This is a 1 percent jump in volume and a 6.4 percent surge in value for UPI from November which had seen 2.21 billion transactions worth Rs 3,90,999 crore.
In unnamed funding round, Flipkart backed PhonePe raises fresh funds thereby taking its valuation to $5.5 billion.
The service seems to be currently avaialble only on Axis Bank credit/debit and SBI credit cards for a set group of users in India, reports said
After constantly rising for the past several months, the volume, as well as value, of transactions through the UPI payment system dropped in March due to the 21-day nationwide lockdown imposed to combat the coronavirus infection
Google writes letter to US Federal Reserve to adopt UPI-like payments mechanism; draws cheers among Indian entrepreneurs
A top banker told Tech2, UPI is being pushed to go global and now if it manages to draw the attention of the US Federal Reserve it will be big fillip for NPCI.
Earlier the option of paying via debit, credit cards and so on were available on Google Play Store.
The government wants to ensure that all the data pertaining to WhatsApp Pay will be stored on servers based in India.
"If it wasn't for UPI, we wouldn't be where we are right now with digital payments."
Amazon's UPI ambitions had come to a halt after it failed to fulfil the data localisation mandates from RBI.
Currently, only around 7 lakh WhatsApp users in India can use the WhatsApp Pay beta feature
Google Pay clocked payments worth Rs 43,000-Rs 45,000 crore in March as per industry sources.
The timeline for implementing phase 2 and phase 3 shall remain unchanged from the date of completion of phase 1, Sebi said in a circular
Using Google Pay for IRCTC train bookings also ensures you incur no additional processing fee.
The Google Tez app was launched back in August 2017 and then rebranded as Google Pay in Sep 2018.
Since there is no option of e-KYC for digital wallets and the RBI has not said anything clearly about the alternate KYC mechanisms, the firms are now in limbo
Earlier last year, NPCI launched UPI 2.0 with features such as overdraft facility to let customers link their OD accounts to the UPI payments system.
As many as 50 percent of new Truecaller Pay users are said to be first time UPI users.
The trend seems to be accelerating ever since the Reserve Bank of India that regulates the payment industry allowed interoperability among payment service providers sometime ago.
Banking a billion: India's thrust on digital economy propels country towards financial inclusion, societal transformation
Unleashing the potential of these bank accounts and it’s natively built Unified Payments Interface (UPI), India is witnessing a significant push towards digital payments
Paytm registered over 179 million UPI transactions in the month of October alone.