#npci

[todayworldnews2k21]

Paytm Shares Jump 6.50% On Getting NPCI Nod To Onboard New UPI Users

New Delhi: Shares of One97 Communications, the parent of Paytm, on Wednesday surged 6.50 per cent after the National Payments Corporation of India (NPCI) granted approval to Paytm to onboard new UPI users, subject to the adherence to all procedural guidelines and circulars. The stock jumped 6.34 per cent to Rs 730.90 on the BSE. At the NSE, it soared 6.51 per cent to Rs 731.15. The NPCI nod is…

[timesofinnovation]

Trinidad and Tobago has taken a significant step towards enhancing its financial infrastructure by collaborating with the National Payments Corporation of India (NPCI). This partnership aims to establish a digital payments system modeled after India's highly successful Unified Payments Interface (UPI), a platform that has transformed how millions of Indians conduct transactions. This initiative is not just an advancement in technology; it is a strategic move that can spur economic growth and enhance financial inclusion across the Caribbean nation. NPCI International Payments Limited (NIPL), the international arm of NPCI, will work closely with Trinidad and Tobago’s Ministry of Digital Transformation. The goal is to design a robust platform that facilitates both person-to-person (P2P) and person-to-merchant (P2M) transactions. This collaboration reflects NPCI's broader mission to promote India's digital payment innovations globally and reflects a growing trend among countries looking to modernize their payment systems. India's UPI has revolutionized the digital payment ecosystem in India since its launch in 2016. The interface allows users to link multiple bank accounts to a single mobile application, enabling seamless transfers, bill payments, and even small purchases with just a few clicks. As of recent reports, UPI recorded over 5 billion transactions in a single month, showcasing its capability and popularity. The adoption of a similar system in Trinidad and Tobago could create a streamlined payment infrastructure, enhancing convenience and security for consumers and businesses alike. It could potentially allow local businesses to reach a broader customer base by accepting digital payments, making transactions smoother and encouraging more digital commerce. In Trinidad and Tobago, where cash transactions are still prevalent, the introduction of a reliable digital payment platform could significantly increase financial inclusion, especially for underserved communities. This initiative is not limited to Trinidad and Tobago. NIPL has indicated ongoing discussions with several African and South American countries interested in developing their own digital payment systems. Such partnerships are indicative of a global shift towards digital transformation in the payment sector. For example, earlier this year, NIPL signed agreements to establish similar systems in Peru and Namibia, again utilizing the UPI framework as a template. This focus on collaboration signifies an understanding of the interconnected nature of global economies and the importance of streamlined payment systems. In the context of Trinidad and Tobago, the need for a modern payment system is underscored by the increasing demand for digital transactions, especially amidst the aftereffects of the COVID-19 pandemic. Consumers have become more accustomed to online shopping and contactless payments, making the transition to a digital-friendly ecosystem not only beneficial but necessary. Moreover, the NPCI's involvement symbolizes a shift in how countries can leverage expertise from international sources to meet local needs. Through this partnership, Trinidad and Tobago is not just adopting a technology; it is also receiving the expertise and support from one of the world leaders in digital payments. This collaboration can result in tailored financial solutions that are culturally and economically suitable for the Caribbean market. The potential impact of this partnership extends beyond transactions. A more efficient payment system can stimulate economic activity by reducing the costs associated with cash handling and increasing tax revenues as more transactions go digital. This change can facilitate the formalization of many sectors of the economy, which is particularly important in developing regions. In conclusion, the partnership between Trinidad and Tobago and NPCI represents a landmark opportunity for the Caribbean nation to leap towards a digitally enabled economy.

By adopting the principles behind India's UPI, Trinidad and Tobago can foster a payment environment that reflects modern consumer needs and expectations. As discussions continue with other regions, the implications of these agreements may set the stage for a more interconnected and digitally empowered global economy.

[bogorexpose]

Ketua DPRD Dukung Penuh Program SKOD Kabupaten Bogor

BOGOR – Ketua DPRD Kabupaten Bogor, Rudy Susmanto mendukung rencana NPCI yang tengah merintis pembentukan Sekolah Khusus Olahraga Disabilitas (SKOD) atau Pusat Pembinaan Olahraga Disabilitas (PPOD). Menurutnya, dirinya dan jajaran DPRD Kabupaten Bogor akan mendukung usulan positif apapun yang datang dari para pelaku olahraga di Kabupaten Bogor. “Banyak usulan positif bagi kemajuan olahraga di…

[phonemantra-blog]

In today's fast-paced India, digital wallets like Google Pay, PhonePe, and Paytm have revolutionized how we handle finances. From paying your neighborhood chai stall to settling hefty bills at the supermarket, the Unified Payments Interface (UPI) has become the go-to method for seamless and secure transactions. But with this newfound convenience comes the question of limitations – how much can you transfer using UPI? Worry not, this comprehensive guide will equip you with all the knowledge you need to navigate UPI transaction limits in India. UPI Transaction Limits Unveiling the UPI Transaction Limit Landscape The National Payments Corporation of India (NPCI), the governing body behind UPI, sets the standard limits for daily transactions. As per their guidelines, most routine UPI transactions are capped at a comfortable Rs 1 lakh per day. This covers all your regular purchases, bill payments, and money transfers to friends and family. Exceptions to the Rule: Higher Limits for Specific Sectors While the Rs 1 lakh limit caters to most everyday needs, certain sectors require larger transactions. Recognizing this, the Reserve Bank of India (RBI) has implemented higher limits for specific categories: Education & Healthcare: Understanding the importance of uninterrupted financial support for vital services, UPI transactions for educational institutions and hospitals enjoy a significantly higher limit of Rs 5 lakh per day. This revised limit, effective from December 8th, 2023, ensures smooth fee payments and billing processes within these institutions. Insurance: Managing insurance premiums requires flexibility. UPI transactions related to insurance can be conducted up to a limit of Rs 2 lakh per day. This allows for easier settlement of insurance payments without exceeding the standard limit. IPOs & Retail Direct Schemes: Participating in the stock market often involves larger investments. To facilitate this, the transaction limit for Initial Public Offerings (IPOs) and retail direct schemes is set at a substantial Rs 5 lakh per transaction. Understanding Bank-Specific Limits: It's Not Just NPCI While NPCI sets the national framework, individual banks can establish their limitations on UPI transactions within the overall guidelines. Here's an example: HDFC Bank: As an illustration, HDFC Bank has set a daily limit of Rs 1 lakh or 20 transactions for both person-to-person (P2P) and person-to-merchant (P2M) transactions using UPI. If you reach this limit within 24 hours, you'll have to wait until the next day to resume UPI transactions. Third-Party App Restrictions: Knowing Your Limits If you use UPI apps offered by entities other than your bank (third-party apps), the number of transactions might be capped. Typically, these apps have a lower limit compared to bank-specific UPI platforms. For instance, some third-party UPI apps might restrict the number of transactions to 10 per day. This information is usually readily available within the app itself or through the app provider's website. Security and the Power of UPI One of the key factors driving the widespread adoption of UPI is its robust security features. The two-factor authentication process, coupled with the convenience of QR code scanning for smaller payments, ensures a safe and user-friendly experience. A Recap: UPI Transaction Limits at a Glance For a quick reference, here's a table summarizing the various UPI transaction limits: CategoryTransaction LimitRegular Daily TransactionsRs 1 lakh/dayEducational Institutions & HospitalsRs 5 lakh/dayInsurance TransactionsRs 2 lakh/dayIPOs & Retail Direct SchemesRs 5 lakh/transactionP2P & P2M Transactions (HDFC Bank Example)Rs 1 lakh or 20 transactions/dayThird-Party UPI Apps (May Vary)10 transactions/day (or as specified by the app provider) Frequently Asked Questions Q: Can I increase the daily limit on my UPI transactions? A: Generally, no. The limits are set by NPCI and individual banks for security reasons. However, you can contact your bank to inquire about any exceptions or potential upgrades to your UPI account based on your banking history and needs. Q: How do I find out the specific UPI transaction limit for my bank? A: The easiest way is to visit your bank's website or mobile app and search for information on UPI limits. Alternatively, you can contact your bank's customer service department.

[myra-joshi]

RBI Governor Discusses UPI Expansion Strategies with Stakeholders

Reserve Bank of India (RBI) Governor Shaktikanta Das met with important people involved in the unified payments interface (UPI) system to talk about ways to make UPI more widely used.

These people included banks, the National Payments Corporation of India (NPCI), companies that make UPI apps, and technology providers.

They talked about how to make UPI better, like making it work for more people and adding new features. They also discussed the problems they face and came up with new ideas to get more people using digital payments.

Deputy Governor T Rabi Sankar and other top RBI officials were also there. The RBI will now look at all the ideas and decide what to do next.

[sanjana-s]

Understanding NPCI's Role in Shaping India's Digital Payments Future

By the end of this year, the National Payments Corporation of India (NPCI) might change its decision about limiting the market share of companies offering Unified Payments Interface (UPI) services to 30%. The deadline for this limit to take effect is December 2024.

A source in the industry told Business Standard that the 30% cap on transaction volume for UPI services will be reviewed by the end of the year.

In November 2022, a 30% cap on transaction volume for third-party app providers was proposed. UPI players were asked to limit their market share to 30% within two years.

In March, the NPCI discussed UPI growth with new players and strategies to empower them in the UPI ecosystem. This included encouraging third-party payment apps to attract users through investments and incentives.

Brands like Cred, Slice, Fampay, Zomato, Groww, and Flipkart are trying to attract users and promote their UPI services.

Last year, NPCI introduced an interchange fee on prepaid payment instrument (PPI)-based merchant transactions through UPI. The interchange fee for PPI issuers on transactions over Rs 2,000 is up to 1.1%, but it applies only to PPI-based merchant UPI transactions. UPI transactions in India increased by 56% in volume and 44% in value in FY24 compared to the previous year.

Google Pay, PhonePe, and Paytm were not invited to a recent meeting. This was because these three companies control more than 90% of both the number and value of UPI transactions.

NPCI wants to hear from different people about how they can make things fairer for smaller companies in the payment system.

Earlier this week, NPCI said One 97 Communications (OCL), Paytm's parent company, can move its users to new banks for UPI payments. This means Paytm can now offer UPI services through other banks.

In March, NPCI also let OCL work as a Third-Party Application Provider (TPAP) using many banks.

"After NPCI said yes on March 14, 2024, to let OCL work as a Third-Party Application Provider (TPAP) using many banks, Paytm has made it easier to move user accounts to Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are now ready to help Paytm with this," the company said in a stock exchange filing.

[livewellnews]

“Paytm Shares Surge 5% as NPCI Approval Sparks Investor Optimism”

Discover the latest surge in Paytm shares as investor optimism soars following the approval from the National Payments Corporation of India (NPCI). One97 Communications, the parent company of Paytm, witnessed its shares rise by 5.00% to reach 370.70 rupees each.

The approval from NPCI allows Paytm to participate in UPI (Unified Payments Interface) services as a Third-Party Application Provider (TPAP), ensuring seamless UPI transactions and AutoPay mandates for users and merchants. This significant milestone underscores Paytm’s commitment to innovation and enhancing its financial technology offerings.

Unlike competitors like PhonePe or Google Pay, Paytm, leveraging its banking arm, did not require a separate TPAP license. As part of the new partnership, Yes Bank, Axis Bank, SBI, and HDFC Bank will serve as Payment Service Providers (PSPs) for Paytm, with Yes Bank tasked with managing existing Paytm Payments Bank Limited (PPBL) UPI users.

Despite a slight dip in monthly transactions from January to February, Paytm remains the third-largest UPI payments app in India, processing 1.41 billion transactions in February alone. With nearly 12% share in UPI payments, Paytm continues to play a significant role in shaping India’s digital payments landscape.

As Paytm solidifies its position in the fintech sector with NPCI approval and strategic partnerships, investors are eyeing its future growth trajectory with heightened optimism. Stay tuned for further updates on Paytm’s journey as it continues to innovate and evolve in the dynamic world of digital finance.

[sabkiawaaj]

Payments Possible Through UPI in These Countries, Not Just in India

Payments Possible Through UPI in These Countries, Not Just in India The Unified Payments Interface (UPI), a groundbreaking digital payment system that has transformed the way financial transactions are conducted in India, is now extending its reach beyond the nation’s borders. This expansion marks a significant milestone in the global adoption of India’s innovative payment infrastructure,…

[martin-james2121]

These 5 UPI payments rules are changing This January 2024

The Unified Payments Interface (UPI) has emerged as a highly favored payment method in India. Introduced by the National Payments Corporation of India (NPCI) in 2016, it revolutionized the country’s payment landscape, altering how individuals transact money.

In the past few months, NPCI has unveiled various alterations in UPI payments, and here's an insight into the changes set to be implemented in January and those currently under consideration.

1. The limit for some UPI transactions increased

In December, RBI Governor Shaktikanta Das revealed an increase in the UPI transaction limit, raising it from the previous Rs 1 lakh to Rs 5 lakh. This adjustment applies specifically to payments made to hospitals and educational institutions with the aim to enhance the utilization of UPI for online payments, as stated during the announcement of the bi-monthly Monetary Policy Committee.

To Read More Click here...

[chequpi]

Heading to India for the World Cup 2023?

Score the ultimate travel goal with Cheq UPI! 📲 Say goodbye to hassles, hello to seamless payments. Your match-winning move! 🏆🎉

Official Website - https://www.chequpi.com/  #worldcup2023 #chequpi #upiforeveryone #npci #upione #upiforforeigntravellers

[news4nose]

You can access and withdraw cash from multiple bank accounts using a single UPI app through the UPI-ATM. UPI cashless transactions are considered highly secure due to the PIN-based authentication requirement. 

ATM isn’t a new thing anyway, but UPI-ATM is surely one you should know. Read More 

[tilli-software]

Tilli Software announces its successful participation at Global Fintech Fest 2023, showcasing innovative fintech solutions. Explore our journey and future plans. ... continue reading

[hackart-info]

Google Pay Expands UPI Registration with Aadhaar-Based Authentication - #technology #technews #news #breakingnews #apple #techgiants - https://hackart.info/google-pay-adds-aadhaar-based-upi-registration/?feed_id=370&_unique_id=6480993038667