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Mumbai, <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> operations of the Paytm app. The central bank has barred <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> from accepting further credits into its customer accounts and wallets after March 15, 2024. With an aim to ensure seamless digital payments by UPI customers using '@paytm' handle operated by the Paytm Payments Bank, <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> said it has asked the <keyword id="19907219" type="General" weightage="20" keywordseo="national-payments-corporation-of-india" source="keywords">National Payments Corporation of India</keyword> (NPCI) to examine the request to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app. The request has been made by One97 Communication Ltd (OCL), which owns the Paytm brand, RBI said in a statement. For seamless migration of '@paytm' handle to other banks, the Reserve Bank of India (RBI) said NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to process high volume UPI transactions.

Reserve Bank asks NPCI to help continue operations of Paytm app

<keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword> Founder <keyword id="914589" type="General" weightage="50" keywordseo="vijay-shekhar" source="Orion">Vijay Shekhar</keyword> Sharma has said it will be "humbling to see Japan's Paytm-powered PayPay to soon be enabled for our home users" after Japan's Minister for Digital Transformation Taro Kono said that the island country is "seriously thinking about joining the Indian <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> payments system". India's mobile payments revolution has been making waves globally and has become a model for other countries as they take steps towards digitisation. After Singapore's integration in the UPI network, Japan is also considering a similar move. In an interview, Japan's Minister for Digital Transformation has said that Japan is "seriously thinking about joining the Indian UPI payments system". Pioneer of India's mobile and quick response (QR)-based payments, Paytm's Vijay Shekhar Sharma on Saturday welcomed this news and expressed his delight and pride over this. Paytm founder on Saturday took to the micro-blogging site, Twitter, and, said that with Japan working on integration of UPI, it will be "humbling to see Paytm powered Japan's largest mobile payment system" @PayPayOfficial enabled for our home users". The Fintech giant launched PayPay in 2018 with SoftBank and <keyword id="378763" type="General" weightage="50" keywordseo="yahoo-japan" source="Orion">Yahoo Japan</keyword>, empowering the country with cashless transactions. PayPay leverages Paytm's technology to drive mobile payments in Japan and has in fact seen immense popularity. Vijay Shekhar Sharma tweeted: "Very proud to see Japan working to integrate with India's global pride @UPI_NPCI system ! It will be humbling to see Paytm powered Japan's largest mobile payment system @PayPayOfficial enabled for our home users. Thank you @AshwiniVaishnaw sir @konotarogomame " India and Singapore on February 21 linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries. The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong. The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both the countries will be able to send money real-time via QR-code based or simply by entering mobile numbers linked to the bank account. Paytm has been instrumental in India's digital transformation through its innovative solutions like QR-code and Soundbox. The company has taken UPI to every nook and corner of India. Paytm Soundbox is an audio-assisted smart device which provides instant notifications when you receive a payment. It is a small portable speaker for your daily payment alerts which comes with a SIM-based connectivity. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/here-are-the-star-batsmen-of-ipl-2023/slidelist/100414800.cms">Virat Kohli to Rinku Singh, here are the best batsmen of IPL 2023</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a2-plus-vs-realme-narzo-n53-mobile-comparison-phone-comes-under-10000/slidelist/100418931.cms">Redmi A2 Plus vs Realme Narzo N53 – Which of these sub-₹10,000 phones should you buy?</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a>

Seriously thinking about joining the Indian UPI payments system says Japanese official

Homegrown <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> Payments Bank Limited (PPBL) on Wednesday said it has gone live with <keyword id="13424650" type="General" weightage="20" keywordseo="upi-lite" source="Orion">UPI LITE</keyword>, a feature enabled by the National Payments Corporation of India (NPCI) for multiple small-value <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword>. It will enable faster real-time transactions with a single click through Paytm. With UPI LITE, the Bank aims to drive the adoption of digital payments across the country. Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200 in a seamless way. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000. Additionally, with UPI LITE, users can carry out a large number of small value UPI payments without worrying about a cap on the number of bank transactions, said the company. "As per official data from NPCI, half of the everyday UPI transactions in the country are less than ₹200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction," said Surinder Chawla, MD and CEO, Paytm Payments Bank. UPI LITE was launched by the Reserve Bank of India in September 2022. It also de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance and history section, and not in the bank passbook. "This will further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform," said Praveena Rai, COO, NPCI. Paytm Payments Bank recently announced that users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app. PPBL remained the largest UPI beneficiary bank for 19 months in a row with over 1,726.94 million transactions in December 2022, ahead of all major banks in the country. With 386.5 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions, according to NPCI's latest report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-mf-launches-mnc-fund-that-offers-portfolio-diversification-opportunities/articleshow/97920631.cms">HDFC MF launches MNC fund that offers portfolio diversification opportunities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bengaluru-mumbai-sunshine-locations-for-hiring-in-q4-teamlease-report/articleshow/97919259.cms">Bengaluru, Mumbai sunshine locations for hiring in Q4: Teamlease report</a>

Paytm Payments Bank goes live with UPI LITE to boost small-value UPI transactions

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Reserve Bank asks NPCI to help continue operations of Paytm app

PTI

Seriously thinking about joining the Indian UPI payments system says Japanese official

ANI

Paytm Payments Bank goes live with UPI LITE to boost small-value UPI transactions

IANS

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