State Bank of India (SBI) in its latest report has said that the Unified Payments Interface (UPI) has replaced much of the currency in circulation. Of all, the largest share in UPI transactions is of semi-urban areas at 35 per cent. Metros account for a 20 per cent share in the value of total UPI transactions, while urban areas account for 20 per cent and rural for 25 cent.&nbsp;

According to the report, the top 15 Indian states in terms of using UPI for digital payments are Andhra Pradesh, Maharashtra, Telangana, Karnataka, Uttar Pradesh, Rajasthan, Tamil Nadu, Bihar, West Bengal, Odisha, Kerala, Madhya Pradesh, Gujarat, Assam and Haryana. The states accounted for 90 per cent of total UPI transactions in terms of value, and the average ticket size ranged from INR 1,600 to 2,000 ($19 to $25).

“Thus, UPI has effectively replaced much of the currency in circulation,” the SBI report mentioned.&nbsp;

<h2>UPI: Driving India’s digital payment revolution</h2>

According to the Economic Survey 2023 released earlier this year by India’s Finance Ministry, more than 52 per cent of 8,840 crore financial digital transactions were done using UPI in the financial year 2022-23.

December 2022 was the month which saw UPI touching its highest-ever mark in transactions in terms of value. A whopping 782 crore transactions worth INR 12.8 lakh crore were made during that month alone.&nbsp;

<h2>India to export UPI to Gulf nations</h2>

The UPI’s owner, which is the National Payments Corporation of India (NPCI), is in talks to export UPI to several Gulf countries including the UAE and Bahrain. As per media reports, the move will incredibly help Indian workers living and working there, as they regularly send money to their family members living in India.&nbsp;

Watch:&nbsp;UPI to take over 90% of retail digital payments in India

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The NPCI has already allowed Non-Resident Indians (NRIs) from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, UAE, and the UK to use UPI on their international number while they stay in India.

<h2>Japan also interested in using UPI</h2>

Japanese Digital Minister Kono Taro last month in an exclusive interview with WION revealed that his nation was seriously considering joining India's UPI payment system.&nbsp;

<a href="https://www.wionews.com/business-economy/paving-the-way-for-a-cashless-india-upis-billion-dollar-triumph-beckons-597745">Also read:&nbsp;India`s UPI set to record 1 billion daily transactions by 2026-27: Report</a>

Speaking with WION's correspondent Sidhant Sibal,&nbsp;<a href="https://www.wionews.com/world/exclusive-japan-considering-joining-indias-upi-payment-system-says-japanese-minister-kono-taro-593773" target="_blank">Minister Taro said</a>, “Japan and India are trying to promote digital co-operation. We are serious about joining India's UPI payment system and also contemplating how we can mutually recognise EID, starting with co-operation to increase interoperability. G7 agrees to establish a new framework with a new secretariat on cross-border data flow and we are hoping that the Indian government will join this framework.”&nbsp;

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State Bank of India (SBI) in its latest report has said that the Unified Payments Interface (UPI) has replaced much of the currency in circulation. Of all, the largest share in UPI transactions is of semi-urban areas at 35 per cent.

State Bank of India (SBI) in its latest report has said that the Unified Payments Interface (UPI) has replaced much of the currency in circulation. Of all, the largest share in UPI transactions is of semi-urban areas at 35 per cent. Metros account for a 20 per cent share in the value of total UPI transactions, while urban areas account for 20 per cent and rural for 25 cent. According to the report, the top 15 Indian states in terms of using UPI for digital payments are Andhra Pradesh, Maharashtra, Telangana, Karnataka, Uttar Pradesh, Rajasthan, Tamil Nadu, Bihar, West Bengal, Odisha, Kerala, Madhya Pradesh, Gujarat, Assam and Haryana. The states accounted for 90 per cent of total UPI transactions in terms of value, and the average ticket size ranged from INR 1,600 to 2,000 ($19 to $25). “Thus, UPI has effectively replaced much of the currency in circulation,” the SBI report mentioned. UPI: Driving India’s digital payment revolution According to the Economic Survey 2023 released earlier this year by India’s Finance Ministry, more than 52 per cent of 8,840 crore financial digital transactions were done using UPI in the financial year 2022-23. December 2022 was the month which saw UPI touching its highest-ever mark in transactions in terms of value. A whopping 782 crore transactions worth INR 12.8 lakh crore were made during that month alone. India to export UPI to Gulf nations The UPI’s owner, which is the National Payments Corporation of India (NPCI), is in talks to export UPI to several Gulf countries including the UAE and Bahrain. As per media reports, the move will incredibly help Indian workers living and working there, as they regularly send money to their family members living in India. Watch: UPI to take over 90% of retail digital payments in India × The NPCI has already allowed Non-Resident Indians (NRIs) from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, UAE, and the UK to use UPI on their international number while they stay in India. Japan also interested in using UPI Japanese Digital Minister Kono Taro last month in an exclusive interview with WION revealed that his nation was seriously considering joining India's UPI payment system. Also read: India`s UPI set to record 1 billion daily transactions by 2026-27: Report Speaking with WION's correspondent Sidhant Sibal, Minister Taro said, “Japan and India are trying to promote digital co-operation. We are serious about joining India's UPI payment system and also contemplating how we can mutually recognise EID, starting with co-operation to increase interoperability. G7 agrees to establish a new framework with a new secretariat on cross-border data flow and we are hoping that the Indian government will join this framework.” WATCH WION LIVE HERE ×

India’s UPI largely replaced currency in circulation, semi-urban areas account for largest share: Report

Digital wallets have made it easier for us to make payments and transfer funds. But it seems many people are still not enjoying the benefits of online payments. But we think that could change with this new feature. Here's more.

No need for a debit card to activate UPI

National Payments Corporation of India (NPCI), the governing body of Unified Payment Interface (UPI) - India's prominent digital payment network - has announced it touched a record high of Rs 14.3 trillion in terms of value and&nbsp;9.41 billion in volume&nbsp;in May.&nbsp;

The numbers are a significant uptick from April when the platform recorded 8.89 billion transactions worth Rs 14.07 trillion.&nbsp;

Data released by the NPCI&nbsp;showed that approximately Rs 3.96 trillion&nbsp;worth of transactions took place in the final 10 days of May.

“Celebrating a milestone moment! We've crossed a phenomenal 9 billion transactions on UPI in the month of May’23, &amp; it's all thanks to you, India! Together, we are shaping the future of payments. Let's continue this journey of growth and innovation!” NPCI tweeted.&nbsp;

According to several estimates, UPI is projected to account for 90 per cent of the digital payments over the next five years.&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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A recent report by&nbsp;PwC India titled 'The Indian Payments Handbook – 2022-27', has projected that&nbsp;UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27. In the&nbsp;2022-23, UPI accounted for 75 per cent of the total transaction volume, signifying a massive shift towards digital payments.

With a compounded annual growth rate (CAGR) of 50 per cent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27.

UPI transactions, in particular,&nbsp;are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27.

<h2>UPI's introduction in India</h2>

It was in 2016 that NPCI introduced the revolutionary UPI system. PhonePe and PayTM were some of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on.

Singapore and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon.&nbsp;

One of the biggest USPs of UPI is its open architecture which allows seamless integration. Users can link their bank accounts directly and initiate transactions effortlessly.&nbsp;

<a href="https://www.wionews.com/india-news/india-upi-transactions-to-cost-from-april-know-what-it-means-for-you-576840">Also read |&nbsp;India: UPI transactions to cost from April. Know what it means for you</a>

This interoperability eliminated the need for multiple payment apps, making UPI an attractive choice for consumers and businesses.

In a&nbsp;bid to further boost digital payments, India's central bank recently allowed RuPay credit cards to be linked to UPI. This was to enable customers to link their credit cards and pay via UPI.

(With inputs from agencies)

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National Payments Corporation of India (NPCI), the governing body of Unified Payment Interface (UPI) - India's prominent digital payment network - has announced it touched a record high of Rs 14.

National Payments Corporation of India (NPCI), the governing body of Unified Payment Interface (UPI) - India's prominent digital payment network - has announced it touched a record high of Rs 14.3 trillion in terms of value and 9.41 billion in volume in May. The numbers are a significant uptick from April when the platform recorded 8.89 billion transactions worth Rs 14.07 trillion. Data released by the NPCI showed that approximately Rs 3.96 trillion worth of transactions took place in the final 10 days of May. “Celebrating a milestone moment! We've crossed a phenomenal 9 billion transactions on UPI in the month of May’23, & it's all thanks to you, India! Together, we are shaping the future of payments. Let's continue this journey of growth and innovation!” NPCI tweeted. According to several estimates, UPI is projected to account for 90 per cent of the digital payments over the next five years. WATCH | UPI to take over 90% of retail digital payments in India × A recent report by PwC India titled 'The Indian Payments Handbook – 2022-27', has projected that UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27. In the 2022-23, UPI accounted for 75 per cent of the total transaction volume, signifying a massive shift towards digital payments. With a compounded annual growth rate (CAGR) of 50 per cent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27. UPI transactions, in particular, are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27. UPI's introduction in India It was in 2016 that NPCI introduced the revolutionary UPI system. PhonePe and PayTM were some of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. Singapore and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon. One of the biggest USPs of UPI is its open architecture which allows seamless integration. Users can link their bank accounts directly and initiate transactions effortlessly. Also read | India: UPI transactions to cost from April. Know what it means for you This interoperability eliminated the need for multiple payment apps, making UPI an attractive choice for consumers and businesses. In a bid to further boost digital payments, India's central bank recently allowed RuPay credit cards to be linked to UPI. This was to enable customers to link their credit cards and pay via UPI. (With inputs from agencies) WATCH WION LIVE HERE:

UPI records 9 billion transactions in May worth Rs 14.3 trillion

A recent report by PWC India has unveiled some staggering projections that showcase the remarkable transformation taking place in India's payment landscape. According to the report, the unified payments interface, or UPI, is on a trajectory to achieve an astonishing milestone of 1 billion transactions per day by 2026-27.

UPI to take over 90% of retail digital payments in India

India's cashless carnival, as UPI, takes over 90% of digital retail payments

India's digital payments landscape is on the brink of a historic revolution, thanks to the Unified Payments Interface (UPI) system. A recent report by PwC India, titled "The Indian Payments Handbook – 2022-27", has projected that&nbsp;UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27.&nbsp;

During the period of 2022-23, UPI accounted for 75 percent of the total transaction volume, signifying a massive shift towards digital payments. In the next five years, UPI is projected to strengthen its grip on the retail digital payments landscape and reach an astounding 90 percent of the total transaction volume.

India's Evolving Payment Habits

The exponential growth of UPI transactions paints a vivid picture of the nation's evolving payment habits. With a compounded annual growth rate (CAGR) of 50 percent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27. UPI transactions, in particular,&nbsp;are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27.

While UPI takes the lead, the report also highlights the significance of credit cards in India's digital payments landscape. The credit card segment continues to experience robust growth, challenging the traditional dominance of debit cards. According to the report, credit card transactions are projected to surpass debit card transactions by FY 2024-2025, marking a significant turning point. This shift can be attributed to the convenience and versatility offered by credit cards, making them increasingly favored by consumers. Over the next five years, credit card issuance is expected to record&nbsp;a CAGR of 21 percent.

The report emphasises that the payments industry will focus on expanding the ecosystem and developing new use cases for existing payment platforms in the coming years. Areas such as embedded and ecosystem finance, digital lending based on payment transactions, and offline payments are predicted to drive the next phase of growth in the payments industry.&nbsp;

History of the UPI Revolution

UPI, launched in 2016 by the National Payments Corporation of India (NPCI), was introduced as a real-time payment system that aimed to simplify peer-to-peer transactions and facilitate seamless digital payments. While it faced skepticism and doubts about its potential to disrupt India's predominantly cash-based economy in its early stages, its user-friendly interface and interoperability across various banks and payment apps soon won the hearts of millions of Indians.

UPI's growth can be attributed to several key factors that contributed to its success&nbsp;

Firstly, the government's push for digitalization through initiatives like demonetization in 2016 created a favorable environment for UPI to thrive. The sudden scarcity of physical cash led to a surge in digital transactions, with UPI offering a convenient and secure alternative to cash payments.

Secondly, UPI's open architecture allows seamless integration with various payment service providers and banking apps, enabling users to link their bank accounts directly and initiate transactions effortlessly. This interoperability eliminated the need for multiple payment apps, making UPI an attractive choice for consumers and businesses.

Furthermore, UPI's innovative features, such as Virtual Payment Addresses (VPAs) and QR code scanning, revolutionized&nbsp;transactions. VPAs eliminated the need for sharing bank account details, providing a safer and more user-friendly experience. QR codes enabled quick, contactless payments, bridging the gap between online and offline transactions.

(Inputs from various news agencies)

India's digital payments landscape is on the brink of a historic revolution, thanks to the Unified Payments Interface (UPI) system. A recent report by PwC India, titled "The Indian Payments Handbook – 2022-27", has projected that UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27.

India's digital payments landscape is on the brink of a historic revolution, thanks to the Unified Payments Interface (UPI) system. A recent report by PwC India, titled "The Indian Payments Handbook – 2022-27", has projected that UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27. During the period of 2022-23, UPI accounted for 75 percent of the total transaction volume, signifying a massive shift towards digital payments. In the next five years, UPI is projected to strengthen its grip on the retail digital payments landscape and reach an astounding 90 percent of the total transaction volume. India's Evolving Payment Habits The exponential growth of UPI transactions paints a vivid picture of the nation's evolving payment habits. With a compounded annual growth rate (CAGR) of 50 percent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27. UPI transactions, in particular, are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27. While UPI takes the lead, the report also highlights the significance of credit cards in India's digital payments landscape. The credit card segment continues to experience robust growth, challenging the traditional dominance of debit cards. According to the report, credit card transactions are projected to surpass debit card transactions by FY 2024-2025, marking a significant turning point. This shift can be attributed to the convenience and versatility offered by credit cards, making them increasingly favored by consumers. Over the next five years, credit card issuance is expected to record a CAGR of 21 percent. The report emphasises that the payments industry will focus on expanding the ecosystem and developing new use cases for existing payment platforms in the coming years. Areas such as embedded and ecosystem finance, digital lending based on payment transactions, and offline payments are predicted to drive the next phase of growth in the payments industry. History of the UPI Revolution UPI, launched in 2016 by the National Payments Corporation of India (NPCI), was introduced as a real-time payment system that aimed to simplify peer-to-peer transactions and facilitate seamless digital payments. While it faced skepticism and doubts about its potential to disrupt India's predominantly cash-based economy in its early stages, its user-friendly interface and interoperability across various banks and payment apps soon won the hearts of millions of Indians. UPI's growth can be attributed to several key factors that contributed to its success Firstly, the government's push for digitalization through initiatives like demonetization in 2016 created a favorable environment for UPI to thrive. The sudden scarcity of physical cash led to a surge in digital transactions, with UPI offering a convenient and secure alternative to cash payments. Secondly, UPI's open architecture allows seamless integration with various payment service providers and banking apps, enabling users to link their bank accounts directly and initiate transactions effortlessly. This interoperability eliminated the need for multiple payment apps, making UPI an attractive choice for consumers and businesses. Furthermore, UPI's innovative features, such as Virtual Payment Addresses (VPAs) and QR code scanning, revolutionized transactions. VPAs eliminated the need for sharing bank account details, providing a safer and more user-friendly experience. QR codes enabled quick, contactless payments, bridging the gap between online and offline transactions. (Inputs from various news agencies)

India's UPI set to record 1 billion daily transactions by 2026-27: Report

India's Union Minister of electronics & information technology Ashwini Vaishnaw has responded to WION's interview of Japan's digital minister and praised Japan's interest in joining India's UPI payment system. Ashwini Vaishnav spoke to WION's principal diplomatic correspondent, Siddhant Sibbal and shared the road map of how the UPI payment system could become more widely acceptable around the world.

Indian Minister for Electronics and IT Ashwini Vaishnaw in a conversation with WION

India’s Minister for Railways Ashwini Vaishnaw said that the Indian digital transaction system—the Unified Payments Interface—is getting global attention and added that many have expressed interest to implement it in their countries.

Speaking exclusively to WION’s Sidhant Sibal, the railway minister said that Indian Prime Minister Narendra Modi pitched the idea in the G7 meeting and many highly appreciated the “comprehensiveness and democratisation of technology”.

His comments came a day after Japan's digital minister&nbsp;Kono Taro revealed that the Japanese government was considering to join India's UPI payment system.&nbsp;

Here are a few excerpts

WION: What is your take on Japan’s Minister of Digital Affairs Kono Taro&nbsp;saying that Japan would like to join India’s UPI payment system?

Vaishnaw: In the G7 Meeting, the ‘Digital India’ vision of Prime Minister Narendra Modi was presented to all the G7 digital ministers. There was very good response to it. When people understood the comprehensiveness and democratisation of technology, that kind of approach was highly appreciated. I thank the Japan's digital minister Taro Kono on agreeing to evaluate the UPI for implementation in Japan.

&nbsp;

WION: Can you elaborate on how Japan and India can work to implement that? Are we looking at some kind of team from Japan to India?

Vaishnaw: It will require a lot of collaborative work. This is a very complex and comprehensive system involving the Japanese authorities, the Reserve Bank of India, and National Payments Corporation of India. We will constantly be in touch and monitor it closely. This is one major initiative that the whole world will be looking for.

&nbsp;

WION: Apart from Japan, other countries have also shown interest in India’s UPI. If you can elaborate on what has been the response so far?

Vaishnaw: There is very good interest all across the world because this kind of system is unique. As you must be aware, the UPI has got patent in Japan. This is actually a patented technology now. So all over the world there is excitement about the UPI, the way it is structured. The fundamental thing is no single company can have a monopoly because of this kind of public-private partnership. And this is what everybody is appreciating that in India, PM Modi has been able to democratise digital technologies. So, there is a very good response across the world, in Europe, in Americas, Africa, and the Southeast Asian countries.

&nbsp;

WION: Any specific country, if you can point out?

Vaishnaw: Negotiations going on, good discussions are going on with many countries.

&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/exclusive-japan-considering-joining-indias-upi-payment-system-says-japanese-minister-kono-taro-593773">Japan considering joining India's UPI payment system, says Japanese Minister Kono Taro</a>

&nbsp;

WION: When it comes to UPI, I believe there is no transaction. If you can elaborate on that. We found out that it costs Indians roughly 7 dollars abroad to send 100 rupees back, but in UPI there's no transaction cost. Can you explain or expand on it further?

Vaishnaw: In financial transactions whether they are transaction using cards or they are transactions across borders, there are lots of friction. When the UPI kind of system comes, quite a large number of these friction points get resolved. So, then it can become a very smooth transaction and the cost of transaction reduces significantly. That is one of the objectives of the ways in which UPI is created. The architecture of UPI is such that frictions are removed. So that reduces the transaction costs dramatically. I wouldn't be able to give you the exact numbers because that will all depend on how the Reserve Bank of India is equivalent to the central bank of particular country, finally agrees on so that will always be specific to that country.

&nbsp;

WION: India has a huge market in terms of remittances, India has a huge diaspora abroad sending money back home. So how can UPI tap into this market?

Vaishnaw: Yes of course UPI can help smoothen those transactions, make sure that those transactions are at a very low cost.

&nbsp;

WION: Transaction costs are low at the moment, but essentially, are we looking at any other similar kind of announcements, ventures or perhaps understanding on which the Indian government might be working on that might improve in the ease of doing business or in ease of transactions in India and of course across the world as well.

Vaishnaw: Yes of course, we're working as I said. As and when we get to agreements we'll keep you informed.

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India’s Minister for Railways Ashwini Vaishnaw said that the Indian digital transaction system—the Unified Payments Interface—is getting global attention and added that many have expressed interest to implement it in their countries.

India’s Minister for Railways Ashwini Vaishnaw said that the Indian digital transaction system—the Unified Payments Interface—is getting global attention and added that many have expressed interest to implement it in their countries. Speaking exclusively to WION’s Sidhant Sibal, the railway minister said that Indian Prime Minister Narendra Modi pitched the idea in the G7 meeting and many highly appreciated the “comprehensiveness and democratisation of technology”. His comments came a day after Japan's digital minister Kono Taro revealed that the Japanese government was considering to join India's UPI payment system. Here are a few excerpts WION: What is your take on Japan’s Minister of Digital Affairs Kono Taro saying that Japan would like to join India’s UPI payment system? Vaishnaw: In the G7 Meeting, the ‘Digital India’ vision of Prime Minister Narendra Modi was presented to all the G7 digital ministers. There was very good response to it. When people understood the comprehensiveness and democratisation of technology, that kind of approach was highly appreciated. I thank the Japan's digital minister Taro Kono on agreeing to evaluate the UPI for implementation in Japan. WION: Can you elaborate on how Japan and India can work to implement that? Are we looking at some kind of team from Japan to India? Vaishnaw: It will require a lot of collaborative work. This is a very complex and comprehensive system involving the Japanese authorities, the Reserve Bank of India, and National Payments Corporation of India. We will constantly be in touch and monitor it closely. This is one major initiative that the whole world will be looking for. WION: Apart from Japan, other countries have also shown interest in India’s UPI. If you can elaborate on what has been the response so far? Vaishnaw: There is very good interest all across the world because this kind of system is unique. As you must be aware, the UPI has got patent in Japan. This is actually a patented technology now. So all over the world there is excitement about the UPI, the way it is structured. The fundamental thing is no single company can have a monopoly because of this kind of public-private partnership. And this is what everybody is appreciating that in India, PM Modi has been able to democratise digital technologies. So, there is a very good response across the world, in Europe, in Americas, Africa, and the Southeast Asian countries. WION: Any specific country, if you can point out? Vaishnaw: Negotiations going on, good discussions are going on with many countries. Also read | Japan considering joining India's UPI payment system, says Japanese Minister Kono Taro WION: When it comes to UPI, I believe there is no transaction. If you can elaborate on that. We found out that it costs Indians roughly 7 dollars abroad to send 100 rupees back, but in UPI there's no transaction cost. Can you explain or expand on it further? Vaishnaw: In financial transactions whether they are transaction using cards or they are transactions across borders, there are lots of friction. When the UPI kind of system comes, quite a large number of these friction points get resolved. So, then it can become a very smooth transaction and the cost of transaction reduces significantly. That is one of the objectives of the ways in which UPI is created. The architecture of UPI is such that frictions are removed. So that reduces the transaction costs dramatically. I wouldn't be able to give you the exact numbers because that will all depend on how the Reserve Bank of India is equivalent to the central bank of particular country, finally agrees on so that will always be specific to that country. WION: India has a huge market in terms of remittances, India has a huge diaspora abroad sending money back home. So how can UPI tap into this market? Vaishnaw: Yes of course UPI can help smoothen those transactions, make sure that those transactions are at a very low cost. WION: Transaction costs are low at the moment, but essentially, are we looking at any other similar kind of announcements, ventures or perhaps understanding on which the Indian government might be working on that might improve in the ease of doing business or in ease of transactions in India and of course across the world as well. Vaishnaw: Yes of course, we're working as I said. As and when we get to agreements we'll keep you informed. WATCH WION LIVE HERE

India’s UPI system gaining global attention: Indian Railways Minister Ashwini Vaishnaw to WION

Japanese Digital Minister Kono Taro on Thursday said that the government of Japan is seriously considering joining India's UPI payment system. 
 
Speaking with WION's correspondent Sidhant Sibal, Minister Taro said, “Japan and India are trying to promote digital co-operation. We are serious about joining India's UPI payment system and also contemplating how we can mutually recognise EID, starting with co-operation to increase interoperability. G7 agrees to establish a new framework with a new secretariat on cross-border data flow and we are hoping that the Indian government will join this framework.” 
 
Talking about India's digital revolution, the Japanese minister stated that he is surprised to see India leapfrogging in this sector. Taro stated that UPI is a “very convenient system of payment” which “can increase interoperability between governments”. “It could be another standard of cross-border payment,” he said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/exclusive-jaishankar-flags-need-for-adherence-respect-for-constitution-of-the-oceans-unclos-591885">EXCLUSIVE: Jaishankar flags need for adherence to, respect for ‘constitution of the oceans’ UNCLOS</a>

 
The minister also spoke about artificial intelligence and the growing concerns and opportunities around it. He emphasised the need to regulate and curb fake news which is being circulated using AI. 
 
“AI is moving forward very fast. G7 is trying to set up a forum to discuss how we regulate and prevent malicious actions by some elements. Among democratic countries, AI is a great opportunity, but it carries some risks. We are worried about its influence on democracy. The global leaders need to come together and think how to regulate and curb fake news which is spread using AI tech.”

&nbsp;

<h2>Need to minimise impact of China's dictatorship</h2>

<h2>&nbsp;</h2>

Commenting on the increasing issue of hacking and China facing the allegation of sponsoring such attacks, Japanese Minister Taro said, “We just had our bi-elections at the national level and there were a lot of interventions amid the polls. We need to really be careful and come up with creative ideas to minimise the impact of meddling by dictatorship (of China).” 
 
He further appreciated the co-operation shared between India, Japan and the QUAD and hoped that the two nations with UPI economies can work together on digital payments.

WATCH |&nbsp;

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The Japanese minister further stated that QUAD is likely to become a much more important group in global politics. “QUAD is going to be more important and we need to increase trust among the four countries as well,” he said. 
 
He also said that the aggressive actions taken by the Chinese authorities in the Indian subcontinent are worrisome. 
 
“China has increased defence spending by 42-fold in the last 30 years. They are often violating territorial waters here as well. They have been doing the same thing at the Indian border also. We need to be very careful. QUAD is important to maintain peace in East Asia,” Minister Taro stated.

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Japanese Digital Minister Kono Taro on Thursday said that the government of Japan is seriously considering joining India's UPI payment system. Speaking with WION's correspondent Sidhant Sibal, Minister Taro said, “Japan and India are trying to promote digital co-operation.

Japanese Digital Minister Kono Taro on Thursday said that the government of Japan is seriously considering joining India's UPI payment system. Speaking with WION's correspondent Sidhant Sibal, Minister Taro said, “Japan and India are trying to promote digital co-operation. We are serious about joining India's UPI payment system and also contemplating how we can mutually recognise EID, starting with co-operation to increase interoperability. G7 agrees to establish a new framework with a new secretariat on cross-border data flow and we are hoping that the Indian government will join this framework.” Talking about India's digital revolution, the Japanese minister stated that he is surprised to see India leapfrogging in this sector. Taro stated that UPI is a “very convenient system of payment” which “can increase interoperability between governments”. “It could be another standard of cross-border payment,” he said. ALSO READ | EXCLUSIVE: Jaishankar flags need for adherence to, respect for ‘constitution of the oceans’ UNCLOS The minister also spoke about artificial intelligence and the growing concerns and opportunities around it. He emphasised the need to regulate and curb fake news which is being circulated using AI. “AI is moving forward very fast. G7 is trying to set up a forum to discuss how we regulate and prevent malicious actions by some elements. Among democratic countries, AI is a great opportunity, but it carries some risks. We are worried about its influence on democracy. The global leaders need to come together and think how to regulate and curb fake news which is spread using AI tech.” Need to minimise impact of China's dictatorship Commenting on the increasing issue of hacking and China facing the allegation of sponsoring such attacks, Japanese Minister Taro said, “We just had our bi-elections at the national level and there were a lot of interventions amid the polls. We need to really be careful and come up with creative ideas to minimise the impact of meddling by dictatorship (of China).” He further appreciated the co-operation shared between India, Japan and the QUAD and hoped that the two nations with UPI economies can work together on digital payments. WATCH | The Japanese minister further stated that QUAD is likely to become a much more important group in global politics. “QUAD is going to be more important and we need to increase trust among the four countries as well,” he said. He also said that the aggressive actions taken by the Chinese authorities in the Indian subcontinent are worrisome. “China has increased defence spending by 42-fold in the last 30 years. They are often violating territorial waters here as well. They have been doing the same thing at the Indian border also. We need to be very careful. QUAD is important to maintain peace in East Asia,” Minister Taro stated. 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

Exclusive | Japan considering joining India's UPI payment system, says Japanese Minister Kono Taro

The Shanghai Coorporation Organsation(SCO) which includes China and Pakistan has unanimously adopted India's proposal for developing a digital public infrastructure.

Shanghai Coorporation Organisation gives India's UPI plan a thumbs u

India and Nepal announced the first major trade deal of its kind. Both the nations have confirmed an agreement that will enable cross-border trade without the need to exchange any physical currency.

India & Nepal major trade deal: Indians can pay using QR codes in Nepal, UPI brands agreed to deal

A technical glitch was reported by some users of Google Pay on the internet according to which $10 to $1,000 (around ₹80,000) was credited to their bank accounts.

However, after the error was identified by the UPI platform, a lot of payments were reversed.

In cases where the extra amount was utilised by the users or the UPI was unable to rectify the error, the company stated that they will not debit the money.

ALSO READ | <a href="https://www.wionews.com/technology/google-search-to-soon-incorporate-ai-chat-says-sundar-pichai-580100">Google search to soon incorporate AI chat, says Sundar Pichai</a>

A Twitter user, Mishaal Rahman, explained how he was credited $46 from Google Pay, which the company later reversed. Rahman said that he received a notification from Google which stated that the amount was deposited in his account for ‘dogfooding’.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Uhhh, Google Pay seems to just be randomly giving users free money right now. 
 
I just opened Google Pay and saw that I have $46 in "rewards" that I got "for dogfooding the Google Pay Remittance experience." 
 
What. <a href="https://t.co/Epe08Tpsk2">pic.twitter.com/Epe08Tpsk2</a>
— Mishaal Rahman (@MishaalRahman) <a href="https://twitter.com/MishaalRahman/status/1643430482598674432?ref_src=twsrc%5Etfw">April 5, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The term is referred to staff workers who test the company's new features before they are announced to the public. Rahman wrote “Google Pay seems to just be randomly giving users free money right now. I just opened Google Pay and saw that I have $46 in "rewards" that I got "for dogfooding the Google Pay Remittance experience".”

In the tweets that followed, Rahman guided other Twitter users to the ‘deals’ tab to check if such 'rewards' were also received by them. A screenshot of the email sent by Google acknowledging the technical glitch and informing the users that the issue has been resolved was also shared by Rahman.

“You received this email because an unintended cash credit was deposited to your Google Pay account…where possible, the credit has been reversed. If we were not able to reverse the credit, the money is yours to keep. No further action is necessary," the email read.

WATCH | Gravitas: Google loses anti-trust battle in India

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A link to a subreddit was also shared by him where a bunch of users shared screenshots which showed that they had also received extra money from Google. One user claimed that nearly ₹88,000 was credited to their account by mistake.

“I chatted Google as soon as it started rolling in for me. They advised they were aware and that the issue would be resolved in 24-48 hours. Appears to be a big mishap on their part,” wrote another user on Reddit.

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<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Noice
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1644394882851536915?ref_src=twsrc%5Etfw">April 7, 2023</a></blockquote>
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Reacting to the news report, Twitter CEO Elon Musk wrote, "Noice."

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A technical glitch was reported by some users of Google Pay on the internet according to which $10 to $1,000 (around ₹80,000) was credited to their bank accounts.

A technical glitch was reported by some users of Google Pay on the internet according to which $10 to $1,000 (around ₹80,000) was credited to their bank accounts. However, after the error was identified by the UPI platform, a lot of payments were reversed. In cases where the extra amount was utilised by the users or the UPI was unable to rectify the error, the company stated that they will not debit the money. ALSO READ | Google search to soon incorporate AI chat, says Sundar Pichai A Twitter user, Mishaal Rahman, explained how he was credited $46 from Google Pay, which the company later reversed. Rahman said that he received a notification from Google which stated that the amount was deposited in his account for ‘dogfooding’. Uhhh, Google Pay seems to just be randomly giving users free money right now. I just opened Google Pay and saw that I have $46 in "rewards" that I got "for dogfooding the Google Pay Remittance experience." What. pic.twitter.com/Epe08Tpsk2 — Mishaal Rahman (@MishaalRahman) April 5, 2023 × The term is referred to staff workers who test the company's new features before they are announced to the public. Rahman wrote “Google Pay seems to just be randomly giving users free money right now. I just opened Google Pay and saw that I have $46 in "rewards" that I got "for dogfooding the Google Pay Remittance experience".” In the tweets that followed, Rahman guided other Twitter users to the ‘deals’ tab to check if such 'rewards' were also received by them. A screenshot of the email sent by Google acknowledging the technical glitch and informing the users that the issue has been resolved was also shared by Rahman. “You received this email because an unintended cash credit was deposited to your Google Pay account…where possible, the credit has been reversed. If we were not able to reverse the credit, the money is yours to keep. No further action is necessary," the email read. WATCH | Gravitas: Google loses anti-trust battle in India A link to a subreddit was also shared by him where a bunch of users shared screenshots which showed that they had also received extra money from Google. One user claimed that nearly ₹88,000 was credited to their account by mistake. “I chatted Google as soon as it started rolling in for me. They advised they were aware and that the issue would be resolved in 24-48 hours. Appears to be a big mishap on their part,” wrote another user on Reddit. Noice — Elon Musk (@elonmusk) April 7, 2023 × Reacting to the news report, Twitter CEO Elon Musk wrote, "Noice." 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

Google Pay accidentally credits $1,072 to few accounts, Musk reacts 'Noice'

India has announced an additional 1.1% fee on digital wallet transactions over ₹2,000, which is $24.3. Personal transactions and UPI bank-to-bank transfers will remain free. The surcharge will be levied only on merchants. Could they direct the fee towards you? Molly Gambhir reports.

Gravitas: Who pays UPI payment surcharge?

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

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

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

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

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

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

On February 21, 2023, India's retail payment system Unified Payments Interface (UPI) and its comparable network in Singapore, PayNow, were connected to enable speedier remittances between India and Singapore.

India's UPI connected to Singapore's Pay Now, connectivity to allow instant money transfers

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

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

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

The number of transactions reached a record 7.82 billion in December and totalled Rs 12.82 trillion, also a record high, helping the Unified Payments Interface (UPI) to end the year 2022 on a strong note.

UPI's meteoric rise: India's UPI transactions rise over 7.82 billion in December 2022

The Bengaluru-based fintech firm Cred has stopped showing Paytm's merchant quick-response (QR) codes on its branded placards at offline stores. This step came in response to Paytm's complaint against Cred to the National Payments Corporation of India (NPCI) over the latter's false impression of other merchants' QR codes. The Unified Payments Interface (UPI) financial payments railroad is managed by NPCI.

Cred entered the offline payment segment three months ago with the launch of its 'Scan &amp; Pay' feature, which allows users to make offline payments by scanning a QR code.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-plans-to-introduce-bodies-for-regulating-online-gaming-industry-548830">India plans to introduce bodies for regulating online gaming industry</a>

Cred had printed the static QR codes of merchants linked to various other payment players, including Paytm, BharatPe, and PhonePe, on its Cred-branded placards as part of its latest experiment to promote offline payments, giving the impression that these QR codes were issued by it.

"This QR is partial to Cred members", read the Cred placards with the codes, further adding to the perception that the QR codes were issued by Cred.

Paytm, which is owned by One97 Communications Ltd, has been pushing to expand its offline acceptance network and create its own branding at offline stores in recent years, and had complained to NPCI about Cred's move. According to Paytm's September quarter results, the platform had 29.5 million registered merchants.

Watch |&nbsp;Softbank sells 4.5% stake in Paytm, to slow down investments as valuation drops

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The company monetises its merchant network by providing them with loans and collecting monthly subscriptions on payment products.

A Cred spokesperson told The Economic Times, "Since the launch of Scan and Pay three months ago, members have loved the frictionless, rewarding experience of scanning any QR code to make UPI payments from the Cred app. We’ve been working with merchants to enhance the experience for Cred members at their retail outlets. To promote this, we created a marketing standee custom-designed for each merchant, which can be placed on the billing counter".&nbsp;

According to the company, the experiment was run with less than 30 offline merchants near its headquarters in Bengaluru.&nbsp;As&nbsp;part of the marketing campaign, the Kunal Shah-run company had also reportedly given incentives to merchants to place these QRs at their outlets.&nbsp;

Both Paytm and NPCI have not spoken on this matter as of now. At present, NPCI has not laid down clear guidelines on players leveraging existing QR codes issued by rivals.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/zomato-co-founder-gunjan-patidar-resigns-as-online-delivery-firm-battles-high-profile-exits-548836">Zomato co-founder Gunjan Patidar resigns as online delivery firm battles high-profile exits</a>

The war over QR codes&nbsp;

The dispute over QR codes is not new among Indian digital payment providers.&nbsp;In August last year, PhonePe filed a police complaint in Greater Noida against three employees of rival firm Paytm for the mass burning of its QR codes.&nbsp;

PhonePe, in its complaint, said the activity took place with "the clear intention of causing wrongful loss to the company’s property". It also added that "these actions may form a part of a larger conspiracy to malign the reputation"&nbsp;of the company and to cause "further financial losses".&nbsp;

BharatPe sparked controversy in September 2020 after its merchant acquisition team distributed pamphlets to merchant partners highlighting the foreign ownership of competitors Paytm, PhonePe, Google Pay, and Amazon Pay. Paytm issued a legal notice to BharatPe, and PhonePe requested that the marketing campaign must&nbsp;be stalled by the Reserve Bank of India (RBI).

(With inputs from agencies)

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The Bengaluru-based fintech firm Cred has stopped showing Paytm's merchant quick-response (QR) codes on its branded placards at offline stores. This step came in response to Paytm's complaint against Cred to the National Payments Corporation of India (NPCI) over the latter's false impression of other merchants' QR codes.

The Bengaluru-based fintech firm Cred has stopped showing Paytm's merchant quick-response (QR) codes on its branded placards at offline stores. This step came in response to Paytm's complaint against Cred to the National Payments Corporation of India (NPCI) over the latter's false impression of other merchants' QR codes. The Unified Payments Interface (UPI) financial payments railroad is managed by NPCI. Cred entered the offline payment segment three months ago with the launch of its 'Scan & Pay' feature, which allows users to make offline payments by scanning a QR code. Also Read | India plans to introduce bodies for regulating online gaming industry Cred had printed the static QR codes of merchants linked to various other payment players, including Paytm, BharatPe, and PhonePe, on its Cred-branded placards as part of its latest experiment to promote offline payments, giving the impression that these QR codes were issued by it. "This QR is partial to Cred members", read the Cred placards with the codes, further adding to the perception that the QR codes were issued by Cred. Paytm, which is owned by One97 Communications Ltd, has been pushing to expand its offline acceptance network and create its own branding at offline stores in recent years, and had complained to NPCI about Cred's move. According to Paytm's September quarter results, the platform had 29.5 million registered merchants. Watch | Softbank sells 4.5% stake in Paytm, to slow down investments as valuation drops × The company monetises its merchant network by providing them with loans and collecting monthly subscriptions on payment products. A Cred spokesperson told The Economic Times, "Since the launch of Scan and Pay three months ago, members have loved the frictionless, rewarding experience of scanning any QR code to make UPI payments from the Cred app. We’ve been working with merchants to enhance the experience for Cred members at their retail outlets. To promote this, we created a marketing standee custom-designed for each merchant, which can be placed on the billing counter". According to the company, the experiment was run with less than 30 offline merchants near its headquarters in Bengaluru. As part of the marketing campaign, the Kunal Shah-run company had also reportedly given incentives to merchants to place these QRs at their outlets. Both Paytm and NPCI have not spoken on this matter as of now. At present, NPCI has not laid down clear guidelines on players leveraging existing QR codes issued by rivals. Also Read | Zomato co-founder Gunjan Patidar resigns as online delivery firm battles high-profile exits The war over QR codes The dispute over QR codes is not new among Indian digital payment providers. In August last year, PhonePe filed a police complaint in Greater Noida against three employees of rival firm Paytm for the mass burning of its QR codes. PhonePe, in its complaint, said the activity took place with "the clear intention of causing wrongful loss to the company’s property". It also added that "these actions may form a part of a larger conspiracy to malign the reputation" of the company and to cause "further financial losses". BharatPe sparked controversy in September 2020 after its merchant acquisition team distributed pamphlets to merchant partners highlighting the foreign ownership of competitors Paytm, PhonePe, Google Pay, and Amazon Pay. Paytm issued a legal notice to BharatPe, and PhonePe requested that the marketing campaign must be stalled by the Reserve Bank of India (RBI). (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.

Paytm vs Cred: Cred stops using Paytm QR codes on its own placards after NPCI steps in

The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28).

One97 Communications announced the release of Paytm 2022 Recap- highlighting the interesting trends of transactions made through Paytm in 2021.&nbsp;

The report said Noida and Nagpur saw the highest percentage of spending via Paytm on micro-sellers or street-side vendors. Two cities in Tamil Nadu- Chennai and Trichy had the highest percentage of offline payments on food and beverages.&nbsp;

Amritsar city in Punjab had the highest spending on health and grooming through the digital payments platform, news agency ANI reported.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/paytm-shares-tumble-as-softbank-sells-200-million-worth-stake-535026">Paytm shares tumble as SoftBank sells 4.5% stake worth $200 million</a>

The report also said that Paytm's market also saw growth in Northeast India with the fastest growing cities for Unified Payments Interface (UPI) being Arunachal Pradesh's Lohit, South Sikkim and Ranipool and Assam's Guwahati, Dibrugarh, Jorhat and Kamrup.&nbsp;

It added that Paytm UPI is one of the most preferred payment methods for Indians and users can check their individual journey with the company this year by visiting paytm.com/recap. Two of the most common names among Paytm users were Rahul and Pooja.&nbsp;

Paytm said in the report that the maximum number of payments were done at 7.23 pm with Wednesday being the busiest day in the week for digital transactions. The company also added it helped users avoid more than 1.61 billion trips to ATMs.

Paytm further said it was taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns.&nbsp;

(With inputs from agencies)

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The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28).

The Delhi-National Capital Region (NCR) has emerged as India's digital payments capital while Katpadi in Tamil Nadu is the fastest-growing city for digital payments with seven times growth this year, according to a report by Paytm on Wednesday (December 28). One97 Communications announced the release of Paytm 2022 Recap- highlighting the interesting trends of transactions made through Paytm in 2021. The report said Noida and Nagpur saw the highest percentage of spending via Paytm on micro-sellers or street-side vendors. Two cities in Tamil Nadu- Chennai and Trichy had the highest percentage of offline payments on food and beverages. Amritsar city in Punjab had the highest spending on health and grooming through the digital payments platform, news agency ANI reported. ALSO READ | Paytm shares tumble as SoftBank sells 4.5% stake worth $200 million The report also said that Paytm's market also saw growth in Northeast India with the fastest growing cities for Unified Payments Interface (UPI) being Arunachal Pradesh's Lohit, South Sikkim and Ranipool and Assam's Guwahati, Dibrugarh, Jorhat and Kamrup. It added that Paytm UPI is one of the most preferred payment methods for Indians and users can check their individual journey with the company this year by visiting paytm.com/recap. Two of the most common names among Paytm users were Rahul and Pooja. Paytm said in the report that the maximum number of payments were done at 7.23 pm with Wednesday being the busiest day in the week for digital transactions. The company also added it helped users avoid more than 1.61 billion trips to ATMs. Paytm further said it was taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns. (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.

Paytm says Delhi-NCR emerges as India's digital payments capital: Report

Talking about taking UPI abroad, NPCI International Payments Limited, CEO Ritesh Shukla said, " It took Swift 45-50 years to be where they are and it took international cards schemes about 65-70 years to be where they are today, so I think there's a lot of hard work which will go into it."

Global Technology Summit:'Taking UPI abroad will take lot of hard work,' says NPCI CEO Ritesh Shukla

India’s National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are reportedly in the midst of deciding whether the unlimited transactions carried out via Google Pay, PhonePe and others should continue or not. The NPCI may soon implement their proposed volume cap for third-party app providers (TPAP), said a report by ANI.&nbsp;

This comes after the NCPI sought the approval of a proposal reportedly sent earlier this month on wanting to impose a 30 per cent volume cap. Currently, there is no transaction cap on any of the UPI-based applications including Paytm, PhonePe, Google Pay and so on. However, Google Pay and PhonePe are currently dominating the market with nearly 80 per cent of the shares. Therefore, the proposal was reportedly sent by NPCI to avert the risk of a monopoly.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/india-news/govt-wont-charge-for-services-upi-will-remain-free-indian-finance-ministry-508955">Govt won't charge for services, UPI will remain free: Indian finance ministry</a>

The deadline for this proposed implementation is December 31, however, reports suggest that no decision has been made yet while some industry stakeholders want the NCPI to extend the last date. Paytm will not get affected by the transaction cap because it is owned by Paytm Payments Bank Limited, an NPCI-certified service provider and issuer bank transactions as opposed to being a third-party app provider, said a report by ANI.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/indias-upi-digital-payments-near-5-billion-464522">India's UPI digital payments near 5 billion</a>

In a statement, the Paytm Payments Bank spokesperson said, the proposed implementation of capping the UPI market will be “hugely beneficial” for the UPI ecosystem and bolster the growth of digital payments and make it “more accessible”. Adding that this move will also democratise the platform for people and end the market concentration risk.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/india-news/paytm-shares-slump-13-per-cent-after-rbis-restrictions-on-payments-bank-462206">Paytm shares slump 13 per cent after RBI's restrictions on payments bank</a>

Reportedly, the uncertainty regarding the issue of UPI market limit implementation may be resolved by the end of December. The order to cap the volume of transactions at 30 per cent of the total UPI transactions was first presented by the NCPI in 2020. Subsequently, the agency had given the existing third-party app providers two years to comply with the directive. However, the companies have reportedly failed to reduce their market shares and continue to exceed the 30 per cent cap since.&nbsp;

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India’s National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are reportedly in the midst of deciding whether the unlimited transactions carried out via Google Pay, PhonePe and others should continue or not.

India’s National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are reportedly in the midst of deciding whether the unlimited transactions carried out via Google Pay, PhonePe and others should continue or not. The NPCI may soon implement their proposed volume cap for third-party app providers (TPAP), said a report by ANI. This comes after the NCPI sought the approval of a proposal reportedly sent earlier this month on wanting to impose a 30 per cent volume cap. Currently, there is no transaction cap on any of the UPI-based applications including Paytm, PhonePe, Google Pay and so on. However, Google Pay and PhonePe are currently dominating the market with nearly 80 per cent of the shares. Therefore, the proposal was reportedly sent by NPCI to avert the risk of a monopoly. ALSO READ: Govt won't charge for services, UPI will remain free: Indian finance ministry The deadline for this proposed implementation is December 31, however, reports suggest that no decision has been made yet while some industry stakeholders want the NCPI to extend the last date. Paytm will not get affected by the transaction cap because it is owned by Paytm Payments Bank Limited, an NPCI-certified service provider and issuer bank transactions as opposed to being a third-party app provider, said a report by ANI. ALSO WATCH: India's UPI digital payments near 5 billion In a statement, the Paytm Payments Bank spokesperson said, the proposed implementation of capping the UPI market will be “hugely beneficial” for the UPI ecosystem and bolster the growth of digital payments and make it “more accessible”. Adding that this move will also democratise the platform for people and end the market concentration risk. ALSO READ: Paytm shares slump 13 per cent after RBI's restrictions on payments bank Reportedly, the uncertainty regarding the issue of UPI market limit implementation may be resolved by the end of December. The order to cap the volume of transactions at 30 per cent of the total UPI transactions was first presented by the NCPI in 2020. Subsequently, the agency had given the existing third-party app providers two years to comply with the directive. However, the companies have reportedly failed to reduce their market shares and continue to exceed the 30 per cent cap since. 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.

India: Google Pay, PhonePe and other UPI apps may impose transaction limit; Paytm to remain unaffected

India's Ministry of Finance on Sunday stated clearly that no fees are being considered for the country's ubiquitous digital payment system UPI, or United Payments Interface.

The ministry stated that other methods would need to be used to address the UPI service providers' concerns regarding cost recovery.

It also mentioned UPI as a digital public good that offers the general public tremendous convenience and boosts economic productivity.

"UPI is a digital public good with immense convenience for the public &amp; productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly," In several tweets, the Ministry of Finance made this statement.

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UPI is a digital public good with immense convenience for the public &amp; productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1561367751658192897?ref_src=twsrc%5Etfw">August 21, 2022</a></blockquote>
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The RBI discussion paper issued earlier this month said, UPI as a fund transfer system is like IMPS and, therefore, it could be argued that the charges in UPI need to be similar to those in IMPS for fund transfer transactions.

With effect from January 1, 2020, the government has mandated a zero-fee structure for UPI transactions. This indicates that both users and merchants in UPI incur no fees.

(With inputs from agencies) 
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India's Ministry of Finance on Sunday stated clearly that no fees are being considered for the country's ubiquitous digital payment system UPI, or United Payments Interface.

India's Ministry of Finance on Sunday stated clearly that no fees are being considered for the country's ubiquitous digital payment system UPI, or United Payments Interface. The ministry stated that other methods would need to be used to address the UPI service providers' concerns regarding cost recovery. It also mentioned UPI as a digital public good that offers the general public tremendous convenience and boosts economic productivity. "UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly," In several tweets, the Ministry of Finance made this statement. UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2) — Ministry of Finance (@FinMinIndia) August 21, 2022 × The RBI discussion paper issued earlier this month said, UPI as a fund transfer system is like IMPS and, therefore, it could be argued that the charges in UPI need to be similar to those in IMPS for fund transfer transactions. With effect from January 1, 2020, the government has mandated a zero-fee structure for UPI transactions. This indicates that both users and merchants in UPI incur no fees. (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.

Govt won't charge for services, UPI will remain free: Indian finance ministry

The National Payments Corporation of India (NPCI) on Friday stated that the linking of RuPay credit cards to Unified Payment Interface (UPI)- India's prominent digital payment network, is expected to take place within the next two months. Moreover, NPCI is expected to send the framework of its proposal to India's central bank viz Reserve Bank of India in the next 10 days

RuPay credit card issuers that included big banks such as State Bank of India (SBI), Bank of Baroda (BOB), Union Bank and Axis bank, amongst others have already submitted their proposals to NPCI

"We are hoping that the RuPay credit card linking to the UPI should get operationalised in a couple of months. We are talking to BoB Cards 581 Cards, Axis Bank and Union Bank of India. Once we get approval, we should be able to start in two months," said Dilip Asbe, Chief Executive Officer (CEO), NPCI.

UPI and its ubiquitous reach

The government is of the view that UP's vast reach to remote comers of the country can be used to boost credit penetration Moreover, it may allow for the monetisation of UPI payment for the payment companies.

However, experts argue that one of the major reasons why UPI spread to every nook and cranny of the country was due to its zero fees. Merchant Discount Rates (MDR) is the bone of contention and the banks, as well as RBI, is mulling a strategy to reach the middle ground.

It was in 2016 that NPCI introduced the revolutionary UPI system PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on.

Singapore and Bhutan have already adopted UP) and as reported by WION France could soon be another participant. A Memorandum of Understanding (MoU) was signed between NPCI International, and Lyra Network of France last month.&nbsp;

Read More: <a href="https://www.wionews.com/india-news/rupay-cards-and-upi-will-soon-be-accepted-in-france-indian-ambassador-confirms-489123">Go cashless India's Rupay cards and UPS will soon be accepted in France</a>

(With inputs from agencies)

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The National Payments Corporation of India (NPCI) on Friday stated that the linking of RuPay credit cards to Unified Payment Interface (UPI)- India's prominent digital payment network, is expected to take place within the next two months.

The National Payments Corporation of India (NPCI) on Friday stated that the linking of RuPay credit cards to Unified Payment Interface (UPI)- India's prominent digital payment network, is expected to take place within the next two months. Moreover, NPCI is expected to send the framework of its proposal to India's central bank viz Reserve Bank of India in the next 10 days RuPay credit card issuers that included big banks such as State Bank of India (SBI), Bank of Baroda (BOB), Union Bank and Axis bank, amongst others have already submitted their proposals to NPCI "We are hoping that the RuPay credit card linking to the UPI should get operationalised in a couple of months. We are talking to BoB Cards 581 Cards, Axis Bank and Union Bank of India. Once we get approval, we should be able to start in two months," said Dilip Asbe, Chief Executive Officer (CEO), NPCI. UPI and its ubiquitous reach The government is of the view that UP's vast reach to remote comers of the country can be used to boost credit penetration Moreover, it may allow for the monetisation of UPI payment for the payment companies. However, experts argue that one of the major reasons why UPI spread to every nook and cranny of the country was due to its zero fees. Merchant Discount Rates (MDR) is the bone of contention and the banks, as well as RBI, is mulling a strategy to reach the middle ground. It was in 2016 that NPCI introduced the revolutionary UPI system PhonePe was one of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on. Singapore and Bhutan have already adopted UP) and as reported by WION France could soon be another participant. A Memorandum of Understanding (MoU) was signed between NPCI International, and Lyra Network of France last month. Read More: Go cashless India's Rupay cards and UPS will soon be accepted in France (With inputs from agencies) WATCH WION LIVE HERE:

India: RuPay credit cards to be linked to UPI in the next two months

In yet another record-breaking month, India's major digital payment platform, the Unified Payments Interface (UPI), completed over Rs 10 trillion in transactions in May, a new high since the platform's introduction in 2016. Even the 5.95 billion transactions performed on the platform in May set a new milestone for the payments platform.

Despite a high base, the volume of transactions increased by 6.63 percent and the value of transactions increased by 5.91 percent month over month. UPI processed 5.58 billion transactions worth Rs 9.83 trillion in April. When compared year over year, UPI transactions have more than doubled in volume and value, illustrating the digital payments platform's spectacular ascent over the years.

UPI processed over 46 billion transactions worth over Rs 84.17 trillion in FY22, breaking the $1 trillion barrier. It also handled 22.28 billion transactions worth Rs 41.03 trillion in FY21. In a year's time, both the volume and value of transactions had doubled.&nbsp; 
 
Watch:

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According to experts, the Covid-19 outbreak has accelerated the country's use of digital payments in the previous two years. With the exception of a few snags during the first two waves of the pandemic, UPI transactions have been trending upward, matching the broader economic recovery.

The payments platform now aspires to execute one billion transactions each day on its platform. While this milestone can be reached in ten years with no effort, the National Payments Corporation of India (NPCI), the country's umbrella organisation for digital payments, is hoping to reach it in the next three to five years due to the organic growth in the volume of transactions being handled.

To accomplish the milestone of a billion transactions per day in the next 3–5 years, NPCI would use the three "zero" techniques: zero touch (contactless), zero time (it must be faster than cash), and zero cost to the client.

(With inputs from agencies)

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In yet another record-breaking month, India's major digital payment platform, the Unified Payments Interface (UPI), completed over Rs 10 trillion in transactions in May, a new high since the platform's introduction in 2016.

In yet another record-breaking month, India's major digital payment platform, the Unified Payments Interface (UPI), completed over Rs 10 trillion in transactions in May, a new high since the platform's introduction in 2016. Even the 5.95 billion transactions performed on the platform in May set a new milestone for the payments platform. Despite a high base, the volume of transactions increased by 6.63 percent and the value of transactions increased by 5.91 percent month over month. UPI processed 5.58 billion transactions worth Rs 9.83 trillion in April. When compared year over year, UPI transactions have more than doubled in volume and value, illustrating the digital payments platform's spectacular ascent over the years. UPI processed over 46 billion transactions worth over Rs 84.17 trillion in FY22, breaking the $1 trillion barrier. It also handled 22.28 billion transactions worth Rs 41.03 trillion in FY21. In a year's time, both the volume and value of transactions had doubled. Watch: According to experts, the Covid-19 outbreak has accelerated the country's use of digital payments in the previous two years. With the exception of a few snags during the first two waves of the pandemic, UPI transactions have been trending upward, matching the broader economic recovery. The payments platform now aspires to execute one billion transactions each day on its platform. While this milestone can be reached in ten years with no effort, the National Payments Corporation of India (NPCI), the country's umbrella organisation for digital payments, is hoping to reach it in the next three to five years due to the organic growth in the volume of transactions being handled. To accomplish the milestone of a billion transactions per day in the next 3–5 years, NPCI would use the three "zero" techniques: zero touch (contactless), zero time (it must be faster than cash), and zero cost to the client. (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 records nearly 6 billion transactions worth Rs 10 trillion in May 

India's Unified Payments Interface (UPI) and Rupay cards will soon be accepted in France, possibly paving the way for these cashless transactions in the rest of European Union in future. India has started the process in France by signing a Memorandum of Understanding (MoU) between the National Payments Corporation of India (NPCI) International, and Lyra Network of France, said Indian Ambassador in France Jawed Ashraf.

Ashraf said, "When I was the ambassador of Singapore then we tried to launch Bhim QR and RuPay card in Singapore. We tried and successfully launched. Most of the merchandise accepts UPI payments and RuPay cards. I strongly believe that we can do this in Europe also. We are trying to start UPI and RuPay cards soon in France. We will have to discuss this with Central Bank, regulators and companies here in France.”

“In France, there is very less use of digital payment. But it needs to be integrated and seamless. It lacks efficiency as we have in India. We have started the process in France by signing a Memorandum of Understanding (MoU) between NPCI, International and Lyra Network of France," he added.

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The Ambassador said that once he went to a doctor in France but didn't have the cash or cheque to pay. The doctor asked him to pay in cash or by cheque. He had to visit an ATM to withdraw the cash and pay the doctor.&nbsp;

“If UPI comes to France, then it will benefit the people of France. If we share the benefits of UPI with the people of France, then they will accept it. Regulators, banks, and companies will accept it. If we implement it in the Bank of France, then I think that we will also be able to push it for European Union," Ashraf explained.

However, the Ambassador said, "We will have to start with France first. Some banks like BNP Paribas, Societe Generale, etc are having presence in India and they know the success story of UPI."

(with inputs from agencies) 
&nbsp;

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India's Unified Payments Interface (UPI) and Rupay cards will soon be accepted in France, possibly paving the way for these cashless transactions in the rest of European Union in future.

India's Unified Payments Interface (UPI) and Rupay cards will soon be accepted in France, possibly paving the way for these cashless transactions in the rest of European Union in future. India has started the process in France by signing a Memorandum of Understanding (MoU) between the National Payments Corporation of India (NPCI) International, and Lyra Network of France, said Indian Ambassador in France Jawed Ashraf. Ashraf said, "When I was the ambassador of Singapore then we tried to launch Bhim QR and RuPay card in Singapore. We tried and successfully launched. Most of the merchandise accepts UPI payments and RuPay cards. I strongly believe that we can do this in Europe also. We are trying to start UPI and RuPay cards soon in France. We will have to discuss this with Central Bank, regulators and companies here in France.” “In France, there is very less use of digital payment. But it needs to be integrated and seamless. It lacks efficiency as we have in India. We have started the process in France by signing a Memorandum of Understanding (MoU) between NPCI, International and Lyra Network of France," he added. Also Read: Isolated subpopulation of polar bears found in Southeast Greenland The Ambassador said that once he went to a doctor in France but didn't have the cash or cheque to pay. The doctor asked him to pay in cash or by cheque. He had to visit an ATM to withdraw the cash and pay the doctor. “If UPI comes to France, then it will benefit the people of France. If we share the benefits of UPI with the people of France, then they will accept it. Regulators, banks, and companies will accept it. If we implement it in the Bank of France, then I think that we will also be able to push it for European Union," Ashraf explained. However, the Ambassador said, "We will have to start with France first. Some banks like BNP Paribas, Societe Generale, etc are having presence in India and they know the success story of UPI." (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.

Go cashless: India's Rupay cards and UPI will soon be accepted in France

India launched UPI, or Unified Payments Interface, in 2016, a few months before bank note demonetisation. UPI aimed to reduce the use of paper in payments and provide a safe and simple digital payment system. UPI recorded 4.50 billion transactions, worth Rs 8 trillion in December 2021.

India's UPI digital payments near 5 billion

The international arm of the National Payments Corporation of India (NPCI) on Thursday announced to deploy Unified Payments Interface (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India. 
 
Nepal is the first country outside India to adopt UPI as the payments platform, driving the digitalisation of cash transactions.

Also read |<a href="https://www.wionews.com/south-asia/us-dismisses-reports-of-threatening-nepal-over-mcc-453416">&nbsp;US dismisses reports of threatening Nepal over MCC</a> 
 
The NPCI International Payments Limited (NIPL), the global arm of the NPCI joined hands with the Gateway Payments Service Pvt Ltd, an authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy UPI in the country. 
 
"The partnership will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," said Ritesh Shukla, CEO of NIPL. 
 
It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/frustration-mounts-in-nepal-over-mcc-453927">Frustration mounts in Nepal over MCC</a> 
 
In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India's GDP. 
 
"The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society," said Rajesh Prasad Manandhar, CEO of GPS. 
 
Mobile penetration of over 135 per cent, with 65 per cent of the population using smartphones, provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal.

Watch |&nbsp;Gravitas: Nepal's ruling coalition on the 'brink of breakdown'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-nepals-ruling-coalition-on-the-brink-of-breakdown-454149/embed" style="width:100%;max-width:560px;" width="560"></iframe> 
 
Over the next few months, all three companies will work closely together to deploy UPI in Nepal. along with all the functionalities and features presently available in India. 
 
"We believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy," said Naga Babu Ramineni, Director of Manam.</div>

The international arm of the National Payments Corporation of India (NPCI) on Thursday announced to deploy Unified Payments Interface (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India.

The international arm of the National Payments Corporation of India (NPCI) on Thursday announced to deploy Unified Payments Interface (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India. Nepal is the first country outside India to adopt UPI as the payments platform, driving the digitalisation of cash transactions. Also read | US dismisses reports of threatening Nepal over MCC The NPCI International Payments Limited (NIPL), the global arm of the NPCI joined hands with the Gateway Payments Service Pvt Ltd, an authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy UPI in the country. "The partnership will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," said Ritesh Shukla, CEO of NIPL. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India. Also read | Frustration mounts in Nepal over MCC In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India's GDP. "The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society," said Rajesh Prasad Manandhar, CEO of GPS. Mobile penetration of over 135 per cent, with 65 per cent of the population using smartphones, provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal. Watch | Gravitas: Nepal's ruling coalition on the 'brink of breakdown' Over the next few months, all three companies will work closely together to deploy UPI in Nepal. along with all the functionalities and features presently available in India. "We believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy," said Naga Babu Ramineni, Director of Manam.

NPCI to deploy UPI payments platform in Nepal, 1st outside India

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet.

This is now feasible, as the Reserve Bank of India (RBI) announced a framework on Monday that allows offline payments of up to Rs 200 per transaction, subject to a total limit of Rs 2,000, in order to encourage digital transactions in rural and semi-urban regions.&nbsp;

How will the new payment system work?

A transaction that does not require internet or telecom connectivity is referred to as an "offline digital payment."

Payments can be made face-to-face (proximity mode) via any channel or instrument, such as cards, wallets, and mobile devices, in the offline mode.&nbsp;

The Reserve Bank of India stated that these transactions will not require an additional factor of authentication (AFA), and that because the transactions occur offline, the consumer will receive warnings (through SMS and/or e-mail) after a time lag.&nbsp;

Overall limit and framework

Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished. Balance replenishment can only occur in an online mode.

The framework integrates feedback from pilot experiments on offline transactions undertaken in various sections of the country from September 2020 to June 2021, according to the statement.&nbsp;

The offline mode of payment can be enabled after obtaining the specific consent of the customer.

Customers will continue to enjoy protection under the provisions of circulars limiting customer liability and will have recourse to the Reserve Bank's Integrated Ombudsman Scheme for grievance redress.

Offline payments can be made using any channel or instrument, like cards, wallets, and mobile devices.

(With inputs from agencies)

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet.

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet. This is now feasible, as the Reserve Bank of India (RBI) announced a framework on Monday that allows offline payments of up to Rs 200 per transaction, subject to a total limit of Rs 2,000, in order to encourage digital transactions in rural and semi-urban regions. How will the new payment system work? A transaction that does not require internet or telecom connectivity is referred to as an "offline digital payment." Payments can be made face-to-face (proximity mode) via any channel or instrument, such as cards, wallets, and mobile devices, in the offline mode. The Reserve Bank of India stated that these transactions will not require an additional factor of authentication (AFA), and that because the transactions occur offline, the consumer will receive warnings (through SMS and/or e-mail) after a time lag. Overall limit and framework Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished. Balance replenishment can only occur in an online mode. The framework integrates feedback from pilot experiments on offline transactions undertaken in various sections of the country from September 2020 to June 2021, according to the statement. The offline mode of payment can be enabled after obtaining the specific consent of the customer. Customers will continue to enjoy protection under the provisions of circulars limiting customer liability and will have recourse to the Reserve Bank's Integrated Ombudsman Scheme for grievance redress. Offline payments can be made using any channel or instrument, like cards, wallets, and mobile devices. (With inputs from agencies)

Digital payments without the internet: All you need to know

India and Singapore will link their respective fast payment systems -- Unified Payments Interface (UPI) and PayNow -- to enable users to make instant, low-cost fund transfers on a reciprocal basis, the Reserve Bank said on Tuesday.

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced the project to link the fast payment systems. The linkage is targeted for operationalisation by July 2022, the RBI said in a statement.

"The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system," it said.

RBI said the UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20''s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments.

The linkage builds upon the earlier efforts of NPCI International Private Limited (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes, between India and Singapore.

It will further anchor trade, travel and remittance flows between the two countries.

This initiative is also in line with RBI''s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21.

It is to be mentioned here that UPI is a mobile-based fast payment system that facilitates customers to make round the clock payments instantly using a Virtual Payment Address (VPA) created by the customer.

This eliminates the risk of sharing bank account details by the remitter. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments and enables a user to send or receive money.

PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.

It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN, or VPA.

India and Singapore will link their respective fast payment systems -- Unified Payments Interface (UPI) and PayNow -- to enable users to make instant, low-cost fund transfers on a reciprocal basis, the Reserve Bank said on Tuesday.

India and Singapore will link their respective fast payment systems -- Unified Payments Interface (UPI) and PayNow -- to enable users to make instant, low-cost fund transfers on a reciprocal basis, the Reserve Bank said on Tuesday. The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced the project to link the fast payment systems. The linkage is targeted for operationalisation by July 2022, the RBI said in a statement. "The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system," it said. RBI said the UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20''s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments. The linkage builds upon the earlier efforts of NPCI International Private Limited (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes, between India and Singapore. It will further anchor trade, travel and remittance flows between the two countries. This initiative is also in line with RBI''s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21. It is to be mentioned here that UPI is a mobile-based fast payment system that facilitates customers to make round the clock payments instantly using a Virtual Payment Address (VPA) created by the customer. This eliminates the risk of sharing bank account details by the remitter. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments and enables a user to send or receive money. PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore. It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN, or VPA.

India, Singapore launch project to link payment systems for instant fund transfers

American business magnate and Microsoft co-founder Bill Gates on Tuesday praised India for digital payments policies and said that India has built an ambitious platform for digital payments, including a system for sending rupees between any bank or smartphone app.

Bill Gates was speaking at the Singapore Fintech Festival on this day, where he lauded India's financial inclusion policies — especially the "ambitious" platforms for money transfer and identification — which he said will bring down the "cost and friction of money distribution" to the downtrodden in India.

“If people are going to study one country right now, other than China, I’d say they should look at India,” Gates said at the Singapore Fintech Festival on Tuesday. “Things are exploding there and innovation around that system is phenomenal.”

"India is a great example. They developed a lot of technologies that won't be possible for other countries. The role of the Gates Foundation as an advocate for those who don't have access today is to make sure there are technical standards, including open-source software and the digital identification systems, not just for financial activities but also for health, voting, and education," Gates said.

India's digital payment system got a major boost in 2016 due to demonetisation, accompanied by a boom in smartphones and cheap wireless data.

(With inputs from agencies)

American business magnate and Microsoft co-founder Bill Gates on Tuesday praised India for digital payments policies and said that India has built an ambitious platform for digital payments, including a system for sending rupees between any bank or smartphone app.

American business magnate and Microsoft co-founder Bill Gates on Tuesday praised India for digital payments policies and said that India has built an ambitious platform for digital payments, including a system for sending rupees between any bank or smartphone app. Bill Gates was speaking at the Singapore Fintech Festival on this day, where he lauded India's financial inclusion policies — especially the "ambitious" platforms for money transfer and identification — which he said will bring down the "cost and friction of money distribution" to the downtrodden in India. “If people are going to study one country right now, other than China, I’d say they should look at India,” Gates said at the Singapore Fintech Festival on Tuesday. “Things are exploding there and innovation around that system is phenomenal.” "India is a great example. They developed a lot of technologies that won't be possible for other countries. The role of the Gates Foundation as an advocate for those who don't have access today is to make sure there are technical standards, including open-source software and the digital identification systems, not just for financial activities but also for health, voting, and education," Gates said. India's digital payment system got a major boost in 2016 due to demonetisation, accompanied by a boom in smartphones and cheap wireless data. (With inputs from agencies)

Bill Gates lauds Indian digital innovations, calls it a country to study besides China

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