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After UAE, NPCI launches UPI in Nepal; Users can san QR codes to make payments

IndianStartupNewsIndianStartupNews · 1y ago
After UAE, NPCI launches UPI in Nepal; Users can san QR codes to make payments
Medial

NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), has partnered with Fonepay Payment Service Ltd, Nepal's largest payment network, to introduce Unified Payment Interface (UPI) for cross-border transactions. This collaboration allows Indian consumers to use UPI-enabled apps for QR-code-based person-to-merchant transactions in Nepal. The integration of UPI into Nepal's payment ecosystem not only strengthens ties between the two countries but also sets an example for future digital payment integrations globally. The partnership is expected to boost economic ties, commerce, and tourism between India and Nepal while promoting financial inclusion and economic prosperity.

NPCI International signs MoU with Greek bank to take UPI to Europe

Economic TimesEconomic Times · 1y ago
NPCI International signs MoU with Greek bank to take UPI to Europe
Medial

NPCI International Payments (NIPL) has signed a memorandum of understanding with Eurobank, a Greek bank, to process foreign inward remittance from Greece through UPI (Unified Payments Interface). This partnership positions Greece as one of the first European countries to enable seamless remittances to India using UPI rails. The agreement includes fund settlement, reconciliation, and dispute resolution in their respective jurisdictions. This initiative strengthens economic ties between India and Greece through increased remittance flows. Previously, UPI was launched in France, allowing Indian tourists to purchase Eiffel Tower tickets using UPI payments. NPCI has established relationships with several countries, resulting in the acceptance of UPI and RuPay as payment methods.

UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion

EntrackrEntrackr · 1y ago
UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion
Medial

Unified Payments Interface (UPI) has set another record as it processed more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion in May, according to data issued by the National Payments Corporation of India (NPCI). UPI saw a 5% jump in volume and a 4% surge in value of transactions in May compared to April. This is a new high in terms of volume and value for UPI which began its operations in April 2016. Last month, the volume of transactions declined by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion. The transaction count is expected to rise in the coming months as NPCI is expanding UPI services to more countries. Besides India, it is also available in countries such as Singapore, Malaysia, UAE, France, Nepal, UK, Mauritius, and Sri Lanka. Going forward, the Reserve Bank of India along with NPCI have plans to take UPI to 20 countries by FY29. In its annual report, RBI also said that nearly four out of five digital payments in the country were conducted on the UPI in FY24. As of April, PhonePe had 48.87% market share in the UPI ecosystem. This was followed by Google Pay and Paytm which controlled 37.5% and 8.3% market share in UPI respectively. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. The break up data for May is yet to be released by NPCI. NPCI is reportedly considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. Meanwhile, industry stalwarts Adani Group and Mukesh Ambani-backed Reliance Group are also gearing up to enter the UPI and digital bank ecosystem. As per media reports, Adani Group is considering seeking for a license to operate on the UPI while Jio Financial announced a new app called JioFinance.

UPI daily transactions cross 500 Mn mark

EntrackrEntrackr · 11m ago
UPI daily transactions cross 500 Mn mark
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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