The World Opinion

Tag: NPCI

  • 75% Of Users Say They’ll Stop Using UPI If THIS Happens: Find Out The Reason Here |

    New Delhi: Around 75 per cent UPI users will stop using it if any transaction charge is levied on the service, a survey by Localcircles said on Sunday. The survey found that 38 per cent of users make over 50 per cent of their payment transactions via UPI instead of debit, credit or any other form of digital transaction.

    “Only 22 per cent UPI users surveyed are willing to bear a transaction fee on payments, 75 per cent of respondents stated that they will stop using UPI if a transaction fee is introduced,” the survey said. The survey comprising three broad areas claims to have received 42,000 responses from 308 districts but the number of replies on each question varied.The questions regarding transaction fee on UPI received 15,598 responses.

    The National Payments Corporation of India (NPCI) posted a record 57 per cent rise in the volume of transactions and 44 per cent rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. In value terms, it touched Rs 199.89 trillion, compared to Rs 139.1 trillion, the report said.

    The survey found 37 per cent of respondents shared UPI transaction accounts for more than 50 per cent of their total payment in value terms.”With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed.

    LocalCircles will escalate the findings of this survey with the Ministry of Finance and Reserve Bank of India (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted,” the survey report said.The survey was conducted. online between July 15 to September 20.

  • Swiggy Launches Swiggy UPI, Cuts Payment Steps From Five To One: Details Here |

    New Delhi: Swiggy on Wednesday launched ‘Swiggy UPI,’ a new payment feature that integrates with NPCI’s digital payments system. This upgrade is designed to provide a faster and smoother payment experience for users within the app. Users can now handle UPI payments directly in the Swiggy app, simplifying the process from five steps to just one, according to the food aggregator’s statement.

    “This feature aligns with Swiggy’s mission to enable unprecedented convenience to consumers as UPI emerges as one of the most preferred payment methods,” said Anurag Panganamamula, who heads Revenue and Growth at Swiggy.

    The new feature is powered by Juspay’s HyperUPI Plugin and eliminates the need for the redirection to third-party UPI apps. In April this year, Finance Minister Nirmala Sitharaman highlighted that India recorded approximately 131 billion UPI transactions.

    As UPI continues to gain popularity, the National Payments Corporation of India (NPCI) is encouraging more entities to integrate UPI services. “By removing the redirection to third party apps, Swiggy UPI gives a simplified and delightful user experience cutting transaction time from over 15 seconds to just 5 seconds,” said the company.

    Customers can complete their one-time setup process to link their bank accounts by going to the app’s payment page and selecting Swiggy UPI. Post this setup, for every transaction, they will only need to enter this UPI PIN, ensuring quicker transactions.

    “Moreover, the in-house plug-in experience will immediately inform customers of any issues such as insufficient funds, incorrect credentials or technical issues, in the payment journey, allowing them to take informed actions and complete their payments successfully,” said Swiggy.

    In July, the UPI-based transactions surged to reach Rs 20.64 lakh crore against Rs 20.07 lakh crore in the previous month. The total UPI transaction count went up almost 4 percent (month-on-month) to 14.44 billion in July from 13.89 billion in the previous month. (With IANS Inputs)

  • UPI Payments See Surge In India, Leading People To Overspending Too: Experts | Personal Finance News

    New Delhi: As India’s digital and less-cash journey gains steam, more and more people are not only purchasing their daily essentials via unified payments interface (UPI) mode of digital transactions but also costly home appliances, high-end gadgets and designer apparel, among other things.

    The seamless digital journey via the UPI mode has also resulted in people overspending on stuff they actually may not need at times, experts said on Saturday. The purchasing trend via UPI/QR code is because digital transactions now take a jiffy to complete the purchase journey via smartphones.

    Overspending Via UPI 

    According to a recent survey by IIT Delhi, nearly 74 per cent of people in the country are ‘overspending’ as a result of using UPI and other digital payment methods. “The convenience and ease of digital transactions through UPI, in comparison to cash, may indeed lead to lower awareness of spending, as transactions are seamless and reduce the tangible feel of money leaving one’s possession,” Prabhu Ram, Head of Industry Intelligence Group at market intelligence firm CMR, told IANS.

    Latest NPCI Data 

    The latest data from the National Payments Corporation of India (NPCI) revealed that the number of Unified Payments Interface (UPI) transactions reached 1,330 crore in April. On a year-on-year basis, the UPI transaction count has increased by 50 per cent.

    Last year, the UPI transactions increased by almost 60 per cent to reach a record 11,768 crore. Ramesh Narasimhan, Chief Executive Officer-India, Worldline, said that UPI maintains its position as the uncontested frontrunner, buoyed by a substantial expansion in mobile transactions.

    “This trend underscores users’ growing confidence and familiarity with smartphone-based payment methods,” Narasimhan added. The average ticket size (ATS) of UPI transactions has also declined by 8 per cent from Rs 1,648 to Rs 1,515.

    Consumer Spending In India Is Soaring

    According to experts, consumer spending in India is soaring, with people splurging on cars, smartphones, TVs and other items, boosting the country’s economic growth. However, the trend has also seen people overspending on certain high-priced items, thanks to UPI.

    A recent report by Nielsen Media India, on behalf of Amazon India, showed that digital payment methods are on the rise in the country, with 42 per cent of consumers saying they will choose UPI for online festive shopping. 

  • Indian UPI Users Can Now Pay Nepalese Merchants Via QR Codes; All You Need To Know

    It was specified that merchants who are part of the Fonepay Network can now receive UPI payments from Indian customers.