Image used for representational purpose only. | Photo Credit: Kamal Narang Starting April 1, merchant transactions exceeding ₹2,000 in value done using Prepaid Payment Instruments (PPI Wallets) on UPI will attract an interchange charge of 1.1%. However, “the new interchange charges are only applicable for the PPI merchant transactions and there is no charge to customers,” […]
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“Amrit Kaal Budget lays the roadmap of an all inclusive financial sector for India’s growthm”, PM Modi said during a webinar on Tuesday, March 7, 2023. | Photo Credit: Twitter@narendramodi Prime Minister Narendra Modi on Tuesday, March 7, 2023, urged India Inc to increase investment and take advantage of the opportunities unveiled in the Budget […]
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Commerce and Industry Minister Piyush Goyal. | Photo Credit: MURALI KUMAR K. The Open Network for Digital Commerce (ONDC), a unified payments interface-type protocol, will help small retailers survive the onslaught of large tech-based e-commerce companies, Commerce and Industry Minister Piyush Goyal said on March 6. ONDC is an initiative of the Ministry to help […]
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Cashless transactions: A customer paying through UPI to avoid cash transactions at a medical store in Visakhapatnam | Photo Credit: K.R. Deepak On Tuesday, the cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow was launched. UPI is a popular mobile payment service which allows instant credit transfer from one bank account to […]
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Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong witness the launch of cross-border connectivity between the UPI of India and PayNow of Singapore via video conferencing. | Photo Credit: ANI India’s Unified Payments Interface — better known as UPI — and Singapore’s PayNow were officially connected on Tuesday, allow for a “real-time payment linkage”. […]
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Prime Minister Narendra Modi. Prime Minister Narendra Modi, along with Singapore counterpart Lee Hsien Loong, on February 21 launched the cross-border connectivity of real-time digital payment systems via video conferencing. Now, the easy linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow will allow residents across the two regions to undertake faster and cost-efficient […]
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Reserve Bank of India governor Shaktikanta Das, at a press conference at the RBI head office, in Mumbai, on December 7, 2022. | Photo Credit: AP Asserting that the newly-introduced Central bank digital currency (CBDC) does not leave any trail with a bank, RBI governor Shaktikanta Das on December 7 said there is no need […]
Continue ReadingRBI governor Shaktikanta Das announced an additional function for Unified Payments Interface (UPI) platforms that would allow multiple debits. Mr. Das was effusive in his praise for the digital payment system in his address at the conclusion of the three-day Monetary Policy Committee’s (MPC) meeting. “UPI has emerged as the best payment system anywhere in […]
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Google has announced its own UPI-based automatic payment option for users in India, finally giving them the option to pay for subscriptions with UPI. Previously, users could only use UPI to purchase apps, games, and in-app items. But now with this addition, they can use the method for recurring payments as well. The implementation makes […]
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The Finance Ministry has issued a clarification stating that there is “no consideration” to levy any charges for United Payment Interface (UPI) services. The ministry issued this statement on its official Twitter account after there was confusion when the Reserve Bank of India (RBI) asked for public feedback on UPI payments and charges. The ministry […]
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