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Payment apps open pilots to cash in on NPCI’s new UPI Circle

Economic Times

Economic Times · 10m ago

Payment apps open pilots to cash in on NPCI’s new UPI Circle

Major payment applications like Amazon Pay, Google Pay, and Bhim are testing a new feature called UPI Circle on Unified Payments Interface (UPI). UPI Circle allows users to delegate payments from their UPI-linked account to others, such as their children. It provides a secure way for secondary users to make transactions, with options for the primary user to authenticate each transaction or set transaction limits. This feature aims to attract new users, especially young consumers and the elderly, and create a more inclusive and convenient financial ecosystem.

Related News

RBI Governor Launches UPI Circle, Bharat BillPay For Business

Inc42 · 10m ago

RBI Governor Launches UPI Circle, Bharat BillPay For Business

The National Payments Corporation of India (NPCI) has introduced two new payment solutions, UPI Circle and BBPS for Business, to enhance inclusivity, security, and efficiency in the country's digital payment ecosystem. UPI Circle allows users to delegate payments to trusted secondary users, while BBPS for Business enables companies to automate invoice payment processes. Fintech startup EnKash and neobank OPEN have partnered with the NPCI to launch B2B invoice payments on the BBPS for Business platform.

UPI features like ATM withdrawals, circle likely to hit debit cards hard

Economic Times

Economic Times · 10m ago

UPI features like ATM withdrawals, circle likely to hit debit cards hard

The Unified Payments Interface (UPI) in India is expected to gain a larger share of the debit card market due to new features such as cash withdrawals from ATMs and delegated payments. Debit card usage has been declining in recent years, and UPI's ability to support various digital payment needs could further challenge the use of debit cards. UPI Circle, a delegated payment feature allowing authorization for family members' transactions, could potentially replace add-on debit cards. UPI ATMs offering cardless cash withdrawals and deposits could also reduce operational costs. As UPI expands, it diminishes the unique role that debit cards once held.

Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod

Inc42 · 1y ago

Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod

Paytm, a leading fintech company in India, has received approval from the National Payment Corporation of India (NPCI) to migrate its UPI users to new payment system provider (PSP) bank handles. This comes after the NPCI approved Paytm as a third-party application provider on the multi-bank model. Paytm has expedited its integration with Axis Bank, HDFC Bank, SBI, and YES Bank, and has started transitioning its users to these PSP banks to ensure smooth UPI payments.

NPCI’s International Arm Partners QNB To Roll Out UPI In Qatar

Inc42 · 1y ago

NPCI’s International Arm Partners QNB To Roll Out UPI In Qatar

NPCI International Payments Limited (NIPL) has collaborated with Qatar National Bank (QNB) to bring UPI payment functionality to Qatar. Indian tourists visiting Qatar will now have the ability to make UPI payments using QR codes at retail outlets and tourist spots across the country. This partnership aligns with NPCI's objective of expanding the reach of UPI globally, following similar agreements in countries like UAE, Singapore, and several African nations.

RBI To Roll Out Mobile App For Retail Investors To Invest In Govt Securities

Inc42 · 1y ago

RBI To Roll Out Mobile App For Retail Investors To Invest In Govt Securities

The Reserve Bank of India (RBI) has announced the launch of a mobile application for retail investors to participate in government securities (G-Secs) market. The RBI Retail Direct Scheme, launched in November 2021, aims to provide convenience to retail investors and deepen the G-Sec market. The mobile app will streamline access to the Retail Direct portal, enhancing convenience and fostering deeper engagement with the G-Secs market. Additionally, the RBI has proposed allowing cash deposits through UPI in cash deposit machines and enabling UPI payments from prepaid payment instruments (PPI) wallets through third-party UPI apps, aiming to increase customer convenience and digital payment adoption.

NPCI pushing new UPI players to offer incentives to expand market share

Economic Times

Economic Times · 1y ago

NPCI pushing new UPI players to offer incentives to expand market share

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.

Market Share Expansion: NPCI Nudging New UPI Players To Incentivise Consumers

Inc42 · 1y ago

Market Share Expansion: NPCI Nudging New UPI Players To Incentivise Consumers

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.

UPI Transactions See Marginal Rise To 15.04 Bn In September

Inc42 · 9m ago

UPI Transactions See Marginal Rise To 15.04 Bn In September

- 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

NPCI Launches Product For Cash Deposits At ATMs Using UPI

Inc42 · 10m ago

NPCI Launches Product For Cash Deposits At ATMs Using UPI

RBI Deputy Governor T Rabi Sankar launched the UPI Interoperable Cash Deposit (UPI-ICD) at the Global Fintech Fest 2024. This new feature allows customers to deposit cash at ATMs using UPI, eliminating the need for a physical card. Partnered with the National Payments Corporation of India (NPCI), the initiative makes cash deposits more seamless and accessible by leveraging mobile numbers, VPAs, and account IFSCs. Additionally, ATMs with open architecture can now function as digital banking units (DBUs), offering services like account opening and credit card applications.

'India's success with UPI offers replicable model for other nations'

Economic Times

Economic Times · 7m ago

'India's success with UPI offers replicable model for other nations'

The success of India's Unified Payment Interface (UPI) is lauded in a paper titled 'Open Banking and Digital Payments: Implications for Credit Access.' The paper highlights how UPI has facilitated financial inclusion, innovation, and equitable economic growth by combining public digital infrastructure with open banking policies. UPI has allowed previously underserved groups to access formal credit, with loans to new-to-credit borrowers growing by 4% and to subprime borrowers by 8% in regions with high UPI adoption. The paper also emphasizes that UPI has enabled lenders to expand responsibly, with no significant increase in default rates.

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