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News on Medial
Inactive UPI IDs will be deactivated by December 31, 2023 by payment apps: NPCI
Economic Times
·
1y ago
Medial
Under new guidelines issued by the National Payments Corporation of India (NPCI), payment apps and banks are required to deactivate UPI IDs and numbers that have been inactive for over a year. This measure aims to prevent inadvertent money transfers to unintended recipients, especially when customers change their mobile numbers without disassociating the old number from the banking system. The guidelines must be implemented by December 31, 2023.
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Related News
NPCI to deactivate THESE UPI IDs by December 31, 2023
Livemint
·
1y ago
Medial
The National Payments Corporation of India (NPCI) has instructed payment applications to deactivate UPI IDs that have been inactive for over a year by December 31, 2023. This is to prevent inadvertent fund transfers when customers switch their mobile numbers without unlinking them from their banking system. Third-party app providers and payment service providers must take necessary actions, and users must verify and update their UPI IDs and associated phone numbers accordingly. Deactivated UPI IDs and phone numbers must be re-registered for inward credit transactions.
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UPI Transactions See Marginal Rise To 15.04 Bn In September
Inc42
·
10m ago
Medial
- UPI transactions in September: INR 20.64 Lakh Cr, a 0.14% increase from the previous month - YoY growth in UPI transactions volume: 31% - NPCI considering increasing market share cap for UPI apps from proposed 30% - Total UPI transaction volume remains strong despite a small month-on-month increase - UPI continues to be a popular and widely used payment method in India
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NPCI curbs on unauthorised use of UPI IDs by fintech companies
Economic Times
·
9m ago
Medial
The National Payments Corporation of India (NPCI) has instructed fintech firms to halt unauthorised use of virtual IDs for activities beyond payments and settlements on the Unified Payments Interface (UPI) platform. Some businesses had been using UPI IDs to verify users, which is not authorised by NPCI and the Reserve Bank of India. NPCI warned that any violation of guidelines would result in penalties or cessation of UPI services. Fintechs, including identity verification platforms and payment aggregators, have been using UPI APIs to authenticate users and build customer profiles.
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UPI transactions cross 11 Bn for second month in November
Entrackr
·
1y ago
Medial
In November, India's Unified Payments Interface (UPI) recorded 11.24 billion transactions worth Rs 17.40 lakh crore (Rs 17.40 trillion), a slight dip from the previous month. This marks the second time UPI crossed the 11 billion transaction mark in a month. PhonePe emerged as the leading contributor to UPI transactions with over 5 billion transactions in October. Google Pay and Paytm followed with 4.13 billion and 1.41 billion transactions respectively. UPI has expanded its operations globally, entering countries like France, Bhutan, Nepal, Singapore, and soon Sri Lanka and the UAE. NPCI has also mandated third-party UPI apps to deactivate inactive UPI IDs and numbers.
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30% UPI Cap Unlikely To Be Implemented Soon: Report
Inc42
·
11m ago
Medial
The proposed 30% market share cap on UPI apps is unlikely to be implemented by the December 2022 deadline, as the government has not yet officially communicated its decision to the National Payments Corporation of India (NPCI). The NPCI had initially suggested this cap in November 2020 but later extended the deadline to December 2024.
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Parliamentary panel flags dominance of foreign-owned UPI apps, urges promotion of local fintechs
Economic Times
·
1y ago
Medial
The parliamentary standing committee on communications and information technology has raised concerns over the high market share of foreign-owned fintech apps in India's Unified Payments Interface (UPI) system. Apps such as PhonePe and Google Pay, owned by Walmart and Google respectively, dominate the Indian fintech sector. The committee recommends promoting local fintech apps, emphasizing the need to focus on 'Make in India' in the fintech sector. The National Payments Corporation of India (NPCI) has also proposed imposing a 30% ceiling on UPI market share by volume after December 31, 2024.
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Paytm begins user migration to new UPI IDs; here is how it will affect you
Livemint
·
1y ago
Medial
Paytm is migrating its customers to partner payment service provider banks following the Paytm Payments Bank crisis. The National Payment Corporation of India (NPCI) has given approval for this migration process. Paytm users will be transferred to partner banks including Axis Bank, HDFC Bank, SBI, and Yes Bank. Under this migration process, users' UPI IDs will change to new IDs associated with these partner banks. The Reserve Bank of India had asked Paytm Payments Bank to stop accepting deposits or top-ups, leading to this migration.
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NPCI Puts Brakes On Misuse Of Virtual IDs
Inc42
·
9m ago
Medial
Fintech companies are offering services using unauthorised third-party authentication of users through their UPI Ids, which goes against the rules set by the NPCI and the central bank. The NPCI has ordered the shutdown of these services, stating that UPI APIs are intended for facilitating UPI payments and verifying users for fraud prevention purposes only.
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NPCI pushing new UPI players to offer incentives to expand market share
Economic Times
·
1y ago
Medial
The National Payments Corporation of India (NPCI) is urging new third-party payment apps on Unified Payments Interface (UPI) to invest and offer incentives to users. This move is aimed at reducing the concentration of transactions on platforms like PhonePe and Google Pay, which currently hold around 85% market share. The NPCI is in constant communication with the leaders of these new UPI players, discussing the offers they are running. However, small incentives may not be enough to significantly shift market share. The deadline for implementing a 30% cap on UPI transactions is the end of this year, and new UPI apps are seeking clarity on its extension.
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Market Share Expansion: NPCI Nudging New UPI Players To Incentivise Consumers
Inc42
·
1y ago
Medial
The National Payments Corporation of India (NPCI) is encouraging new third-party payment apps on Unified Payments Interface (UPI) to invest in and incentivize users. The aim is to reduce the dominance of PhonePe and Google Pay platforms and encourage users to transact on these new platforms. Cred, Slice, Fampay, Zomato, Groww, and Flipkart are among the new entrants aiming to acquire users. However, offering small incentives may not significantly impact market share. The new UPI apps are seeking clarity on the December deadline for market share limits before investing significant capital.
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