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Tag: Unified Payments Interface

  • Punjab News: UPI service introduced for customers in Punjab State Cooperative bank

    Punjab News: UPI service introduced for customers in Punjab State Cooperative bank

    Punjab News: Achieving a new milestone in banking service in cooperative sector, the Punjab government led by Chief Minister Bhagwant Singh Mann has introduced UPI service in the Punjab State Cooperative bank to enable the customers to make online transactions.

    Speaking about the initiative, the Chief Minister said that in order to encourage digital transactions in the cooperative banks, the state government has introduced the facility of UPI in 18 branches of the Apex bank. He said that the motive is to further streamline the functioning of bank through renewed transparency and accountability. Bhagwant Singh Mann said that now the customers of the bank will be able to make transactions using various mobile app platforms like Google Pay, Whatsapp, Phone Pay, PayTM, BHIM and others.

    The Chief Minister said that this facility will enable the customers of the bank to send and receive money from/in their accounts with the Punjab State Cooperative Bank ltd to other bank accounts. He said that Initially customers will be able to do the UPI transaction upto Rs.50000 on daily basis which will be enhanced to Rs.100000 in coming days. Bhagwant Singh Mann said that the State Government is committed for strengthening the cooperative sector in the state for which no stone shall be left unturned.

    Meanwhile, Chairman of the bank, Jagdev Singh Bam said that this will be a big boon for the customers of the bank. He said that this facility will be introduced in other branches of bank in coming times. He further said that Bank is already providing Mobile banking services using which customers can do transactions through IMPS and RTGS.

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  • NPCI Doubles UPI Transaction Limit to ₹5 Lakh for High-Value Payments, Details

    NPCI Doubles UPI Transaction Limit to ₹5 Lakh for High-Value Payments, Details

    UPI Transaction Limit: An important update to the Unified Payments Interface (UPI) transaction limitations has been published by the National Payments Corporation of India (NPCI). Users can now pay with UPI up to ₹5 lakh for specific kinds of transactions as of September 16. More ease and flexibility are anticipated for users handling high-value UPI transactions as a result of this modification.

    What’s New with UPI Transaction Limit?

    Prior to this, the average UPI transaction limit was ₹1 lakh, with a somewhat higher maximum of ₹2 lakh for remittances from overseas, capital markets, insurance, and collections. Effective from September 16, the new limitation of ₹5 lakh is applicable only to payments for education feess, hospital expenses, taxes, and investments in initial public offerings (IPOs) and RBI retail direct schemes.

    Key Conditions for the Increased UPI Transaction Limit

    To implement this upgrade, NPCI has outlined a few crucial conditions:

    • Bank and App Updates: For the designated categories, banks, payment service providers (PSPs), and UPI apps need to modify their systems to support the increased ₹5 lakh transaction limit.
    • Merchant Verification: Organisations covered by ‘MCC-9311’ that are involved in tax payments have to undergo a rigorous verification process in order to be included on the ‘Verified Merchant’ list. The new UPI payment limit is only available from these merchants after thorough investigation.
    • Enabling UPI for Tax Payments: It is mandatory for merchants who handle tax payments to allow UPI as a mode of payment for transactions up to ₹5 lakh.

    Why the Increase?

    The NPCI’s decision is in line with the growing acceptance and confidence in UPI as India’s preferred payment mechanism. In order to better serve consumers making large payments, it is obvious that the transaction limit needs to be increased as UPI is becoming a popular option for a variety of financial activities.

    Next Steps for Users

    Users are advised to verify with their banks and UPI service providers as this new upgraded limitations is implemented to make sure their transactions qualify for the updated ₹5 lakh limit. The goal of this modification is to improve the efficiency and convenience of high-value transactions for all parties.

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  • Reserve Bank of India: Accidentally Transferred Money to Wrong UPI ID? Don’t Worry, RBI’s New Rule Keeps You Covered

    Reserve Bank of India: Accidentally Transferred Money to Wrong UPI ID? Don’t Worry, RBI’s New Rule Keeps You Covered

    Reserve Bank of India: In an effort to improve the security and dependability of digital transactions made via the Unified Payments Interface (UPI), the Reserve Bank of India (RBI) introduced new rules. Even while UPI makes it simple for people to send money digitally, problems like declined transactions or sending money to the wrong UPI ID may lead to losses. But now that the RBI has released a new regulation, customers can anticipate receiving their money back even if they mistakenly send it to the incorrect UPI ID. Everything you need to know about this recent development is provided here.

    What is the RBI’s New Rule on UPI?

    The most recent instructions from the Reserve Bank of India state that you should receive your money back in a 24- to 48-hour period if you mistakenly transfer funds to the incorrect UPI ID. If the payer and the beneficiary use the same bank, the return process should go more quickly. However, the refund process can take a little longer if multiple banks are involved in the transaction.

    Five Methods to Get Your Money Back

    1. Contact the Recipient:Get in touch with the recipient and ask them to return the funds if you unintentionally transferred money to the incorrect UPI ID. To speed up the process, you can give them the transaction data.
    2. Contact Customer Support: Inform your UPI app’s customer care team about the incorrect transaction. Give them all the transaction information you need, and they’ll start the refund procedure on your behalf.
    3. File a Complaint with NPCI: You can lodge a complaint with the National Payments Corporation of India (NPCI) if the methods listed above are unsuccessful in resolving your problem. Send them all the relevant transaction information so they can take additional action.
    4. Seek Help from Your Bank: Your bank can help you retrieve funds if you transferred money to the incorrect UPI ID. They could start a chargeback procedure to get the money that was transferred back.
    5. Register a Complaint: In the event of a wrong UPI transaction, you can also register a complaint by calling the toll-free number 1800-120-1740.

    Important Points to Note

    People inadvertently sending money to the incorrect UPI ID is not unusual, and in certain cases, they might not receive their money back. On the other hand, money sent to the incorrect UPI ID will now be easier to retrieve according to the new RBI standards.

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  • Flipkart Introduces UPI App super.money to Rival PhonePe, Google Pay and Paytm

    Flipkart Introduces UPI App super.money to Rival PhonePe, Google Pay and Paytm

    Flipkart has introduced the Unified Payments Interface (UPI) app super.money as a calculated effort to increase its market share in the financial technology industry. The Walmart-backed company’s ambitious goals in the financial field are highlighted by its new app. The launch of a stand-alone app underscores the group’s intention to increase its presence in digital payments, even though Flipkart already offers a UPI handle within its shopping app.

    It’s interesting to note that PhonePe, a significant UPI player that is also primarily controlled by Walmart, split out from Flipkart less than a year ago. With a massive 50% market share, PhonePe presently controls the UPI industry.

    Staggered Launch and User Benefits

    super.money is being released gradually, with a one lakh user restriction on the beta programme. Given how widely used QR codes are for UPI payments, the app’s logo prominently displays one. According to Flipkart, the super.money team will continuously evaluate customer input to improve the offering.

    The app’s main draw is its up to 5% return on purchases made at restaurants, hotels, and other retailers. This directly challenges rival companies that offer discounts, scratch cards, or cash as incentives for UPI transactions.

    Aiming for Financial Inclusion

    “The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation. super.money aims to democratise access to financial services by leveraging UPI infrastructure, which aligns with the government’s larger vision of financial inclusion,” said Prakash Sikaria, Founder and CEO of super.money. Sikaria also hinted at several upcoming products in the pipeline.

    Flipkart’s own UPI handle, launched in March, saw an impressive start with over five million transactions in its debut month.

    UPI Market Dynamics

    Many players used cashback in the early days of UPI to entice consumers. Presently, three apps—PhonePe, Google Pay, and Paytm—receive the majority of user preference and account for over 95% of the UPI market share. Super.money’s debut coincides with worries that UPI would turn into a duopoly. In order to compete with the dominating three, smaller UPI firms have asked the National Payments Corporation of India (NPCI) for special treatment.

    The third-biggest UPI participant, Paytm, saw a decline in its market share from 13% in last to about 8% in May as a result of regulatory proceedings taken against Paytm Payments Bank, an affiliate firm.

    The Competitive Landscape

    Flipkart originally incubated PhonePe and spun it off in 2020. Since then, Flipkart has been keen to develop its own payment platform. The separation from PhonePe allowed Flipkart to re-enter the digital payments space with super.money.

    Interestingly, Flipkart cofounder Sachin Bansal’s fintech app Navi is also offering rewards and cashback for UPI usage, recording a tenfold growth in just two months. Bansal played a key role in Flipkart’s acquisition of PhonePe, making this a notable development in the competitive fintech landscape.

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  • Good News! RBI Proposes Auto-Replenishment Feature for UPI Lite Wallets, Benefits Explained

    Good News! RBI Proposes Auto-Replenishment Feature for UPI Lite Wallets, Benefits Explained

    The Reserve Bank of India (RBI) has proposed a fresh concept to launch a useful service for users of UPI Lite. The objective of this programme is to expedite digital payments of small value and promote broader usage of this streamlined Unified Payments Interface (UPI).

    What is UPI Lite Wallet?

    The UPI Lite wallet, which is intended for quick and simple small-value transactions, has a daily limitation of Rs 2,000 and a Rs 500 individual payment cap. On the other hand, RBI Governor Shaktikanta Das revealed intentions to incorporate an auto-replenishment mechanism into the UPI Lite architecture in order to enable more seamless transactions.

    Benefits of Auto-Replenish for UPI Lite

    Enhancing Convenience

    Customers can choose to have their UPI Lite wallets automatically refilled under this proposed approach, provided that the amount falls below a predefined threshold that they have chosen. This initiative has the potential to enhance the ease with which it is to make small-value digital payments.

    Expanding the E-Mandate Framework

    According to the RBI’s proposal, the e-mandate framework would also encompass some recurring payment operations like Fastag and replenishment of National Common Mobility Card (NCMC) balances. Customers can benefit from increased simplicity in handling their travel and mobility-related payments by integrating these transactions—which don’t have a set periodicity—into the electronic mandate system.

    Fostering Adoption and Convenience

    UPI Lite has acted as a driver for simple, rapid, and on-device wallet small-value payments since its launch in September 2022. The RBI hopes to increase the use of digital payments by giving consumers more convenience and control over their financial transactions through the launch of the auto-replenishment function and the extension of the e-mandate framework.

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  • ICICI Bank Introduces UPI Payments for NRI Customers with International Numbers: Step-by-Step Activation Guide

    ICICI Bank Introduces UPI Payments for NRI Customers with International Numbers: Step-by-Step Activation Guide

    In partnership with the National Payments Corporation of India (NPCI), ICICI Bank has introduced a novel solution that enables Non-Resident Indian (NRI) clients to easily make UPI payments using their foreign mobile phones. With this service, NRIs can now easily manage transactions in India from their respective countries, which is a big step towards improving convenience and accessibility.

    UPI Payments for NRIs

    For UPI transactions, NRIs no longer need to rely on Indian mobile numbers. NRIs living in these ten countries—the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia—can now use their overseas mobile numbers connected to their NRE/NRO bank accounts with ICICI Bank in India thanks to the bank’s creative strategy.

    Step by Step process to activate UPI on international number

    Activating UPI on an international mobile number is now a hassle-free process with ICICI Bank’s iMobile Pay app. Here’s a simplified step-by-step guide:

    1. Log in to the iMobile Pay app
    2. Navigate to ‘UPI Payments’
    3. Verify Mobile Number
    4. Access ‘Manage’ -> ‘My Profile’
    5. Create a new UPI ID (choose from suggested options)
    6. Select the Account Number and Submit

    Empowering NRIs Globally

    ICICI Bank’s Head of Digital Channels and Partnerships, Sidharatha Mishra, underlined the importance of this project. He remarked,  “We are delighted to partner with NPCI to launch the UPI facility on international mobile number through iMobile Pay. With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI. This launch reinforces our commitment to provide our NRI customers with innovative solutions, for them to have a safe, secure and hassle-free payment experience. We are witnessing a positive response from our NRI customers who have started using this facility. With this initiative, we intend to leverage on NPCI’s UPI Infrastructure in strengthening and transforming the digital payments ecosystem globally”.

    Enhanced Flexibility in Transactions

    By scanning any Indian QR code, using this service, NRIs can send money to an Indian bank account or mobile phone, or they can transfer funds to a UPI ID. The usefulness and simplicity of ICICI Bank’s UPI service for non-resident Indians (NRIs) are further enhanced by the variety of transaction options available.

  • PhonePe and Google Pay to Stop Onboarding New Users? NPCI’s New Rule Might Change the Way You Use UPI!

    PhonePe and Google Pay to Stop Onboarding New Users? NPCI’s New Rule Might Change the Way You Use UPI!

    The most popular payment method in India, UPI (Unified Payments Interface), may be about to change! The brains behind UPI, the National Payments Corporation of India (NPCI) want to level the playing field for all payment apps.

    Curbing Big Players

    A new NPCI regulation will go into force in December 2024. No third-party app provider (TPAP) such as Google Pay or PhonePe is allowed to handle more than 30% of UPI transactions, according to this rule. This is to maintain an effective framework for digital payments and avoid monopolies.

    Why the Change? Reducing Risk and Protecting Users

    At present, PhonePe and Google Pay account for an astounding 85% of UPI transactions. This is risky even if it can appear handy. The entire UPI system may be impacted by an issue with these popular apps, which would be extremely problematic for consumers. The 30% guideline from NPCI attempts to stop this by promoting a more equitable allocation of transactions across various applications.

    How Will NPCI Reduce Market Share?

    Although the specifics are yet unknown, NPCI may prevent apps with a 30% or higher share from onboarding new users. This would be implemented gradually to minimise any disruption to current clients. The NPCI will likely provide more precise rules in the upcoming months.

    What Does This Mean for You?

    In the future as a UPI user, you may have more options. Other payment applications may become more popular as a result of the new regulation, giving you additional choices and maybe even better prices. You shouldn’t be concerned about any sudden interruptions to your present UPI usage, though.

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  • How to make UPI Payment in offline mode, Check Step by Step Process

    How to make UPI Payment in offline mode, Check Step by Step Process

    Are you sick of having your UPI payments interrupted by internet issues? Do not be alarmed! To guarantee seamless transactions even in situations when connectivity is inconsistent, there exists a simple fix. Let’s look at how to easily make UPI payments without depending on an uninterrupted internet connection.

    Making Use of the USSD Service for UPI Transactions Offline

    The USSD service is helpful in cases of internet outages. Unstructured Supplementary Service Data, or USSD, is a mobile banking service that is available to consumers all across the country. You may do financial operations, such as UPI transactions, via USSD without an internet connection.

    Step-by-Step Instructions

    • *Dial 99# on Your Smartphone: You may use the USSD service on your smartphone and dialling *99#. Make sure the phone number you use is associated with your bank account.
    • Choose the Language of Your Choice: Select the language of your choice from the list of choices. USSD offers multilingual support to accommodate a wide range of users.
    • Enter the Name of Your Bank: Enter the name of your bank when asked. Integrating your bank’s services seamlessly is ensured by taking this step.
    • Enter your debit card’s last six numbers as well as the expiration date to authenticate using your debit card details. This guarantees security and a successful connection to your bank account.
    • Start a UPI Payment: After the setup is complete, you may start making UPI payments even if you are not connected to the internet.

    How to Transfer Money Offline

    • *Press 99# and choose ‘Send Money’: Return to the USSD service and choose the option to transmit money (marked with a ‘1’).
    • Add the recipient’s information: Enter the recipient’s phone number or UPI ID.
    • Indicate the Amount: Input the desired transfer amount.
    • Verify Transaction Using UPI PIN: When asked, confirm the transaction by providing your UPI PIN.
    • Transaction Completion: Even in the absence of internet access, the payment will be completed successfully after authentication.

    Important Things to Remember

    • There is a 5,000 rupee maximum transaction restriction for the USSD service.
    • For smooth authentication, make sure the phone number you provide is connected to your bank account.
    • All users may access banking thanks to USSD’s multilingual capability.

    You can wave goodbye to the hassles brought on by erratic internet connections when completing UPI transactions by utilising the USSD service. To experience uninterrupted payments at any time, location and internet access, simply follow these easy instructions.

  • NPCI Greenlights Paytm User Migration for Improved UPI Functionality, What it Means for You? Check

    NPCI Greenlights Paytm User Migration for Improved UPI Functionality, What it Means for You? Check

    The National Payments Corporation of India (NPCI) has given the green light to One97 Communications Limited (OCL), the parent company of Paytm, to migrate its users to new payment service providers (PSPs) for the Unified Payments Interface (UPI). This move is set to enhance the UPI functionality for Paytm users, and here’s what it means for you.

    Smooth Transition to New UPI Handles

    If you’re a Paytm user with an existing ‘@Paytm’ UPI handle, you can now create a new virtual payment address (VPA) or UPI handle associated with one of the designated partner PSP banks. These banks include State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank.

    OCL has initiated the process of transitioning ‘@paytm’ handle users to these four PSP banks, as Paytm operates under a multi-bank model as a third-party application provider (TPAP) on the UPI platform.

    Improved UPI Experience

    The migration to new PSP banks is expected to enhance your overall UPI experience with Paytm. By partnering with multiple banks, Paytm aims to provide a more seamless and reliable UPI service, ensuring faster and more efficient transactions.

    Compliance with RBI Guidelines

    The move also aligns with the Reserve Bank of India’s (RBI) guidelines, which advised NPCI to consider OCL’s request to become a TPAP for the continued UPI operation of the Paytm app.

    Understanding PSP Banks and TPAPs

    A PSP bank, either through its own application or a TPAP, onboards and registers customers on the UPI platform, linking their bank accounts to their respective UPI identifications or handles.

    A TPAP is a service provider that participates in UPI through a PSP bank, as defined by NPCI, the governing body for the UPI ecosystem in India.

    Wider Choice of UPI Handles

    With the migration to new PSP banks, you’ll have the option to choose from a wider range of UPI handles based on the partner bank’s handle format. For instance, customers using PhonePe for UPI transactions have their VPAs issued through financial institutions like YES Bank, ICICI Bank, and Axis Bank, with their UPI handles ending in @ybl, @ibl, or @axl, respectively.

    What It Means for You

    As a Paytm user, the migration to new PSP banks means you can expect an enhanced and more reliable UPI experience. With multiple banks handling the UPI transactions, you’ll benefit from improved transaction speeds, reduced failure rates, and better overall efficiency.

    Additionally, the migration ensures compliance with regulatory guidelines, ensuring the continued and uninterrupted use of the Paytm app for your UPI needs.

  • Amazon Pay to Allow UPI Payment Without Money in Your Bank Account! Check What is Credit Line on UPI

    Amazon Pay to Allow UPI Payment Without Money in Your Bank Account! Check What is Credit Line on UPI

    The UPI revolution continues to sweep India! While traditionally UPI payments relied on linked bank accounts or Rupay Credit Cards, a new option is emerging – Credit Line on UPI. This exciting development allows users to make UPI transactions even without immediate funds in their bank account. Let’s understand how this works and how Amazon Pay is at the forefront of this innovation.

    What is Credit Line on UPI?

    Imagine you’re at the checkout counter, ready to use UPI but your bank balance is a little low. Credit Line on UPI comes to the rescue! This feature leverages pre-approved credit offered by your bank directly through UPI apps. It’s like a virtual credit card linked to your UPI ID, allowing you to make instant payments up to a specific limit.

    How is Amazon Pay Involved?

    Amazon Pay, a leading player in India’s digital payment landscape, is actively working with the National Payments Corporation of India (NPCI) to bring Credit on UPI to its users. This collaboration aims to enhance the customer experience by offering greater flexibility and convenience in UPI transactions.

    Benefits of Credit Line on UPI

    • Convenience: Make seamless UPI payments even with limited funds in your bank account.
    • Increased Purchasing Power: Enjoy instant credit up to your pre-sanctioned limit for immediate purchases.
    • Improved Financial Management: Manage your credit responsibly and build your credit score with timely repayments.

    The Future of UPI

    The inclusion of Credit Line on UPI marks a significant step towards a more inclusive and versatile digital payment ecosystem in India. With Amazon Pay at the forefront of this innovation, users can expect a smoother and more empowering UPI experience in the times to come.

  • MobiKwik Introduces Pocket UPI: Good News! Effortless & Secure UPI Payments Without Bank Linking, Check

    MobiKwik Introduces Pocket UPI: Good News! Effortless & Secure UPI Payments Without Bank Linking, Check

    MobiKwik, a leading Indian fintech company, has introduced a revolutionary feature called Pocket UPI. This innovative service aims to transform how users manage their finances and conduct UPI transactions in India. Here’s how Pocket UPI simplifies and secures digital payments for everyone:

    Say Goodbye to Bank Linking

    Forget the hassle of linking your bank account directly to every app. With Pocket UPI, you can leverage your MobiKwik wallet for instant UPI transactions. Just top up your wallet using debit/credit cards or other convenient methods, and you’re good to go!

    Convenience at Your Fingertips

    Making payments with Pocket UPI is a breeze. Simply open the MobiKwik app, select Pocket UPI as your payment option, and confirm the transaction. No need to juggle between various apps or remember complex bank account details.

    Enhanced Security is Built-In

    Pocket UPI prioritizes your financial safety. By using your MobiKwik wallet balance instead of directly accessing your bank account, it significantly reduces the risk of fraud or unauthorized transactions. Your sensitive banking information remains secure within the MobiKwik ecosystem.

    Riding the UPI Wave

    The launch of Pocket UPI aligns perfectly with India’s growing love affair with UPI transactions. A recent report by Worldline India highlights a phenomenal 56% surge in UPI transaction volume and a 44% value increase during the second half of 2023. This signifies the immense potential of Pocket UPI to cater to this thriving digital payment landscape.

  • UPI: Depositing Cash Just Got Easier! RBI Announces UPI Cash Deposits at ATMs

    UPI: Depositing Cash Just Got Easier! RBI Announces UPI Cash Deposits at ATMs

    UPI: Great news for digital payment fans in India! The Reserve Bank of India (RBI) has proposed a new system that will allow you to deposit cash at ATMs using UPI, instead of needing your debit card. This move is expected to further boost digital transactions and make banking even more convenient.

    UPI to the Rescue for Cash Deposits

    UPI, also known as the Unified Payments Interface, has become a household name in India for its super-fast and easy way to transfer money between bank accounts. But what if you have cash that you want to deposit into your account? Currently, you’d need to visit an ATM and use your debit card.

    With the new proposal, things are about to change. RBI Governor Shaktikanta Das announced that they are looking to introduce a system where you can deposit cash directly into your bank account using UPI at Cash Deposit Machines (CDMs).

    Why is this a Big Deal?

    This proposal is exciting for a few reasons:

    • Convenience: No more scrambling for your debit card! With UPI on your phone, depositing cash becomes quicker and easier than ever.
    • Reduced Crowds: By encouraging the use of CDMs for cash deposits, this move could help reduce queues at bank branches.
    • Boost for Digital Payments: This initiative is expected to further increase the adoption of digital payments in India, making it a win-win for both banks and customers.

    What We Know So Far

    The RBI is still working on the finer details of this new system. They haven’t released information yet on exactly when it will be available or how the process will work. But one thing’s for sure: UPI is taking a step forward, making it even more convenient to manage your money in India.

  • PayU and NPCI Join Forces to Offer Credit Lines on UPI, Benefits to Merchants Explained

    PayU and NPCI Join Forces to Offer Credit Lines on UPI, Benefits to Merchants Explained

    In a significant move aimed at enhancing digital payment solutions, PayU has collaborated with the National Payments Corporation of India (NPCI) to introduce the innovative ‘Credit Lines on UPI’ feature on its platform. This partnership marks a pivotal step towards revolutionizing the way merchants accept UPI payments, offering added convenience and flexibility to both businesses and consumers.

    Facilitating Pre-sanctioned Credit Lines

    With this new feature, PayU merchants can seamlessly accept UPI payments from customers utilising pre-sanctioned credit lines. This means that customers can now make transactions through UPI using their pre-approved credit, enhancing their purchasing power and overall shopping experience.

    Empowering Businesses and Consumers

    The integration of pre-sanctioned credit lines via UPI is poised to catalyze the next wave in digital payments, with over 380 million UPI users gaining easier access to credit. This move aligns with India’s financial inclusion agenda, empowering businesses and consumers alike by providing them with greater financial flexibility.

    Insights and Customised Products

    PayU is committed to providing valuable insights to merchants regarding the type of credit consumers have undertaken, such as pay-later options or personal loans. This data will enable merchants to tailor their products and services to meet the specific needs of their customers effectively.

    Continued Collaboration and Expansion

    Swaroop Kulkarni, Vice President of Products at PayU, affirmed the company’s dedication to collaborating with ecosystem enablers to democratize credit access in India continually. PayU remains focused on building customized products and solutions to benefit all stakeholders in the digital payment ecosystem.

    In addition to its collaboration with NPCI, PayU has refiled its application for the payment aggregator license with the Reserve Bank of India. This move underscores PayU’s commitment to regulatory compliance and its aspirations to expand its services further.

    Wide-reaching Impact

    With a presence in both online and offline sectors, PayU’s payment solutions currently serve over 5 lakh merchants across India. The company’s entry into the consumer credit segment in 2017 with LazyPay demonstrates its commitment to innovation and meeting the evolving needs of consumers.

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  • UPI Scam: Receiving Money From Unknown Sources in Your Bank Account? Do These 5 Things to Avoid Any Fraud

    UPI Scam: Receiving Money From Unknown Sources in Your Bank Account? Do These 5 Things to Avoid Any Fraud

    UPI Scams: The Unified Payments Interface popular known as UPI has become a popular mode of payment in India, with millions of users making transactions daily. However, with its convenience comes the risk of falling prey to scammers and fraudsters. The National Payment Corporation of India (NPCI) has issued UPI Safety Shield Tips to help users protect themselves from potential threats.

    One common UPI scam involves fraudsters sending money to unsuspecting victims’ accounts and then asking for it back, claiming it was a mistake. The victim, unaware that they have been scammed, ends up sending the money back, only to discover later that they have been defrauded.

    How to Stay Safe?

    • Firstly, users must only enter their UPI PIN when initiating a transaction to deduct money from their account. The UPI PIN is never required for receiving funds.
    • Secondly, users must verify the recipient’s name before confirming the UPI ID. Refrain from making payments without proper verification.
    • Thirdly, users must enter their UPI PIN solely on the dedicated UPI PIN page within the payment app. It is essential to keep your UPI PIN private from everyone.
    • You should use QR code scanning exclusively for making payments and not for receiving money. Ensure the legitimacy of the transaction before proceeding.

    Additionally, we advise you not to download unnecessary apps, such as screen-sharing or SMS-forwarding apps without understanding their purpose. It is crucial to exercise caution and verify the necessity of such applications. Users must also understand the implication of UPI PIN entry which results in a deduction from their account.

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  • India’s UPI Goes Global: Seamless Payments Now to Reach Sri Lanka & Mauritius!

    India’s UPI Goes Global: Seamless Payments Now to Reach Sri Lanka & Mauritius!

    India’s cutting-edge Unified Payment Interface (UPI) sets sail to Sri Lanka and Mauritius, spearheading a digital revolution across borders. On February 12, esteemed leaders from India, Sri Lanka, and Mauritius, including Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth, will converge in a virtual conference to herald the launch of UPI services in these two nations. This milestone event will witness the simultaneous rollout of India’s renowned RuPay card services in Mauritius, underscoring India’s commitment to bolstering digital infrastructure beyond its borders.

    More than just a transaction, a new era of connectivity

    This isn’t just about seamless cashless payments anymore. The launch of UPI in Sri Lanka and Mauritius aims to revolutionize digital connectivity between these nations. Imagine Indian tourists in Sri Lanka effortlessly paying for souvenirs using their smartphones, or Mauritian students in India making quick and secure bill payments – all thanks to UPI’s magic!

    Beyond UPI: RuPay joins the party!

    But wait, there’s more! As part of this landmark collaboration, India’s indigenous RuPay card services will also be launched in Mauritius. This means Mauritian banks can now issue RuPay cards, allowing their citizens to experience the convenience of RuPay transactions not only in India but also within Mauritius itself.

    Building bridges, one transaction at a time

    Bhutan paved the way in 2021 by adopting UPI, and since then, this innovative platform has found its way to several countries like Oman, UAE, Nepal, and even France. This expansion not only benefits travelers and facilitates business transactions but also strengthens cultural and economic ties between participating nations.

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