The Reserve Bank of India’s (RBI) Governor Shaktikanta Das on Wednesday announced to raise the transaction limits of UPI 123 and UPI Lite, thus expanding the scope of UPI for an increasingly large number of people. While acknowledging that Unified Payments Interface (UPI) has transformed India’s financial landscape by making digital payments more inclusive, the … Read more
Unified Payments Interface (UPI), which has emerged as the world’s most popular alternative payments method (APM), processed transactions to the tune of ₹80.8 lakh crore ($964 billion) in April-July 2024, a sharp 37% year-on-year (y-o-y) surge compared to the same timeframe the previous year. Transaction metrics and global comparison UPI processed a staggering 3729.1 transactions … Read more
Should transactions done on UPI (Unified Payments Interface) be charged? A merchant discount rate (MDR) or a transaction fee is currently not charged for almost all UPI payments (excluding payments through PPI or prepaid instruments) as it is seen as one of the major ways to enhance UPI’s coverage and minimise the resistance to technology … Read more
The increasing number of credit card frauds highlights the critical need for robust security measures in the financial industry. As technology advances, so do the methods used by cybercriminals to exploit vulnerabilities in payment systems. This rise in fraudulent activities underscores the necessity for financial institutions, businesses, and consumers to adopt comprehensive security strategies to … Read more
HDFC Bank has launched ‘PIXEL’ credit cards that are being billed as fully digital offerings. PIXEL comes in two versions ‘PIXEL Play’ and ‘PIXEL Go’. While banks already allow electronic versions of physical credit cards enabling UPI and digital transactions, HDFC’s PIXEL Play and PIXEL Go are entirely digital offerings. The customer will be onboarded … Read more
Will the RBI’s (Reserve Bank of India) latest decision to allow UPI (Unified Payments Interface) for cash deposits at ATMs (Automated Teller Machines) result in debit cards losing their relevance? The once ubiquitous debit cards are already slowly giving way to UPI. While the share of mobile payments has more than doubled in the last … Read more