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Now, you can use UPI (Unified Payments Interface) internationally as well, using BHIM and other third-party apps such as Google Pay, Paytm, and PhonePe. This grants you financial freedom to conduct transactions without the need to carry foreign currency or cards. Below is an easy step-by-step guide on how to activate UPI International and make payments online. So without further ado, let’s explore the process along with how UPI International works and how to use the feature.Note: For this feature to work, both your and…

India is facing a quandary in enforcing long-delayed rules to curb the dominance of PhonePe and Google Pay in the country’s booming digital UPI payments market. The National Payments Corporation of India (NPCI), a special unit of the central bank, wants to cap market share of any player at 30% in the Unified Payments Interface ecosystem. With Paytm, the third leading player on the UPI charts, fighting for its survival, the NPCI faces a unique challenge to get PhonePe and Google Pay to lower…

NCP MP Supriya Sule on Friday alleged that apps like Google Pay and PhonePe are "two ticking time bombs" and sought to know what steps the government is taking to check money laundering. Participating in a discussion on 'The White Paper on Indian economy' in Lok Sabha, Sule said whatever happened in Paytm Payments Bank Ltd (PPBL) is "very alarming" and is almost like money laundering. The Reserve Bank of India (RBI) last month directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and…

An Indian parliamentary panel has urged the government to support the growth of domestic fintech players that can provide alternatives to the Walmart-backed PhonePe and Google Pay apps that currently command more than 83% of the country’s fast-growing digital payments market. The 58-page report, which includes a series of recommendations, comes at a time when Paytm, another leading payments firm in the country, is reeling from a clampdown on its payments bank business. The Reserve Bank of…

Image Source : FILE Representational Image BHIM App Cashback Offers: The BHIM payments app is currently offering cashback deals of up to Rs 750, giving users a chance to earn money back on their transactions. These offers are available for a limited time, so users should act fast to claim them. Flat Rs 150 cashback offer Users can get a flat cashback of Rs…

Image Source : FILE Representational Image Last week, the Reserve Bank of India (RBI) directed Paytm Payments Bank to stop accepting new deposits or top-ups in any customer accounts, wallets, or FASTags after February 29. The reason given was non-compliance with regulations. Since then, Paytm has been working to reassure its users. CEO Vijay Shekhar Sharma has…

In a shocking decision last week, the Reserve Bank of India had ordered Paytm Payments Bank not to accept fresh deposits or top-ups in any customer account, wallets or FASTags after February 29, citing non-compliance and regulatory concerns.…

Several users took to X (formerly Twitter) to claim that UPI transactions were not going through. In a tweet, the National Payments Corporation of India or NPCI, confirmed that some banks had been hit by an outage, causing UPI transaction failures. "Regret inconvenience on UPI connectivity as few of the banks are having some internal technical issues. NPCI systems are working fine and we are working with these banks to ensure quick resolution," wrote NPCI on X. Downdetector, a website that tracks real-time outages of…

The banking regulator’s action against Paytm Payments Bank has reignited the debate on the proposal for a ceiling of 30% market share by volume for unified payments interface (UPI) apps, people aware of the matter said.Paytm is the third-largest such app and its current troubles are expected to benefit the other two major players, namely PhonePe and Google Pay.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMITMIT Technology Leadership…

Google Pay and National Payments Corporation of India (NPCI) will work together to expand Unified Payments Interface (UPI), the instant payments system widely used in the country, to international markets, Google and NPCI confirmed Wednesday. A Memorandum of Understanding (MoU) has been signed between Google Pay India and NPCI subsidiary, NPCI International Payments Ltd (NIPL), to bring the instant payment functionality to other countries. UPI has become a widespread mode of digital payment throughout India in recent…