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NPCI May Fix 1.2% Interchange For Credit Line On UPI Transactions: Report
Inc42
·
1y ago
Medial
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.
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NPCI Planning Lower Interchange Fee To Boost Credit Use On UPI
Inc42
·
1y ago
Medial
The National Payments Corporation of India (NPCI) is considering a lower interchange fee for credit lines on the Unified Payment Interface (UPI) in an effort to promote their adoption. The current interchange fee for credit card transactions is around 1.8%-2%, but the NPCI is exploring a fee ranging between 1%-1.2% for credit lines on UPI. Banks and fintech apps like Paytm and Google Pay are ready to offer credit lines on UPI, but are waiting for clarity on the interchange fee. The RBI approved credit lines on UPI in September 2020.
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NPCI introduces credit, NFC-based payments to scale UPI service
Economic Times
·
1y ago
Medial
The National Payments Corporation of India (NPCI) has introduced several new products and features for its Unified Payments Interface (UPI) network to enhance digital inclusivity. These offerings include a credit line on UPI, UPI Lite X for offline payments, a near-field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI, and conversational bill payments with BillPay Connect. The move comes as NPCI aims to scale the UPI infrastructure to handle 100 billion monthly transactions. The credit line on UPI feature will be initially launched by Paytm, Google Pay, and HDFC PayZapp.
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UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck
Economic Times
·
2m ago
Medial
The National Payments Corporation of India's (NPCI) initiatives like UPI Lite, wallet-based payments, and UPI through RuPay credit cards aim to ease the banking system's load for small transactions. Yet, only recurring payments and credit cards via UPI have gained traction, while others struggle due to limited awareness and adoption. Barriers include the zero merchant discount rate, unresolved interchange rates for wallet-based UPI, and the high costs for banks to implement these new features without assured return on investment.
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Rupay credit card payments through UPI hits the MDR speedbreaker
Money Control
·
1y ago
Medial
Rupay credit card transactions on UPI have increased from Rs 50-60 crore daily in May to Rs 100 crore daily in October, with Rupay's share of new credit card issuances growing to 25%. However, around 15-20% of merchants have requested their banks to disable Rupay credit card payments on UPI due to the higher merchant discount rate (MDR). The fear of lower or zero MDR for Rupay credit cards on UPI has led to a scramble among banks to distribute more Rupay credit cards to safeguard their interchange fees.
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What’s in NPCI’s wallet? A plan to unclog banking channels
Economic Times
·
6m ago
Medial
The National Payments Corporation of India (NPCI) plans to implement a lower, uniform interchange fee to boost mobile wallet use for Unified Payments Interface (UPI) transactions. This aims to alleviate pressure on banks from numerous small digital payments. The proposed fee of 0.6%-0.7%, down from 1.1% on transactions over Rs 2,000, intends to motivate wallet providers like MobiKwik and Amazon Pay to promote UPI payments, enhancing security and generating revenue.
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UPI transactions zoom 52% YoY to 1,220 Cr in January
Inc42
·
1y ago
Medial
In January 2024, UPI transactions in India grew by 52% to 1,220 crore with a transaction value of INR 18.41 lakh crore, a YoY increase of 42%. The National Payments Corporation of India (NPCI) aims to achieve 10,000 crore monthly transactions and has introduced various UPI innovations such as credit line access, offline NFC-based payment options, and conversational payment solutions. NPCI is also planning to integrate an AI-powered translation platform for conversational payments in multiple Indian languages. UPI has already expanded to countries like France, Bhutan, Nepal, UAE, and Canada.
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NPCI chief sets ambitious new target of 100 billion transactions per month
Economic Times
·
12m ago
Medial
Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), has set a new target for India's payment vision of achieving 100 billion transactions per month. This ambitious goal comes as India's digital payment ecosystem continues to expand. In August alone, transactions using the Unified Payments Interface (UPI) reached 2.5 billion, with UPI transaction values consistently surpassing Rs 20 lakh crore. Asbe also noted the significant growth in credit line transactions using UPI, reaching Rs 10,000 crore.
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UPI Transactions See Marginal Dip To 1,330 Cr In April
Inc42
·
1y ago
Medial
In April, the transaction volume for Unified Payments Interface (UPI) in India reached INR 19.64 Lakh Cr, slightly lower than the previous month's INR 19.78 Lakh Cr. However, it increased by 40% compared to April of the previous year. UPI transactions decreased by 1% MoM to 13.30 Bn in April. On a YoY basis, the transaction count surged 50%. The Indian payment infrastructure has expanded globally, entering markets such as Nepal, France, and New Zealand. Efforts are being made by the National Payments Corporation of India (NPCI) to boost UPI adoption through new features and services. The NPCI is also considering lower interchange fees for UPI transactions and revising its decision on the market share cap for payment players.
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Paytm holds steady UPI market share for two consecutive months
Entrackr
·
1y ago
Medial
Showing signs of recovery, Paytm’s QR-based payments, and Soundbox, have retained their market share for two consecutive months in Unified Payments Interface (UPI) ecosystem despite facing restrictions on onboarding new users. Paytm secured over 8% of the overall UPI transaction market in both May and June 2024. In June, the total transactions on the Paytm platform stabilized at 1.1 billion, in line with May’s figures, according to a document seen by Entrackr. Since becoming a Third-Party Application Provider (TPAP) in March, Paytm has managed to maintain its position as the third-largest player by UPI market share after PhonePe and Google Pay, as per the document. In terms of transaction value, Paytm processed Rs 1.2 trillion (Rs 1.2 lakh crore) worth of UPI transactions in June, repeating its performance in May. The company remains amongst the leading players in the peer-to-merchant (P2M) segment due to its extensive merchant network. Despite a slight dip in overall UPI transactions, Paytm has stayed in the fray as the market continues to be dominated by PhonePe and Google. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. The latest volume and value break up for PhonePe and Google Pay are yet to be disclosed by NPCI. In May, the duo accounted for 48.6% and 37% market share by volume, respectively. Paytm’s UPI is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. The company also has UPI Lite and Rupay credit card on UPI. As per reports, NPCI is also likely to review the 30% cap on the market share of third party UPI apps such as PhonePe and Google Pay.
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UPI daily transactions cross 500 Mn mark
Entrackr
·
12m ago
Medial
Unified payments interface (UPI) has crossed the milestone of processing 500 million transactions on a daily basis for a couple of times in August. This is a significant jump in daily volume as the Indian government has set the ambitious target of clocking 1 billion transactions per day by 2026-27. As per data published by the NPCI, UPI crossed 500 million transaction count on August 2 and August 5. However, this is the third instance when UPI achieved the milestone. The previous was on July 2, 2024, according to UPI data analyzed by Entrackr. To recall, UPI first crossed 500 million transactions on a monthly basis for the first time in November 2018 and it took less than six years to achieve the same feat on a daily basis. This also shows that the NPCI has developed a robust platform which can handle ever-growing scale. Currently, there are very few companies in India and overseas that are capable of processing over 50 crore transactions on a daily basis. “0.5 Bn/day. Time to revise the India Vision from 1 billion / day to 100 Bn/month,” said NPCI CEO Dilip Asbe on X. In July, UPI transactions rose 3.95% month-on-month to 14.44 billion from 13.89 billion in June. Volume wise, PhonePe had 48.3% market share in UPI as of June followed by Google Pay and Paytm with 36.7% and nearly 8% market share, respectively. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. The volume breakup for July is yet to be published. NPCI has also launched a credit line on UPI facility in which ICICI Bank is one of the leading banks with other five to six lenders. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. Besides India, NPCI has launched the instant payments services in foreign countries including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka and the UAE.
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