Reserve Bank of India

The Unified Payments Interface (UPI) is steadily gaining popularity for bill and subscription payments, with a bulk of low-value recurring transactions moving to UPI AutoPay.UPI AutoPay is the recurring payment mandate run by the National Payments Corporation of India (NPCI) on the UPI payment mode. Consumers usually use the feature to pay for their entertainment, newspaper subscriptions and other small-value recurring payments.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian…

Softbank-backed Juspay is set to become a payment aggregator (PA), entering the same league as that of Razorpay and PayU.The company recently received an in-principle approval from the Reserve Bank of India to build this business.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitJuspay has been…

The Reserve Bank of India (RBI) has raised the payment limits for Unified Payments Interface-based transactions done in hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction, RBI governor Shaktikanta Das said after the central bank's Monetary Policy Committee meeting on Friday.Overall the banking regulator announced multiple steps to help expand the scope of operations for the country’s fintech ecosystem. From announcing a repository for fintech lenders to increasing the limits for recurring…

Bankers, payment companies and hospitals have welcomed the RBI decision to raise the UPI payment limits to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh and also to hike the cap for e-mandates for recurring payments to Rs 1 lakh. Unveiling the monetary policy, Reserve Bank Governor Shaktikanta Das said the limit for various categories of unified payments interface (UPI) transactions has now been enhanced to Rs 5 lakh per transaction from the present Rs 1 lakh for payments to hospitals and educational…

The nearly-a-year-old regulatory ban on payment aggregators like Paytm, Razorpay, Cashfree and PayU to onboard new merchants and businesses has forced these venture capital-backed firms to scout for alternative revenue sources.The continuing restriction on these companies has also opened up the online payments market for players like Plural from Pine Labs, PhonePe, Innoviti Payments (an offline player which ventured into the online space recently), Billdesk and CCAvenue, which are now signing up merchants…

The widespread adoption of QR scanners for day-to-day transactions has brought a digital revolution throughout the country. The presence of QR codes, spanning from local fruit vendors to shopkeepers, and reaching even the remotest villages to metropolitan cities, has significantly altered the trajectory of mobile payments. Domestic fintech startup Paytm also offers QR codes and Soundboxes for merchants that help small merchants with innovative payment solutions for their customers. Recently, Paytm Payments Bank introduced…

Around 560 million card tokens have been issued in India since October 2022, when the Reserve Bank of India mandated tokenisation of cards for ecommerce transactions, global card payment scheme Visa said in a report.Out of these, Visa has issued around 300 million tokens, said the report, to be released on Thursday.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Digital…

American online payment gateway PayPal on Wednesday moved the Delhi High Court against an order which ruled that it was a "payment system operator" under the Prevention of Money Laundering Act (PMLA) and has to thus comply with "reporting obligations" under it.Senior counsel appearing for PayPal argued before a bench headed by Chief Justice Satish Chandra Sharma that the order passed by a single judge of the high court was “wrong”.Senior advocate Mukul Rohatgi, appearing for the appellant, also said that the single…

Image Source : GOOGLE PAY Google Pay introduces UPI Lite, enabling PIN-free payments for users Google Pay has recently introduced UPI Lite, a new feature that allows users to make payments without entering their UPI PIN. UPI Lite, which is a digital payment service was developed by the National Payments Corporation of India (NPCI) and was further launched by the Reserve…

Swiggy will be the latest entrant to follow in the wake of Myntra, Paytm and Flipkart to launch a co-branded credit card with private-sector lender HDFC Bank, three people in the know told ET.The food delivery platform is relying on flat discounts and special offers on its hyper local delivery services for users who use its co-branded card product. It could also offer additional discounts on Dineout, Swiggy’s restaurant bill payment service. Mastercard is expected to be the network partner powering the co-branded card,…