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Razorpay, Airtel Payments Bank Roll Out ‘UPI Switch’ To Enable 10K Transactions Per Second
Inc42
·
1y ago
Medial
Indian fintech unicorn Razorpay has partnered with Airtel Payments Bank to launch its own United Payment Infrastructure (UPI) called 'UPI Switch'. The Switch is designed to process up to 10,000 transactions per second and is aimed at addressing the scalability and technical issues faced by existing UPI infrastructure. Razorpay claims that its UPI Switch can resolve disputes 7 times faster and process refunds instantly, improving the overall customer experience for businesses. With UPI transactions on the rise in India, the UPI Switch aims to provide a holistic infrastructure for future UPI innovations.
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Cashfree receives NPCI certification for its own UPI switch
Economic Times
·
9m ago
Medial
Cashfree Payments has received certification from the National Payments Corporation of India for its UPI Switch service. This certification allows Cashfree to directly integrate with any bank's core banking software, resulting in a higher transaction success rate for its merchants. With this certification, Cashfree can settle around 12,000 transactions per second. The UPI Switch was developed in collaboration with NSDL Payments Bank as the sponsor bank. This achievement will lead to a 5% increase in Cashfree's transaction success rates, faster merchant onboarding, and improved control over the payments process. Cashfree Payments is a leading payment aggregator trusted by over 600,000 businesses, processing transactions worth $80 billion annually.
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Why Airtel Payments Bank is happy to play second fiddle
Livemint
·
1y ago
Medial
Airtel Payments Bank is targeting urban Indians who are hesitant to use their primary bank accounts for low-value transfers through the Unified Payments Interface (UPI). The payments bank, owned by Bharti Airtel, found that a significant number of its new customers already had an account with another bank and wanted a secondary account specifically for payments. The increasing instances of UPI fraud and the need to separate small-value digital transactions from monthly statements are cited as reasons for this trend. Airtel Payments Bank saw significant growth in customer acquisition and reported a net profit for the fiscal year 2023-24.
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Fintech startup TechFini gets NPCI nod to operate as UPI provider
Economic Times
·
1y ago
Medial
Mumbai-based fintech startup TechFini has gained final approval from the National Payments Corporation of India (NPCI) to serve as a Unified Payments Interface (UPI)-based payment infrastructure provider. The approval allows TechFini to function as a UPI issuer and acquirer, as well as enable RuPay credit cards and provide dispute resolution services. Established in 2023, TechFini offers a range of payment system solutions, including acquiring switch, issuing switch, UPI switch, expense management, card management, and payment gateway software. In June, UPI transactions in India reached over Rs 20 lakh crore in value, reflecting a 49% YoY increase.
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NPCI international partners with Qatar National Bank for UPI payments in Qatar
YourStory
·
1y ago
Medial
NPCI International Payments Limited (NIPL) has partnered with Qatar National Bank to introduce QR code-based Unified Payments Interface (UPI) payments in Qatar. This collaboration aims to enable Indian tourists to make UPI payments at various locations, enhancing their travel experience. The initiative is expected to revolutionize transactions and empower local merchants in the region. NIPL has also expanded UPI adoption in the United Arab Emirates by partnering with Network International to enable QR code-based UPI payments through their POS terminals.
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Paytm may switch to third-party app mode to keep UPI
Economic Times
·
1y ago
Medial
Paytm is reportedly planning to switch to the third-party payment app (TPAP) route to ensure uninterrupted access to Unified Payments Interface (UPI) for its users. The company is in discussions with the National Payments Corporation of India (NPCI) to enable this transition. Currently, Paytm users have virtual payment addresses ending in @paytm, but after March 1, these VPAs may change to another bank's handle. Paytm aims to use three or more banks to issue new VPAs, with HDFC Bank, Axis Bank, and Yes Bank in contention for the UPI payments business.
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RBI Increases UPI Limit For Tax Payments To INR 5 Lakh
Inc42
·
1y ago
Medial
The RBI has increased the UPI tax payment limit from INR 1 Lakh to INR 5 Lakh per transaction, making it easier for consumers to make payments through the UPI. Additionally, the central bank has introduced delegated payments through the UPI, allowing primary users to authorize secondary users to make UPI transactions up to a limit set by the primary user from their linked bank account.
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Cred launches offline QR code-based ‘scan and pay’ payments
Economic Times
·
1y ago
Medial
Fintech unicorn Cred has introduced offline retail payments at large format stores after completing successful pilots. The company aims to roll out the solution at select merchant outlets throughout the year. The app allows customers to scan QR codes and make payments at premium retail outlets, such as supermarkets and restaurants. Additionally, Cred offers rewards for every payment transaction, which can be offset against credit card bills. The new terminals powered by Razorpay POS and Pine Labs enable merchants to provide personalized rewards and accept payments via UPI.
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Paytm secures NPCI nod for migrating its users to other banks
Economic Times
·
1y ago
Medial
Digital payments company Paytm has successfully integrated with four banks, including State Bank of India, Yes Bank, HDFC Bank, and Axis Bank, for Unified Payments Interface-based payment services. The integration allows Paytm to migrate its users to these banks for seamless payment transactions. Previously relying heavily on Paytm Payments Bank, Paytm had to switch to other banks after the Reserve Bank of India ordered the payments bank to shut down its basic banking services. Despite the integration, Paytm's UPI payment volumes have slightly declined, with the company currently holding a 9% market share.
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The UPI Fee Debate: Striking A Balance Between Affordability And Sustainability
Inc42
·
10m ago
Medial
According to the National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI) recorded over 48 crore transactions per day, with a monthly value of INR 20.64 lakh crore in July. Google Pay and PhonePe currently dominate the UPI market, accounting for around 80% of transactions. The Reserve Bank of India (RBI) has put forward a discussion paper proposing a fee structure for UPI that reflects its operational costs.
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India now makes faster payments than any other country, courtesy UPI: IMF note
Economic Times
·
29d ago
Medial
India, leveraging its Unified Payments Interface (UPI), is now the global leader in rapid digital payments, surpassing other countries, as noted by the International Monetary Fund (IMF). Launched in 2016, UPI processes over 18 billion transactions monthly, marking a decline in cash use proxies like ATM withdrawals. Interoperable systems like UPI enable seamless transactions across platforms, encouraging a shift from cash to digital payments while maintaining competitive openness among private providers.
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