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RBI raises UPI Lite and UPI 123Pay transaction limits to promote wider adoption and inclusion. UPI 123Pay’s limit doubles to ₹10,000, while UPI Lite’s wallet limit increases to ₹5,000 and per-transaction limit to ₹1,000, boosting convenience for user

UPI Lite, UPI 123Pay: RBI Raises Transaction Limits

RBI raises UPI Lite and UPI 123Pay transaction limits to promote wider adoption and inclusion. UPI 123Pay&rsquo;s limit doubles to ₹10,000, while UPI Lite&rsquo;s wallet limit increases to ₹5,000 and per-transaction limit to ₹1,000, boosting convenience for users.

At it's latest monetary policy meeting, the RBI decided to raise the transaction limits for UPI Lite and UPI 123Pay. RBI Governor Shaktikanta Das said, "UPI has transformed India&rsquo;s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation.
To further encourage wider adoption of UPI and make it more inclusive, it has been decided to
<ol>
<li>enhance the per-transaction limit in UPI123Pay from ₹5,000 to ₹10,000</li>
<li>increase the UPI Lite wallet limit from ₹2,000 to ₹5,000 and per-transaction limit from ₹500 to ₹1,000</li>
</ol>

UPI transactions saw slight declines in June, following record highs in May 2024. UPI transactions rose significantly year-on-year, while IMPS also showed yearly growth despite monthly drops

UPI transaction dips marginally in June to 13.89 billion after hitting a record high in May

<h2>UPI transactions saw slight declines in June, following record highs in May 2024. UPI transactions rose significantly year-on-year, while IMPS also showed yearly growth despite monthly drops</h2>

The Unified Payment Interface transactions saw a marginal dip of 1% in volume and 2% in value in the month of June. This comes a month after hitting a record high of processing 14.04 billion transactions worth Rs 20.45 trillion.&nbsp;May 2024 numbers were the highest in terms of value and volume since UPI became operational in April 2016
<h3>UPI transaction in June</h3>
As per data shared by NPCI, in June 2024, UPI volume was seen at 13.89 billion and value at Rs 20.07 trillion. Compared to the same month in 2023, this was a 49% rise in volume and 36% rise in value.&nbsp;
Meanwhile, the Immediate Payment Service (IMPS) transaction volume was down by 7% in June to 517 million, compared to 558 million in May. In terms of May, IMPS transactions were down 5% to Rs 5.78 trillion in June, as against Rs 6.06 trillion in May.
In terms of value, IMPS transactions were down 5% to Rs 5.78 trillion in June, as against Rs 6.06 trillion in May. In April, this was at 550 million in volume and Rs 5.92 trillion in value. The June numbers were 10% up in volume and 15% in value compared to the same month last year.
Also watch: <a href="https://www.editorji.com/business-news/economy/upi-transactions-in-india-soar-highest-ever-transactions-seen-in-december-2023-1704201157198">UPI transactions in India soar: Highest ever transactions seen in December 2023</a>

Peru becomes the first South American country to adopt UPI technology, aiming to enhance financial infrastructure, economic growth, and financial inclusion

South America's Peru to adopt UPI like instant payment system in colloboration with NPCI

<h2>Peru becomes the first South American country to adopt UPI technology, aiming to enhance financial infrastructure, economic growth, and financial inclusion</h2>

The NPCI International Payments Limited along with Central Reserve Bank of Peru (BCRP) is deploying a UPI like payment system in Peru. With this Peru becomes the first South American country to adopt UPI technology
<h3>UPI technology in Peru</h3>
As per Ritesh Shukla, the CEO of NPCI International, the partnership aims to strengthen Peru&rsquo;s financial infrastructure, to foster economic growth.&nbsp;
&ldquo;Our partnership with the BCRP aims to strengthen Peru&rsquo;s financial infrastructure, to foster economic growth. We will be working together to address our common objective of promoting digital payments, financial inclusion, cost optimization, and transparency in the payment landscape, with scope for further scalability and adaptability, to embrace future technological advancements and market demands. It also reflects on our commitment towards advancing digital public goods across the globe.&rdquo;
This partnership also empowers the Central Reserve Bank of Peru to establish a reliable and efficient real-time payments platform within the country. UPI facilitates instant payments between individuals and businesses, thereby reducing reliance on cash-based transactions and expanding the use of digital payments to Peru&rsquo;s large unbanked population. This also enables greater connectivity and interoperability with both domestic and international payment networks.
Meanwhile, Governor of the BCRP, Julio Velarde has acknowledged, Reserve Bank of India's support as a cornerstone for this agreement.&nbsp;
The support of the Reserve Bank of India has been a cornerstone of this agreement. The BCRP aims to promote financial inclusion, security, and efficiency and to introduce new use cases in digital payments. Additionally, we consider that this new infrastructure will play a fundamental role in fostering innovation and in allowing new participants to enter the Peruvian ecosystem&rdquo;, said Julio Velarde.
Also watch: <a href="https://www.editorji.com/business-news/economy/upi-transactions-in-india-soar-highest-ever-transactions-seen-in-december-2023-1704201157198">UPI transactions in India soar: Highest ever transactions seen in December 2023</a>

Credit cards saw the highest growth rate at 21%, surpassing both debit cards, which grew by just 2%, and prepaid cards, which saw a 13% increase

India's spending habits: UPI dominates digital payments, credit cards witness high growth

<h2>Credit cards saw the highest growth rate at 21%, surpassing both debit cards, which grew by just 2%, and prepaid cards, which saw a 13% increase</h2>

India's digital payments, led by UPI, soared in the latter half of 2023 as compared to the same period in 2022, with a 56% surge in transaction volumes to 65.77 billion.
According to a report by Worldline, a leading global payment services provider, the value of these UPI transactions also surged by 44% to 99.68 trillion rupees. Despite the prevalence of UPI, traditional cards also continued to witness a growth. The total number of cards in circulation increased by a modest 6% to reach 1.384 billion.
Notably, credit cards saw the highest growth rate at 21%, surpassing both debit cards, which grew by just 2%, and prepaid cards, which saw a 13% increase.
In January 2022, Person-to-merchant (P2M) transactions accounted for 40.3 per cent of all UPI transactions compared to 57.5 per cent in June 2023 and this percentage is likely to grow further, it said.
Another indicator that prognosticates the future of UPI growth and particularly UPI P2M transactions is the average ticket size (ATS), it said, adding, ATS for UPI Person-to-merchant&nbsp;transactions which was Rs 885 in January 2022 has reduced to Rs 653 in June 2023.
This indicates that UPI is now being increasingly used for micro transactions, indicating a further entrenchment of UPI.
With regard to Electronic Toll Collection (ETC), the report said, it has really changed how "we pay for tolls on the country's roads and now increasingly at parking plazas among other use cases." Drivers across the country can testify how easier it has made driving on roads and this steady adoption is reflected in the numbers, it said.
To start with, it said, the number of tags issued has grown from 45.97 million in January 2022 to 71.92 million in June 2023, a 56.5 per cent growth.
In terms of volume, it said, transactions in H123 were 1.85 billion compared to 1.57 billion in H122, a 17.6 per cent growth while the value of ETC transactions in H123 was Rs 30,340 crore, a 25.3 per cent increase when compared to H122.&nbsp;

This follows a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network Fonepay Payment Service in September last year

Now make payments in Nepal using UPI

<h2>This follows a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network Fonepay Payment Service in September last year</h2>

The NPCI on Friday announced that Unified Payment Interface (UPI) is now live in neighbouring Nepal.
UPI users can scan QR codes to make payments to Nepalese merchants, an official statement said.
This follows a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network Fonepay Payment Service in September last year.
In its first phase, the partnership will enable Indian consumers to make instant, secure, and convenient UPI payments across various business stores in Nepal by using UPI-enabled apps, the statement said.
Merchants acquired by the participating members of Fonepay Network can accept UPI payments from Indian customers, it specified.
It called the integration a "revolutionary shift" in cross-border transactions between citizens of both countries.
"This initiative not only signifies our commitment to innovating the digital payments space but also reflects our dedication to creating new avenues for trade, strengthening the bond between the two nations," NIPL's chief executive Ritesh Shukla said.
"I am confident that this cross-border payment solution will significantly improve economic ties, commerce, and tourism between the two nations, eventually promoting economic prosperity and progress," Fonepay's chief executive Diwas Kumar said.&nbsp;

The UPI serves as India's mobile-centric rapid payment system, enabling customers to conduct instant transactions around the clock but as per a survey, any fee charged on the transaction will prompt the majority of customers to drop the method 

Majority of customers say they will drop UPI payment method if a transaction fee is charged: Survey

The UPI serves as India's mobile-centric rapid payment system, enabling customers to conduct instant transactions around the clock but as per a survey, any fee charged on the transaction will prompt the majority of customers to drop the method&nbsp;

A survey conducted by Localcircles revealed that the majority of customers will stop using UPI if a transaction fee is levied on the payments.&nbsp;
Out of a total of 34,000 responses from citizens in over 364 districts, 73% said they are not willing to pay any transaction fee on UPI while 23% of respondents were okay with bearing a fee.
The survey revealed that a portion of platforms or merchants are imposing either a convenience fee or transaction charge for UPI transactions. Among the surveyed UPI users, 37% reported experiencing one or more instances of this practice within the past 12 months.
In the survey, most consumers highlight the ₹20 convenience fee imposed by IRCTC for UPI payments as a prevalent example. Additionally, numerous other payment gateways have been noted for levying transaction fees on UPI transactions for merchants, leading some merchants to pass these charges on to consumers.
The survey consisted of 67% of male respondents and 33% of women.
Earlier in August 2022 the Reserve Bank of India had proposed a tiered structure of charge on payments made through UPI based on different amount bands. After this discussion paper, the Finance Ministry clarified that as of now there is no such proposal to levy any transaction fee on UPI transactions.&nbsp;
What is UPI?
The Unified Payments Interface serves as India's mobile-centric rapid payment system, enabling customers to conduct instant transactions around the clock using a Virtual Payment Address established by the user.
As per data from the Central government, UPI transactions within the country have surged from 92 crore in the fiscal year 2017-18 to 8,375 crore in 2022-23, marking a compound annual growth rate of 147% in terms of volume. Additionally, the value of UPI transactions has ascended from ₹1 lakh crore in 2017-18 to ₹139 lakh crore in 2022-23, representing a CAGR of 168%. Also Watch: <a href="https://www.editorji.com/business-news/economy/moody-s-raises-india-s-2024-gdp-growth-estimate-to-6-8-from-earlier-forecast-of-6-1-1709537802869">Moody's raises India's 2024 GDP growth estimate to 6.8% from earlier forecast of 6.1%</a>

NPCI has clarified that the increased limit, from ~1 lakh to ~5 lakh, will only apply to “verified merchants"

Increase UPI transfer limit to ₹5 lakh by Jan 10: NPCI directs members

<h2>NPCI has clarified that the increased limit, from ~1 lakh to ~5 lakh, will only apply to &ldquo;verified merchants"</h2>

The National Payments Corporation of India (NPCI) has mandated compliance by January 10 with the banking regulator&rsquo;s directive to elevate the UPI transaction cap to ₹5 lakh for hospitals and educational services, according to Business Standard report.
NPCI has urged banks, payment service providers (PSPs), and UPI applications to adjust transaction limits for specific merchant categories to adhere to this update.
&ldquo;It is a move in the right direction. The average ticket size has gone up in these sectors. So, it&rsquo;s a good move to increase the limits," said Vishwas Patel, joint managing director, Infibeam Avenues.
He anticipates no significant challenges in implementing these changes by January 10. PhonePe has also confirmed that it was &ldquo;on track to roll out the required changes for users as per the prescribed timelines."&nbsp; Also read/watch - <a title="RBI raises UPI limit to Rs 5 lakh per transaction for hospitals and educational institutions" href="https://www.editorji.com/business-news/personal-finance/rbi-raises-upi-limit-to-rs-5-lakh-per-transaction-for-hospitals-and-educational-institutions-1702023225303#google_vignette">RBI raises UPI limit to Rs 5 lakh per transaction for hospitals and educational institutions</a>
It's emphasized that the increased limit&mdash;from approximately ₹1 lakh to ₹5 lakh&mdash;will exclusively apply to "verified merchants."
&ldquo;Members (PSPs&amp;Banks), UPI apps, merchants, and other payment providers are requested to take note of the enhancement, and undertak requisite changes. Members are requested to ensure compliance with the same by 10th January 2024," it said in a circular.
Merchants are mandated to activate UPI with enhanced limits. The responsibility of vetting and adding merchants to the verified list rests with acquiring entities after conducting due diligence.
&ldquo;Here, the due diligence is to be done by the merchant acquirer and not by PhonePe in its role as a third-party application provider (TPAP). That said, since we also play the role of an acquirer, we have our own internal due diligence process to ensure conformance with the regulatory requirements," PhonePe said in a statement, BS reported.&nbsp;&nbsp;

Any UPI ID which is inactive for one year stands to get disabled from Jan 1, 2024 onwards

UPI transactions in India soar: Highest ever transactions seen in December 2023

<h2>Any UPI ID which is inactive for one year stands to get disabled from Jan 1, 2024 onwards</h2>

In December last year, the Unified Payments Interface (UPI) recorded a substantial surge, totaling ₹18.23 lakh crore in transaction value, marking a remarkable 54% increase compared to the data from 2022. The volume of transactions also soared, reaching 12.02 billion, showcasing a 42% rise compared to the previous year's figures.
Earlier, the transaction volume peaked at ₹17.40 lakh crore in November and ₹17.16 lakh crore in October, reflecting the consistent upward trajectory in UPI transactions. Also read/watch -<a title=" Income tax filings reach a record high of 8.18 crore by December 31st " href="https://www.editorji.com/business-news/income-tax-filings-reach-a-record-high-of-8-18-crore-by-december-31st-1704197799942"> Income tax filings reach a record high of 8.18 crore by December 31st</a>
Inactive UPI IDs However, there's a significant development in store for inactive UPI IDs. Starting January 1, 2024, any UPI ID that remains inactive for a year will be disabled. This action follows a circular issued by the National Payments Corporation of India (NPCI) on November 7, 2023.
Affected customers have the option to re-register their UPI apps to reactivate their IDs, allowing them to resume making payments and non-financial transactions using their UPI PINs.&nbsp;

The festive season proved instrumental in catapulting digital payments to unprecedented levels in October 2023, demonstrating a substantial and robust surge

Festive Boost: UPI achieves 11 billion transactions in 2 months

Festive Boost: UPI achieves 11 billion transactions in two months

<h2>The festive season proved instrumental in catapulting digital payments to unprecedented levels in October 2023, demonstrating a substantial and robust surge</h2>

India's Unified Payments Interface marked a milestone by swiftly adding a billion transactions in just two months, catapulting the overall tally to 11 billion, as revealed in the Reserve Bank of India's latest monthly bulletin.
This surge in transactions stands out as the fastest addition of a billion transactions in UPI's history, fueled significantly by the festive fervour during this period.
According to the RBI, the festive season played a pivotal role in propelling digital payments to new heights in October 2023, showcasing a robust expansion. Year-on-year growth across major payment modes notably outpaced the preceding month, painting a vivid picture of India's burgeoning digital economy.
The RBI's bulletin highlighted the adoption of the Initial Public Offering facility through UPI, nearly doubling its mandates in October 2023 compared to the same period last year. Additionally, credit cards continued their upward trajectory, buoyed by incentives like cashback, reward points, contactless features, and the integration of UPI-linked credit cards.
Earlier reports by global payments service provider Worldline had also emphasized the exponential growth of UPI transactions, surging by an impressive 62% in the first half of 2023 compared to the corresponding period in the previous year.
The surge in UPI transactions is not an isolated trend. The 'India Digital Payments Report for H1 2023' indicated a substantial rise, showcasing a meteoric growth from 151 million in January 2018 to 9.3 billion in June 2023. Notably, Person-to-Merchant (P2M) transactions accounted for over half of these transactions, marking a significant shift in consumer behaviour and preferences.
Moreover, to ensure a structured growth trajectory in cross-border payments, the RBI has introduced regulations designating entities engaged in payment and settlement for cross-border export/import transactions as "Payment Aggregators &ndash; Cross Border (PA-CB)" under the Payment and Settlement Systems Act, 2007.
The rapid rise in digital transactions, particularly via UPI, underscores the increasing reliance and preference for convenient, secure, and efficient payment methods, paving the way for further innovations in India's evolving digital financial landscape.
Also Watch: <a href="https://www.editorji.com/business-news/upi-transactions-shatter-records-surpass-10-billion-milestone-in-august-1693538425528#google_vignette">UPI Transactions Shatter Records, Surpass 10 Billion Milestone In August</a>

The surge in transaction value during October was credited to the festive season: NPCI 

UPI: Record high of 11 billion transactions carried out in October

The surge in transaction value during October was credited to the festive season: NPCI&nbsp;

UPI transactions continue to soar. As per the National Payments Corporation of India (NPCI), 11 billion transactions totalling over 17 lakh crore were carried out via UPI.&nbsp; Ministry of Electronics and IT made the announcement on X.&nbsp;
https://publish.twitter.com/?query=https%3A%2F%2Ftwitter.com%2F_DigitalIndia%2Fstatus%2F1719601256799625414&amp;widget=Tweet
The UPI system has seen remarkable expansion, with Sunil Rongala, Senior Vice President, Head of strategy, Innovation &amp; Analytics at Worldline India, noting that it has evolved from 151 million transactions in January 2018 to a staggering 11 billion in October 2023. With such momentum, it is foreseeable that UPI transactions could reach 20 billion per month within the next 18-24 months.
<h3>About UPI</h3>
A key factor contributing to this sustainable growth is the increasing popularity of Person-to-Merchant (P2M) transactions. UPI, launched by the NPCI in 2016, has transformed how people in India handle their financial transactions, and its success has even extended to other countries due to its speed, security, and convenience. The system's compatibility with existing payment platforms and its ability to facilitate cross-currency transactions at favorable exchange rates have further fueled its popularity. Presently, there are 300 million UPI users and 500 million merchants utilizing UPI for their business transactions.&nbsp;

The NPCI on Wednesday launched a slew of new payment options on popular payments platform UPI, including conversational transactions

Hello! UPI: NPCI launches voice-enabled transaction & new features on UPI

The NPCI on Wednesday launched a slew of new payment options on popular payments platform UPI, including conversational transactions

Now, you will be able to pay via Unified Payment Interfaceor UPI using your voice. The NPCI on Wednesday launched a slew of new payment options on popular payments platform UPI, including conversational transactions - Hello! UPI.
Along with Hello! UPI, NPCI has introduced new applications like Credit Line on UPI, UPI LITE X, and Tap &amp; Pay.&nbsp;
<h2>Hello! UPI</h2>
In a press release NPCI mentioned that Hello!-UPI will allow users to make voice-enabled payment via UPI apps, telecom calls, and Internet of Things (IoT) devices. The user can simply speak to the AI-powered solutions to make a transaction.&nbsp;
It will be available through two modes &mdash; on-call (through a voice call) and in-app (through any UPI app), as per a partner whitepaper named 'Conversational Payments on UPI: Unlocking New Frontiers for Next-generation Payments' available on the NPCI website. The on-call feature will allow users to dial a number where the user will be greeted and guided through IVR to complete the payment process. The in-app facility will allow users to use their voice inputs on any UPI app to conduct a payment.&nbsp;
<h2>Credit Line on UPI</h2>
To expand access to credit, promote financial inclusion and innovation, NPCI has rolled out credit line on UPI.
This will enable pre-sanctioned credit lines from banks via UPI and will revolutionise customer access to credit, fostering a more streamlined and digital banking ecosystem, NPCI said.
The initiative has several key features, including linking pre-sanctioned credit lines, creation of digital credit products by banks, establishment of interest-free credit periods and corresponding interest rates, defined schedule of charges, customer engagement channels for credit sanction requests, and the ability to link various pre-sanctioned credit lines via UPI-enabled apps for transactions.
To ensure seamless interoperability, all UPI apps, including bank and third-party ones, will be empowered to discover and link credit lines on UPI.
<h2>UPI LITE X</h2>
Through this feature, users can send and receive money, while being offline, allowing users to execute transactions even in areas with poor connectivity.
UPI LITE X will be accessible to anyone with a compatible device that supports Near Field Communication (NFC), offering payments faster than other payment methods, as they require less time to process the transaction.
<h2>UPI Tap &amp; Pay</h2>
In addition to the conventional scan-and-pay method, users will now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.&nbsp;

India’s National Payments Corp is in talks with several countries in Latin America and Africa to introduce its UPI and RuPay cards globally. RBI is also planning to introduce a wholesale CBDC in the interbank borrowing market to enable banks to acces

India in talks to introduce UPI and RuPay cards in Latin America and Africa

India’s National Payments Corp is in talks with several countries in Latin America and Africa to introduce its UPI and RuPay cards globally. RBI is also planning to introduce a wholesale CBDC in the interbank borrowing market to enable banks to access short-term liquidity from other financial institutions

India&rsquo;s National Payments Corp is in talks with several countries in Latin America and Africa to introduce its UPI and RuPay cards globally

India is actively engaging in discussions with several countries in Latin America and Africa to introduce its renowned Unified Payment Interface (UPI) and RuPay cards on the global stage. A senior government official revealed that these negotiations are spearheaded by the National Payments Corp of India (NPCI), the entity behind the development of UPI and RuPay, in collaboration with the Reserve Bank of India (RBI).
These efforts signify India's strong ambition to establish its payment platforms internationally. The discussions are currently ongoing with high commissions and embassies of these nations and are progressing through various negotiation stages.
In August, it was reported that India was in talks with Namibia, Mozambique, and Kenya, with the aim of forming commercial partnerships to launch UPI in these markets. "We have specific objectives for popularizing and internationalizing RuPay and UPI," the official stated.
Ritesh Shukla, the international chief executive of NPCI, expressed confidence that the number of countries using UPI will double within the next 12-18 months. This initiative aligns with India's vision to promote digital payments and financial inclusion on a global scale.
Furthermore, the RBI is planning to introduce a wholesale central bank digital currency (CBDC) in the interbank borrowing market, particularly in the call money market. This move will enable banks to access short-term liquidity from other financial institutions. The interbank call money market facilitates lending and borrowing of funds at interbank rates among various financial entities, including banks and mutual funds.

UPI transactions crossed 10 billion transactions in volume for the first time in a month in August

UPI Transactions Shatter Records, Surpass 10 Billion Milestone In August

UPI transactions crossed 10 billion transactions in volume for the first time in a month in August

The National Payments Corporation of India (NPCI) has announced that Unified Payments Interface (UPI) transactions have crossed the 10 billion mark in August.
In a post on X, formerly known as Twitter, NPCI stated on Thursday, 'Drumroll, please! UPI has just shattered records with an astonishing 10 billion-plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let's keep the momentum going and continue to revolutionize the way we make transactions with UPI!'
<blockquote class="twitter-tweet">
30th AUGUST 2023: DAILY PAYMENTS STATISTICS <a href="https://twitter.com/hashtag/BHIMUPI?src=hash&amp;ref_src=twsrc%5Etfw">#BHIMUPI</a> <a href="https://twitter.com/hashtag/IMPS?src=hash&amp;ref_src=twsrc%5Etfw">#IMPS</a> <a href="https://twitter.com/hashtag/NETC?src=hash&amp;ref_src=twsrc%5Etfw">#NETC</a> <a href="https://t.co/KQNtm8wx3v">pic.twitter.com/KQNtm8wx3v</a>
&mdash; NPCI (@NPCI_NPCI) <a href="https://twitter.com/NPCI_NPCI/status/1697253392882733166?ref_src=twsrc%5Etfw">August 31, 2023</a></blockquote>
According to NPCI data, UPI transactions on August 30th totaled 10.24 billion, compared to 9.96 billion transactions recorded in July and 9.33 billion in June. In terms of value, monthly UPI transactions reached Rs 15,18,456.4 crore on August 30th, slightly lower than July's Rs 15,33,645.20 crore.
Also Read: <a href="https://www.editorji.com/business-news/india-s-upi-transaction-hits-record-9-billion-transactions-worth-rs-14-lakh-crore-in-may-1685678492889">India's UPI transaction hits record 9 billion transactions worth Rs 14 lakh crore in May</a>
Remember, UPI (Unified Payment Interface) is an instant payment system that allows users to transfer money instantly to any bank account through mobile devices, around the clock. It was created by NPCI, an umbrella organization for all retail payment systems in India.

Finance Minister Nirmala Sitharaman has said that India's digital payment system can assist Indonesia in achieving its financial inclusion goals

3rd G20 meet: After France, India in talks with Indonesia over UPI linkage

Finance Minister Nirmala Sitharaman has said that India's digital payment system can assist Indonesia in achieving its financial inclusion goals

India is in talks with Indonesia to link Indonesia's payment system with UPI that would enable transaction in local currency. Finance Minister Nirmala Sitharaman discussed linking UPI with her Indonesia counterpart Sri Mulyani Indrawati.&nbsp;
The two countries announced the launch of &lsquo;Economic and Financial Dialogue&rsquo; that focuses on intensifying trade and investment relationship. Along with linking UPI, India is also looking to seal a deal for bilateral trade in domestic currency and real-time card recognition.
The currency arrangement is expected to be similar to the one with the UAE by which Indian importers can settle with Indonesian Rupiah while those who are exporting can get paid in Indian rupees.
An Indian official also mentioned that there was a significant interest in India's digital public infrastructure and that Indonesia could be among those that &ldquo;take one of the bricks from the Indian stacks", after Singapore, UAE and France.
Finance Minister Nirmala Sitharaman also said that India's digital payment system can provide time-tested solutions for digital payment which can assist Indonesia in achieving its financial inclusion goals.
&ldquo;The areas of cooperation include bilateral investment, financial services and infrastructure development, among others. For instance, India has developed expertise in digital public infrastructure. It can provide time-tested solutions for convenient and affordable digital payments, which can assist Indonesia in achieving it", said Finance Minister Nirmala Sitharaman after meeting her Indonesia counterpart Sri Mulyani Indrawati.
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&nbsp;
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PM Modi would launch the UPI-Lyra linkage from an iconic location in Paris if the deal is finalised and France would become the first country in Europe to adopt UPI

PM Modi France visit: France, first country in Europe, likely to adopt UPI system

PM Modi would launch the UPI-Lyra linkage from an iconic location in Paris if the deal is finalised and France would become the first country in Europe to adopt UPI

PM Narendra Modi's three days visit to France is expected to strengthen the bilateral ties between the countries. Even though the discussions are poised to be more on the defence side, both the countries will strengthen their ties in sectors like digital payment system, manufacturing and clean energy.
As per a report by Hindustan Times, discussions on establishing UPI system in France will be held. The deal is expected to be similar to that of the India-Singapore fast payment linkage. This will be the first in Europe if the Macron government decides to link their payment app Lyra with UPI. The report further stated that PM Modi would launch the linkage from an iconic location in Paris if the deal goes through.
In 2022, the NPCI signed an MoU with France's Lyra to accept &nbsp;UPI and Rupay in the country. India is also looking to expand the UPI services in US, Europe and West Asia.
In 2023, India and Singapore signed an agreement by which users of UPI and Singapore's PayNow can now send money across borders quickly, securely, and affordably via their respective mobile apps. UAE and Bhutan has also adopted India's UPI system so far.
&nbsp;
&nbsp;
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The data from Reserve Bank of India suggests that the aggregate debit card transactions by value stood at Rs 7.2 lakh crore in FY23. In comparison, the value of transactions via UPI stood at Rs 139.2 lakh crore, as per the NPCI data

UPI preferred over Debit cards due to ease of use and zero fees

The data from Reserve Bank of India suggests that the aggregate debit card transactions by value stood at Rs 7.2 lakh crore in FY23. In comparison, the value of transactions via UPI stood at Rs 139.2 lakh crore, as per the NPCI data

Indians prefer using Unified Payments Interface (UPI), over debit card payments due to the ease of use and zero fees applicable, reported Mint. As per the publication, for every ₹100 spent on debit cards, consumers spent over ₹1,900 via UPI in the year ended 31 March 2023.
The data from Reserve Bank of India suggests that the aggregate debit card transactions by value stood at Rs 7.2 lakh crore in FY23. In comparison, the value of transactions via UPI stood at Rs 139.2 lakh crore, as per the NPCI data.&nbsp;
The volume of transactions via Debit cards have also been declining. In FY21 the volume was at 4 billion, which declined to 3.9 billion in FY22 and 3.4 billion in FY23. Meanwhile, the UPI transaction volume was at 83.8 billion in FY23.
While consumers have shifted to UPI due to convenience and ease of use, merchants are preferring the method due to zero merchant discount rate (MDR) fees. The inherent fees for merchants using debit cards for payments ranges from 0.5% to 0.9%. Contactless payments during the pandemic has also made the payment method familiar among the masses.
&ldquo;Merchants prefer UPI payments since they do not have to deploy expensive PoS [point of sale] machines for accepting payments. A simple QR print acts as an acceptance device, and, accordingly, UPI acceptance has become ubiquitous across the merchant ecosystem, fuelling a virtuous cycle for UPI payments," said Rohan Lakhaiyar, partner, Grant Thornton Bharat to Mint.
Besides this, the settlement of transactions is immediate in UPI, while for debit card transactions it happens the following day.
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As per NPCI, the transaction count has grown 58% year on year and the transaction amount has increased by 43%

India's UPI transaction hits record 9 billion transactions worth Rs 14 lakh crore in May

As per NPCI, the transaction count has grown 58% year on year and the transaction amount has increased by 43%

The Unified Payment Interface in India has hit a record 9 billion transactions worth Rs 14.3 lakh crore in May this year. In a data released by the National Payments Corporation of India (NPCI) said that in the last 10 days of May Rs 3.96 lakh crore of money was transacted using UPI.
The NPCI took to twitter and tweeted, &ldquo;It's 9 Billion+ transactions in May`23! Make seamless payments from your mobile in real-time with UPI". As per NPCI, the transaction count has grown 58% year on year and the transaction amount has increased by 43%. Compared to April, the transaction value has risen by 2% and the volume has increased by 6%.
Earlier, a PwC report stated that the UPI transactions will likely reach 1 billion per day by 2026-27 and will account for 90% of the retail digital payments in the country. This rise in transaction comes at a time, when the government is looking to bring in tax collection across various segments under digital payment.
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According to the PwC analysis, UPI accounted for over 75% of the retail segment's total transaction volume between 2022 and 2023

UPI will handle 90% of retail digital payments by 2026–2027: PwC India

According to the PwC analysis, UPI accounted for over 75% of the retail segment's total transaction volume between 2022 and 2023

UPI transactions are forecast to grow steadily and reach 1 billion per day by 2026&ndash;2027, making up 90% of all retail digital payments in the nation, according to a PwC India estimate.
The PwC research titled "The Indian Payments Handbook - 2022-27" stated that the Unified Payments Interface (UPI), which is leading the digital payments revolution, accounted for nearly 75% of the overall transaction volume in the retail industry during 2022&ndash;23.
According to the report, over the next five years, UPI is expected to handle 90% of all retail digital payment transactions.
According to the report, the Indian digital payments market expanded steadily at a CAGR of 50% (volume-wise) and is predicted to increase to 411 billion transactions in FY 2026&ndash;27 from 103 billion in FY 2022&ndash;23.
By FY2026&ndash;2027, it is predicted that UPI will record 1 billion transactions every day, up from 83.71 billion in 2022&ndash;2023 to 379 billion in 2026&ndash;2027.
It added that, after UPI, cards (both debit and credit) payments are one of the most popular retail digital payment methods, and the credit card market in particular, is still expanding at a strong rate. By FY 2024&ndash;2025, credit card usage is anticipated to outpace debit card usage in terms of transaction volume.
According to the PwC estimate, the credit card industry would generate close to 76% of all card sales in 2022&ndash;2023, making it a lucrative market for banks, NBFCs, and FinTech.
According to the report, the revenue from credit card issuance climbed by 42% in 2022&ndash;2023 compared to 2021&ndash;2022 and is anticipated to expand by a CAGR of 33% over the following five years.&nbsp;

In India, UPI-related scams make almost 55% of all digital payment frauds.
But the average ticket size for these frauds is less than ₹10,000

55% of all digital payment frauds in India are tied to UPI

In India, UPI-related scams make almost 55% of all digital payment frauds. But the average ticket size for these frauds is less than ₹10,000

UPI-related digital payment scams in India make up the majority of total digital payment frauds in India. More than half (55%) of all recorded digital payment scams in India were connected to the United Payments Interface. A further 18% are card-related, 12% are internet banking-related, and 9% come from phishing calls, according to a recent survey released on Tuesday
However, the majority of UPI-related frauds involve small ticket sizes. digital solutions platform Bureau and consultancy firm Praxis released a research titled "The Anatomy of Fraud 2023" that states that 50% of these have an average ticket size of less than ₹10,000. Another 48% of tickets range from ₹10,000 to ₹1,00,000 in size. Only 2% of these frauds involved a ticket worth more than ₹1,00,000.
Given that UPI has recently experienced remarkable growth in acceptance and popularity, the report's conclusions are extremely important. According to figures, 36% of all non-cash retail transactions in India occurred over UPI in 2019&ndash;20 (FY20). It increased to 44% in FY21. 57% of all non-cash retail transactions in FY22 were completed using UPI.
In most industries, identity-related frauds made up the largest portion of all frauds. In 2021, account-related fraud made for 65% of all frauds in the financial services industry. These consist of account creation and account takeover. Account-related fraud accounted for 54% of all frauds in the e-commerce sector. &nbsp;
According to the survey, the Centre is taking proactive steps to stop these frauds. Customers are being protected by initiatives like strict know-your-customer (KYC) standards and laws for real-money gambling industries, among others.
In addition, 60% of the firms responding to the poll said they would boost their spending on fraud prevention and detection during the following two years, as reported by Business Standard.&nbsp;

Payment transaction through UPI surged 60% YOY in March to a record 8.7 billion. March 2023 saw the highest ever transaction worth Rs 14.05 lakh crore
 

UPI records highest-ever transaction worth Rs 14.05 lakh crore in March 2023

Payment transaction through UPI surged 60% YOY in March to a record 8.7 billion. March 2023 saw the highest ever transaction worth Rs 14.05 lakh crore




Payment transaction through UPI surged 60% YOY in March to a record 8.7 billion. March 2023 saw the highest ever transaction worth Rs 14.05 lakh crore
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As per data from National Payments Corporation of India (NCPI), transactions through Unified Payments Interface (UPI), surged 60% year-on-year to a record 8.7 billion in March 2023. The transactions were worth Rs 14.05 lakh crore. In March 2022, the platform had processed 5.4 billion transactions worth ₹9.6 lakh crore.&nbsp;
Over the fiscal year 2023, the payment system processed 83 billion transactions worth Rs 139 Lakh crore. As per NPCI, UPI recorded 45 billion transactions worth Rs 84 lakh crore during FY22. The previous high was seen in January 2023, when the platform recorded 803 crore transactions worth ₹12.98 lakh crore.&nbsp;&nbsp;
NPCI's managing director and CEO Dilip Asbe has said that on an average, UPI processes about 30 million transactions a day. The NPCI had announced an interchange fee of 1.1% via prepaid instruments&mdash;such as wallets or cards to merchants from 1st April.
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