The World Opinion

Tag: UPI

  • Maldivian President Mohamed Muizzu Decides To Introduce India’s UPI In Maldives | Personal Finance News

    Male: Maldivian President Mohamed Muizzu has decided to take the necessary steps to introduce India’s Unified Payment Interface (UPI) in the Maldives. 

    The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure, the President’s Office said in a statement on Sunday.

    The decision was made after the Cabinet thoroughly discussed a paper submitted by the Minister of Economic Development and Trade at a cabinet meeting, ensuring a comprehensive understanding of the matter.

    “In this regard, President Dr Muizzu has decided to set up a consortium to introduce UPI in the Maldives,” the statement added.

    Muizzu suggested that banks, telecom companies, state-owned companies and fintech companies operating in the country should be included in the consortium. He also appointed TradeNet Maldives Corporation Limited as the consortium’s leading agency.

    “He also decided to constitute an inter-agency coordination team comprising the Ministry of Finance, Ministry of Homeland Security and Technology and The Maldives Monetary Authority to lead the Ministry of Economic Development and Trade to oversee the establishment of the UPI in the Maldives,” the President’s Office said.

    In August this year, Maldives and India signed an MoU during the visit of External Affairs Minister S. Jaishankar to implement the UPI in the island nation.

    The financial interface operated by the National Payments Corporation of India is already operational in several international locations, including UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.

  • Make UPI Payments Without Internet: Here’s Your Step-by-Step Guide |

    New Delhi: As India moves towards a cashless economy, online payments have become a vital part of daily life. UPI transactions are leading the way. However, for digital payments to work smoothly we must have a reliable internet connection. But sometimes, poor connectivity can get in the way which makes it difficult to complete online transactions and causes frustration.

    To tackle this issue, the National Payments Corporation of India (NPCI) has launched a special service that allows UPI transactions without needing an internet connection. Users can simply utilize the official USSD code on their smartphones to make transactions effortlessly.

    To make UPI transactions without internet, simply follow these steps:

    – Dial *99# on your smartphone using the number linked to your bank account. This will bring up a menu with options like Send Money, Request Money, and Check Balance.

    – To send money, type ‘1’ and hit ‘Send’.

    – Next, choose your preferred transaction method, such as Mobile Number, UPI ID, or Saved Beneficiary.

    – Enter the receiver’s mobile number linked to their UPI account.

    – Input the amount you wish to send and tap ‘Send’.

    – You can also add a remark for the payment if you’d like.

    – Finally, enter your UPI PIN to complete the transaction.

    You can also use UPI Lite for transactions which offers a simpler experience compared to traditional bank services. However, keep in mind that you will need an internet connection to access UPI Lite. This option is specifically designed for payments under Rs 500.

    In other UPI news, the National Payments Corporation of India (NPCI) has introduced a new payment solution called UPI Circle. This feature allows a primary user to authorize other individuals to make transactions from their UPI account under specific conditions.

  • 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.

  • All About Unified Lending Interface That RBI Is Planning To Launch –Will It Be Similar To UPI? | Personal Finance News

    New Delhi: The Reserve Bank has announced that it will launch Unified Lending Interface (ULI), a platform to ensure a smooth credit flow, particularly for smaller and rural borrowers. According to RBI Governor Shaktikanta Das, the ULI will revolutionize the financing landscape in India. The ULI is anticipated to be launched nationally in due course.


    What is Unified Lending Interface?

    Developed by the Reserve Bank Innovation Hub (RBIH), the ULI will enable the smooth and consent-based transfer of digital data, including land records of various states, from multiple data service providers to lenders. 

    The central bank launched the pilot of a technology platform last year that allows for frictionless credit in two states. This will now be known as ULI.


    ULI to cut the time taken for credit appraisal

    The ULI will shorten the credit appraisal process, particularly for rural and smaller borrowers. To provide digital access to information from various sources, the ULI architecture features standardized and shared APIs for a ‘plug and play’ approach. This lessens the complexity of several technical interfaces and gives borrowers the benefit of smooth credit delivery and faster turnaround times without necessitating a lot of paperwork.


    ULI to cater to large unmet demand for credit

    The ULI is projected to provide a significant unmet demand for credit across several sectors, especially for agricultural and MSME borrowers, by digitizing access to the customer’s financial and non-financial data that was previously stored in separate silos.

    ULI to transform the lending space in India

    The ULI is anticipated to be launched nationally in due course and is expected to revolutionize the lending landscape in India, much like UPI revolutionized the payments ecosystem, says Das.


    Challenges with digital lending

    There would be difficulties and potential trade-offs in actually implementing interoperability, Das believes. The application of common (international) technical standards can help overcome technological obstacles. Finalizing the governance structure or management framework would also be necessary for long-term viability.


    How is ULI different from UPI?

    Unified Payments Interface (UPI) is a real-time payment system launched by the National Payments Corporation of India (NPCI) in April 2016. Under the Reserve Bank’s guidance, banks promoted the NPCI. It has played a significant role in the expansion of digital retail payments in India. Whereas, Unified Lending Interface is a platform designed to ensure a smooth flow of credit, especially for smaller and rural borrowers.

    Das believes that India’s journey towards digital infrastructure will take a dramatic turn with the introduction of the “new trinity” of JAM-UPI-ULI.

  • UPI In Maldives: India To Launch Major Digital Payment Service Across Islands |

    New Delhi: India and the Maldives have just agreed to introduce UPI (Unified Payments Interface) across the Maldives. External Affairs Minister S. Jaishankar announced on Friday that this will make it easier for tourists to pay for things, boosting travel to the islands and helping the local economy.

    During a recent meeting with Maldivian Minister Moosa Zameer, Indian External Affairs Minister S. Jaishankar finalized a key agreement. They signed a memorandum of understanding (MoU) to introduce the digital payment system which is facilitated by the National Payments Corporation of India (NPCI) and the Maldives’ economic development and trade ministry.

    The MoU signed between the Ministry of Economic Development & the National Payments Corporation of India (NPCI) aims for a more inclusive & efficient financial ecosystem that benefits all Maldivians—a significant step in economic collaboration between Maldives & India pic.twitter.com/jJefjAnuiT — Ministry of Foreign Affairs (@MoFAmv) August 10, 2024

    On Friday, External Affairs Minister S. Jaishankar began a three-day visit to the Maldives, his first since President Mohamed Muizzu took office in November 2023. This trip is seen as part of efforts to strengthen ties between the two countries, especially after recent moves by Muizzu to reduce Maldives’ dependence on India and build closer relations with China.

    During the visit, India and the Maldives also signed a second Memorandum of Understanding (MoU), adding 1,000 training slots for Maldivian civil servants at India’s National Center for Good Governance.

    With the recent partnership between NPCI International Payments Limited and Network International, UPI payments are now available in the UAE which brings the total number of UPI-enabled countries to seven. This expansion follows the successful introduction of UPI in Nepal, Mauritius, Bhutan, France, Singapore, and Sri Lanka.

  • What Is UPI Transaction Limit, Per Day Limit Of Various Public And Private Banks –Check Comparison | Personal Finance News

    New Delhi: The Reserve Bank Of India on 8 August 2024, the UPI limit for tax payment matters has been increased from Rs 1 lakh to Rs 5 lakh per transaction.

    However, the normal UPI transaction limit remains the same. Since the National Payments Corporation of India (NPCI) introduced the Unified Payments Interface (UPI) in 2016, the number of transactions using it has increased. For UPI, the NPCI has set a maximum daily transaction restriction at Rs 1 lakh. Most Indian banks have fixed their daily UPI transaction limits at Rs 1 lakh in compliance with the NPCI’s rules. 

    UPI Transaction Limit

    The daily limit for regular UPI transactions in India is up to Rs. 1 lakh. There shall be a 24-hour waiting period for any attempt to surpass these limitations. Overall UPI apps and bank accounts, there is also a cumulative limit of ten transactions.

    The transaction maximum is 2 lakh for some types of UPI transactions, such as capital markets, collections, insurance, and foreign inward remittances. The maximum amount per transaction for Initial Public Offering and Retail Direct Scheme is Rs 5 lakh.


    Check out below the UPI transaction limit and per day limit of various public and private sector banks in India:

    UPI Limits Set by Public Sector Banks

    State Bank of India 
    SBI has set a daily UPI transaction limit of Rs. 1,00,000. The bank also limits customers to 10 transactions per day.

    Central Bank of India 
    Central Bank of India has set a daily UPI transaction limit of Rs. 1,00,000.

    Union Bank of India 
    The maximum per transaction amount that can be transferred through UPI is Rs 1 lakh.

    Union Bank of India 
    The maximum transaction limit per transaction is Rs 1,00,000.

    Indian Bank 
    Users can send a total of Rs 100,000 per day, with each transaction capped at Rs 100,000. 

    UCO Bank 
    With each transaction capped at Rs 100,000, users can send a total of Rs 100,000 per day. 

    Bank of Maharashtra 
    For the P2P type, the maximum limit is capped at Rs 1,00,000.

    Canara Bank 
    For the P2P type, the maximum limit is capped at Rs 1,00,000 within 24 hours and up to 20 transactions.

    Bank of Baroda 
    Users can send a total of Rs 1,00,000 per day. Users are restricted to a maximum of 20 transactions per day.

    Punjab National Bank
    The upper limit per UPI transaction is Rs 1 Lakh.

    Punjab & Sind Bank
    The maximum amount that can be transferred through UPI is Rs 1,00,000 per day per user.


    UPI Limits Set by Private Sector Banks

    Axis Bank
    The overall transaction limit for debit fund transfers/P2P through UPI within 24 hours is Rs 1,00,000.

    HDFC Bank
    The bank has set a maximum limit of Rs 1 lakh for P2P UPI transactions, or 20 transactions per bank account in 24 hours.

    IndusInd Bank
    The UPI limit per day for general transactions stands at Rs 1,00,000. 

    ICICI Bank
    The upper limit mandated by NPCI is Rs 1 lakh per transaction and Rs 1 lakh cumulative transaction value.

    Bandhan Bank
    Users can transfer a maximum of Rs 1 lakh per day using UPI.

    IDFC First Bank
    For P2P transactions, the per transaction limit is Rs 1,00,000.

    IDBI Bank
    The per-transaction cap of IDBI Bank is Rs 100,000. 

    Karur Vysya Bank
    Karur Vysya Bank has set the per-transaction cap to Rs 100,000. 

    City Union Bank
    Users can send up to Rs 100,000 per transaction and a maximum of Rs 100,000 per day.

  • HMD 105 and HMD 110 Feature Phones Launched in India With Built-in UPI Feature; Check Specs, Price |

    New Delhi: Nokia phone maker HMD has launched its first HMD-branded feature phones in India. The new feature phone includes the HMD 105 and HMD 110 under its own identity. The company is offering a one-year replacement guarantee on both the newly launched feature phones in the market.

    UPI Transactions Without Internet

    The HMD 105 and HMD 110 mobile phones are equipped with a new built-in UPI functionality, which is said to allow users to make UPI transactions even without internet access. Both the feature phones come with a similar design, including a round camera module at the back, a curved frame and a textured finish. It also supports 9 input languages ​​and 23 languages ​​for text display.

    HMD 105 And HMD 110 Colour Options

    The HMD 105 comes with three colour options whereas the HMD 110 is offered in Black and Green colour options.

    HMD 105 And HMD 110 Price And Availability

    The HMD 105 feature phone carries a price tag of Rs 999 in India. Meanwhile, the HMD 110 is priced at Rs 1,199. Consumers can purchase the HMD 105 and HMD 110 feature phones across retail stores, e-commerce websites and HMD.com.

    HMD 105 And HMD 110 Specifications

    The HMD 105 And HMD 110 handsets are backed by a 1,000mAh battery each with extended standby time. The company claims that the devices offer a battery standby time of up to 18 days. Both the handsets are preloaded with features such as auto call recording, wired and wireless FM radio, MP3 player, dual LED Flashlight, and more. It also houses a rear camera within a circular camera module aligned centrally.

  • 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. 

  • India, Ghana Agree For Early Operationalization Of UPI On Ghana Interbank Payment Systems |

    By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalize ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.

    Accept All Cookies

    Manage Consent Preferences

  • PhonePe Users Can Now Make Payments Through UPI In Singapore |

    New Delhi: Fintech firm PhonePe on Wednesday said its users can now make payments through UPI in Singapore under a pact signed by the company with The Singapore Tourism Board. The collaboration has been built upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts.

    “Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore,” PhonePe, a decacorn, said in a statement. (Also Read: ‘You Give More Money To Govt Than Spend On Yourself’: Social Media Post On Income Tax Concerns Goes Viral)

    Privately-held companies with a valuation of over USD 10 billion are termed decacorn. As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore, to promote seamless UPI experiences across key tourism hotspots. (Also Read: High-Security Alert For Apple Users! CERT-In Asked To Deploy Immediate Measures)

    “This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers,” STB Chief Executive Officer Melissa Ow said.

    Under the collaboration, Indian travelers can now use the PhonePe app for instant, seamless, and secure payments across over 8,000 merchants in Singapore, enhancing their experience in the island city.

    “Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island city,” Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited , said.

    PhonePe also processes over 230 million daily transactions with an annualized Total Payment Value (TPV) of more than USD 1.5 trillion.