NPCI eyes big-size spends on RuPay UPI credit cards
Currently users split bills, pay their local vendors, taxi rides and retailers through UPI, the most popular smartphone-based payments mode in the country.
Currently users split bills, pay their local vendors, taxi rides and retailers through UPI, the most popular smartphone-based payments mode in the country.
The transactional use of cash has been on a decline and is increasingly getting substituted with digital modes of payments, even as the store-of-value role of cash remains intact, said the paper.
NPCI introduced UPI payments without internet using NPCI's short code, *99#. This mobile banking platform allows users to perform transactions without internet, benefiting feature phone users and those with limited access. To set up offline UPI payments, dial *99# and select language, enter IFSC code, link bank account, and provide debit card details. To make offline UPI payments, dial 99#, select language, choose 'Send Money' or 'Transfer Money', enter beneficiary's number or VPA, specify amount, enter UPI PIN, and confirm transaction details.
Reserve Bank of India Governor Shaktikanta Das said India may explore linking their Unified Payments Interface (UPI) with Japan's fast payment system for more efficient and cost-effective cross-border payments. This move follows a successful real-time linkage between UPI and PayNow with Singapore earlier this year.
From UPI 123Pay to UPI-PayNow linkage, new developments in UPI are redefining the payment infrastructure and transforming the digital payment space. NPCI's latest data shows a slight uptick in UPI transactions for the month of October, clocking 11.41 billion transactions.
The Indian government, in line with the Digital India policy, is developing applications to enable digital payments for various government departments. In addition, the NIC is testing the digitisation of temple donations in partnership with payment major Worldline.
From UPI 123Pay to UPI-PayNow linkage, new developments in UPI are redefining the payment infrastructure and transforming the digital payment space. A recent report by Worldline highlighted the increase in micro payments using UPI, instead of traditional cash and how the country is moving towards a 'less-cash' society.
UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 lakh crore to Rs 15.33 lakh crore during the same period, while the debit card spends have grown just 11.96 per cent, according to RBI data.
Started with Scan and Pay, the UPI catered to the audience coming from bottom of the pyramid and travelled overseas as well through cross border payments. The next big development in the UPI’s history is going to be the conversational payments where voice commands will help to transfer funds. Here is a glimpse of UPI journey since its inception in 2016:
Experts believe is unlikely to adversely impact credit cards in the short term and credit cards are expected to maintain their customer base through incentives such as cashbacks and reward points.
Sequentially, the company saw merchant subscriptions increase by about 4 lakh in July 2023, Paytm said in a filing.