percent in volume (approx. 5.93 to
34.35 billion transactions) and value (approx. Rs.920.38 to Rs.1,623.05 trillion) respectively over the last five years (March ‘15-’20). The RBI’s persistent steps furthering digital payments have supported last year’s challenges and forced wide-spread digitization.
The key initiatives last year, and their impact in the new year, are looked at here.
1. The changing face of UPI- Zero MDR, new revenue streams and the 30% cap
Last year started with
zero MDR s implementation, changing UPI’s revenue potential and converting a previously incentive-based approach to a mandatory, no-profit approach. Even now,
industry meetings with the government for withdrawing the rule are ongoing. UPI transactions are nevertheless ever-increasing, recording 2.23 billion transactions of value
Updated Jan 01, 2021 | 15:25 IST
NPCI said that the news about UPI transactions being charged from January 1, 2021, is incorrect and has requested everyone not to fall prey to such incorrect information. Fake News Alert! NPCI warns people against additional charges on UPI transactions from January 1
New Delhi: It is the start of a new year and a new decade as well. Several new rules are coming into effect from today and a lot of things are changing. Amid all this, there have been reports of additional charges on UPI transactions from today (January 1) onwards. However, for all those who do UPI transactions or payment, there is a huge relief as NPCI has denied any such claim.
»Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards
6-MIN READ
Digital Payments Got A Big Push In India This Year And That Included UPI And Credit Cards
The UPI, or unified payments interface, transactions have been consistently growing month on month. Credit card transactions have also seen a spike in the past few months. The credit cards business also saw a renewed push, with banks and digital platforms investing heavily in the co-branded cards space.
Last Updated:December 31, 2020, 09:30 IST
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The year 2020, because of the circumstances as they unfolded, gave digital payments the sort of push that couldn’t have been expected in just less than 12 months. Mobile wallets, credit cards, debit cards and unified payments interface (UPI) became the preferred modes of payment for many, be it for a quick and socially distanced run to the nearby shops to buy groceries and essentials, be it online shopping, bill payments and prepaid
December 10, 2020
The Delhi High Court on Wednesday sought replies from the Law Ministry, Finance Ministry, Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) in response to a petition seeking regulation of payment companies like Google Pay, Amazon Pay and PhonePe, among others. LiveLaw was the first to report the development.
The petition, filed by applied economist Reshmi P Bhaskaran, states that in the absence of dedicated regulations, non-licensed technology companies and e-commerce players, “TechFins”, have entered the financial domain through partnerships with existing entities and are competing with regulated financial institutions without having to comply with the same requirements. “That such operation of technology companies in the finance sector poses potential risk to financial security, potential breach of systematic citizen’s data, customers including businesses and customers and is thereby requested to be regulated by the petiti