A recent report has noted that digital payments in India are surging with a year-on-year (YoY) transactional volume growth of 42% in FY 2023–24. This growth is poised to multiply by three times in FY 2028–29 duet to multiple factors, such as innovations by ecosystem participants, new business models and opportunities, changing technology and increasing … Read more
India plans to integrate its Unified Payments Interface (UPI) with Malaysia’s PayNet, Prime Minister Narendra Modi announced on August 20 following a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim in New Delhi. Modi revealed the collaboration during a joint press conference, highlighting that efforts would be made to link India’s UPI system with Malaysia’s PayNet. … Read more
Foreign Affairs Minister S Jaishankar stated that the Unified Payments Interface, which India and the Maldives have agreed to implement, will have a “very positive” effect on the country’s tourist industry. Friday marked the signing of the Memorandum of Understanding during Jaishankar’s three-day official visitation in the Maldives. “Witnessed signing of MoU between (the) National … Read more
The Reserve Bank of India (RBI) has provided significant relief to UPI customers. The central bank has raised the limit for making UPI payments from Rs 1 lakh to Rs 5 lakh. Following the three-day bimonthly Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das told the media that UPI has become the most popular … Read more
Unified Payments Interface (UPI), the leading payments platform in India, reported a 45% year-over-year (Y-o-Y) increase in transaction volume, reaching 14.44 billion in July. The National Payments Corporation of India (NPCI) released figures on Thursday that showed a 35% YoY growth in the value of transactions, amounting to Rs 20.64 trillion. This marks the third … Read more
Sri Lanka and Mauritius will become the latest nations to enable the Indian digital payment system, only a week after France enabled the Unified Payments Interface (UPI). RuPay cards will also be launched in Mauritius today. Prime Minister Narendra Modi will attend the inaugural event digitally with his Mauritian counterpart Pravind Jugnauth and Sri Lankan … Read more
The Unified Payments Interface (UPI), which is utilized for instant money transfers via mobile devices, has become the country’s fastest-growing payment mechanism. The amount of digital transactions in India has expanded tremendously since its inception. The Reserve Bank of India (RBI) announced several steps and modifications that would take effect on January 1, 2024, to … Read more
Digital payments have significantly increased in recent years, as a result of coordinated efforts of the Government with all stakeholders. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha today. The Minister further stated that the total digital payment transactions … Read more