The FinTech Hub
Source: Live Mint The National Payments Corporation of India (NPCI) will remove UPI IDs connected with inactive mobile numbers from April 1. Users with such mobile numbers will not be able to use payment apps such as Google Pay, Paytm, PhonePe, etc. Why is NPCI taking action against inactive numbers? According to NPCI, inactive mobile…
Source: Live Mint National Payments Corporation of India (NPCI) has rolled out a latest circular to deal with rollout of numeric UPI ID mapper to enable UPI number. A UPI steering committee meeting was held on July 16, 2024 and multiple working group discussions for UPI numbers were held which were aimed at enhancing interoperability and user…
Source: Live Mint National Payments Corporation of India (NPCI) has rolled out a new rule with regards to UPI Lite which will come into force from April 1, 2025. By releasing a new circular, the retail payments and settlement systems company has directed all banks to implement ‘Transfer Out’ functionality. NPCI’s circular also states that…
Source: Live Mint Google Pay starts levying convenience fee on payments made via credit and debit card for utilities such as cooking gas and electricity, reported Economic Times. This used to be free earlier. The fees are subject to Goods and Services Tax and amount to 0.5% to 1% of transaction value. This move by…
Source: Live Mint If you use a credit card and are obsessed with online payments at the same time, you may want to explore UPI credit cards. While UPI allows you to make payments directly via bank account, a credit card helps you make use of credit for carrying out transactions. UPI credit card, therefore, helps you…
Source: Live Mint PhonePe recently announced that it will tokenise debit and credit card details for users on its app, thus enabling secure and safe digital transactions. This means users do not need to save their card details such as card number, CVV on the PhonePe app to carry out transactions via this UPI (Unified Payments Interface)…
Source: Live Mint Insurance regulator IRDAI has allowed one time mandate for blocking the amount towards premium through unified payments interface (UPI mandate) for issuance of life and health insurance policies. This facility — known as Bima-ASBA (applications supported by blocked amount) — transfer of money from a prospective policyholder to the insurer will take…
Source: Live Mint National Payments Corporation of India (NPCI) has issued fresh instructions with regards to UPI transactions relating to auto acceptance and rejection of chargebacks basis the Transaction Credit Confirmation (TCC) and returns. The digital payments body has rolled out auto acceptance and rejection of chargebacks basis the TCC/RET raised by the beneficiary bank…
Source: Live Mint Do you use a credit card linked to the UPI? If yes, you obviously have a higher propensity to overspend. We tend to make a ₹40 worth transaction here or ₹50 worth transaction there – and as a result, we don’t even realise before we end up spending ₹10,000 or more. Not uncommon?…
Source: Live Mint There is no denying the fact that Unified Payment Interface (UPI) has become quite pervasive and it is relied upon for most sundry transactions. In the past few years, most youngsters have switched from debit and credit cards to digital payments via UPI. The latest NPCI data suggests that UPI achieved a…
