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UPI registers 1.3 billion transactions worth Rs 2.16 trillion in January
After recording a three-fold year-on-year growth in 2019, the Unified Payments Interface or UPI has kicked off 2020 on a promising note. While UPI replicated its volume of transactions (1.3 billion) in...
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WhatsApp Pay gets NPCI licence to operate in phased manner
After two years of beta testing and struggle to deal with the Indian government over the full-fledged rollout of UPI-based payments service, WhatsApp has reportedly received a licence from The National...
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Yes Bank processed around 40% of UPI transactions in January
Private sector lender Yes Bank continued its dominance over other leading banks, including Axis, SBI, ICICI, HDFC and Paytm Payments Bank, by capturing over 39% of the total transactions registered on...
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NPCI set to abolish PSP fee for P2M transactions: How will G-Pay and PhonePe...
After abolishment of the Merchant Discount Rate (MDR), banks have been lobbying for a zero switching fee and payment service provider fee (PSP). While the National Payments Corporation of India (NPCI)...
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Exclusive: BharatPe raises $75 Mn led by Coatue and Ribbit Capital
The payments space has become overcrowded in India with several well-funded companies battling it out leaving very little room for new entrepreneurs. However, BharatPe has managed to carve its own...
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PayPal to launch UPI payments service in India
After more than two years of launching its operations in India, global remittance services provider PayPal is planning to enter UPI-based payments service in the country. PayPal will join the likes of...
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UPI processed 1.32 Bn transactions in February – highest ever in a month
After gaining the status of the most preferred mode of payment in terms of volume in 2019, UPI maintained its momentum by processing 1.3 billion transactions in the first month of 2020. The NPCI-owned...
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NPCI doubles UPI transaction limit to Rs 2 lakh for some payments
The National Payments Corporation of India or NPCI, the umbrella organization for retail payments systems, has doubled the per transaction payment limit for Unified Payments Interface or UPI to Rs 2...
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NPCI allows cash withdrawals using UPI from merchants
The National Payments Corporation of India has finally allowed cash withdrawal at merchant locations via UPI apps. The anticipated move by the umbrella organisation will enable the service in line with...
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UPI apps look to make their numbers via PM CARES Fund; hackers pose threat
Soon after the announcement of the PM CARES Fund, a dedicated national fund to deal with any kind of emergency or distress situation in the wake of the coronavirus pandemic, UPI-enabled apps began...
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SEBI extends second phase of UPI payment facility for retail investors
Market regulator Securities and Exchange Board of India has decided to continue with phase two of Unified Payments Interface (UPI) payment facility available for retail investors while applying for...
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Despite lockdown and Yes Bank woes, UPI does 1.25 Bn transactions in March
The NPCI-owned Unified Payments Interface has once again crossed the 1 billion transactions volume mark, recording 1.25 billion transactions worth Rs 2,06,462 crore or Rs 2.06 trillion in March. Though...
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The impressive growth story of UPI in FY20
India’s tech prowess was on display when it built and delivered its digital payments system Unified Payments Interface or UPI. Since its inception in 2016, UPI has achieved various milestones and has...
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Exclusive: NPCI set to roll back 33% market share cap for third party UPI apps
National Payments Corporation of India (NPCI) is looking to roll back its plan to put a cap of 33% on the market share of third-party Unified Payment Interface (UPI) apps, said two people aware of the...
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Flipkart infuses $28 Mn in its payments arm PhonePe
UPI-enabled digital payments platform PhonePe has secured $28 million in a fresh funding round from Flipkart and it comes four months after it had raised Rs 585.66 crore from its Singapore-based...
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Lockdown effect: UPI records over 20% fall in transactions in April
UPI has recorded less than one billion transactions for the month of April. This is the first time in the past seven months that UPI volume went below the one billion mark. As per the data released by...
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Exclusive: G-Pay records 430 Mn P2P UPI transactions in April, PhonePe...
Unified Payments Interface (UPI) was maintaining a stellar show particularly after October 2019 when it crossed the milestone of 1 billion transactions for a month. However, the coronavirus pandemic...
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Govt exempts B2B firms from providing UPI and RuPay as mandatory e-payment modes
The finance ministry has exempted business-to-business (B2B) firms from mandatory use of e-payments facilities such as RuPay and UPI. In its previous order, the government had made online payments with...
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UPI records its second-highest value of transactions in May
After a sharp fall in transactions in April, Unified Payments Interface or UPI has regained its previous momentum and posted 1.23 billion transactions in May, according to the data provided by National...
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Exclusive: G-Pay records 541 Mn UPI transactions in May; PhonePe leads in P2M
After attaining new heights in terms of volume and value of transactions since October 2019, unified payments interface (UPI) recorded a slight fall in March, when lockdown was first imposed, and the...
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