Page-3 of UPI
Bengaluru accounts for the highest number of digital transactions in India
As per the recent report by online payment processor Worldline India, Bengaluru accounted for the highest number of digital transactions in India in 2019. Bengaluru, which was the leading city in digital transactions in 2018, is followed by Chennai, Mumbai and Pune ..
NPIC to export UPI, sets up subsidiary: RBI Governor
The Unified Payment Interface was introduced in India in 2016. Based on its performance, Google has recommended similar service called FedNow to the US Federal Reserve Board. With its growing popularity, the RBI on December 16, 2019 announced that NPCI ..
Month: Current Affairs - December, 2019
UPI to be launched globally after hitting One Billion transactions in October
The Government of India in its major boost towards cash less digital economy launched the Unified Payments Interface (UPI) channel. The transactions through the channel has reached One Billion in the month of October Highlights The milestone has been achieved ..
Month: Current Affairs - October, 2019
Govt launches BHIM 2.0
Union Minister of Electronics and Information Technology (MeiTY) Ravi Shankar Prasad unveiled a slew of new initiatives and programmes, including BHIM 2.0 that packs-in new functionalities, supports additional languages and has increased transaction limits. He also launched a host of ..
Month: Current Affairs - October, 2019
Digital payment ecosystem in India
Demonetization and the government’s push towards digital payments has opened the market to several platforms which are not only more convenient but also provide greater flexibility to the people using them. Digital payment ecosystem in India As per a study ..
Budget 2019 : Digital payments
To further encourage people to use digital payments as the preferred mode of their transactions, the Union Budget has announced the following measures to make digital payments successful- A 2% tax deduction at the source is proposed for all cash ..
RBI Report pushes for Digital Transactions
The Reserve Bank of India (RBI) report Payment and Settlement: The Plumbing in the Architecture of India s Financial System makes the following observations about digital payments: India s effort to build a less-cash economy is gathering momentum. Digital transactions ..
Benchmarking India s Payment Systems
The Reserve Bank of India (RBI) report “Benchmarking India s Payment Systems” provides a comparison of the payment ecosystem in India with the payment systems and usage trends in other major countries. Findings of the Report Even though there was ..
Nilekani Panel suggests measures to encourage Digital Payments
The Reserve Bank of India (RBI) appointed Nandan Nilekani committee has submitted its suggestions on measures to encourage digital payments in India to RBI Governor Shaktikanta Das. Background: In January 2019 the RBI had set up the five-member panel under ..
Month: Current Affairs - June, 2019
NPCI launches UPI 2.0 with overdraft facility
National Payments Corporation of India (NPCI) has launched UPI 2.0, an upgraded and renwed version of Unified Payments Interface (UPI) by adding four new features to make it attractive and safer for users. These new features will allow users to ..