Diabytes
Unified Payments Interface News
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Since its launch in 2016, UPI has grown quickly, while some proxies for cash usage have begun to decline. UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India, according to the note titled ‘Growing Retail Digital Payments: The Value of Interoperability.’
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The National Payments Corporation of India (NPCI), which operates the UPI services, posted on X social media platform that the disruptions were due to technical issues.
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A chargeback is a UPI transaction that is reversed by the payer's bank because of a dispute, fraud, or technical issue. When the chargeback is successful, the payer receives their money back.
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After reaching a record high in October 2024 of 16.58 billion transactions and a value of Rs 23.50 lakh crore, UPI transactions in November stood at 15.48 billion transactions (38 per cent year-on-year growth) with a value of Rs 21.55 lakh crore (24 per cent YoY growth).
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From UPI Lite to Sebi mandate --check two changes in UPI.
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These endeavours, he said, underscore collaborative efforts for the adoption of India’s initiatives across the globe.
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During a recent meeting with Maldivian Minister Moosa Zameer, Indian External Affairs Minister S. Jaishankar finalised a key agreement.
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India's UPI has already reached countries including Singapore and the UAE.
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The feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India.
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Users in India have swiftly made UPI their preferred method of payment.
UPI users will soon conduct transactions in the UK.
NPCI partnered with PayXpert for digital payment in UK.
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UPI transactions crossed 6 billion in July 2022.
It is the highest transaction ever since its launch.
UPI transactions were launched 6 years back in India.
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SBI's digital security guidelines for customers.
Guidelines on what to do and what not online.
Guidelines for safe digital transactions.
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UPI server goes down for a while.
The volume of UPI transactions below Rs 100 accounts for 75% of the total.
UPI processed 540 crore transactions worth Rs 9.60 lakh crore in the month of March alone.
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PM Modi lauded IIP for explaining digital payments via data sonification.
IIP said UPI is truly a revolution.
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The value of transactions was Rs 7.71 lakh crore in rupees, and 421 crore transactions were completed in the month, both records.
The buying spree that marked the start of festival season, as well as e-commerce purchases, propelled the surge in October.
The average monthly growth rate of UPI transactions was 5.8% from March to September 2021.
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UPI has become the lifeblood of Indian financial transactions.
UPI allows consumers to transfer money from one bank account to another in seconds using their cellphones.
*99# service is currently available from 41 prominent banks and all GSM service providers in 12 languages, including Hindi and English.
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India's digital payments are quickly gaining ground as India's 1.3 billion people are starting to embrace online shopping
India's smartphone user base is approaching one billion
Unified Payments Interface (UPI) debuted in 2016 and set the digital payments arena afire.
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UPI users may not be able to do transactions between 1 AM to 3 AM for the next few days
NPCI said has advised users to avoid making transactions during the specified time and plan their transactions ahead of that time to avoid any inconvenience.
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With increased online payments it is important to know how to protect UPI transactions from cyber fraud.
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