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Suspicious cross-border UPI payments trigger forensic audit at Karnataka Bank

YourStory

YourStory · 4m ago

Suspicious cross-border UPI payments trigger forensic audit at Karnataka Bank

Karnataka Bank has engaged external forensic auditors to investigate suspicious cross-border UPI transactions amounting to an estimated Rs. 18.87 crore. Appointed forensic auditing firm, Pipara & Co. LLP, is reviewing these reversals. Despite these findings, the bank assured the Reserve Bank of India that its operations and customer services remain unaffected. The cross-border UPI service facilitates lower-cost instant payments for Indian users abroad, expanding through partnerships and pilot projects in multiple countries.

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NPIL Signs MoU With Greece’s Eurobank To Facilitate Foreign Inward Remittances To India

Inc42 · 1y ago

NPIL Signs MoU With Greece’s Eurobank To Facilitate Foreign Inward Remittances To India

India's National Payments Corporation of India (NPCI) International Payments Limited (NIPL) has signed an MoU with Greece's Eurobank, enabling cross-border payments to India through the Unified Payments Interface (UPI). The collaboration will facilitate foreign inward remittances from Greece to India, offering streamlined payment solutions to the Indian diaspora in Greece. NIPL and Eurobank will handle fund settlement, reconciliation, and dispute resolutions in their respective jurisdictions. Greece joins countries such as Sri Lanka, Mauritius, Bhutan, Nepal, the UAE, and Canada in adopting UPI for cross-border payments.

PhonePe users can now make payments through UPI in Singapore

Economic Times

Economic Times · 1y ago

PhonePe users can now make payments through UPI in Singapore

Fintech company PhonePe has partnered with The Singapore Tourism Board (STB) to allow its users to make payments through UPI in Singapore. This collaboration builds upon the existing UPI linkage between India and Singapore, enabling customers to make cross-border transactions directly from their Indian bank accounts. The two-year strategic partnership aims to promote UPI payments for Indian visitors in Singapore, with joint marketing efforts and seamless payment experiences across key tourism hotspots. PhonePe, valued at over $10 billion, processes over 230 million daily transactions with an annualised TPV of over $1.5 trillion.

Now, PhonePe Users Can Pay Via UPI In Singapore

Inc42 · 1y ago

Now, PhonePe Users Can Pay Via UPI In Singapore

The Singapore Tourism Board (STB) and Indian fintech giant PhonePe have formed a strategic partnership to promote Unified Payments Interface (UPI) payments for Indian tourists in Singapore. Indian visitors can now use the PhonePe app at over 8,000 merchants in Singapore. The collaboration builds on the existing UPI linkage between India and Singapore, allowing customers to make cross-border transactions directly from their Indian bank accounts. Both STB and PhonePe will invest in joint marketing efforts across India and Singapore as part of the partnership.

PhonePe, Paytm, SBI and others go live on India-Singapore cross-border UPI-based payments

Economic Times

Economic Times · 1y ago

PhonePe, Paytm, SBI and others go live on India-Singapore cross-border UPI-based payments

The cross-border linkage between India's Unified Payments Interface (UPI) and Singapore's PayNow is now live on BHIM, PhonePe, and Paytm, allowing the Indian diaspora in Singapore to send funds directly to their Indian bank accounts using UPI. Several banks and third-party applications, including Axis Bank, ICICI Bank, Bank of Baroda, and HDFC Bank, are already offering this service, with more expected to join soon. This collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) enables instant, secure, and cost-effective fund transfers between the two countries.

Brazilian payment company Ebanx set to start India operations with Yes Bank

Economic Times

Economic Times · 1y ago

Brazilian payment company Ebanx set to start India operations with Yes Bank

Brazilian payments company Ebanx is teaming up with Yes Bank to offer cross-border merchant payments in India. Ebanx will provide payments infrastructure for global brands looking to sell to Indian consumers, who can pay in their local currency using local payment methods including Unified Payments Interface (UPI) and RuPay cards. Ebanx, which has raised over $400m in funding, plans to replicate its success in Brazil's instant payment platform Pix by leveraging India's UPI settlement system. The company aims to expand its operations in India with the support of its experience in other developing markets.

UPI To Be Linked With Payment Systems Of 4 ASEAN Nations For Instant Cross-Border Payments

Inc42 · 1y ago

UPI To Be Linked With Payment Systems Of 4 ASEAN Nations For Instant Cross-Border Payments

The Reserve Bank of India has collaborated with the Bank for International Settlements and central banks of four ASEAN nations to introduce 'Project Nexus.' This project aims to link the Unified Payments Interface (UPI) with the respective Fast Payment Systems (FPS) of Malaysia, Philippines, Singapore, and Thailand to enable swift cross-border retail payments. The platform is anticipated to be operational by 2026 and could potentially expand to include more countries in the future.

Skydo secures RBI licence to offer cross-border payments

Economic Times

Economic Times · 7m ago

Skydo secures RBI licence to offer cross-border payments

Skydo Technologies, a Bengaluru-based cross-border payments company, has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border entity. With this license, Skydo plans to expand its offerings, simplify cross-border payments for over 12,000 Indian exporters, and increase its payments volume significantly. Additionally, it has secured Payment Service Provider approval from Amazon, enhancing its services for exporters in Amazon's Global Selling program. The company aims to broaden its operations to include credit and treasury services.

Google Pay India signs pact with NPCI for global expansion of UPI

Economic Times

Economic Times · 1y ago

Google Pay India signs pact with NPCI for global expansion of UPI

Google India's digital payment service, Google Pay, has signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL) to expand the reach of UPI (Unified Payments Interface) to countries outside India. The collaboration aims to enable UPI-like digital payment systems in other countries, facilitate UPI payments for international travelers, and simplify cross-border financial exchanges. This partnership will help accelerate the global acceptance of UPI and provide foreign merchants access to Indian customers through UPI-powered apps like Google Pay.

PayPal gets RBI nod for facilitating outbound cross-border payments

YourStory

YourStory · 3m ago

PayPal gets RBI nod for facilitating outbound cross-border payments

PayPal Payments Private Limited, an Indian subsidiary of PayPal Holdings Inc., has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator for Cross Border Exports. This regulatory nod enables PayPal to facilitate outbound payments for Indian merchants in global trade under a regulated framework. While PayPal focuses on outbound cross-border payments in India, the competitive landscape is intensifying with similar approvals for other firms like Cashfree Payments and Amazon Pay.

NPCI scales up UPI adoption in UAE to strengthen digital ties - The Economic Times

Economic Times

Economic Times · 1m ago

NPCI scales up UPI adoption in UAE to strengthen digital ties - The Economic Times

NPCI International Payments Ltd (NIPL) is expanding the Unified Payments Interface (UPI) acceptance in the UAE to enhance digital payments, collaborating with local partners to provide seamless transactions. This initiative aims to support the UAE's digital economy goal, aiding cross-border payments for millions of Indian travelers. With existing partnerships, several UAE merchants accept UPI, aligning with India's significant digital payment advancements. This move underscores the growing global confidence in India's payment innovations.

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