Regulators eventually just have to reverse the proposal of capping market share on the Unified Payments Interface (UPI) in its current form by individual third-party payments apps.
The income tax department on Sunday hit out at banks levying fee on electronic transactions or payments via tools such as UPI, warning them of penal action for violating the law. On August 25, TOI had reported that almost all large private banks had introduced charges, ranging from Rs 2.50 to Rs 5, on person-to-person … Continue reading I-T dept warns banks against levying UPI fee
All the large private banks have introduced charges, ranging from Rs 2.5 to Rs 5, on person-to-person payments using the Unified Payments Interface (UPI) beyond 20 times a month. Although the government has said that payments using UPI would be free, bankers say that the charges have been introduced to prevent frivolous transactions from putting … Continue reading Pvt banks slap fees on use of UPI over 20x a month
The Covid-19 pandemic has dramatically changed what Indians are searching for on Google. Online searches for grocery delivery, immunity, online classes, UPI transactions, and even coronavirus insurance have gone up dramatically this year. Searches for “grocery delivery near me”, “online grocery delivery” and “ration dukaan” were up 550%, 350% and 300% this year.
The idea is to use messaging platforms such as Whatsapp to connect consumers with kirana stores, who will pay via digital payment tools such as UPI and BHIM. The logistics firms will then pick up grocery and other products from the stores through their network of delivery boys. The Aarogya Setu is proposed to be … Continue reading Government taps logistics firms to link consumers with kirana shops
After burning the midnight oil to migrate Yes Bank consumer IDs and merchant payments on the Unified Payments Interface (UPI) to ICICI Bank, both PhonePe and BharatPe (one of the largest merchant payments apps) said they restored operations fully over the weekend. These include peer-to-peer and merchant payments via UPI.
An unexpected fallout of the Reserve Bank of India’s moratorium on Yes Bank was a disruption of the Unified Payments Interface (UPI) offered by fintech firms, which accounts for the bulk of digital transactions in the country.
Account holders will be able to give standing instructions to enable recurring payments through the Unified Payments Interface (UPI) platform. The RBI has allowed payments processors to debit accounts through UPI based on a mandate provided by the customer. This facility would be available for payments of up to Rs 2,000 only.
The country’s largest payments company, Paytm, has said that it will allow shops that sign up to receive payments for free from the Unified Payments Interface (UPI), RuPay cards or Paytm e-wallet. Until now, merchants had to pay a fee if their total receipts crossed Rs 50,000 in a month.