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Credit Card Spending Via UPI At INR 10K Cr Per Month: NPCI

Inc42 · 11m ago

Credit Card Spending Via UPI At INR 10K Cr Per Month: NPCI

The credit lines on UPI account for a significant portion of credit card spends every month, according to NPCI MD & CEO Dilip Asbe. This raises concerns over delinquency levels for small loans below INR 50,000. The objective of Central Bank Digital Currency (CBDC) is not to compete with UPI, as it offers additional features like programmability.

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RuPay accounts for 16% of credit card spending, with half driven by UPI: NPCI's Dilip Asbe

Economic Times

Economic Times · 4m ago

RuPay accounts for 16% of credit card spending, with half driven by UPI: NPCI's Dilip Asbe

RuPay accounts for 16% of total credit card spending, with half of these transactions occurring via credit on the Unified Payments Interface (UPI), according to Dilip Asbe, CEO of the National Payments Corporation of India (NPCI). Despite RuPay's growth, Visa and Mastercard still dominate the Indian market. The Reserve Bank of India's approval for UPI's integration with RuPay credit cards has boosted its usage. NPCI plans further global expansion and a new R&D center to enhance its capabilities.

Rio launches UPI app, partners Yes Bank and NPCI

Economic Times

Economic Times · 8m ago

Rio launches UPI app, partners Yes Bank and NPCI

Fintech platform Rio has launched its UPI app and partnered with Yes Bank and NPCI to introduce a co-branded credit card. The card allows users to make purchases via UPI at over 100 million merchant locations across India, aiming to meet the growing demand for accessible financial solutions, particularly in tier 2 and tier 3 cities. Within a month of its beta launch, Rio received applications from over 244 cities across India, highlighting the demand for high-quality products outside major cities. Experts estimate that credit on UPI will create a $1 trillion opportunity by 2030.

India has potential to clock 100 billion UPI transactions a month: NPCI CEO Dilip Asbe

Economic Times

Economic Times · 1y ago

India has potential to clock 100 billion UPI transactions a month: NPCI CEO Dilip Asbe

India has the potential to achieve 100 billion monthly transactions through the Unified Payments Interface (UPI), according to Dilip Asbe, CEO and Managing Director of the National Payments Corporation of India (NPCI). As of August 2023, UPI had reached 10 billion transactions per month. With 350 million UPI users at present, Asbe estimates a three-fold growth opportunity in both merchants and users. He mentioned the possibility of 10x growth in credit card usage if the industry adopts sachetisation. NPCI aims to facilitate seamless international payments between India and half of the world's top 30 markets by 2030.

Fintech super.money rolls out new co-branded credit card with Axis Bank

YourStory

YourStory · 1m ago

Fintech super.money rolls out new co-branded credit card with Axis Bank

Fintech startup super.money partnered with Axis Bank to launch a new co-branded credit card, offering 3% cashback on UPI QR code transactions via their app and 1% on other spending, with no annual fees. The RuPay-backed card targets everyday retail rather than large merchants. Aimed at existing credit users, the card is both digital and physical, and supports super.money’s profitable strategy without needing fresh fundraising until 2026.

UPI Transactions See Marginal Dip To 1,210 Cr In February

Inc42 · 1y ago

UPI Transactions See Marginal Dip To 1,210 Cr In February

In February 2024, UPI transactions in India saw a slight decrease in both volume and value compared to the previous month. National Payments Corporation of India (NPCI) reported 1,210 crore transactions worth INR 18.28 lakh crore in February, compared to 1,220 crore transactions worth INR 18.41 lakh crore in January. However, there was a significant year-on-year growth of 61% in volume and 48% in transaction value. NPCI aims to achieve 2 billion transactions per day by 2030 and has introduced various UPI innovations to promote an inclusive and sustainable digital payments ecosystem.

NPCI May Fix 1.2% Interchange For Credit Line On UPI Transactions: Report

Inc42 · 1y ago

NPCI May Fix 1.2% Interchange For Credit Line On UPI Transactions: Report

NPCI is reportedly planning to issue a circular next week regarding an interchange fee of 1.2% on credit line UPI transactions. This comes as part of NPCI's efforts to explore a lower interchange fee structure for UPI transactions compared to credit card transactions. In June, UPI transaction volume amounted to INR 20.07 Lakh Cr, a 1.9% decrease from May and a year-on-year comparison.

PhonePe, HDFC Bank partner to launch UPI-linked co-branded credit cards

YourStory

YourStory · 19d ago

PhonePe, HDFC Bank partner to launch UPI-linked co-branded credit cards

PhonePe and HDFC Bank have launched a co-branded credit card linked to UPI, targeting India's digitally savvy consumers. The card, available in two variants, integrates with the UPI network, allowing credit payments via UPI QR codes at merchants. This partnership combines PhonePe’s user base with HDFC’s credit expertise. The card offers rewards such as 10% points on selected spends and airport lounge access, reflecting a trend of co-branded cards in India’s payment ecosystem.

India's digital payments strategy is cutting out Visa and Mastercard

TechCrunch · 6m ago

India's digital payments strategy is cutting out Visa and Mastercard

India is successfully reducing reliance on Western payment networks like Visa and Mastercard by promoting its Unified Payments Interface (UPI) and RuPay, a local card network. UPI facilitates direct bank transactions via QR codes and phone numbers, accounting for 71% of transactions and 36% of consumer spending in India. RuPay’s exclusive right to process UPI credit card transactions is boosting its market share. Visa and Mastercard are adjusting strategies to compete in India's evolving payments landscape.

PhonePe & HDFC Co-branded Credit Card: Inside the Benefits of the 'Ultimo' Variant

YourStory

YourStory · 11d ago

PhonePe & HDFC Co-branded Credit Card: Inside the Benefits of the 'Ultimo' Variant

HDFC Bank and PhonePe have launched the 'Ultimo' co-branded credit card, integrating UPI convenience with credit card benefits. Targeted at Indian users, the Ultimo card offers rewards on UPI transactions, with a 10% reward on PhonePe app spends and 5% on select online brands. The card comes with a ₹999 joining fee, offset by welcome offers and rewards. Additional perks include domestic lounge access and seamless card management via the PhonePe app.

UPI Transactions Jump 11% MoM In March, Volume Nears INR 20 Lakh Cr Mark

Inc42 · 1y ago

UPI Transactions Jump 11% MoM In March, Volume Nears INR 20 Lakh Cr Mark

The transaction count on the Unified Payments Interface (UPI) increased by 11% month-on-month to 13.44 billion in March 2024. On a year-on-year basis, the transaction count surged by 55% from 8.7 billion. The transaction volume in March stood at INR 19.78 lakh crore, up 8% from the previous month and 40% from the previous year. The National Payments Corporation of India (NPCI) continues to introduce new features and services to drive UPI adoption. PhonePe and Google Pay dominate the UPI landscape in India.

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