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
Earlier the option of paying via debit, credit cards and so on were available on Google Play Store.
Blames previous decline on connectivity problems and lack of response from banks’ servers.
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.
UPI 2.0 pushes forward digitisation agenda of the country, brings banking ecosystem on single platform
With the launch of UPI, India became one of the only 18 countries worldwide to have a real-time P2P payment system (across different banks) way ahead of the USA and some of the other developed countries
Digital payments: Over 400 mn UPI transactions worth Rs 59,835 cr clocked in September; up 30% over August
Monthly transactions through unified payments interface (UPI) increased by more than 30 percent month-on-month to 405.87 million in September, totalling over Rs 59,835 crore in value, according to the National Payments Corporation of India (NPCI) data.
Currency with public doubles from demonetisation days: Why did Narendra Modi’s big gamble fail to dethrone the cash king?
Currency in Circulation totaled Rs 19.3 lakh crore as on 1 June. Remember, this figure had fallen to Rs 8.9 lakh crore in the aftermath of demonetisation
Circular sent by NPCI stated a deadline for all UPI apps to comply post which it has the "right to decline the transactions for such non-compliant apps.”
Previously, PhonePe had received Rs 83.68 crore in October, 2016 through allocation of 41.84 lakh shares at a premium of Rs 190 per share.
PhonePe has nearly 45 percent of the market share in all UPI transactions across the country in August
WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.
Bank's UPI app glitches led to fraudulent transactions, says NPCI and iSpirt, following BoM complaint
National Payments Corporation of India (NPCI) and iSpirt have come together to put out a joint statement pertaining to the security aspect of unified payments interface (UPI)
ICICI Bank had suspended its customers from performing any UPI transactions on the PhonePe app, which is owned by Flipkart and whose banking backend is handled by Yes Bank. According to a latest report in The Economic Times, the bank is now allowing its customers to transact on PhonePe using UPI.
With the ongoing digital wave, many financial processes that were earlier paper-based are also going to convert to digital medium.
The world is slowly warming up to the digital revolution being unleashed in India. Even trenchant critics of globalisation feel that India is doing the right thing by trying to reduce cash in daily transactions. The country is at the cusp of a breakthrough orchestrated by several initiatives all anchored to digital technology and Aadhaar.
The national financial service UPI enables bank account holders to send and receive money from their respective smartphones without the need to enter bank account information or net banking details.