Page 5 - Upi

At 3.5 billion transactions in August, UPI clocks 120% surge in volume

In value terms, UPI saw transactions worth Rs 6.39 trillion in August, which is again a record high

UPI forms 10% of overall retail payments in FY21, says Macquarie report

UPI saw its FY21 annual throughput value at Rs 41 trillion, almost 2.8x that of credit and debit card at Point of Sale combined, and almost 20x that of prepaid payment instruments.

Record 7.7 million IPO mandates created via UPI in July, shows data

The figure for July was almost 4 times higher than that of June, when 1.94 million mandate creation requests were made through UPI

Apple's payment methods for apps now include UPI, RuPay, net banking

According to Mashable, this move means that Apple users can now pay using domestic payment systems as well as international payment systems

Digital payment index for March rises to 270.59, indicating rapid adoption

Digital transactions grew steadily throughout FY21, retail payments like UPI, IMPS and NACH showed resilience and healthy growth

Bhutan first country to adopt UPI; FM hails platform's role during lockdown

Sitharaman says platform facilitated 22 billion transactions worth Rs 41 trillion in 2020-21

Paytm cut marketing spend more than the competition: Bernstein report

The report adds that NPCI's recent norm that limits digital payment apps' share in the overall volume of transactions on the UPI at 30% would impact PhonePe and Google Pay more than Paytm

HDFC Bank to invest big on tech infra revamp after spate of outages

Lender is bringing new talent, getting into cloud-native stacks, shifting from traditional monolithic IT systems, and working with strategic partners for better products and services

Digital Payment transactions decline in May from March-April levels

Cash withdrawal through ATMs, transactions through NEFT and RTGS also decline

BHIM UPI transactions come down slightly to Rs 4.94 trillion in Apr

The digital transactions through BHIM UPI in April this year fell by 2.2 per cent from a month ago

Payments space heats up as Amazon says 5 mn businesses using Amazon Pay

The e-commerce major has also launched the 'Amazon Pay For Business' app for small and medium businesses to enable seamless acceptance of digital payments.

BharatPe registers 106 million monthly UPI transactions in March

Fintech company BharatPe on Monday said it has clocked 106 million transactions in the UPI QR payments category in March, and aims to grow UPI payments by three times in 2021-22. The company recorded USD 830 million worth of transactions (USD 10 billion annualised) in March 2021, according to a statement. BharatPe continued its trend of outgrowing the market with an 8.8 per cent market share, it added. "Over the last 12 months, BharatPe has grown exponentially and has been able to establish itself as one of the fastest-adopted payment systems in the UPI person-to-merchant (P2M) segment. "The company has recorded a growth of 7x in volume of UPI transactions from April 2020 to March 2021," it said. Additionally, its Unified Payments Interface (UPI) payments vertical grew 23.7 per cent from February to March 2021. "The pandemic accelerated the growth of digital payments in the country. In fact, we saw all our business verticals grow manifold over the last one year. We outgrew the ma

Paytm says recorded 1.4 billion transactions in March

The firm said it continues to register, on average, 15% month-on-month growth

Walmart's PhonePe leads UPI payments, crosses 1 bn transactions in March

The development comes at a time when UPI has broken a new record, crossing Rs 5 trillion in value in March across 2.73 billion transactions

BharatPe plans to lend Rs 7,000 cr, become 'bank for all' small businesses

Sequoia-backed firm, which is set to become the next unicorn, provides payments technology and digital lending to traditional businesses.

Focus on technology

Banks must invest in improving customer interface

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India's market regulator suggested a "dual approval" process for the appointment and removal of independent directors. Read top stories with Business Standard

Government may compensate banks for loss of MDR, says IT secretary

The move is part of the Budget proposal, where the government has earmarked Rs 1,500 crore for the promotion of digital payments this fiscal

UPI Jan volume up 77% to 2.3 bn year-on-year, value doubles to Rs 4.3 trn

Deals up 3% by both, value and volume, over December 2020 figures

Atmanirbhar campaign in sync with globalisation, PM tells MNC heads

Says India to soon supply two vaccines to the world, many more will come, going forward