made its global debut with a formal launch at the renowned Eiffel Tower in Paris, France. In other news, tensions persist in West Asia as the conflict between Israel and Hamas escalates across the region.

In the latest, India's groundbreaking Unified Payments Interface (UPI) made its global debut with a formal launch at the renowned Eiffel Tower in Paris, France. In other news, tensions persist in West Asia as the conflict between Israel and Hamas escalates across the region. Following the alleged killing of three US troops at an American base in Jordan by a group associated with Iran, the situation remains volatile. Additionally, Tesla, the electric vehicle giant, is undertaking its most extensive recall in the United States, involving nearly all electric vehicles sold in the country. Click on the headlines to read more. Middle East crisis: Iran vows 'strong response to bullies' as Gaza war keeps region on edge West Asia continues to be on edge as the war between Israel and Hamas continues to expand in the region. After three US troops were killed at an American base in Jordan allegedly by a group linked to Iran, President Joe Biden has vowed to retaliate but his administration has fallen short of declaring a full-fledged war. India's UPI makes global debut, officially launched at iconic Eiffel Tower in Paris India's revolutionary Unified Payments Interface (UPI) marked its global debut as it was formally launched at the iconic Eiffel Tower in Paris, France. The momentous occasion, organised by the Indian Embassy in France, aligns with Prime Minister Narendra Modi's vision of taking UPI to the global stage. Indian Navy rescues Pakistani, Iranian crew members along east coast of Somalia Indian Navy foiled another piracy attempt along the eastern coast of Somalia. This time, New Delhi's naval forces ensured the safe release of 11 Iranian and 8 Pakistani crew aboard the Iranian-flagged vessel FV Omari that had been boarded by seven pirates who took the crew hostage, Indian Navy said in a statement on social media. Zuckerberg to get $700mn in Meta dividends day after apologising to parents over children safety Mark Zuckerberg, the Chief Executive Officer of Meta Platforms Inc, the parent company overseeing social media giants Facebook, Instagram, and WhatsApp, is poised to receive an annual dividend of $700 million. The announcement follows Meta's disclosure on Thursday that it would issue its first-ever quarterly dividend to investors, in a significant development since Facebook's Initial Public Offering in 2012. Tesla's largest recall yet: Millions of vehicles called back due to safety concerns Tesla, the electric vehicle giant, is undertaking its most extensive recall in the United States, involving nearly all electric vehicles sold in the country. The recall is prompted by concerns related to warning lights, posing potential safety risks due to difficulties in reading critical information on the instrument panel, as reported by the Wall Street Journal. People flee as gas explosion fire in Kenya kills two, injures over 200 At least three people were killed and more than 270 were injured in a massive fire started by a gas explosion in Kenya's capital Nairobi. China: Banker Bao Fan, missing for a year, officially resigns from all roles at China Renaissance Holdings Chinese billionaire banker Bao Fan, who had been missing for nearly a year, has officially resigned from all positions at China Renaissance Holdings, a financial advisory firm he founded in 2005. Health reasons and a desire to focus on family matters were cited as reasons by the bank for Bao Fan's resignation in its statement, reported BBC. UK teens sentenced to life in 'frenzied, ferocious' knife killing of transgender girl Two British teenagers, Scarlett Jenkinson and Eddie Ratcliffe, received life sentences on Friday (Feb 2) for the shocking knife murder of a 16-year-old transgender girl, Brianna Ghey, in Warrington, northwest England, in 2023. Judge Amanda Yip mandated a minimum of 22 years for Jenkinson and 20 years for Ratcliffe in their respective sentences. What is Female Genital Mutilation, regressive practice that killed young girls in Sierra Leone? In a shocking development, three teenage girls lost their lives whilst they were undergoing female genital mutilation (FGM) in Sierra Leone. According to the reports, police have launched an inquiry into the incident. Canada: Gunshots fired at pro-Khalistan Nijjar associate Simranjeet Singh's house Multiple gunshots were fired at pro-Khalistan Simranjeet Singh's residence in Surrey, Canada. He is an associate of now-dead pro-Khalistan leader Hardeep Singh Nijjar. Updates in Canadian media say that the firing took place in the early hours of Thursday (February 1) and that the house indeed belongs to Simranjeet Singh.

Top 10 world news: UPI launched in France, Tesla's biggest vehicle recall, and more

UPI has been one of India's great success stories, well it is now among the top payment methods in the country. To improve user experience - the Reserve Bank of India - has announced new UPI updates and changes.

UPI transaction: New regulations and changes, Inactive UPI accounts to be deactivated

India’s homegrown United Payments Interface(UPI) isn’t just simplifying transactions but also fueling a surge in credit spending that contributes to nation’s growing GDP.

How UPI helps the Indian GDP | India’s game-changing digital revolution

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

Transactions in India through its unified payments interface (UPI) crossed the 100-billion mark in 2023. The year closed at around 118 billion transactions through the indigenised instant payment system of UPI, reveals the National Payments Corporation of India (NPCI).&nbsp;

The calendar year of 2023 saw a massive rise of 60 per cent in UPI transactions compared to 74 billion recorded in 2022. This is also a unique feat as it is the first time that UPI transactions have crossed the 100-billion mark since its inception in 2016.&nbsp;

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<h2>UPI transactions hit a new record in 2023</h2>

In 2023, UPI transactions broke many records and set some new ones. August 2023 became the month when UPI saw a record 10 billion transactions in a month. The trend was then continued in the following months. In December, UPI recorded 12 billion transactions, the highest ever for a month.&nbsp;

In December itself, which is a holiday season, UPI transactions were remarkably recorded at around 387 million each day, as per the NPCI data. Data suggests that UPI is expected to surpass MasterCard’s daily transaction volume of 440 million this year. This will be a massive feat for UPI that can make it acceptable in more foreign countries.&nbsp;

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The total transactions in 2023 stood at 117.55 billion in 2023, much more than 73.98 billion transactions in 2022.&nbsp;

Here are the detailed monthly UPI transactions from January to December 2023:

January- 8.03 billion

February- 7.53 billion

March- 8.65 billion

April- 8.86 billion

May- 9.41 billion

June- 9.33 billion

July- 9.96 billion

August- 10.58 billion

September- 10.55 billion

October- 11.40 billion

November- 11.23 billion

December- 12.02 billion

There are more than 300 million UPI payment users in the country. Newly-launched Rupay credit cards which can be linked to UPI accounts have been gaining popularity among banks and users. The technology stack structure of NPCI allows for infinite scalability and innovation in fintech.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-zero-cold-wave-days-in-december-2023-for-delhi-warmest-in-last-six-years-676184">India: Zero 'cold wave' days in December 2023 for Delhi, warmest in last six years</a>

UPI was launched in 2016, an instant payment system developed by India’s NPCI. It is used on mobile devices to instantly transfer funds between two bank accounts with a mobile number registered with the bank. Since its launch, it revolutionised the country’s payment system.&nbsp;

India has shared its UPI technology with other countries as well including France, Australia, Singapore, UAE, Saudi Arabia, Oman, Nepal, Bhutan, Sri Lanka and others.

(With inputs from agencies)

Transactions in India through its unified payments interface (UPI) crossed the 100-billion mark in 2023. The year closed at around 118 billion transactions through the indigenised instant payment system of UPI, reveals the National Payments Corporation of India (NPCI).

Transactions in India through its unified payments interface (UPI) crossed the 100-billion mark in 2023. The year closed at around 118 billion transactions through the indigenised instant payment system of UPI, reveals the National Payments Corporation of India (NPCI). The calendar year of 2023 saw a massive rise of 60 per cent in UPI transactions compared to 74 billion recorded in 2022. This is also a unique feat as it is the first time that UPI transactions have crossed the 100-billion mark since its inception in 2016. Also Read | Passengers on France 'human trafficking' plane paid nearly $100k for illegal US entry UPI transactions hit a new record in 2023 In 2023, UPI transactions broke many records and set some new ones. August 2023 became the month when UPI saw a record 10 billion transactions in a month. The trend was then continued in the following months. In December, UPI recorded 12 billion transactions, the highest ever for a month. In December itself, which is a holiday season, UPI transactions were remarkably recorded at around 387 million each day, as per the NPCI data. Data suggests that UPI is expected to surpass MasterCard’s daily transaction volume of 440 million this year. This will be a massive feat for UPI that can make it acceptable in more foreign countries. Also Read | India Supreme Court rejects plea to transfer Adani-Hindenburg case probe to special investigation team The total transactions in 2023 stood at 117.55 billion in 2023, much more than 73.98 billion transactions in 2022. Here are the detailed monthly UPI transactions from January to December 2023: January- 8.03 billion February- 7.53 billion March- 8.65 billion April- 8.86 billion May- 9.41 billion June- 9.33 billion July- 9.96 billion August- 10.58 billion September- 10.55 billion October- 11.40 billion November- 11.23 billion December- 12.02 billion There are more than 300 million UPI payment users in the country. Newly-launched Rupay credit cards which can be linked to UPI accounts have been gaining popularity among banks and users. The technology stack structure of NPCI allows for infinite scalability and innovation in fintech. Also Read | India: Zero 'cold wave' days in December 2023 for Delhi, warmest in last six years UPI was launched in 2016, an instant payment system developed by India’s NPCI. It is used on mobile devices to instantly transfer funds between two bank accounts with a mobile number registered with the bank. Since its launch, it revolutionised the country’s payment system. India has shared its UPI technology with other countries as well including France, Australia, Singapore, UAE, Saudi Arabia, Oman, Nepal, Bhutan, Sri Lanka and others. (With inputs from agencies)

Scaling high! UPI transactions in 2023 crossed the 100-billion mark for the first time

Worried over mixed results in the growth of digital payments ecosystems, the Indian Finance Ministry plans to extend the incentives on low-value transactions through RuPay Debit Cards and BHIM-UPI, India’s digital payement system, for the third year while nearly doubling the budgetary outlay to attract more players.

The ministry plans to infuse Rs 50 billion during fiscal year 2023-24, up from Rs 26 billion in 2022-23, to compensate for the discontinued “merchant discount rate” (MDR) that was to be collected as transaction charge by the merchants and paid to the acquirer bank.

Under the scheme, for low-volume transactions that use RuPay cards at point-of-sale or in e-commerce, the merchant’s acquirer bank will get 0.4 per cent, capped at Rs 100, as an incentive.

In case of industry programmes that involve use of RuPay cards in insurance, mutual funds, government, education, railways, agriculture, fuel, jewellery, hospitals, telecom, utility payments, and business/personal services, the incentive will be 0.15 per cent of the transaction, capped at Rs 6.

Similarly, for person-to-merchant (P2M) payments that use BHIM-UPI for transactions up to Rs 2,000, the acquirer bank will get 0.25 per cent of the transaction amount as incentive. For industry programmes, the incentive would be 0.15 per cent of the transaction.

The scheme was introduced in fiscal 2021-22 with an outlay of Rs 14.5 billion to offset the lost MDR, which an acquirer bank subsequently shares with the card-issuing bank (issuer bank) and the network operator.

In the case of BHIM-UPI, the acquirer bank shares the MDR with issuer banks as well as the payer’s payment service providers, third party app providers and other system participants.

Digital payment transactions in India have been expanding but the results have been mixed with UPI growing massively in both volume and value terms, up by 82 per cent and 105 per cent respectively, in fiscal 2022-23 over the previous year, while RuPay has been witnessing a sharp decline of 13.7 per cent in volume terms even though it ticked up 4.2 per cent in value terms during the same period.

The mixed results have spurred the ministry to tweak the scheme on RuPay debit card as well as to add UPI Lite, UPI LiteX, UPI Conversational Payments- Hello UPI in app and UPI 123Pay on BHIM-UPI platform with the stipulation that at least 5 per cent of BHIM-UPI P2M transactions be on UPI Lite and UPI LiteX during the last quarter of the scheme.

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UPI Lite offers a wallet in BHIM-UPI app for an amount of up to Rs 2,000 on a smartphone, eliminating the need for the user to first obtain electronic authorisation from his bank while making the payment. UPI LiteX enables users to make transactions even in areas with no internet connectivity, such as remote location etc.

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Sources say the scheme has been approved by the Expenditure Finance Committee and is now awaiting the Cabinet’s approval before disbursement begins on a quarterly mode. However this time, it is being executed by the Department of Financial Services as “Promotion of Digital Payments” after it was transferred from the Ministry of Electronics and Information Technology in July 2023, they said.

&nbsp;

Worried over mixed results in the growth of digital payments ecosystems, the Indian Finance Ministry plans to extend the incentives on low-value transactions through RuPay Debit Cards and BHIM-UPI, India’s digital payement system, for the third year while nearly doubling the budgetary outlay to attract more players.

Worried over mixed results in the growth of digital payments ecosystems, the Indian Finance Ministry plans to extend the incentives on low-value transactions through RuPay Debit Cards and BHIM-UPI, India’s digital payement system, for the third year while nearly doubling the budgetary outlay to attract more players. The ministry plans to infuse Rs 50 billion during fiscal year 2023-24, up from Rs 26 billion in 2022-23, to compensate for the discontinued “merchant discount rate” (MDR) that was to be collected as transaction charge by the merchants and paid to the acquirer bank. Under the scheme, for low-volume transactions that use RuPay cards at point-of-sale or in e-commerce, the merchant’s acquirer bank will get 0.4 per cent, capped at Rs 100, as an incentive. In case of industry programmes that involve use of RuPay cards in insurance, mutual funds, government, education, railways, agriculture, fuel, jewellery, hospitals, telecom, utility payments, and business/personal services, the incentive will be 0.15 per cent of the transaction, capped at Rs 6. Similarly, for person-to-merchant (P2M) payments that use BHIM-UPI for transactions up to Rs 2,000, the acquirer bank will get 0.25 per cent of the transaction amount as incentive. For industry programmes, the incentive would be 0.15 per cent of the transaction. The scheme was introduced in fiscal 2021-22 with an outlay of Rs 14.5 billion to offset the lost MDR, which an acquirer bank subsequently shares with the card-issuing bank (issuer bank) and the network operator. In the case of BHIM-UPI, the acquirer bank shares the MDR with issuer banks as well as the payer’s payment service providers, third party app providers and other system participants. Digital payment transactions in India have been expanding but the results have been mixed with UPI growing massively in both volume and value terms, up by 82 per cent and 105 per cent respectively, in fiscal 2022-23 over the previous year, while RuPay has been witnessing a sharp decline of 13.7 per cent in volume terms even though it ticked up 4.2 per cent in value terms during the same period. The mixed results have spurred the ministry to tweak the scheme on RuPay debit card as well as to add UPI Lite, UPI LiteX, UPI Conversational Payments- Hello UPI in app and UPI 123Pay on BHIM-UPI platform with the stipulation that at least 5 per cent of BHIM-UPI P2M transactions be on UPI Lite and UPI LiteX during the last quarter of the scheme. Also read | Paytm lays off more than 1,000 employees across various departments: Report UPI Lite offers a wallet in BHIM-UPI app for an amount of up to Rs 2,000 on a smartphone, eliminating the need for the user to first obtain electronic authorisation from his bank while making the payment. UPI LiteX enables users to make transactions even in areas with no internet connectivity, such as remote location etc. Also read | Microsoft's Windows 10 end-of-support plan may lead to massive PC disposal Sources say the scheme has been approved by the Expenditure Finance Committee and is now awaiting the Cabinet’s approval before disbursement begins on a quarterly mode. However this time, it is being executed by the Department of Financial Services as “Promotion of Digital Payments” after it was transferred from the Ministry of Electronics and Information Technology in July 2023, they said.

Exclusive: Indian government plans Rs 50 billion incentive to promote RuPay, BHIM-UPI

The Unified Payments Interface (UPI) has emerged as the powerhouse behind a remarkable surge in digital payments, reducing the growth of banknotes in circulation to 7.8 per cent in the last fiscal year, according to a government statement reported by Hindustan Times.<o:p></o:p>

Minister of State for Finance Bhagwat K Karad revealed in a written reply to Lok Sabha that UPI transactions have skyrocketed from 92 crore rupees ($11 million) in FY 2017-18 to 8,375 crore rupees ($1 billion) in FY 2022-23, boasting an impressive Compound Annual Growth Rate (CAGR) of 147 per cent in terms of volume.<o:p></o:p>

Simultaneously, the value of UPI transactions has soared from 1 lakh crore rupees ($1 trillion) in FY 2017-18 to 139 lakh crore rupees ($16 trillion) in FY 2022-23, demonstrating a robust CAGR of 168 per cent. 

In the ongoing financial year until December 11, UPI has achieved a staggering 8,572 crore transactions. UPI constitutes 62 per cent of digital payment transactions in FY 2022-23, contributing significantly to the decline in the Year-on-Year growth of banknotes in circulation.<o:p></o:p>

The journey of UPI, initiated in 2016 as an instant payment system by the National Payments Corporation of India (NPCI), has seen continuous evolution.

Recently, the Reserve Bank of India (RBI) granted approval to link RuPay credit cards to UPI, eliminating the need for a physical plastic card. This move enables customers to use RuPay credit cards seamlessly at small merchant outlets equipped with QR codes.<o:p></o:p>

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The Unified Payments Interface (UPI) has emerged as the powerhouse behind a remarkable surge in digital payments, reducing the growth of banknotes in circulation to 7.

The Unified Payments Interface (UPI) has emerged as the powerhouse behind a remarkable surge in digital payments, reducing the growth of banknotes in circulation to 7.8 per cent in the last fiscal year, according to a government statement reported by Hindustan Times. Minister of State for Finance Bhagwat K Karad revealed in a written reply to Lok Sabha that UPI transactions have skyrocketed from 92 crore rupees ($11 million) in FY 2017-18 to 8,375 crore rupees ($1 billion) in FY 2022-23, boasting an impressive Compound Annual Growth Rate (CAGR) of 147 per cent in terms of volume. Simultaneously, the value of UPI transactions has soared from 1 lakh crore rupees ($1 trillion) in FY 2017-18 to 139 lakh crore rupees ($16 trillion) in FY 2022-23, demonstrating a robust CAGR of 168 per cent. In the ongoing financial year until December 11, UPI has achieved a staggering 8,572 crore transactions. UPI constitutes 62 per cent of digital payment transactions in FY 2022-23, contributing significantly to the decline in the Year-on-Year growth of banknotes in circulation. The journey of UPI, initiated in 2016 as an instant payment system by the National Payments Corporation of India (NPCI), has seen continuous evolution. Recently, the Reserve Bank of India (RBI) granted approval to link RuPay credit cards to UPI, eliminating the need for a physical plastic card. This move enables customers to use RuPay credit cards seamlessly at small merchant outlets equipped with QR codes. WATCH WION LIVE HERE

UPI transactions skyrocket, marking a 147pc surge in five years: Government Reports

In yet another boost for the Unified Payments Interface (UPI), the Reserve Bank of India on Friday raised the transaction limit for payments to hospitals and educational institutions via the homegrown platform.

The central bank will enhance the transaction limit from ₹1 lakh to ₹5 lakh per transaction. This, the RBI said, will help consumers make UPI payments of higher amounts for education and healthcare purposes.

Given the rising popularity of e-Mandates for making recurring payments, transaction limits for e-Mandates have been hiked from ₹15,000 to ₹1 lakh. This is likely to help consumers make recurring payments for mutual funds, insurance premium and credit cards.

Medical, education sectors welcome move

Welcoming the hike in the transaction limits, Gaurav Gupta, Co-Founder, CarePay, said that the previous limit of ₹1 lakh was simply too low, especially for major surgeries in metropolitan and Tier 1 cities.&nbsp;

"UPI is already the preferred payment method for many patients. Patients are understandably worried about their treatment during such critical times. Technologies like UPI empower them to focus on getting better without the stress of managing large payments," he said.&nbsp;

The education sector, estimated to be worth $117 billion, too lauded the move, arguing that the limit hike will ease large educational transactions.&nbsp;

"Education expenses can be quite significant and are usually accompanied by strict deadlines. However, the forward-looking move will help students and their parents to make seamless payments without relying on alternatives like demand drafts," said Dr Christopher Abraham, Head of Campus (Dubai), SP Jain School of Global Management.&nbsp;

He added that the move will not only empower institutes to effectively manage their finances but also smoothen financial processes involving research grants, infrastructure development, and other institutional expenses.&nbsp;

Echoing similar views, Neeti Sharma, Co-founder of TeamLease Edtech, said that the enhanced UPI limit will make education-related transactions "more student-friendly".&nbsp;

Boost to fintech sector&nbsp;

During his presser, RBI Governor Shaktikanta Das also proposed to set-up a 'Fintech Repository', which is expected to help give a better understanding of developments in the Fintech ecosystem. "This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier," he added.&nbsp;

Anand Agrawal, Co-Founder, Credgenics, called the proposal a "positive move", adding that it will act as a catalyst for further innovation in the fintech sector.&nbsp;

"It will foster collaboration among fin-techs, financial services industry, and regulators. Encouraging voluntary contributions from fin-techs will empower regulators with real-time insights and enable informed, agile, and risk-mitigating decision-making," he said.&nbsp;

Led by the UPI platform, India's fintech sector is making waves across the world. As per various reports, India's fintech sector is the third-largest and is among the fastest-growing in terms of funding and deal volumes.&nbsp;

Helped by a robust Digital Public Infrastructure, consulting giant BCG predicts that Indian fintech revenues will grow 35 per cent each year to reach $190 billion by 2030.&nbsp;

In yet another boost for the Unified Payments Interface (UPI), the Reserve Bank of India on Friday raised the transaction limit for payments to hospitals and educational institutions via the homegrown platform.

In yet another boost for the Unified Payments Interface (UPI), the Reserve Bank of India on Friday raised the transaction limit for payments to hospitals and educational institutions via the homegrown platform. The central bank will enhance the transaction limit from ₹1 lakh to ₹5 lakh per transaction. This, the RBI said, will help consumers make UPI payments of higher amounts for education and healthcare purposes. Given the rising popularity of e-Mandates for making recurring payments, transaction limits for e-Mandates have been hiked from ₹15,000 to ₹1 lakh. This is likely to help consumers make recurring payments for mutual funds, insurance premium and credit cards. Medical, education sectors welcome move Welcoming the hike in the transaction limits, Gaurav Gupta, Co-Founder, CarePay, said that the previous limit of ₹1 lakh was simply too low, especially for major surgeries in metropolitan and Tier 1 cities. "UPI is already the preferred payment method for many patients. Patients are understandably worried about their treatment during such critical times. Technologies like UPI empower them to focus on getting better without the stress of managing large payments," he said. The education sector, estimated to be worth $117 billion, too lauded the move, arguing that the limit hike will ease large educational transactions. "Education expenses can be quite significant and are usually accompanied by strict deadlines. However, the forward-looking move will help students and their parents to make seamless payments without relying on alternatives like demand drafts," said Dr Christopher Abraham, Head of Campus (Dubai), SP Jain School of Global Management. He added that the move will not only empower institutes to effectively manage their finances but also smoothen financial processes involving research grants, infrastructure development, and other institutional expenses. Echoing similar views, Neeti Sharma, Co-founder of TeamLease Edtech, said that the enhanced UPI limit will make education-related transactions "more student-friendly". Boost to fintech sector During his presser, RBI Governor Shaktikanta Das also proposed to set-up a 'Fintech Repository', which is expected to help give a better understanding of developments in the Fintech ecosystem. "This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier," he added. Anand Agrawal, Co-Founder, Credgenics, called the proposal a "positive move", adding that it will act as a catalyst for further innovation in the fintech sector. "It will foster collaboration among fin-techs, financial services industry, and regulators. Encouraging voluntary contributions from fin-techs will empower regulators with real-time insights and enable informed, agile, and risk-mitigating decision-making," he said. Led by the UPI platform, India's fintech sector is making waves across the world. As per various reports, India's fintech sector is the third-largest and is among the fastest-growing in terms of funding and deal volumes. Helped by a robust Digital Public Infrastructure, consulting giant BCG predicts that Indian fintech revenues will grow 35 per cent each year to reach $190 billion by 2030.

India: RBI hiking UPI transaction limits gets an industry thumbs up

Hitachi Payment Services launched the UPI-ATM, in association with the National Payments Corporation of India, on Tuesday, during the Global Fintech Fest in Mumbai. The new platform is claimed to offer secure cardless cash withdrawals.

India's first UPI-ATM unveiled for hassle-free, cardless cash withdrawals

Taking a step further in the realm of cardless cash withdrawals, Hitachi Payment Services on Tuesday (Sept. 5) launched India’s first UPI ATM during the Global Fintech Fest in Mumbai. The step was taken in association with the National Payments Corporation of India (NPCI).

UPI is an online money transfer platform developed by state-backed NPCI, which enables instant wiring of money between bank accounts using mobile phones.

On Thursday, Piyush Goyal, India’s Minister of Commerce and Industry and Minister of Consumer Affairs, posted a video on X, showing a FinTech influencer demonstrating how UPI ATMs are operated.

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UPI ATM: The future of fintech is here! 💪🇮🇳 <a href="https://t.co/el9ioH3PNP">pic.twitter.com/el9ioH3PNP</a>
— Piyush Goyal (@PiyushGoyal) <a href="https://twitter.com/PiyushGoyal/status/1699652077679767851?ref_src=twsrc%5Etfw">September 7, 2023</a></blockquote>
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<h2>What is UPI ATM?</h2>

As the name suggests, through UPI ATM, users will be able to withdraw money from ATMs just by scanning a QR code generated by the ATM, without having to use an ATM or debit card issued by the concerned bank.

Such ATMs will be white-label ATMs, which means that these will be owned and operated by non-bank entities.

<h2>How to use UPI ATMs?</h2>

To avail the cardless withdrawal services at UPI ATMs, users will need to select the ‘UPI cash withdrawal’ option. Then, they will be prompted to select the withdrawal amount.&nbsp;

Watch:&nbsp;UPI crosses 10 billion transactions

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As they enter the desired withdrawal amount, a QR code will flash on the screen. The customers will then be required to scan the QR code and enter the PIN on the mobile app, as they do while sending money to some other person.

After validation through the mobile phone app, the ATM will dispense the cash.

<h2>What’s the need of UPI ATMs?</h2>

UPI ATMs would offer an interoperable, card-free transaction service. The withdrawal limit stands at Rs 10,000 per transaction. This limit aligns with the existing daily UPI transaction cap and adheres to the specific limits set by the issuing bank for UPI-ATM transactions.

You no longer need to carry a physical card for ATM cash withdrawals; instead, you can effortlessly withdraw cash from various accounts using the UPI mobile app.

<h2>What distinguishes UPI-ATM from cardless cash withdrawals?</h2>

UPI-ATM provides the same convenient transaction experience as the cardless cash withdrawal option offered by numerous banks.

However, the notable difference here is that while cardless cash withdrawals rely on mobile devices and OTP verification, the UPI-ATM utilises QR codes for cash withdrawals.

<a href="https://www.wionews.com/india-news/upi-wallets-for-g20-delegates-as-india-showcases-its-digital-infra-prowess-633223">Also read:&nbsp;UPI wallets for G20 delegates as India showcases its digital infra prowess</a>

"The launch of the UPI-ATM will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs,” the NPCI said in a statement.

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&nbsp;

Taking a step further in the realm of cardless cash withdrawals, Hitachi Payment Services on Tuesday (Sept. 5) launched India’s first UPI ATM during the Global Fintech Fest in Mumbai.

Taking a step further in the realm of cardless cash withdrawals, Hitachi Payment Services on Tuesday (Sept. 5) launched India’s first UPI ATM during the Global Fintech Fest in Mumbai. The step was taken in association with the National Payments Corporation of India (NPCI). UPI is an online money transfer platform developed by state-backed NPCI, which enables instant wiring of money between bank accounts using mobile phones. On Thursday, Piyush Goyal, India’s Minister of Commerce and Industry and Minister of Consumer Affairs, posted a video on X, showing a FinTech influencer demonstrating how UPI ATMs are operated. UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP — Piyush Goyal (@PiyushGoyal) September 7, 2023 × What is UPI ATM? As the name suggests, through UPI ATM, users will be able to withdraw money from ATMs just by scanning a QR code generated by the ATM, without having to use an ATM or debit card issued by the concerned bank. Such ATMs will be white-label ATMs, which means that these will be owned and operated by non-bank entities. How to use UPI ATMs? To avail the cardless withdrawal services at UPI ATMs, users will need to select the ‘UPI cash withdrawal’ option. Then, they will be prompted to select the withdrawal amount. Watch: UPI crosses 10 billion transactions × As they enter the desired withdrawal amount, a QR code will flash on the screen. The customers will then be required to scan the QR code and enter the PIN on the mobile app, as they do while sending money to some other person. After validation through the mobile phone app, the ATM will dispense the cash. What’s the need of UPI ATMs? UPI ATMs would offer an interoperable, card-free transaction service. The withdrawal limit stands at Rs 10,000 per transaction. This limit aligns with the existing daily UPI transaction cap and adheres to the specific limits set by the issuing bank for UPI-ATM transactions. You no longer need to carry a physical card for ATM cash withdrawals; instead, you can effortlessly withdraw cash from various accounts using the UPI mobile app. What distinguishes UPI-ATM from cardless cash withdrawals? UPI-ATM provides the same convenient transaction experience as the cardless cash withdrawal option offered by numerous banks. However, the notable difference here is that while cardless cash withdrawals rely on mobile devices and OTP verification, the UPI-ATM utilises QR codes for cash withdrawals. Also read: UPI wallets for G20 delegates as India showcases its digital infra prowess "The launch of the UPI-ATM will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs,” the NPCI said in a statement. WATCH WION LIVE HERE ×

UPI-ATMs: Withdraw cash from ATMs using your UPI app, here’s how to operate

UPI has been one of the greatest success stories and with New Delhi set to host the 2023 edition of the G20 summit. The government is using this opportunity to showcase its digital India initiative.

G20 Summit 2023: India to provide hands-on UPI experience to visiting G20 delegates

Ahead of the G20 Summit, scheduled to take place in the Indian capital city of New Delhi on September 9-10, the central government is pulling all stops to show the prowess of its "Digital India" initiative, especially the revolutionary Unified Payments Interface (UPI) technology.&nbsp;

The government is&nbsp;providing&nbsp;an interactive experience to around 1,000 foreign delegates by giving them loaded UPI wallets. The delegates will be encouraged to use the wallet money to make payments using UPI to understand the ease, reliability and quickness of India's cashless economy.&nbsp; &nbsp;

"Foreign delegates or participants will be given Rs 500-1,000 in their UPI wallets for doing UPI transactions,” a government official told news agency ANI, adding it has earmarked around Rs 10 lakhs ($12,000) for it.

One of the delegates who used UPI to make payments hailed the technology and said they had great experience using it.&nbsp;

“I have been using the G20 UPI application…has been great. I was able to give my first transactions… Monday afternoon. Made a transaction in some small stores… we were buying cokes and chocolates and medicine actually and it's been really good…For me as coming from abroad it is a really great experience to feel included by using the UPI network," the delegate said.&nbsp;

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<a href="https://twitter.com/hashtag/G20?src=hash&amp;ref_src=twsrc%5Etfw">#G20</a> delegates talk about experiencing UPI firsthand through the G20 UPI app and making small transactions such as buying sweets and sodas using their mobile phone.<a href="https://twitter.com/hashtag/UPIOneWorld?src=hash&amp;ref_src=twsrc%5Etfw">#UPIOneWorld</a> <a href="https://twitter.com/RBI?ref_src=twsrc%5Etfw">@RBI</a> <a href="https://twitter.com/IDFCFIRSTBank?ref_src=twsrc%5Etfw">@IDFCFIRSTBank</a><a href="https://twitter.com/hashtag/NPCIGFF2023?src=hash&amp;ref_src=twsrc%5Etfw">#NPCIGFF2023</a> <a href="https://twitter.com/hashtag/GFF2023?src=hash&amp;ref_src=twsrc%5Etfw">#GFF2023</a><a href="https://twitter.com/IAMAIForum?ref_src=twsrc%5Etfw">@IAMAIForum</a> <a href="https://twitter.com/PCIUpdates?ref_src=twsrc%5Etfw">@pciupdates</a> <a href="https://twitter.com/FCCUpdates?ref_src=twsrc%5Etfw">@fccupdates</a> <a href="https://twitter.com/gff_2023?ref_src=twsrc%5Etfw">@gff_2023</a> <a href="https://t.co/QjAmVF0ZAG">pic.twitter.com/QjAmVF0ZAG</a>
— NPCI (@NPCI_NPCI) <a href="https://twitter.com/NPCI_NPCI/status/1699361293097115717?ref_src=twsrc%5Etfw">September 6, 2023</a></blockquote>
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<a href="https://www.wionews.com/videos/upi-to-take-over-90-of-retail-digital-payments-in-india-597688">WATCH |&nbsp;UPI to take over 90% of retail digital payments in India</a>

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<h2>UPI's introduction in India</h2>

It was in 2016 that NPCI introduced the&nbsp;UPI system to the country. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on.

The UAE, Singapore, Nepal and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon.&nbsp;

The payment infrastructure recorded a whopping 10 billion transactions in the month of August with the total value touching Rs 15.18 trillion, according to the National Payments Corporation of India (NPCI), which runs the real-time payments platform.&nbsp;

<a href="https://www.wionews.com/india-news/will-begin-from-eiffel-tower-pm-modi-announces-upi-use-in-france-615334">Also read |&nbsp;Indian tourists at Eiffel Tower can pay in rupees as PM Modi announces UPI use in France</a>

Most Western nations have struggled to move to a cashless economy but in India, even the poorest have seamlessly adopted the novel payment system.&nbsp;

(With inputs from agencies)

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Ahead of the G20 Summit, scheduled to take place in the Indian capital city of New Delhi on September 9-10, the central government is pulling all stops to show the prowess of its "Digital India" initiative, especially the revolutionary Unified Payments Interface (UPI) technology.

Ahead of the G20 Summit, scheduled to take place in the Indian capital city of New Delhi on September 9-10, the central government is pulling all stops to show the prowess of its "Digital India" initiative, especially the revolutionary Unified Payments Interface (UPI) technology. The government is providing an interactive experience to around 1,000 foreign delegates by giving them loaded UPI wallets. The delegates will be encouraged to use the wallet money to make payments using UPI to understand the ease, reliability and quickness of India's cashless economy. "Foreign delegates or participants will be given Rs 500-1,000 in their UPI wallets for doing UPI transactions,” a government official told news agency ANI, adding it has earmarked around Rs 10 lakhs ($12,000) for it. One of the delegates who used UPI to make payments hailed the technology and said they had great experience using it. “I have been using the G20 UPI application…has been great. I was able to give my first transactions… Monday afternoon. Made a transaction in some small stores… we were buying cokes and chocolates and medicine actually and it's been really good…For me as coming from abroad it is a really great experience to feel included by using the UPI network," the delegate said. #G20 delegates talk about experiencing UPI firsthand through the G20 UPI app and making small transactions such as buying sweets and sodas using their mobile phone.#UPIOneWorld @RBI @IDFCFIRSTBank#NPCIGFF2023 #GFF2023@IAMAIForum @pciupdates @fccupdates @gff_2023 pic.twitter.com/QjAmVF0ZAG — NPCI (@NPCI_NPCI) September 6, 2023 × WATCH | UPI to take over 90% of retail digital payments in India × UPI's introduction in India It was in 2016 that NPCI introduced the UPI system to the country. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. The UAE, Singapore, Nepal and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon. The payment infrastructure recorded a whopping 10 billion transactions in the month of August with the total value touching Rs 15.18 trillion, according to the National Payments Corporation of India (NPCI), which runs the real-time payments platform. Also read | Indian tourists at Eiffel Tower can pay in rupees as PM Modi announces UPI use in France Most Western nations have struggled to move to a cashless economy but in India, even the poorest have seamlessly adopted the novel payment system. (With inputs from agencies) WATCH WION LIVE HERE:

UPI wallets for G20 delegates as India showcases its digital infra prowess

The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source.

The source said, “We intend to use CBDC (Central Bank Digital Currency) tokens for the interbank call money market.”&nbsp;

The call money market deals with short-term funds that need to be repaid in a period varying from one day to a fortnight.

India's central bank launched a CBDC trial for&nbsp;wholesale and retail&nbsp;transactions in 2022.&nbsp;Since its launch, 1.75 million people have joined the CBDC bandwagon.

Additionally, the government is stepping up its efforts to promote e-rupee in the retail sector.&nbsp;

According sources familiar with the matter, RBI wants to boost the number of e-rupee transactions in the retail sector by 40 times, from 20,000 to 25,000 per day in July to 1 million by the end of December.

Meanwhile, RBI governor Shaktikanta Das on Monday said that the use of digital currencies might improve the efficiency of cross-border payments.

The push for RuPay and UPI&nbsp;

India is also trying to push and promote its other digital products, including RuPay and the Unified Payments Interface (UPI). The Economic Times report said that India wants to make RuPay a global product and internationalise UPI.

India has already entered various stages of negotiations and discussions with countries in Africa and Latin America for the adoption of UPI.

During the G20 Summit, India will highlight homegrown indigenous technologies like the&nbsp;UPI One World, the Bharat Bill Payment System for international transactions, the digital rupee, and the Public Tech Platform for Frictionless Credit in India.&nbsp;

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The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source.

The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source. The source said, “We intend to use CBDC (Central Bank Digital Currency) tokens for the interbank call money market.” The call money market deals with short-term funds that need to be repaid in a period varying from one day to a fortnight. India's central bank launched a CBDC trial for wholesale and retail transactions in 2022. Since its launch, 1.75 million people have joined the CBDC bandwagon. Additionally, the government is stepping up its efforts to promote e-rupee in the retail sector. According sources familiar with the matter, RBI wants to boost the number of e-rupee transactions in the retail sector by 40 times, from 20,000 to 25,000 per day in July to 1 million by the end of December. Meanwhile, RBI governor Shaktikanta Das on Monday said that the use of digital currencies might improve the efficiency of cross-border payments. The push for RuPay and UPI India is also trying to push and promote its other digital products, including RuPay and the Unified Payments Interface (UPI). The Economic Times report said that India wants to make RuPay a global product and internationalise UPI. India has already entered various stages of negotiations and discussions with countries in Africa and Latin America for the adoption of UPI. During the G20 Summit, India will highlight homegrown indigenous technologies like the UPI One World, the Bharat Bill Payment System for international transactions, the digital rupee, and the Public Tech Platform for Frictionless Credit in India. WATCH WION LIVE HERE

RBI to expand e-rupee's scope, include more wholesale transactions: Reports

The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses.

With Paytm Card Soundbox, the business helps retailers with two issues: taking card payments and receiving immediate audio alerts for all payments. By fusing Soundbox with NFC (near field communication) or contactless debit and credit card payments with mobile payments, the launch of Paytm’s innovative device will revolutionise in-store transactions and increase merchant payment acceptance.

The new Soundbox, a first for the industry, gives both: the merchant and the consumer audible and visual payment confirmation via an LCD display. Merchants can take card payments up to Rs 5,000 ($60) using the built-in “tap and pay” feature of the Paytm Card Soundbox. The Made in India device uses a 4G network to provide the quickest payment alerts.

Paytm Card Soundbox improves payment alert clarity with a 4W speaker. Five days is the length of the battery life. The gadget gives warnings in 11 languages that may be modified by the retailer through the Paytm for Business app, which was created with the goal of catering to a broad merchant base. Additionally, Paytm Card Soundbox allows users of smartphones with NFC capabilities to use the tap feature to pay using their devices.

“Paytm has always been at the forefront of innovating for India’s small businesses, solving their payment and financial services problems,” Mint quoted Vijay Shekhar Sharma, founder and CEO of Paytm. According to him, the introduction of Card Soundbox will significantly help merchants meet their two needs for mobile payments and card payments.

According to Gautam Aggarwal, Division President of South Asia at Mastercard, “The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.”

Mint also quoted NPCI (National Payments Corporation of India) said, “Paytm Card Soundbox is India’s first Soundbox that will also accept contactless card payments and would further accelerate cashless transactions in the country.”

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The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses.

The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses. With Paytm Card Soundbox, the business helps retailers with two issues: taking card payments and receiving immediate audio alerts for all payments. By fusing Soundbox with NFC (near field communication) or contactless debit and credit card payments with mobile payments, the launch of Paytm’s innovative device will revolutionise in-store transactions and increase merchant payment acceptance. The new Soundbox, a first for the industry, gives both: the merchant and the consumer audible and visual payment confirmation via an LCD display. Merchants can take card payments up to Rs 5,000 ($60) using the built-in “tap and pay” feature of the Paytm Card Soundbox. The Made in India device uses a 4G network to provide the quickest payment alerts. Paytm Card Soundbox improves payment alert clarity with a 4W speaker. Five days is the length of the battery life. The gadget gives warnings in 11 languages that may be modified by the retailer through the Paytm for Business app, which was created with the goal of catering to a broad merchant base. Additionally, Paytm Card Soundbox allows users of smartphones with NFC capabilities to use the tap feature to pay using their devices. “Paytm has always been at the forefront of innovating for India’s small businesses, solving their payment and financial services problems,” Mint quoted Vijay Shekhar Sharma, founder and CEO of Paytm. According to him, the introduction of Card Soundbox will significantly help merchants meet their two needs for mobile payments and card payments. According to Gautam Aggarwal, Division President of South Asia at Mastercard, “The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.” Mint also quoted NPCI (National Payments Corporation of India) said, “Paytm Card Soundbox is India’s first Soundbox that will also accept contactless card payments and would further accelerate cashless transactions in the country.” WATCH WION LIVE HERE

Paytm’s newly launched “Card Soundbox,” enables credit, debit card payments

UPI or unified payments interface payments system, India's digital payments platform, has now crossed the landmark of 10 billion transactions. The journey from zero to 10 billion transactions has been a fascinating one.

UPI crosses 10 billion transactions

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system.

UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction."

PM Modi also pitched for UPI's expansion into the BRICS grouping, which now has six new member states. "There is scope for working with BRICS on the (UPI) technology," media reports quoted him as&nbsp;saying.

But while experts will keenly watch its expansion into the BRICS bloc, UPI has already begun its march towards global dominance.

Countries join India's UPI bandwagon

In the past few weeks, three countries have joined the UPI bandwagon quickly - France, the United Arab Emirates and Sri Lanka. These three countries will now accept transactions via India's homegrown digital payments technology.

UPI's entry into France is significant, helping the technology get a foothold in Europe for the first time. Regarding Sri Lanka and the UAE, UPI's entry is set to deepen India's economic ties with the two nations.

"Indian travellers will be at ease of using foreign exchange, especially in France. UPI's growing global footprint will boost bilateral trade as well as tourism," says Haresh Calcuttawala, Co-Founder of TreZix, a B2B SaaS platform.

Calcuttawala adds that UPI's framework will smooth cross-border transactions and ensure swift and secure settlements between global trading partners. "UPI empowers businesses to focus on building strong relationships and expanding their global reach."

It is important to give some business perspective on the reasons for UPI's expansion into the three countries.

France has always been among the top European destinations for Indian tourists. Moreover, the country is a&nbsp;major trade destination for India's medium and small businesses, which are likely to benefit from the introduction of UPI.

On the other hand, India is Sri Lanka's biggest trade partner, with the bilateral trade standing at over $5.5 billion. Meanwhile, the India-UAE trade partnership is going strong, especially with the Comprehensive Economic Partnership Agreement coming into effect last year.

UPI: India's fintech pride

UPI's growing global footprint is also a sign of greater opportunities for the Indian fintech sector, which attracted funding worth $4.8 billion in 2022 and is expected to be a $2 trillion industry by 2030.

"This global expansion presents significant growth opportunities for the Indian fintech ecosystem to innovate and establish new business use cases that can play a crucial role in driving its adoption," says Anand Agrawal, Co-Founder &amp; CPTO of fintech startup Credgenics.

UPI, launched by the National Payments Corporation of India in 2016, has been the torchbearer of India's fintech story. From just one million transactions in October 2016, UPI has now crossed&nbsp;the landmark of 10&nbsp; billion transactions. This number seems even more significant considering that UPI accounted for 75 per cent of the retail transaction volume in 2022-23.

The greatest change that UPI has brought about is in the way Indians transact. According to GlobalData research, cash transactions have declined from 90 per cent of the total volume in 2017 to less than 60 per cent in 2021. UPI and other digital transaction systems have occupied the remaining space. Though cash is still the king in India, UPI has effectively created a niche for itself.

"India was a cash economy. But UPI became an efficient and easy payment alternative due to wide smartphone adoption, government initiatives for bank accounts, and cheap data," says 'finfluencer' Anushka Rathod.

It is no wonder that the quick and efficient nature of UPI payments resulted in cost savings of $12.6 billion and added $16.4 billion to the Indian economy in 2021, as per a study conducted by Cebr Economic Research.

How the UPI story blossomed

The 2016 demonetisation drive was a game-changer for India's digital payments landscape. Less than six months after Rs 500 and Rs 1000 notes were phased out, the total transaction volume on UPI rose from 2.9 million to 72 million. By the end of 2017, UPI transactions had grown by 900 per cent compared to the previous year. It is also worth noting that 2016-17 saw the launch of cheap data packs -- India has the third cheapest internet and undoubtedly helped proliferate UPI payments beyond India's Tier I cities.

But there is another red-letter day for UPI, which brought international recognition to digital payment technology. That day was November 7, 2019, on the eve of the third anniversary of the demonetisation drive. On that day, tech giant Google wrote a letter to the US Federal Reserve in support of a faster digital payment settlement service.

To bolster its point, Google narrated the success story of UPI in India. Attributing UPI's success to its "thoughtful planning", the letter added that "critical aspects" of the design led to its growth in the world's biggest country. The letter noted how UPI's growth encouraged Google to enter the payment system through Google Pay while highlighting the success of collaboration between the government, technology and financial services.

UPI: The future and challenges

The UPI's future growth looks promising. UPI, comprising 75 per cent of India's digital transactions, is expected to grow four-fold by 2026. A PwC report states that UPI may constitute almost 90% of total transactional volume in retail digital payments over the next five years as it expands to rural areas and tier III and IV cities.

UPI's global expansion, too, holds a lot of promise. Sample this: Indians spent $10 billion on overseas travel between April and December 2022. Considering the substantial scale of international spending, the internationalisation of UPI can contribute significantly to the growth of the Indian economy.

With UPI going global, the payments platform will likely face tough competition from Visa, Mastercard and other long-established global payments giants. Visa and Mastercard occupy about 80 per cent of the global payments market space, and dislodging them will be a tall order.

"These payment platforms and networks have been around for a while and are cash-rich, so they will not make it easy for UPI to grow and eat away their market share and profits," argues Rathod.

Moreover, UPI will have to adjust its technology to cater to the wider customer base in the Western world. Initially, the cost of transfer and remittance fees will be high due to UPI's low rate of penetration.

Compliance with various digital regulations and the need for interoperability between various payment systems will be major challenges for UPI.

"To overcome these challenges, UPI stakeholders can concentrate on collaborating with global payment system providers and regulators to ensure compliance with local regulations and standards," opines Agarwal. &nbsp;

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system. UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls.

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system. UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction." PM Modi also pitched for UPI's expansion into the BRICS grouping, which now has six new member states. "There is scope for working with BRICS on the (UPI) technology," media reports quoted him as saying. But while experts will keenly watch its expansion into the BRICS bloc, UPI has already begun its march towards global dominance. Countries join India's UPI bandwagon In the past few weeks, three countries have joined the UPI bandwagon quickly - France, the United Arab Emirates and Sri Lanka. These three countries will now accept transactions via India's homegrown digital payments technology. UPI's entry into France is significant, helping the technology get a foothold in Europe for the first time. Regarding Sri Lanka and the UAE, UPI's entry is set to deepen India's economic ties with the two nations. "Indian travellers will be at ease of using foreign exchange, especially in France. UPI's growing global footprint will boost bilateral trade as well as tourism," says Haresh Calcuttawala, Co-Founder of TreZix, a B2B SaaS platform. Calcuttawala adds that UPI's framework will smooth cross-border transactions and ensure swift and secure settlements between global trading partners. "UPI empowers businesses to focus on building strong relationships and expanding their global reach." It is important to give some business perspective on the reasons for UPI's expansion into the three countries. France has always been among the top European destinations for Indian tourists. Moreover, the country is a major trade destination for India's medium and small businesses, which are likely to benefit from the introduction of UPI. On the other hand, India is Sri Lanka's biggest trade partner, with the bilateral trade standing at over $5.5 billion. Meanwhile, the India-UAE trade partnership is going strong, especially with the Comprehensive Economic Partnership Agreement coming into effect last year. UPI: India's fintech pride UPI's growing global footprint is also a sign of greater opportunities for the Indian fintech sector, which attracted funding worth $4.8 billion in 2022 and is expected to be a $2 trillion industry by 2030. "This global expansion presents significant growth opportunities for the Indian fintech ecosystem to innovate and establish new business use cases that can play a crucial role in driving its adoption," says Anand Agrawal, Co-Founder & CPTO of fintech startup Credgenics. UPI, launched by the National Payments Corporation of India in 2016, has been the torchbearer of India's fintech story. From just one million transactions in October 2016, UPI has now crossed the landmark of 10 billion transactions. This number seems even more significant considering that UPI accounted for 75 per cent of the retail transaction volume in 2022-23. The greatest change that UPI has brought about is in the way Indians transact. According to GlobalData research, cash transactions have declined from 90 per cent of the total volume in 2017 to less than 60 per cent in 2021. UPI and other digital transaction systems have occupied the remaining space. Though cash is still the king in India, UPI has effectively created a niche for itself. "India was a cash economy. But UPI became an efficient and easy payment alternative due to wide smartphone adoption, government initiatives for bank accounts, and cheap data," says 'finfluencer' Anushka Rathod. It is no wonder that the quick and efficient nature of UPI payments resulted in cost savings of $12.6 billion and added $16.4 billion to the Indian economy in 2021, as per a study conducted by Cebr Economic Research. How the UPI story blossomed The 2016 demonetisation drive was a game-changer for India's digital payments landscape. Less than six months after Rs 500 and Rs 1000 notes were phased out, the total transaction volume on UPI rose from 2.9 million to 72 million. By the end of 2017, UPI transactions had grown by 900 per cent compared to the previous year. It is also worth noting that 2016-17 saw the launch of cheap data packs -- India has the third cheapest internet and undoubtedly helped proliferate UPI payments beyond India's Tier I cities. But there is another red-letter day for UPI, which brought international recognition to digital payment technology. That day was November 7, 2019, on the eve of the third anniversary of the demonetisation drive. On that day, tech giant Google wrote a letter to the US Federal Reserve in support of a faster digital payment settlement service. To bolster its point, Google narrated the success story of UPI in India. Attributing UPI's success to its "thoughtful planning", the letter added that "critical aspects" of the design led to its growth in the world's biggest country. The letter noted how UPI's growth encouraged Google to enter the payment system through Google Pay while highlighting the success of collaboration between the government, technology and financial services. UPI: The future and challenges The UPI's future growth looks promising. UPI, comprising 75 per cent of India's digital transactions, is expected to grow four-fold by 2026. A PwC report states that UPI may constitute almost 90% of total transactional volume in retail digital payments over the next five years as it expands to rural areas and tier III and IV cities. UPI's global expansion, too, holds a lot of promise. Sample this: Indians spent $10 billion on overseas travel between April and December 2022. Considering the substantial scale of international spending, the internationalisation of UPI can contribute significantly to the growth of the Indian economy. With UPI going global, the payments platform will likely face tough competition from Visa, Mastercard and other long-established global payments giants. Visa and Mastercard occupy about 80 per cent of the global payments market space, and dislodging them will be a tall order. "These payment platforms and networks have been around for a while and are cash-rich, so they will not make it easy for UPI to grow and eat away their market share and profits," argues Rathod. Moreover, UPI will have to adjust its technology to cater to the wider customer base in the Western world. Initially, the cost of transfer and remittance fees will be high due to UPI's low rate of penetration. Compliance with various digital regulations and the need for interoperability between various payment systems will be major challenges for UPI. "To overcome these challenges, UPI stakeholders can concentrate on collaborating with global payment system providers and regulators to ensure compliance with local regulations and standards," opines Agarwal.

UPI goes global: The past, present & future of India's payments platform

Unified Payments Interface, or UPI, is without a doubt the Indian invention that has garnered the most attention worldwide. Prime Minister Narendra Modi's statement at the just finished BRICS meeting, "UPI is used at all levels, from street vendors to large shopping malls," provides a clear indication of UPI's pride in India's success story. India has the largest percentage of digital transactions today out of all nations.

UPI goes global as several countries accept it for payments

Germany's Federal Minister for Digital and Transport Volker Wissin used India's Unified Payments Interface (UPI) to make a payment. The German Embassy in India hailed India's success in digital infrastructure. Why is the West reluctant to take lessons from India? Molly Gambhir tells you more.

Gravitas: German minister buys groceries with UPI | Is US afraid to learn from India?

Germany's Embassy in New Delhi is lauding India's digital infrastructure. It's being lauded as one of the country's success stories. This praise comes after Germany's federal Minister for digital, transport Volker Wissing took up UPI to make a transaction and was left fascinated. Talking to X formerly known as Twitter, the German Embassy said that it lauded how UPI enables everyone to make transactions in seconds.

India's UPI impresses Germany's digital and transport minister

German minister Volker Wissing was impressed after using UPI at market in India

Germany's Federal Minister for Digital and Transport, Volker Wissing, had a firsthand experience of the convenience of using India's digital payment interface UPI (Unified Payments Interface) during his recent visit to Bengaluru in southern India for G20 Digital Ministers Meeting. The German mission in India took to X, formerly known as Twitter, as the minister from Berlin expressed great fascination with the sheer convenience of using digital payment service popular in India.&nbsp;

The German side hailed it as India's national success story.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/upi-hits-record-9-billion-transactions-in-may-worth-rs-143-trillion-599456">UPI records 9 billion transactions in May worth Rs 14.3 trillion</a>

The German mission in New Delhi showed Wissing using the UPI for purchasing groceries. The embassy described how UPI empowers millions of Indians to conduct transactions within seconds.&nbsp;

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One of India’s success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport <a href="https://twitter.com/Wissing?ref_src=twsrc%5Etfw">@Wissing</a> was able to experience the simplicity of UPI payments first hand and is very fascinated! <a href="https://t.co/I57P8snF0C">pic.twitter.com/I57P8snF0C</a>
— German Embassy India (@GermanyinIndia) <a href="https://twitter.com/GermanyinIndia/status/1693162556918210966?ref_src=twsrc%5Etfw">August 20, 2023</a></blockquote>
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The German minister was present in Bengaluru to participate in the G20 Digital Ministers Meeting held on August 19.&nbsp;

Indian social media users warmly thanked him for hailing the digital economic transformation of the world's fifth largest economy and encouraged him to continue sharing his experiences.

One user remarked, "Thank you for playing a role in India's digital economic revolution. Keep engaging and utilising."

Another user pointed out, "This will undoubtedly benefit German merchants and shoppers in Germany, where cash transactions pose challenges."

A third user on 'X' asked, "When will Germany become a part of the UPI platform? UPI's influence is becoming global!"

Also watch |&nbsp;India's UPI to get three new features, payments likely to be more efficient after update

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India's digital payment system UPI empowers customers to execute instant payments around the clock and has replaced need for physical currency for Indians all over the country. The projections state that the UPI will take over 90 per cent of all payment transactions in India in near future.&nbsp;The system employs a Virtual Payment Address (VPA) established by the user.

In recent times, countries such as Sri Lanka, France, UAE, and Singapore have joined initiatives with India to explore innovative fintech and payment solutions.&nbsp;

In July, Prime Minister Narendra Modi announced the agreement between India and France to adopt the UPI payment mechanism.

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Germany's Federal Minister for Digital and Transport, Volker Wissing, had a firsthand experience of the convenience of using India's digital payment interface UPI (Unified Payments Interface) during his recent visit to Bengaluru in southern India for G20 Digital Ministers Meeting.

Germany's Federal Minister for Digital and Transport, Volker Wissing, had a firsthand experience of the convenience of using India's digital payment interface UPI (Unified Payments Interface) during his recent visit to Bengaluru in southern India for G20 Digital Ministers Meeting. The German mission in India took to X, formerly known as Twitter, as the minister from Berlin expressed great fascination with the sheer convenience of using digital payment service popular in India. The German side hailed it as India's national success story. Also read | UPI records 9 billion transactions in May worth Rs 14.3 trillion The German mission in New Delhi showed Wissing using the UPI for purchasing groceries. The embassy described how UPI empowers millions of Indians to conduct transactions within seconds. One of India’s success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport @Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated! pic.twitter.com/I57P8snF0C — German Embassy India (@GermanyinIndia) August 20, 2023 × The German minister was present in Bengaluru to participate in the G20 Digital Ministers Meeting held on August 19. Indian social media users warmly thanked him for hailing the digital economic transformation of the world's fifth largest economy and encouraged him to continue sharing his experiences. One user remarked, "Thank you for playing a role in India's digital economic revolution. Keep engaging and utilising." Another user pointed out, "This will undoubtedly benefit German merchants and shoppers in Germany, where cash transactions pose challenges." A third user on 'X' asked, "When will Germany become a part of the UPI platform? UPI's influence is becoming global!" Also watch | India's UPI to get three new features, payments likely to be more efficient after update × India's digital payment system UPI empowers customers to execute instant payments around the clock and has replaced need for physical currency for Indians all over the country. The projections state that the UPI will take over 90 per cent of all payment transactions in India in near future. The system employs a Virtual Payment Address (VPA) established by the user. In recent times, countries such as Sri Lanka, France, UAE, and Singapore have joined initiatives with India to explore innovative fintech and payment solutions. In July, Prime Minister Narendra Modi announced the agreement between India and France to adopt the UPI payment mechanism. 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. 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.

German minister hails India's digital transformation after buying vegetables using UPI

In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services. Later in 2010, with an initial investment of $2 million, Sharma launched Paytm, an acronym for 'pay through mobile,' which started as a prepaid mobile and DTH (direct-to-home) recharge platform headquartered in Noida, India. &nbsp;

In less than ten years, Paytm has developed into one of the most valuable financial start-ups in the nation. &nbsp; &nbsp;

In 2014, the Paytm Wallet became one of India's most popular digital wallets. The following few years saw Paytm grow its user base and enter the e-commerce space by enabling online shopping and ticketing. Digital payments surged in 2016 after India demonetised 500- and 1000-rupee notes. &nbsp;

"Paytm Karo" became the infamous tagline that every Indian was familiar with when thinking about online shopping after demonetisation. &nbsp;

Paytm was the first payment app in the nation that achieved 100 million downloads in 2017. As of March 1, 2021, Paytm had 1.2 billion monthly transactions and more than 150 million active users. &nbsp; &nbsp;

With a 15 per cent month-over-month gain, the digital payments giant now holds the largest market share in the offline merchant payments sector. The business has expanded into several services, including ticketing for movies and flights, gold sales, insurance, bank deposits and remittances. &nbsp; &nbsp;

IPO Listing &nbsp; &nbsp;

In 2021, Paytm made history by conducting India's largest Initial Public Offering (IPO). Its initial public offering exceeded Coal India's IPO of Rs 15,200 crore ($1.8 billion) in 2010. &nbsp;

After completing the IPO, Paytm's founder Vijay Shekhar Sharma broke into tears during his speech at the Bombay Stock Exchange (BSE), as per a report by NDTV. &nbsp;

The company surpassed the market capitalisation milestone of Rs. 1 lakh crore ($12 billion). The digital payments company's market cap on the BSE touched Rs. 1.19 lakh crore ($14 billion). &nbsp;

Purchase of stake from Antfin &nbsp; &nbsp;

In August 2023, Paytm's CEO announced that he intends to purchase a 10.3 per cent stake from Antfin, an Ant Financial subsidiary, for $628 million. This move aimed to streamline ownership within the Indian payments firm. Following the announcement, Paytm's shares surged by 11.4 per cent, having already risen over 50 per cent in the year. Antfin (Netherlands) Holding B.V.'s acquisition price is 796.6 rupees ($9.3) per share, mirroring Paytm's recent closing price. This purchase will reduce Antfin's ownership to 13.5 per cent, relinquishing its status as the largest stakeholder. Notably, China's Alibaba sold its entire stake in Paytm in February, while Softbank Group Corp has gradually lowered its stake, now at 9.18 per cent. After this acquisition, Sharma, Paytm's founder, will become the primary stakeholder with 19.42 per cent. &nbsp; &nbsp;

The success of Paytm &nbsp;

Research by International Journal for Research in Engineering Application &amp; Management attributes Paytm's success to its revenue model and innovative strategies to enhance its services in the Indian digital financial services sector. &nbsp;

Revenue model &nbsp;

A diversified revenue model of Paytm has played a huge role in its growth and market leadership. By adopting various revenue streams, Paytm has ensured financial stability and catered to different user base segments. &nbsp;

For instance, the advertising revenue model allows sellers to promote their products on Paytm's platform for a fee. The subscription model lets sellers pay an annual subscription fee to list their products. And Paytm's advance payment model capitalises on customer payments by accruing interest until funds are transferred to sellers. &nbsp;

Innovative strategies &nbsp; &nbsp;

What began as a platform for online bill payments has evolved into a comprehensive mobile money solution, including the establishment of Paytm Payments Bank. This initiative bridges the gap for individuals needing access to traditional financial services. The launch of the Paytm for Business app and banking features targeting corporate customers exemplify Paytm's versatility and adaptability to varying market demands.

Paytm was among the first financial companies to push for cashless transactions by making digital payments through a unified payments interface (UPI), which has presently proven to be a huge success.

&nbsp;

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In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services.

In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services. Later in 2010, with an initial investment of $2 million, Sharma launched Paytm, an acronym for 'pay through mobile,' which started as a prepaid mobile and DTH (direct-to-home) recharge platform headquartered in Noida, India. In less than ten years, Paytm has developed into one of the most valuable financial start-ups in the nation. In 2014, the Paytm Wallet became one of India's most popular digital wallets. The following few years saw Paytm grow its user base and enter the e-commerce space by enabling online shopping and ticketing. Digital payments surged in 2016 after India demonetised 500- and 1000-rupee notes. "Paytm Karo" became the infamous tagline that every Indian was familiar with when thinking about online shopping after demonetisation. Paytm was the first payment app in the nation that achieved 100 million downloads in 2017. As of March 1, 2021, Paytm had 1.2 billion monthly transactions and more than 150 million active users. With a 15 per cent month-over-month gain, the digital payments giant now holds the largest market share in the offline merchant payments sector. The business has expanded into several services, including ticketing for movies and flights, gold sales, insurance, bank deposits and remittances. IPO Listing In 2021, Paytm made history by conducting India's largest Initial Public Offering (IPO). Its initial public offering exceeded Coal India's IPO of Rs 15,200 crore ($1.8 billion) in 2010. After completing the IPO, Paytm's founder Vijay Shekhar Sharma broke into tears during his speech at the Bombay Stock Exchange (BSE), as per a report by NDTV. The company surpassed the market capitalisation milestone of Rs. 1 lakh crore ($12 billion). The digital payments company's market cap on the BSE touched Rs. 1.19 lakh crore ($14 billion). Purchase of stake from Antfin In August 2023, Paytm's CEO announced that he intends to purchase a 10.3 per cent stake from Antfin, an Ant Financial subsidiary, for $628 million. This move aimed to streamline ownership within the Indian payments firm. Following the announcement, Paytm's shares surged by 11.4 per cent, having already risen over 50 per cent in the year. Antfin (Netherlands) Holding B.V.'s acquisition price is 796.6 rupees ($9.3) per share, mirroring Paytm's recent closing price. This purchase will reduce Antfin's ownership to 13.5 per cent, relinquishing its status as the largest stakeholder. Notably, China's Alibaba sold its entire stake in Paytm in February, while Softbank Group Corp has gradually lowered its stake, now at 9.18 per cent. After this acquisition, Sharma, Paytm's founder, will become the primary stakeholder with 19.42 per cent. The success of Paytm Research by International Journal for Research in Engineering Application & Management attributes Paytm's success to its revenue model and innovative strategies to enhance its services in the Indian digital financial services sector. Revenue model A diversified revenue model of Paytm has played a huge role in its growth and market leadership. By adopting various revenue streams, Paytm has ensured financial stability and catered to different user base segments. For instance, the advertising revenue model allows sellers to promote their products on Paytm's platform for a fee. The subscription model lets sellers pay an annual subscription fee to list their products. And Paytm's advance payment model capitalises on customer payments by accruing interest until funds are transferred to sellers. Innovative strategies What began as a platform for online bill payments has evolved into a comprehensive mobile money solution, including the establishment of Paytm Payments Bank. This initiative bridges the gap for individuals needing access to traditional financial services. The launch of the Paytm for Business app and banking features targeting corporate customers exemplify Paytm's versatility and adaptability to varying market demands. Paytm was among the first financial companies to push for cashless transactions by making digital payments through a unified payments interface (UPI), which has presently proven to be a huge success. WATCH WION LIVE HERE

Flashback Friday: Pioneering the e-wallet ecosystem – The story of Paytm  

India's UPI to get three new features, payments likely to be more efficient after update. India's homegrown digital payments platform UPI is going global. The fintech sector is overjoyed. It's another boost to the brand India. But analysts say a lot needs to be done before UPI takes off on the world stage.

India's UPI to get three new features, payments likely to be more efficient after update

The Reserve Bank of India (RBI) announced new features for the Unified Payments Interface (UPI) on Thursday. The new changes have the potential to revolutionise the online payment method that will also allow transactions through a conversation with an artificial intelligence (AI) system.&nbsp;

RBI Governor Shaktikanta Das announced these measures while sharing the outcome of the central bank’s bi-monthly policy review. The central bank held the key repo rate steady at 6.5 per cent.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-led-govt-brings-a-bill-excluding-chief-justice-from-panel-selecting-poll-officers-624380">PM Modi-led govt brings a bill excluding Chief Justice from panel selecting poll officers</a>

<h2>UPI makeover: What are its new upcoming features?</h2>

RBI on Thursday announced three new features for offline UPI payments.&nbsp;

‘Conversational payments’ on UPI

RBI has proposed to enable ‘Conversational Payments’ on UPI by using AI-powered systems. Users will soon be able to ask an AI-powered system to make payments for them. However, further details on this functionality haven’t been disclosed yet. The feature will initially be available in Hindi and English.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/sri-lankas-debt-restructuring-japan-envoy-suzuki-highlights-collaboration-with-colombo-praises-indias-role-624386">Sri Lanka's debt restructuring: Japan envoy Suzuki highlights collaboration with Colombo, praises India's&nbsp;role</a>

The feature will be available on both smartphones and feature phones-based UPI channels which will be made available in more Indian languages later. Introducing AI to UPI payments is a futuristic idea to incorporate developing technologies into existing technologies.

UPI Lite limit raised

The RBI has raised the transaction limit of UPI Lite to Rs 500 from Rs 200. Launched by the National Payments Corporation of India (NPCI) in September 2022, UPI Lite allows quick small-value transactions by optimising processing resources for banks, thereby reducing transaction failures.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-school-website-hacked-by-bangladeshi-hackers-report-624399">Indian private school website hacked, Bangladesh flag posted: Report</a>

It allowed users to conduct transactions of up to Rs 200 a day without the need for a pin code, which reduced the transaction time. While the transaction limit has been raised to Rs 500 now, the UPI Lite balance ceiling has been left unchanged at Rs 2,000 to contain the risks associated with the relaxation of two-factor authentication.

UPI Lite is available on Paytm, BHIM App, GooglePay and other payment apps.&nbsp;

Offline UPI payments using NFC

Governor Shaktikanta Das also announced offline UPI payments using near-field communication (NFC) technology through UPI Lite. This will make payments easier, as users will only have to tap their smartphone on the point-of-sale (PoS) machine.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-sonia-gandhi-to-hold-meeting-with-congress-mps-over-suspension-of-adhir-ranjan-from-lok-sabha-624433">India: Sonia Gandhi to hold meeting with Congress MPs over suspension of Adhir Ranjan from Lok Sabha</a>

“To promote the use of UPI-Lite, it is proposed to facilitate offline transactions using NFC technology. This feature will not only enable retail digital payments in situations where internet or telecom connectivity is weak or not available, but it will also ensure speed, with minimal transaction decline,” the MPC statement said.

(With inputs from agencies)

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The Reserve Bank of India (RBI) announced new features for the Unified Payments Interface (UPI) on Thursday. The new changes have the potential to revolutionise the online payment method that will also allow transactions through a conversation with an artificial intelligence (AI) system.

The Reserve Bank of India (RBI) announced new features for the Unified Payments Interface (UPI) on Thursday. The new changes have the potential to revolutionise the online payment method that will also allow transactions through a conversation with an artificial intelligence (AI) system. RBI Governor Shaktikanta Das announced these measures while sharing the outcome of the central bank’s bi-monthly policy review. The central bank held the key repo rate steady at 6.5 per cent. Also Read | PM Modi-led govt brings a bill excluding Chief Justice from panel selecting poll officers UPI makeover: What are its new upcoming features? RBI on Thursday announced three new features for offline UPI payments. ‘Conversational payments’ on UPI RBI has proposed to enable ‘Conversational Payments’ on UPI by using AI-powered systems. Users will soon be able to ask an AI-powered system to make payments for them. However, further details on this functionality haven’t been disclosed yet. The feature will initially be available in Hindi and English. Also Read | Sri Lanka's debt restructuring: Japan envoy Suzuki highlights collaboration with Colombo, praises India's role The feature will be available on both smartphones and feature phones-based UPI channels which will be made available in more Indian languages later. Introducing AI to UPI payments is a futuristic idea to incorporate developing technologies into existing technologies. UPI Lite limit raised The RBI has raised the transaction limit of UPI Lite to Rs 500 from Rs 200. Launched by the National Payments Corporation of India (NPCI) in September 2022, UPI Lite allows quick small-value transactions by optimising processing resources for banks, thereby reducing transaction failures. Also Read | Indian private school website hacked, Bangladesh flag posted: Report It allowed users to conduct transactions of up to Rs 200 a day without the need for a pin code, which reduced the transaction time. While the transaction limit has been raised to Rs 500 now, the UPI Lite balance ceiling has been left unchanged at Rs 2,000 to contain the risks associated with the relaxation of two-factor authentication. UPI Lite is available on Paytm, BHIM App, GooglePay and other payment apps. Offline UPI payments using NFC Governor Shaktikanta Das also announced offline UPI payments using near-field communication (NFC) technology through UPI Lite. This will make payments easier, as users will only have to tap their smartphone on the point-of-sale (PoS) machine. Also Read | India: Sonia Gandhi to hold meeting with Congress MPs over suspension of Adhir Ranjan from Lok Sabha “To promote the use of UPI-Lite, it is proposed to facilitate offline transactions using NFC technology. This feature will not only enable retail digital payments in situations where internet or telecom connectivity is weak or not available, but it will also ensure speed, with minimal transaction decline,” the MPC statement said. (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.

UPI to get an upgrade as RBI announces new features including AI-powered transactions | Details

India's homegrown digital payments platform UPI is going global. Now France becomes the first European country to accept UPI. The fintech sector is overjoyed. It's another boost to brand India. But analysts say a lot needs to be done before UPI takes off on the world stage.

UPI: India’s homegrown success story

Days after Prime Minister Narendra Modi announced the introduction of the Unified Payments Interface (UPI) in France, it has emerged that New Delhi is looking to seal a similar deal with Indonesia. The two countries are looking to approve bilateral trade in their domestic currencies,&nbsp;real-time card recognition and digital payments - a move which will facilitate the use of UPI and similar tools.&nbsp;

The development took place during Indian Finance Minister Nirmala Sitharaman's meeting with her Indonesian counterpart Sri Mulyani Indrawati on the sidelines of the&nbsp;G20 meeting of Finance Ministers and Central Bank Governors (FMCBG) in Gandhinagar in the western state of Gujarat.&nbsp;

“The areas of cooperation include bilateral investment, financial services and infrastructure development, among others. For instance, India has developed expertise in digital public infrastructure. It can provide time-tested solutions for convenient and affordable digital payments, which can assist Indonesia in achieving its financial inclusion goals," said Sitharaman after the meeting.&nbsp;

<a href="https://www.wionews.com/videos/upi-to-take-over-90-of-retail-digital-payments-in-india-597688">WATCH |&nbsp;UPI to take over 90% of retail digital payments in India</a>

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Earlier, India had signed an MoU with UAE to set up a framework to settle cross-border&nbsp;transactions in local currencies and link the fast payment systems.&nbsp;

"Like UAE, there are talks going on with Indonesia on something similar: real-time settlement and trading in local currencies. Talks are going on. It will get done soon," a source close to the matter was quoted as saying by Moneycontrol.&nbsp;

If the deal goes through, it could be massive for both countries. Currently, Indonesia is India's largest trading partner in the ASEAN region, with bilateral trade pegged around $39 billion last year.&nbsp;

<h2>UPI introduced in France</h2>

Last week, during PM Modi's two-day visit to France, it was announced that the European nation would adopt India's revolutionary payments system. The Indian PM said an agreement was in place and&nbsp;the first UPI transaction&nbsp;would occur at the Eiffel Tower where tourists could pay in Indian rupees.&nbsp;

"India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees," said PM Modi during his speech.&nbsp;

The development comes after the National&nbsp;Payments Corporation of India (NPCI), the governing body of UPI, signed an MoU with France's fast and secure online payment system, Lyra, last year.&nbsp;

<a href="https://www.wionews.com/india-news/will-begin-from-eiffel-tower-pm-modi-announces-upi-use-in-france-615334">Also read |&nbsp;Indian tourists at Eiffel Tower can pay in rupees as PM Modi announces UPI use in France</a>

<h2>UPI in India</h2>

It was in 2016 that NPCI introduced the&nbsp;UPI system to the country. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on.

The UAE, Singapore, Nepal and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon.&nbsp;

The payment infrastructure recorded a whopping 9.93 billion transactions in June, with the total value touching Rs 14.75 trillion, according to NPCI.&nbsp;

(With inputs from agencies)

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Days after Prime Minister Narendra Modi announced the introduction of the Unified Payments Interface (UPI) in France, it has emerged that New Delhi is looking to seal a similar deal with Indonesia.

Days after Prime Minister Narendra Modi announced the introduction of the Unified Payments Interface (UPI) in France, it has emerged that New Delhi is looking to seal a similar deal with Indonesia. The two countries are looking to approve bilateral trade in their domestic currencies, real-time card recognition and digital payments - a move which will facilitate the use of UPI and similar tools. The development took place during Indian Finance Minister Nirmala Sitharaman's meeting with her Indonesian counterpart Sri Mulyani Indrawati on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors (FMCBG) in Gandhinagar in the western state of Gujarat. “The areas of cooperation include bilateral investment, financial services and infrastructure development, among others. For instance, India has developed expertise in digital public infrastructure. It can provide time-tested solutions for convenient and affordable digital payments, which can assist Indonesia in achieving its financial inclusion goals," said Sitharaman after the meeting. WATCH | UPI to take over 90% of retail digital payments in India × Earlier, India had signed an MoU with UAE to set up a framework to settle cross-border transactions in local currencies and link the fast payment systems. "Like UAE, there are talks going on with Indonesia on something similar: real-time settlement and trading in local currencies. Talks are going on. It will get done soon," a source close to the matter was quoted as saying by Moneycontrol. If the deal goes through, it could be massive for both countries. Currently, Indonesia is India's largest trading partner in the ASEAN region, with bilateral trade pegged around $39 billion last year. UPI introduced in France Last week, during PM Modi's two-day visit to France, it was announced that the European nation would adopt India's revolutionary payments system. The Indian PM said an agreement was in place and the first UPI transaction would occur at the Eiffel Tower where tourists could pay in Indian rupees. "India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees," said PM Modi during his speech. The development comes after the National Payments Corporation of India (NPCI), the governing body of UPI, signed an MoU with France's fast and secure online payment system, Lyra, last year. Also read | Indian tourists at Eiffel Tower can pay in rupees as PM Modi announces UPI use in France UPI in India It was in 2016 that NPCI introduced the UPI system to the country. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. The UAE, Singapore, Nepal and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon. The payment infrastructure recorded a whopping 9.93 billion transactions in June, with the total value touching Rs 14.75 trillion, according to NPCI. (With inputs from agencies) WATCH WION LIVE HERE:

India in talks with Indonesia over UPI linkage, rupee trade settlement

Unified Payment Interface (UPI) will be launched in France by September 2023, with the iconic Eiffel Tower being the first merchant in the country to accept UPI payments, the Indian Ministry of External Affairs said in a statement on Friday.&nbsp;

"The payment mechanism is in its last phase of production and will go live by September, 2023 with the iconic Eiffel Tower, Paris as the first merchant in France to accept UPI," it read.&nbsp;

In line with the commitment to foster a thriving digital ecosystem and promote collaboration between India and France, NPCI International Payments Limited (NIPL) and France's Lyra Collect recently signed an agreement to implement UPI in France and Europe. This move is aimed to empower citizens and ensure their active participation in the digital age, MEA said.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/pm-modi-meets-prominent-individuals-in-paris-hold-discussions-on-yoga-science-skill-development-and-more-615736">PM Modi meets prominent individuals in Paris; hold discussions on yoga, science, skill development, and more</a>

During the MEA briefing, Foreign Secretary Kwatra highlighted several significant outcomes of Prime Minister Modi's visit to France and said that the visit was unprecedentedly "successful".

<h2>Schengen Visas for Indian alumni in France</h2>

These include the formulation of a roadmap for India-France cooperation in the Indo-Pacific region and the introduction of five-year validity short-stay Schengen Visas for Indian nationals holding degrees from French educational institutions (masters and above).

Also Read | <a href="https://www.wionews.com/world/modi-in-france-india-flags-cross-border-terrorism-repeats-call-for-dialogue-to-end-ukraine-war-615740">Modi in France: India flags cross-border terrorism, repeats call for dialogue to end Ukraine war</a>

"In order to create a community of Indian Alumni, France will issue five-year validity Schengen visas for Indians who have studied in France for at least one semester, provided that they reached Master degree level at a university recognised by the French university system and have a fully acceptable file compliant with Schengen requirements," the statement said.&nbsp;

Kwatra noted that it is uncommon for a PM to personally welcome another PM, highlighting the exceptional warmth and friendship displayed between the leaders when France PM welcomed prime minister Modi at the airport.&nbsp;

Watch | Ukraine continues to demand more weapons and NATO membership

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"The visuals of PM Modi's visit clearly pointed to exceptional warmth of friendship and genuineness...The extent of time that President Macron continues to spend with the Prime Minister in the last 36 hours is actually exceptional. Reflects a sense of comfort with each other, genuine friendship, mutual trust, which in a way is also reflective of the state of India, France friendship...," the foreign secretary said.&nbsp;

Prime Minister Modi was also bestowed with France's highest honor, the Grand Cross of the Legion of Honour, in recognition of his contributions and achievements, Kwatra said.&nbsp;

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Unified Payment Interface (UPI) will be launched in France by September 2023, with the iconic Eiffel Tower being the first merchant in the country to accept UPI payments, the Indian Ministry of External Affairs said in a statement on Friday.

Unified Payment Interface (UPI) will be launched in France by September 2023, with the iconic Eiffel Tower being the first merchant in the country to accept UPI payments, the Indian Ministry of External Affairs said in a statement on Friday. "The payment mechanism is in its last phase of production and will go live by September, 2023 with the iconic Eiffel Tower, Paris as the first merchant in France to accept UPI," it read. In line with the commitment to foster a thriving digital ecosystem and promote collaboration between India and France, NPCI International Payments Limited (NIPL) and France's Lyra Collect recently signed an agreement to implement UPI in France and Europe. This move is aimed to empower citizens and ensure their active participation in the digital age, MEA said. Also Read | PM Modi meets prominent individuals in Paris; hold discussions on yoga, science, skill development, and more During the MEA briefing, Foreign Secretary Kwatra highlighted several significant outcomes of Prime Minister Modi's visit to France and said that the visit was unprecedentedly "successful". Schengen Visas for Indian alumni in France These include the formulation of a roadmap for India-France cooperation in the Indo-Pacific region and the introduction of five-year validity short-stay Schengen Visas for Indian nationals holding degrees from French educational institutions (masters and above). Also Read | Modi in France: India flags cross-border terrorism, repeats call for dialogue to end Ukraine war "In order to create a community of Indian Alumni, France will issue five-year validity Schengen visas for Indians who have studied in France for at least one semester, provided that they reached Master degree level at a university recognised by the French university system and have a fully acceptable file compliant with Schengen requirements," the statement said. Kwatra noted that it is uncommon for a PM to personally welcome another PM, highlighting the exceptional warmth and friendship displayed between the leaders when France PM welcomed prime minister Modi at the airport. Watch | Ukraine continues to demand more weapons and NATO membership × "The visuals of PM Modi's visit clearly pointed to exceptional warmth of friendship and genuineness...The extent of time that President Macron continues to spend with the Prime Minister in the last 36 hours is actually exceptional. Reflects a sense of comfort with each other, genuine friendship, mutual trust, which in a way is also reflective of the state of India, France friendship...," the foreign secretary said. Prime Minister Modi was also bestowed with France's highest honor, the Grand Cross of the Legion of Honour, in recognition of his contributions and achievements, Kwatra said. 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. ×

Eiffel Tower to pioneer UPI launch in France by September 2023, confirms MEA

In a landmark achievement, Prime Minister Narendra Modi on Thursday (July 13) informed that India's revolutionary payments system Unified Payments Interface (UPI) will be launched in France soon.

In a landmark achievement, Prime Minister Narendra Modi on Thursday (July 13) informed that India's revolutionary payments system Unified Payments Interface (UPI) will be launched in France soon. PM Modi said an agreement was in place with the French government and that the first UPI transaction would occur at the Eiffel Tower where tourists would be able to pay in Indian rupees. "India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees," said PM Modi during his speech. The development comes after the National Payments Corporation of India (NPCI), the governing body of UPI, signed an MoU with France's fast and secure online payment system, called Lyra, last year. Also read | UPI records 9 billion transactions in May worth Rs 14.3 trillion UPI's introduction in India It was in 2016 that NPCI introduced the UPI system to the country. PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. The UAE, Singapore, Nepal and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon. For a country like India where technology penetration was extremely low before PM Modi's NDA government took charge, the success of UPI has been nothing short of a miracle. The payment infrastructure recorded a whopping 9.93 billion transactions in the month of June with the total value touching Rs 14.75 trillion, according to NPCI. Most European nations have struggled to move to a cashless economy but in India, even the poorest have seamlessly adopted the novel payment system. WATCH | UPI to take over 90% of retail digital payments in India × Other announcements made by PM Modi During the speech, PM Modi made another big announcement, stating that Indian students studying in France will now get a five-year long-term post-study work visa. "The last time I came to France, it was decided that Indian students studying in France would be given a two-year post-study work visas. Now, it has been decided that Indian students pursuing Masters in France will be given long-term post-study visas of five years," PM Modi said. The Indian leader also talked football, claiming that PSG striker Kylian Mbappe had more fans in India than in France. He also talked about his France connection when the first cultural centre was started in his home state. "My attachment to France is quite old, and I can never forget it. Around 40 years ago, a cultural centre of France was started in Ahmedabad, Gujarat, and the first member of that very centre is today talking to you,” PM Modi said. (With inputs from agencies) WATCH WION LIVE HERE:

Indian tourists at Eiffel Tower can pay in rupees as PM Modi announces UPI use in France

Digital payments which are meant to be quick, easy and convenient. Google Pay makes it more conducive to carry out online transactions. In the latest upgrade, Google Pay has introduced UPI Lite feature in India that allows users to make fast payments.

Google Pay launches UPI Lite to boost small value transactions

France could soon become Europe’s first country to subscribe to India’s digital payment technology Unified Payments Interface or UPI. The announcement could be made during Indian Prime Minister Narendra Modi’s upcoming two-day visit to France. India’s National Payments Corporation of India (NPCI), the company behind UPI, and France’s Lyra have been working on the project for over a year now.&nbsp;

Earlier this year, UPI and Singapore’s PayNow signed an agreement that allowed users from both nations to make cross-border transactions.

<h2>Work in progress for over one year</h2>

Last year, India’s Union Communication Minister Ashwini Vaishnaw announced that India’s UPI and Rupay will be available in France soon. He made this announcement when an agreement was inked between UPI and France’s Lyra.&nbsp;

“The whole world is watching that India is doing 5.5 billion UPI transactions in a month. This is a big achievement for India. Today’s MoU with France is a big step towards the world,” the minister had said.

If the deal is executed as planned, the linkage will be launched by PM Modi from an iconic location in Paris during his visit.

<h2>How UPI is driving India’s digital payments revolution</h2>

The Economic Survey 2023, which was published earlier this year by India's Finance Ministry, said that UPI accounted for over 52 per cent of the total 8.84 billion digital financial transactions conducted in the fiscal year 2022-23.

Watch:&nbsp;UPI to take over 90% of retail digital payments in India

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The month of December 2022 witnessed a significant milestone for UPI, with transactions reaching an all-time high in terms of value. In that month alone, an astonishing 7.82 billion transactions worth INR 12.8 lakh crore were carried out.

<h2>UPI’s ongoing internationalisation</h2>

The National Payments Corporation of India (NPCI) is currently in discussions to export the UPI system to several Gulf countries, including the UAE and Bahrain. This development is expected to greatly benefit Indian workers residing and working in those countries, as they frequently send money to their family members back in India.

<a href="https://www.wionews.com/india-news/upi-hits-record-9-billion-transactions-in-may-worth-rs-143-trillion-599456">Also read:&nbsp;UPI records 9 billion transactions in May worth Rs 14.3 trillion</a>

Moreover, the NPCI has already granted permission to Non-Resident Indians (NRIs) from various countries such as Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, UAE, and the UK to utilise UPI with their international phone numbers while staying in India.

In an exclusive interview with WION in May, Japan's Digital Minister Kono Taro revealed that his country is seriously contemplating joining India's UPI payment system. This potential collaboration highlights the international recognition and appeal of UPI as a reliable and efficient payment platform.

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France could soon become Europe’s first country to subscribe to India’s digital payment technology Unified Payments Interface or UPI. The announcement could be made during Indian Prime Minister Narendra Modi’s upcoming two-day visit to France.

France could soon become Europe’s first country to subscribe to India’s digital payment technology Unified Payments Interface or UPI. The announcement could be made during Indian Prime Minister Narendra Modi’s upcoming two-day visit to France. India’s National Payments Corporation of India (NPCI), the company behind UPI, and France’s Lyra have been working on the project for over a year now. Earlier this year, UPI and Singapore’s PayNow signed an agreement that allowed users from both nations to make cross-border transactions. Work in progress for over one year Last year, India’s Union Communication Minister Ashwini Vaishnaw announced that India’s UPI and Rupay will be available in France soon. He made this announcement when an agreement was inked between UPI and France’s Lyra. “The whole world is watching that India is doing 5.5 billion UPI transactions in a month. This is a big achievement for India. Today’s MoU with France is a big step towards the world,” the minister had said. If the deal is executed as planned, the linkage will be launched by PM Modi from an iconic location in Paris during his visit. How UPI is driving India’s digital payments revolution The Economic Survey 2023, which was published earlier this year by India's Finance Ministry, said that UPI accounted for over 52 per cent of the total 8.84 billion digital financial transactions conducted in the fiscal year 2022-23. Watch: UPI to take over 90% of retail digital payments in India × The month of December 2022 witnessed a significant milestone for UPI, with transactions reaching an all-time high in terms of value. In that month alone, an astonishing 7.82 billion transactions worth INR 12.8 lakh crore were carried out. UPI’s ongoing internationalisation The National Payments Corporation of India (NPCI) is currently in discussions to export the UPI system to several Gulf countries, including the UAE and Bahrain. This development is expected to greatly benefit Indian workers residing and working in those countries, as they frequently send money to their family members back in India. Also read: UPI records 9 billion transactions in May worth Rs 14.3 trillion Moreover, the NPCI has already granted permission to Non-Resident Indians (NRIs) from various countries such as Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, UAE, and the UK to utilise UPI with their international phone numbers while staying in India. In an exclusive interview with WION in May, Japan's Digital Minister Kono Taro revealed that his country is seriously contemplating joining India's UPI payment system. This potential collaboration highlights the international recognition and appeal of UPI as a reliable and efficient payment platform. WATCH WION LIVE HERE ×

France likely to subscribe to India’s UPI during PM Modi’s visit

When the world talks of India's success story, UPI, India's very own digital payments platforms, takes the position of pride. It has not only made making transactions quick and efficient but is also an example of India's growing fintech prowess. Even as UPI continues with its spectacular journey in India, where it hit a record 9 billion transactions in may, the digital payment platform is spreading its wings abroad.

India's UPI's growing global footprint

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