Diabytes
UPI transactions News
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India is also advocating for UPI to be adopted as a payment standard within the BRICS group, which recently added six new member countries.
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The official rebuttal was issued following several reports circulated online claiming that the government was planning to impose MDR on large-ticket UPI transactions.
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NPCI, in a circular dated May 21, 2025 asked all banks and payment service providers (PSPs) to keep a close check on the usage of ten high-frequency APIs on the UPI network.
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The move aims to cut delays in payment processing, transaction verification, and reversals. NPCI has advised all participating entities to ensure that these faster timelines do not lead to an increase in technical declines or service disruptions.
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GST is levied on charges, such as the Merchant Discount Rate (MDR), relating to payments made using certain instruments.
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UPI transactions are also monitored by the Income Tax Department just like other forms of income.
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Meanwhile, the Immediate Payment Service (IMPS) transactions stood at 405 million. In value terms, this was Rs 5.63 crore.
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The January 9 circular advised all UPI system participants to generate transaction IDs using only alphanumeric characters to meet UPI’s technical standards.
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UPI processed an impressive Rs 23.49 lakh crores across 16.58 billion financial transactions in October 2024, marking a 45 per cent year-on-year growth from 11.40 billion transactions in October 2023, as per the Ministry of Finance figures.
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UPI Vs UPI Lite Features: NPCI under the guidance of the Reserve Bank of India (RBI) rolled out UPI Lite in September 2022, an enhanced version of UPI, which allows several low-volume transactions to be performed without entering a UPI pin.
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In the UPI ecosystem, the top banks for sending and receiving funds are State Bank of India (SBI), HDFC Bank, and YES Bank.
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National Payments Corporation of India (NPCI) has launched a special service that allows UPI transactions without needing an internet connection.
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UPI allows users to instantly transfer funds between different bank accounts through their mobile phones. Meanwhile, UPI Lite acts as an on-device wallet for small-value transactions.
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Both the NPCI and the Reserve Bank of India (RBI) are exploring new use cases for UPI and extending its reach into the rural economy.
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HDFC bank stated that the decision to stop SMS alerts for low-value UPI transactions is based on customer feedback.
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Prez Macron's visit is emblematic, marking the 25th anniversary of the India-France Strategic Partnership. The Pink City, bedecked with posters of the leaders, resonates with the significance of this diplomatic occasion.
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In 2023 transactions on the UPI platform surpassed 100 billion marking a 60% increase from the previous year's 74 billion.
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Many times, while transferring, amounts are transferred into the wrong account. Sometimes this happens in banking fraud as well. In this case, you can get the amount back. Figure out the process by going through this article.
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In August 2020, the total number of Unified Payment Interface (UPI) based digital financial transactions stood at 6.57 billion (657 crore).
In July, India processed 6.28 billion UPI transactions worth Rs 10.62 lakh crore.
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Nowadays, scammers find different and creative ways to scam people and siphon off money.
SBI has shared six security TIPS while using or making UPI transactions.
Earlier, SBI warned about a new malware SOVA that steals personal information.
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