UPI – Idnsek.com

Google Pay has started this new service, now UPI transactions can be done through Aadhaar card as well.

admin — Tue, 13 Jun 2023 09:46:00 +0000

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Now you can do UPI transactions through Aadhaar as well. Google Pay has announced the launch of a new Aadhaar based payment service for its users. With Google Pay’s Aadhaar based UPI service, users will now be able to set their PIN without a debit card. At present, this facility is available only for bank account holders. Google Pay said that the service of UPI based Aadhaar onboarding has been started to make payments easier for a large number of users.

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Online UPI payment platform Google Pay has announced the launch of a new Aadhaar based payment service for its users. Google Pay says that this service has been started to make the process of payment and UPI easier for millions of Indian users.

More than 400 million digital transactions happen every day in India.

According to a report, more than 400 million people transact digitally every day in India. In India, in many sectors like tourism, grocery and food delivery, more than 80 percent of the transactions are done online. According to this report, PhonePe, Google Pay, Paytm and Cred have more than 95 percent share in the UPI based payment market. The report also states that “the digital payments market is expected to grow from the current Rs 3,200 lakh crore to Rs 4,000 lakh crore by FY2026.”

UPI PIN will be set without debit card

With Google Pay’s Aadhaar-based UPI service, users will now be able to set their PIN without a debit card. At present, this facility is available only for bank account holders. Google Pay said that the service of UPI based Aadhaar onboarding has been started to make payments easier for a large number of users. So that financial inclusion can be increased across the country.

Learn how to use this service

In order to use Aadhaar based UPI, it is necessary for the users to have the same mobile number linked with their Aadhaar in their bank. After this, users will be able to select the option of debit card and Aadhaar based UPI on Google Pay. After this you have to enter the first 6 digits of your Aadhaar card. After this an OTP will come on your registered mobile number. After entering which you will have to set the UPI PIN.

Debit cards face threat over UPI preference.

admin — Tue, 11 Apr 2023 04:13:00 +0000

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UPI transactions rose 66.4 per cent year-on-year to 7.5 billion in February, data from the NPCI showed. Transactions on the platform witnessed a sizeable growth in March as well.

On the other hand, debit card transactions have fallen 20 per cent YoY to 220 million, data from the Reserve Bank of India showed.

Debit cards may struggle to retain their utilities intact at a time when the preference for the Unified Payments Interface (UPI) platform across India has been on the rise. The recent move of the National Payments Corporation of India (NPCI) to allow prepaid payment instruments to become a part of the interoperable UPI ecosystem will bolster UPI payments, say experts.

“Earlier, debit cards were the only channel for you to spend money online if you wanted to spend using your bank account. Now that there is UPI, those access channels are changing with additional data security available on these channels. I think debit cards usage will definitely be on the downslide,” said Amit Tyagi, chief executive officer, Payworld.

UPI transactions rose 66.4 per cent year-on-year to 7.5 billion in February, data from the NPCI showed. Transactions on the platform witnessed a sizeable growth in March as well.

On the other hand, debit card transactions have fallen 20 per cent YoY to 220 million, data from the Reserve Bank of India showed.

The fall in debit card transactions can be attributed to the fact that customers now have more choices while making payments. Hence, they can opt to scan their phone while making payments, instead of carrying a wallet everywhere, say experts.

“UPI has taken a big chunk of debit card transactions. As we move to a save-now, pay-later culture, the customer will not want to get their bank account exposed or type their debit card personal identification number (PIN) while making discretionary spends. They will end up using a prepaid payment instrument instead,” Tyagi said.

Effective April 1, the NPCI has enabled payments at quick response codes through prepaid payment instruments (PPI) like mobile wallets. While NPCI’s announcement came as a boost to the UPI ecosystem, it has raised questions over the relevance of debit cards.

Unlike debit cards, users are able to make all their transactions through the PPI without those showing up in their savings accounts.

In addition to being convenient, payment through PPI helps keep the bank balance away from the risk of fraud, since users do not have to enter their debit card PIN each time they make a payment, say experts.

More importantly, PPI interoperability enables users to make payments in smaller retail outlets where a point-of-sale machine may not be available.

UPI Payment Charges New Updates: Wallet payments may have a transaction fee, UPI to remain free

admin — Thu, 30 Mar 2023 04:04:00 +0000

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The NPCI has proposed an interchange fee of up to 1.1 per cent and the move is aimed at increasing revenue for banks and payment service providers.

In Short

NPCI has recommended interchange fee on UPI for transactions over Rs 2000 made through Prepaid Payment Instruments (PPIs)

This means some of the digital wallet transaction will incur a fee.

The NPCI has proposed an interchange fee of up to 1.1 per cent.

By Ankita Chakravarti: The National Payments Corporation of India (NPCI) has recommended an interchange fee on Unified Payments Interface (UPI) transactions of over Rs 2,000 made through Prepaid Payment Instruments (PPIs). The move is said to be aimed at increasing revenue for banks and payment service providers, who are reportedly been struggling with the high cost of UPI transactions. The fee will be charged from April 1 and the interchange pricing will be reviewed by September 30, 2023.

Update: The earlier version of the story had a headline that said: “UPI transactions of more than Rs 2,000 to be charged at 1.1 per cent starting April 1, all details”. However, this is not the case. As NPCI clarified, the fee of 1.1 per cent will not be charged on UPI payments but only on payments of Rs 2000 or higher made from digital wallets to UPI IDs.

How to use credit card to make UPI payments.

admin — Tue, 28 Feb 2023 04:02:00 +0000

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You can now use your credit card to make UPI payments.
The feature is currently available only to RuPay credit cards of selected banks.
In this post, we show you how to use your credit card to make UPI payments on the BHIM app.

The Reserve Bank of India in 2022 announced that it will soon allow users to link their RuPay credit cards to the Unified Payments Interface (UPI), allowing people to use their credit cards to make UPI payments.

Representational imageCanva

While UPI initially only allowed users to make payments using their bank accounts, the new feature allows you to make payments using your credit card, just by scanning the merchant’s QR code, without having to carry your card with you everywhere.

How to use credit card to make UPI payments

To begin, download the BHIM app on your Android or iOS smartphone.
Sign up or login on the app.
Now, click on the ‘Bank Accounts’ section on the top.
Then, click on the plus button on the bottom right corner.
Now, click on “Credit Card”.
Select your credit card issuing bank.
The app will show you the eligible credit cards from the particular bank.
Enter the required details and your card will be added.

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Things to remember

UPI PIN

To use your credit card on the BHIM app, you will have to set a 4-digit or a 6-digit UPI PIN. You can set the PIN or change it, right from the app.

Merchant accounts

While you can add credit cards on the BHIM app, you can only use them for merchant payments. This means that you will only be able to use your credit if you are scanning a merchant’s QR code and it will not work with normal accounts.

How can you protect your transactions? 5 UPI best practices for secure internet payments.

admin — Sun, 26 Feb 2023 19:52:00 +0000

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Online payments have become increasingly popular, but so have instances of cybercrime, which make them unsafe. Cybercriminals can cause significant monetary losses. To protect yourself, here are five safety tips to follow when making online payments using UPI.

Screen lock

Having a strong screen lock, password or PIN is crucial for not only securing your phone but also protecting your payment and financial transaction apps. This ensures that sensitive personal and financial information is not leaked or accessed by unauthorized individuals. It is important to avoid using simple passwords like your name, date of birth or mobile number.

Do not share your PIN

Sharing your PIN with anyone can make you vulnerable to fraud, as they can gain access to your phone and make unauthorized transactions. It’s important to never share your PIN with anyone, and if you suspect that it may have been compromised, you should change it immediately to prevent any potential losses.

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Avoid clicking on unverified links or answering calls from suspicious numbers

Be cautious of unverified links and fake calls to avoid financial loss. Cybercriminals often send fake messages containing links or pretend to be calling from banks or other organizations to trick you into giving away your personal information like PIN, OTP, etc. They may also ask you to download a third-party app for verification purposes. It is important to note that banks never ask for such personal details. So, avoid clicking on unverified links and don’t pick up calls from unknown numbers or suspicious sources.

Keep updating UPI app regularly

It’s essential to keep your UPI payment app updated with the latest version to ensure you have access to the latest features and benefits. Always check for updates and download the latest version of the app available on the app store.

Avoid using multiple payment applications

To ensure the security of your online payments, it is advisable to install only trusted and verified payment applications from the official app stores like Play Store or App Store. Avoid installing multiple payment apps on your phone to minimize the risk of fraudulent activities.

UPI Users Big News : Daily UPI transaction money limits have been set by PhonePe, Gpay, Amazon Pay, and Paytm; see the updated limits here.

admin — Mon, 20 Feb 2023 17:41:00 +0000

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UPI Transaction Limit: In the age of electronic money, consumers now prefer to do transactions online rather than in cash. Internet sales are fast rising across the globe. Several people also use UPI to make payments.

If you also pay through UPI, this information will be very helpful to you. Do you realize that you have a transactional cap imposed by your bank? Only certain amounts can be paid using the UPI app. Each bank has a daily UPI transaction cap. This implies that there is a daily cap on the amount of money you can send or receive.~~(toc)~~

How much cash can also be transmitted or received simultaneously via UPI. Also, there are various limits on this between banks. But, there are no additional fees associated with using these payment applications to send money to someone.

Transaction Threshold

You can use UPI to conduct transactions up to Rs 1 lakh per day, per NPCI regulations. This cap could be different from bank to bank. Canara Bank’s daily limit is only Rs. 25,000, but SBI’s is Rs. 1 lakh. There is a cap on both the maximum amount of money that can be transferred and the maximum number of UPI transactions that can be made in a day.

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There is a 20 transaction daily cap on UPI transfers. One must wait 24 hours after the limit has expired before renewing it. Different UPI apps, however, have various restrictions. Let’s see the number of transactions you may make each day using which app.

Google Pay

The maximum amount that may be paid through UPI has been set by Amazon Pay at Rs 1 lakh. Users can only make transactions up to Rs 5000 in the first 24 hours after signing up for Amazon Pay UPI. On the other hand, the cap on daily transactions has been set at 20, depending on the bank.

PhonePe

Also, PhonePe established a daily UPI maximum amount cap of Rs. 1 lakh. Currently, this software allows users to complete no more than 10 or 20 transactions per day. There is no daily transaction cap set by PhonePe.

Google Pay

Indian customers can utilize Google Pay or Gpay to send up to 1 lakh over UPI at any time. You can only complete 10 transactions every day, though. This means that you can accomplish a maximum of 10,000 transactions per day. Google Pay hasn’t set a cap on daily transactions, though.

Paytm

You are only able to send up to Rs 1 lakh with Paytm UPI per day. Nevertheless, you can only send Rs 20,000 from Paytm at this time every hour. You can only complete 20 transactions per day and 5 transactions per hour with this app.

Rupay Credit Card on UPI: Through this feature, Rupay Credit Card can be linked to the UPI app.

admin — Sat, 11 Feb 2023 13:58:00 +0000

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Recently, RuPay Credit Card on UPI facility has been started in the country. Under this facility, you can also link RuPay Credit Card with UPI app. With this facility, you will be able to pay with Rupay credit card by scanning the UPI QR code installed at the neighborhood shop. Soon this facility will be seen in the UPI section of digital payment app Paytm. For this, Paytm Payments Bank has partnered with National Payment Corporation of India (NPCI).~~(ads1)~~

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With the facility of RuPay Credit Card on UPI, you will be able to pay with your credit card by scanning the UPI QR code installed at the neighborhood shop. However, through this feature, you can pay only the merchant UPI QR code. Can’t make P2P payments.

Rupay credits of 4 banks have also gone live on BHIM App Rupay credits of 4 banks have gone live on
NPCI operated BHIM App and PayZapp App operated by HDFC Bank. Rupay credit card holders of Punjab National Bank, Union Bank of India, Indian Bank and HDFC Bank can link their cards to the BHIM app. By March, the facility of linking SBI card, ICICI Bank and Axis Bank’s Rupay credit card with UPI is also expected to start.

How to Link Rupay Credit Card with BHIM App

First of all open BHIM App.
After this click on the linked bank account.
Now on clicking on +, 2 options appear in Add Account – Bank Account and Credit Card.
After clicking on Credit Card, on clicking on the related card, the details of the credit card linked to your mobile number will come.
Now enter the last 6 digits and validity of the credit card.
After this enter the OTP received on the mobile.Create UPI PIN. In this way the process of registration will be completed.
Now scan the merchant UPI QR code and select RuPay Credit Card and complete the payment by entering the UPI PIN.

UPI Transaction Limit per Day: UPI’s daily transaction limit reduced, will not be able to transfer more money in a day.

admin — Wed, 01 Feb 2023 04:14:00 +0000

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UPI Transaction Limit per Day: If you make UPI payment then this information is for you. You will not be able to transfer more money than this in the daily transaction limit of UPI

UPI Transaction Limit per Day: National Payments Corporation of India ie NPCI launched Unified Payments Interface ( UPI ) a few years back . UPI has made bank-to-bank money transfer easy and secure. But with this the government has set a limit on daily transactions . According to the NPCI guidelines, a person can make a maximum payment of up to Rs 1 lakh every day through UPI .

This limit is not the same in every bank. It varies from bank to bank as smaller banks like Canara Bank allow only Rs 25,000 whereas big banks like SBI have set a daily UPI transaction limit of Rs 1 lakh.

Daily UPI Transaction Limit

Along with the money transfer limit, there is also a limit on the number of UPI transfers that can be done in a day. Daily UPI transaction limit has been set at 20.

After the limit is exhausted, one has to wait for 24 hours to renew the limit. However, according to the bank guidelines, the limit of each bank may be different.

Google Pay or GPay allows daily money transfer up to Rs 1,00,00 per day across all UPI apps and bank accounts with a total limit of 10 UPI payment transactions.

Note that if a person sends a money request above Rs 2,000, GPay blocks the daily transaction.

PhonePe has fixed the daily UPI payment transaction limit at Rs 1,00,000. However, this limit may differ from bank to bank.

Along with this, depending on the bank guidelines, a person can do a maximum of 10 or 20 transactions daily through PhonePe UPI.

Like GPay, PhonePe also allows money requests of up to Rs 2,000 per day.

Paytm UPI allows users to make money transactions up to Rs 1 lakh.

Amazon Pay has set a maximum money transfer limit of Rs 1,00,000 through UPI.

Note that after registering for Amazon Pay UPI, users can transact up to Rs 5,000 only in the first 24 hours. The daily transaction limit has been set up to 20 depending on the bank.

UPI transaction Daily limit fixed: Big News! UPI transaction money daily limit fix by PhonePe, Gpay, Amazon Pay, Paytm, check here new limit

admin — Mon, 16 Jan 2023 15:44:00 +0000

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UPI Transaction Limit: In the era of digital cash, now people prefer to do online transactions instead of cash. Online transactions are increasing rapidly in countries. There are many people who pay through UPI as well.
~~(toc)~~
If you also pay through UPI, then this news is very useful for you. Do you know that your bank puts a transaction limit on you? You can make payments through the UPI app only up to a limit. Every bank has a daily limit for UPI transactions. This means that you can send or receive money only up to a certain amount in a day.

~~(ads1)~~

Apart from this, how much money can be sent or received through UPI at one go. Different banks have different limits on this too. However, there is no need to pay any additional charge for paying someone from these payment apps.

Transaction limit

According to NPCI guidelines, you can do transactions up to Rs 1 lakh in a day through UPI. This limit may vary from bank to bank. The daily limit in Canara Bank is only Rs 25,000 while in SBI the daily limit is Rs 1 lakh. Along with the money transfer limit, there is also a limit on the number of UPI transfers that can be done in a day.

The daily UPI transfer limit has been set at 20 transactions. After the limit is over, one has to wait for 24 hours to renew the limit. However, different UPI apps have different limits. Let’s check now through which app how much transaction you can do every day.

Amazon Pay

Amazon Pay has fixed the maximum limit for making payments through UPI at Rs 1 lakh. After registering on Amazon Pay UPI, users can transact only up to Rs 5000 in the first 24 hours. On the other hand, depending on the bank, the number of transactions per day has been fixed at 20.

PhonePe

PhonePe has also fixed the maximum amount limit of Rs 1 lakh in a day through UPI. Wherein now one can do maximum 10 or 20 transactions in a day through this app. PhonePe has not fixed any hourly transaction limit.

Google Pay

With Google Pay or Gpay, Indian users can make payments of up to 1 lakh through UPI throughout the day. However, you can do only 10 transactions in a day. That is, you can complete 10 transactions of maximum 10-10 thousand in a day. However, Google Pay has not fixed any hourly transaction limit.

Paytm

Through Paytm UPI, you can transfer only Rs 1 lakh in a day. On the other hand, now you can transfer only Rs 20,000 from Paytm in an hour. Through this app, you can do 5 transactions in an hour and only 20 transactions in a day.

Now NRIs can set up UPI on international mobile numbers: List of supported countries.

admin — Wed, 11 Jan 2023 17:56:00 +0000

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Non-Resident Indians (NRI) will now be able to access the Unified Payments Interface (UPI) on their international mobile numbers as well.

UPI will now be available to NRI users in ten countries, including Canada, USA, UAE and others. (Image credit: google)~~(ads1)~~

Non-Resident Indians (NRI) will now be able to access the Unified Payments Interface (UPI) on their international mobile numbers as well. The National Payments Corporation of India (NPCI) has issued new guidelines allowing NRIs in ten countries to access UPI services using their international mobile numbers for banks accounts which are classified as Non Resident External (NRE) or Non Resident Ordinary (NRO) accounts.

According to the guidelines, NRIs in these countries will now have the option of activating a UPI account with the mobile number they use in the particular country with an international country code. Keep in mind that setting up a UPI ID for any app requires a valid India mobile phone number.

When a user activates UPI from an app say Google Pay or Paytm, the app then sends an SMS from the number confirming that this mobile number is linked to the bank. So for those who move abroad, accessing UPI means they have to keep their India numbers activated, which can come with hefty costs given the prices of international roaming.

Read more | UPI transaction money daily limit fix by PhonePe, Gpay, Amazon Pay, Paytm, check here new limit.

Now, these users will be able to access UPI without relying on their India mobile phone number. According to NPCI’s order, member banks will need to ensure the UPI account is only allowed as “per the extant FEMA regulations and adherence to the guidelines/instructions issued by the concerned regulatory departments of Reserve Bank of India from time to time.” Further, all the “necessary Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CT) checks and compliance validation/account level validations as per the extent” need to be applicable to these bank accounts.

NPCI has said it will be begin enabling the transaction from mobile numbers having the country code of below mentioned countries along with current domestic country code. It plans to extend the UPI facility for other country codes in near future.

The list of countries supported is

Singapore
Australia
Canada
Hong Kong
Oman
Qatar
USA
Saudi Arabia
United Arab Emirates
United Kingdom

Keep in mind that a user will need an NRE or NRO account in order to access UPI from their international mobile number.