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Topic: UPI

UPI Lite is quite a useful service for anyone who relies on their smartphone for day to day transactions. News 

Introducing UPI Lite: A Simplified Version of UPI for Easy Transactions

Adriana Marais,

The introduction of UPI Lite by RBI is a significant addition to the digital payment landscape, ensuring seamless transactions for users even without an active internet connection. This new feature, part of the growing popularity of UPI, allows users to make small value transactions easily by simply entering a phone number or scanning a QR code. NPCI has been proactive in rolling out new features and services to enhance the UPI experience and maintain its efficiency. What is UPI Lite? UPI Lite is an online wallet developed by the National…

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Travellers from around the globe will now be able to make safe and easy payments in India via UPI with NPCI's newly launched service. (NPCI) News 

NPCI introduces new service allowing international travellers in India to conveniently use UPI: Read more for details

Adarsh V.K

The ‘UPI One World’ wallet service has been introduced by the National Payments Corporation of India (NPCI) to provide convenient digital payment options for international visitors in India. This initiative aims to streamline financial transactions for foreign nationals and Non-Resident Indians (NRIs) from G20 nations, improving their overall travel experience within the country. Read more: Bengaluru woman lost 1.2 crore to online scam: Here’s what happened Easy UPI connection for Travelers The UPI One World wallet acts as a prepaid instrument (PPI) linked to India’s Unified Payments Interface (UPI), allowing…

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Indian travellers in the UAE can now conveniently make payments using the PhonePe app through UPI integration. (PhonePe) News 

PhonePe app now allows Indians residing in UAE to make UPI payments

Adarsh V.K,

Indian tourists and NRIs in the UAE can now use the PhonePe app to make UPI payments, thanks to a partnership between the NPCI and Mashreq Bank’s NEOPAY. This collaboration has enabled UPI-based payments in the Gulf Nation, making financial transactions easier for Indian travellers in a country with a significant Indian expat population. Earlier, in 2021, UPI services were successfully launched in Bhutan in collaboration with Royal Monetary Authority, the central bank of Bhutan. “The UAE is a very popular destination with millions of Indian visitors every year. With…

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Paytm founder and CEO Vijay Shekhar Sharma steps down from payments bank board. (REUTERS) News 

Vijay Shekhar Sharma of Paytm resigns from payments bank board following RBI crackdown.

Febin Mathew,

In an announcement on Monday, Paytm, an Indian digital payments company, revealed that Vijay Shekhar Sharma will be resigning from his positions as non-executive chairman and board member of its payments bank unit. This decision comes as the company undergoes a restructuring of its board following regulatory actions by the central bank. According to sources, Paytm is likely to partner with four banks to enable UPI transactions TroubledPaytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank to process transactions through the popular…

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India's Unified Payment Interface (UPI) services will be rolled out in Sri Lanka and Mauritius. (Unsplash) News 

Launch of India’s UPI services scheduled for Monday in Sri Lanka and Mauritius

Adarsh V.K

India’s Unified Payment Interface (UPI) services are set to be introduced in Sri Lanka and Mauritius during a virtual ceremony on Monday, which will be attended by Prime Minister Narendra Modi and the highest-ranking officials from both island countries. India’s RuPay card services in Mauritius would also be launched at the event. According to the Ministry of External Affairs (MEA), Mauritian Prime Minister Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe will join Modi in the virtual ceremony. “Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritius Prime…

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The report further stressed that this measure could apply to various digital payment methods, including Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and the Unified Payments Interface (UPI). News 

2K Transaction Delay: Uncover the Reason Behind UPI Fraud’s 4-Hour Wait!

Febin Mathew

The Indian government is reportedly developing a new process that may affect Unified Payments Interface (UPI) users. They plan to introduce a minimum time for the first transaction between two people in an effort to combat fraud in online shopping. If implemented, users may experience a four-hour delay for transactions above R2,000. This means that the four-hour time limit would apply whenever a user makes the first payment of more than Rs 2,000 to another user with whom they have never transacted before. While this approach may complicate digital payments,…

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Google Pay is one of the most secure UPI apps, but a scammer or another malicious entity may exploit certain apps, such as 'Screen Sharing' apps to scam you. News 

UPI Payments: Beware! Never Use These Apps with Google Pay!

Adriana Marais,

When it comes to UPI transactions, Google Pay stands out as one of the most reliable and secure methods, which is why it is also one of the most popular options. To maintain this level of security, it has implemented safeguards such as artificial intelligence and anti-fraud technology. These measures are used to identify fraudulent transactions in real time. However, it cannot be present all the time, and in certain use cases, a fraudster or other malicious party can exploit certain applications, such as “Screen Sharing” applications, to gain access…

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NPCI directs swift action by Google Pay, Paytm, PhonePe to deactivate dormant UPI IDs by year-end for enhanced security. (Unsplash) News 

Time’s Up! Deactivate These UPI IDs Before the Deadline – Find Out When!

Nitin Misra, ,

The National Payments Corporation of India (NPCI) has taken a proactive step to improve the security and dependability of the Unified Payments Interface (UPI) system. In a recent circular, the NPCI has instructed major third-party UPI apps like Google Pay, Paytm, PhonePe, and others to deactivate UPI IDs and numbers that have been inactive for more than a year. NPCI, a non-profit organization that oversees retail payment and settlement systems in India, stresses that this measure is necessary to prevent unintended transfers of funds to unintended recipients. The risk arises…

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This Paytm trick will help you not share your phone number while you make UPI payments. (REUTERS) News 

Discover How to Keep Your Phone Number Private When Using Paytm UPI

Jim Hendler,

Gone are the days when sharing seemingly innocent information about yourself was considered safe without any concern. In today’s world, where cybercrime is increasing, it is crucial to prioritize the privacy of your data and only share it with trusted individuals. While people are generally cautious about their financial data, passwords, and other sensitive information, there is one piece of data that is readily available every time you make a UPI payment – your phone number. For most individuals, their UPI ID is their phone number, meaning that anyone, including…

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Know all about the Bima Sugam insurance portal. (Unsplash) News 

Exploring Bima Sugam: A UPI Moment for the Insurance Industry

Adriana Marais,

In 2016, the Reserve Bank of India (RBI) introduced the Unified Payments Interface (UPI), a significant development in the digital finance industry. This initiative enabled the previously unbanked population to access banking services and conduct digital transactions, reducing their reliance on physical currency. Now, the Insurance Regulatory and Development Authority of India (IRDAI) has put forth a new platform called Bima Sugam, which aims to replicate the transformative impact of UPI in the insurance sector. This proposed platform has the potential to revolutionize the industry, similar to the UPI’s groundbreaking…

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The one-of-a-kind zone will showcase the ‘Digital India’ journey since 2014 through an immersive experience in the form of interactive displays and virtual reality simulations AI 

G20 Summit Highlights Digital India with UPI, Aadhaar, Bhashini, and the Introduction of ‘Ask GITA’ at the ‘Digital India Experience Zone’

Adarsh V.K, , , , ,

The ‘Digital India Experience Zone’ at the upcoming G20 Leaders Summit in New Delhi will be a standout attraction showcasing India’s ‘digital’ journey since 2014. The transformative potential of digital public infrastructure, or DPI, is highlighted through a platform developed over seven years. a country that empowers digital economy – Aadhaar, UPI, DigiLocker, DIKSHA, Bhashini, ONDC and eSanjeevani. In addition to providing visitors with immersive experiences such as interactive displays and virtual reality simulations, the unique zone features a kiosk showcasing the GITA (Guidance Inspiration Transformation and Action) app where…

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Soundboxes provide real-time audio confirmation of the payment in several languages. (Bloomberg) News 

Reliance exploring UPI services with soundbox similar to Paytm

Febin Mathew, ,

Ever since UPI was introduced in 2016 by the National Payments Corporation of India, conducting financial transactions in India has become incredibly convenient. This initiative was launched as part of Prime Minister Narendra Modi’s vision to transform India into a digital nation. Whether it’s making substantial purchases at shopping malls or buying groceries from street vendors, all it takes is a quick scan of a QR code, entering your UPI PIN, and voila! Your transaction is completed effortlessly. Interestingly, UPI’s popularity has extended beyond India’s borders, with countries like Singapore,…

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Know what’s happening in the AI universe today, August 10. (Pixabay) AI 

Five AI Developments You May Have Missed: UPI Payments, UK AI Summit Expert Hire, and More

Febin Mathew,

As regulations on artificial intelligence (AI) usage are being implemented by various countries, advancements in the field are still progressing quickly. The Reserve Bank of India (RBI) recently suggested a novel approach to conducting UPI transactions, involving interactions with AI. In a separate development, the United Kingdom has recruited a technology specialist to contribute to the generative AI summit. All this and more in our AI review today. 1. Now make UPI payments through AI chat UPI payments through AI chat may soon become a reality as the Reserve Bank…

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Reddit r/place inspiring thematic pixel art. Check out what it is and how to participate. (Reddit) Space 

Stunning Art on Reddit’s r/place Showcased by ISRO Spacecraft UPI

Jim Hendler,

Reddit’s annual pixel art campaign, known as ‘Place’ or ‘r/place’, has become incredibly popular among users over the years. If you’re unfamiliar with the term r/place, it’s essentially a yearly campaign where users are given a blank canvas and encouraged to contribute one pixel every 5 minutes to collectively create impressive artwork. This initiative holds great significance as it is Reddit’s most important annual campaign, and Indian users have shown a special appreciation for certain artworks. With India’s progress in mind, Redditors have created beautiful works of art that show…

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Google Pay UPI Lite will ensure faster transactions. (HT Tech) News 

Discover the Benefits of Google Pay UPI LITE

Adriana Marais, ,

Google Pay has introduced UPI Lite, eliminating the need for users to enter their UPI PIN. This new version enables existing Google Pay users to make digital payments more quickly. Additionally, users can now conveniently make small payments with just one click. This improvement is significant as Google Pay users have traditionally relied on the PIN method, which lengthens the payment process. With UPI Lite, users can now effortlessly make instant payments of even less than Rs.200 without requiring the UPI PIN. About Google Pay UPI Lite The Lite account…

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Google's payment app Google Pay introduced UPI LITE on its platform to ease small digital transactions. (Bloomberg) News 

Google Pay Introduces Option to Make Small Payments Without UPI PIN

Adriana Marais,

Google Pay has recently introduced UPI LITE on its platform in order to simplify small digital transactions. UPI Lite allows users to recharge up to ₹4,000 per day for instant transactions capped at ₹200 at a time, the search engine giant said. Designed by the National Payments Corporation of India (NPCI), it enables small transactions without entering a UPI PIN. According to the company, UPI LITE accounts are linked to users’ bank accounts but are not dependent on the real-time issuing bank’s core banking system, resulting in higher payment success…

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Russ Shaw, founder, Tech London Advocates, highlighted how the western countries need to pay attention to the tech advances that are happening in India. News 

Russ Shaw Urges UK To Take Cues From India’s Mobile Payment Success With UPI

Adarsh V.K, ,

Despite being known as the fintech hub of the western world, London’s reliance on cash and cards for payments may come as a surprise to those travelling from India. Google Pay and Apple Pay have limited support in the city, with credit and Oyster cards being the primary modes of payment. In contrast, the use of UPI-based mobile payment apps has surged in India, impressing attendees at London Tech Week 2023 with the ease of making transactions, even for small amounts, using just a smartphone and a bank account. WATCH…

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UPI payments have become the go-to mode for millions in India but many can't use it because they don't have a debit card. Well, not anymore. News 

Google Pay Now Allows UPI Payments Through Aadhaar Without A Debit Card

Adriana Marais, ,

Google Pay has launched a new registration method for users in India that eliminates the need for a debit card to access its payment service. Instead, users can now sign up for UPI payment using their Aadhaar number, which is expected to benefit millions who rely on debit cards for cash withdrawals and other services. UPI has been the fastest growing payment method in India for the past few years and apps like Google Pay have certainly served their purpose as many people have been able to make a payment…

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With the Aadhaar-based UPI onboarding flow, Google Pay users will be able to set their UPI PIN without a debit card. News 

Google Pay Introduces Aadhaar Verification for UPI Activation

Adriana Marais, ,

From today, Google Pay users can sign up for UPI through the National Payments Corporation of India (NPCI) using Aadhaar. By using the Aadhaar-based UPI onboarding process, Google Pay users can set their UPI PIN without a debit card, which is expected to facilitate the creation of UPI IDs and enable digital payments. The aim is to promote financial inclusion. This functionality is currently accessible to bank account holders of supported banks. Users who wish to join UPI through Aadhaar must ensure that (a) their phone number is registered with…

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UPI payments have become one of the popular modes of digital payment in India but that has resulted in more frauds. News 

According to Indian government, nearly a million UPI frauds were reported last year

Adarsh V.K, ,

Almost all fraud cases have been reported in 2022 as India ramps up digital payments through the Unified Payment Interface, or UPI. According to the data released by the Finance Ministry, more than 95,000 people have been victimized by scammers and they managed to force the victim to send them money through various UPI apps like Paytm, Google Pay, PhonePe and others. Most of these cases are caused by people carelessly sharing personal information with an attacker or even accidentally sending money instead of receiving it in their account. Here…

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