upi – pressnews

Embattled Paytm’s Vijay Shekhar Sharma steps down from payments bank board in wake of RBI crackdown

26Feb

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Technology

Embattled Paytm’s Vijay Shekhar Sharma steps down from payments bank board in wake of RBI crackdown

[ad_1] Indian digital payments firm Paytm said on Monday Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit, as the embattled company overhauls its board in the wake of a central bank clampdown.Paytm likely to partner with four banks for enabling UPI transactions, sources sayTroubledPaytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said. The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app. UPI is India's real-time payments system, operated by the National Payments Corporat...

India’s UPI services to be launched in Sri Lanka, Mauritius on Monday

12Feb

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India’s UPI services to be launched in Sri Lanka, Mauritius on Monday

[ad_1] India's Unified Payment Interface (UPI) services will be rolled out in Sri Lanka and Mauritius at a virtual ceremony on Monday that will be witnessed by Prime Minister Narendra Modi and the top leadership of the two island nations.India's RuPay card services would also be launched in Mauritius at the event. Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe will join Modi at the virtual ceremony, according to the Ministry of External Affairs (MEA). "Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing," ...

NPCI’s UPI launched globally at the iconic Eiffel Tower in Paris

2Feb

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NPCI’s UPI launched globally at the iconic Eiffel Tower in Paris

[ad_1] The Unified Payments Interface (UPI) was formally launched at the iconic Eiffel Tower on Friday in Paris, France - tourists visiting Paris' Eiffel Tower will now be able to book their trip to the iconic monument using UPI, the NPCI said on Friday. It is part of of the drive to take Prime Minister Narendra Modi's vision of making UPI a global powerhouse. UPI is the instant payment system developed by the National Payments Corporation of India (NPCI) in 2016 that is being used in India. It is a digital financial system that connects multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood, according to NPCI.The NPCI said in a statement that its arm NPCI Internatio...

Exciting UPI updates in 2024: Here are 5 new key features you will benefit from

5Jan

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Exciting UPI updates in 2024: Here are 5 new key features you will benefit from

[ad_1] UPI updates in 2024: As we step into the new year, it's important to be aware of some fresh updates to the Unified Payments Interface (UPI), India's fastest-growing payment method. The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have collaboratively crafted these regulations, which aim to enhance your online banking and payment experiences. it's crucial to acquaint yourself with five rule updates set to elevate your online banking and payment experiences.Effective from January 1, 2024, here are five key UPI updates you should keep in mind.1. Dynamic UPI IDs: The NPCI is taking a proactive step by directing payment apps to deactivate dormant UPI IDs after one year. Whether you're a user of Google Pay or PhonePe, ensuring the activity of your U...

Don’t want to show your phone number when you transact on Paytm? Know this UPI trick

2Nov

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Technology

Don’t want to show your phone number when you transact on Paytm? Know this UPI trick

[ad_1] Gone are the days when it was considered safe to share seemingly innocent information about you without giving it a second thought. Today, with cybercrime on the rise, it is important to keep your data private and only with those you trust. While people are mostly careful around their financial data, passwords, and other sensitive information, one piece of data that is freely available every time you make a UPI (Unified Payments Interface) payment is your phone number. For most people, our UPI ID is our phone number, so anyone, including random shopkeepers, to whom you have made a payment, would probably have access to your phone number. If that bothers you, then do not worry, as you can change your UPI address on Paytm and make it so it is hidden from others. Check this trick. H...

What is Bima Sugam, the new portal hailed as a ‘UPI moment’ for insurance sector?

20Sep

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What is Bima Sugam, the new portal hailed as a ‘UPI moment’ for insurance sector?

[ad_1] When the Unified Payments Interface (UPI) was officially launched by RBI in 2016, it became a pivotal moment in the digital finance sector. It brought the unbanked sector of the population under the banking umbrella and allowed them an option to digitally transact and not lean heavily on physical currency. Now, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed a new platform called Bima Sugam, which it claims will bring about the same revolution UPI did, and will spark a revolution in the insurance sector with its own ‘UPI moment'. Let us take a look.“The recent initiative by IRDAI Bima Sugam is perceived to be a big game changer in the general insurance market development. It is a revolutionary step with ambitions of becoming the largest online mar...

WhatsApp users can add items to their cart, send payment from all supported UPI apps: Mark Zuckerberg

20Sep

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WhatsApp users can add items to their cart, send payment from all supported UPI apps: Mark Zuckerberg

[ad_1] WhatsApp Business: Meta Platforms has announced several new features for WhatsApp Business at the Conversations event in Mumbai. Over the last few years, WhatsApp has become one of the go-to apps on our smartphones, replacing SMS as the primary form of messaging others. Meta has capitalized on this opportunity and rolled out new features time and again that promise to entice customers and keep them from switching to other apps. It has also become a platform for businesses to expand their base with WhatsApp Business offering customer-centric features. At its Conversations event, Meta today announced several new features for WhatsApp Business. Taking to X, Will Cathcart, Head of WhatsApp at Meta posted, “For everyone that chats with businesses on@WhatsApp, we've got lots of great i...

Reliance reportedly testing Paytm-like soundbox for UPI services

25Aug

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Reliance reportedly testing Paytm-like soundbox for UPI services

[ad_1] Since the emergence of UPI, carrying out financial transactions in India has become quite easy. It was introduced in 2016 by the National Payments Corporation of India as part of Prime Minister Narendra Modi's vision of a digital India. Be it large payments in shopping malls or purchasing groceries from street vendors, just scan a QR code, enter your UPI PIN and your transaction is done, it is that simple! Not just India, but other countries such as Singapore, Malaysia, Nepal, and recently France have started accepting payments through UPI.With such a potential in the financial services sector, reports claim that Reliance is currently testing its own sound box which could become a part of its UPI services. Reliance planning to introduce soundboxReliance has been internally testin...

ISRO spacecraft to UPI, check out the stunning art on Reddit’s r/place

24Jul

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ISRO spacecraft to UPI, check out the stunning art on Reddit’s r/place

[ad_1] For a number of years now, Reddit has been hosting its annual pixel art campaign called 'Place' or 'r/place', and it has gained immense popularity among users. Many of you might not be aware of the term r/place, well simply put, it is a yearly campaign where users get a blank canvas and are invited to place one pixel every 5 minutes to create stunning art. The initiative holds immense value as it represents Reddit's most significant annual campaign, and Indian users have particularly embraced a few artworks.Keeping India's progress in mind, Redditors have created beautiful artwork signifying India's development. Not only that, but it displays the diverse and dynamic front that netizens can't help but show off. Indian Redditors artworkThe pixel artwork displays the great fusion of...

Google Pay UPI LITE is here; Check the payment benefits that you will get

14Jul

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Technology

Google Pay UPI LITE is here; Check the payment benefits that you will get

[ad_1] No need to enter UPI PIN as Google Pay has introduced the UPI Lite! It will allow you to make digital payments faster. The new version is available to existing Google Pay users. Also, users can now make small payments simply with one-click. Notably, this is an improvement as over the years, Google Pay users have been making payments through the PIN method. It makes the payment process longer. The UPI Lite method will now help users to make small instant payments of even under Rs.200 without the UPI PIN.About the Google Pay UPI LiteThe Lite account will be linked to the user's bank account but it will not support the long core banking system. This new addition will make quick payments during peak hours as well. Users can load their UPI Lite account up to Rs.2000 twice a day and us...