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RuPay launch in Maldives, new runaway at airport to ease transaction, boost connectivity

YourStoryYourStory · 9m ago
RuPay launch in Maldives, new runaway at airport to ease transaction, boost connectivity
Medial

- Inauguration of a new runway in the Maldives under an airport redevelopment project assisted by India - Launch of the RuPay card in the Maldives to boost economic ties and tourism cooperation between India and the Maldives - Joint virtual inauguration by Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu - Live transaction using a RuPay payment service card witnessed by the two leaders - India's Neighbourhood First policy and SAGAR vision underpinning the strong relationship between India and the Maldives - New runway at Hanimadhoo International Airport marks a significant milestone in the ongoing expansion project, with complete new infrastructure provided under an Indian Line of Credit of USD 132 million

Truecaller rolls out UPI-backed verified badge feature for Android premium users

LivemintLivemint · 9m ago
Truecaller rolls out UPI-backed verified badge feature for Android premium users
Medial

- Truecaller has launched a UPI-based verification feature in India for its Android Premium users, allowing them to verify their identities and earn a 'Verified Badge'. - The new service aims to enhance trust and authenticity in digital communication by verifying users' identities through the government-backed UPI platform. - Users can initiate the verification process themselves and authenticate their profiles using the UPI method. - Truecaller plans to roll out the Verified Badge feature in other countries as part of its global expansion plan. - The introduction of this feature sets a new standard for digital identity verification, providing users with a credible and secure platform for communication.

PhonePe, G-Pay hold 82% UPI share in June; BHIM back in top 10 after long hiatus

EntrackrEntrackr · 7d ago
PhonePe, G-Pay hold 82% UPI share in June; BHIM back in top 10 after long hiatus
Medial

PhonePe, G-Pay hold 82% UPI share in June; BHIM back in top 10 after long hiatus India’s UPI network saw 18.4 billion transactions worth Rs 24.04 lakh crore in June, slightly lower than the previous month, as per NPCI data. Despite the dip, PhonePe and Google Pay continued to lead the space, together handling over 82% of all UPI transactions by volume. PhonePe led the chart once again with 8.55 billion transactions and a total value of Rs 11.99 lakh crore. It held 46.5% of the total UPI volume and nearly 50% of the value. Google Pay followed with 6.54 billion transactions and Rs 8.41 lakh crore in value, capturing a 35.6% share by volume and 35% by value. Paytm stayed in third place with 1.27 billion transactions worth Rs 1.34 lakh crore. The Noida-based company controlled 6.9% of the total UPI volume and 5.6% of the value. Among emerging players, super.money leads CRED in terms of transaction volume but lags significantly in value. New-age platforms Navi and FamApp by Trio posted 406 million and 113 million transactions, respectively. Navi recorded Rs 21,815 crore in value, while FamApp stood at a modest Rs 1,440 crore. Amazon Pay and BHIM recorded 93 million and 73 million customer-initiated transactions, respectively, with values of Rs 9,942 crore and Rs 11,726 crore. Government-promoted BHIM re-entered the top 10 UPI apps by volume after a 17-month gap. Private bank-led UPI apps such as Axis Bank Apps had minimal volume (24 million) but processed Rs 5,231 crore. Notably, it was the only app to report B2C UPI transactions, handling 102 million transactions worth Rs 4,155 crore in this category. Apart from India, UPI is currently operational in Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. According to media reports, NPCI plans to expand UPI to more countries, including Qatar, Thailand, Malaysia, and other Southeast Asian nations. Meanwhile, the UK, Oman, and the Maldives have either shown interest or begun early-stage integration. Namibia is also set to roll out UPI services later in 2025.

Flipkart launches UPI services to counter third party apps

EntrackrEntrackr · 1y ago
Flipkart launches UPI services to counter third party apps
Medial

Flipkart has launched unified payments interface (UPI) services which will allow its users to set up their own UPI handle for online and offline merchant transactions within and outside of the e-commerce marketplace. On the Flipkart app, UPI can be used to pay for any product or service, including e-commerce transactions, scan and pay to UPI ID, and recharges and bill payments, the company said in a press release. The move will help Flipkart reduce its dependency on third-party apps such as Google Pay, PhonePe, Paytm, and its arch-rival Amazon (via Amazon Pay). The Bengaluru-based company claims that it has more than 500 million registered users and 1.4 million sellers on its marketplace. In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with ‘@fkaxis’ handle for their digital transactions using the app. Initially, the feature will be available for Android users. It’s worth highlighting that Flipkart provides co-branded credit cards in partnership with Axis Bank. Axis Bank is also helping the Walmart-owned company to expand its offering in the fintech space. As per media reports, Flipkart is planning to roll out a new fintech platform called Super.Money to offer lending, insurtech and other services. Headed by Prakash Sikaria, the new entity is likely to receive $20 million investment from Flipkart. In December, Flipkart raised $600 million from its holding company Walmart. The company is expected to raise $1 billion in total and was valued at $32.55 billion. Last year, foodtech major Zomato also launched its own UPI services in partnership with ICICI Bank.

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