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Around 75 % of <keyword id="20593458" type="General" weightage="20" keywordseo="UPI-users" source="keywords">UPI users</keyword> will stop using it if any transaction charge is levied on the service, a survey by LocalCircles said today. The survey found that 38% of users make over 50% of their payment transactions via <keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword> instead of debit, credit, or any other form of digital transaction. "Only 22 % UPI users surveyed are willing to bear a <keyword id="20813527" type="General" weightage="20" keywordseo="transaction-fee" source="keywords">transaction fee</keyword> on payments, 75% of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas, claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The <keyword id="19907219" type="General" weightage="20" keywordseo="National-Payments-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="National Payments Corporation of India" meta.hostid="261" meta.entityid="National Payments Corporation of India">National Payments Corporation of India</keyword> (NPCI) posted a record 57% rise in the volume of transactions and 44% rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. In value terms, it touched Rs 199.89 trillion, compared to Rs 139.1 trillion, the report said. The survey found 37 % of respondents shared UPI transaction accounts for more than 50 % of their total payment in value terms. "With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> and <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted," the survey report said. The survey was conducted online, between July 15 to September 20.

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

<ul><li>Earlier, the user only had options to pay through credit or debit cards. </li><li>The app major said using UPI users can now purchase monthly or quarterly prepaid subscriptions for <keyword id="10879" type="COMPANY" weightage="20" keywordseo="YouTube">YouTube</keyword> Premium and YouTube Music Premium.</li></ul>The video-sharing giant YouTube added a new UPI feature for users to pay and access its premium content on video sharing and music platforms. Earlier, users had to pay via credit or debit cards and the introduction of UPI will bring convenience. “This will enable users to make their transactions, directly from their bank account, using their unique UPI ID,” said a statement from Youtube. <div type="image" title="Youtube UPI" msid="75156390" hostid="261"></div> The app major said using UPI users can now purchase monthly or quarterly prepaid subscriptions for YouTube Premium and YouTube Music Premium. They can also buy and rent their favourite movies, and pay for premium features like SuperChat and Channel Memberships to engage with and support their favourite YouTube creators. <div type="Article" hostid="261" msid="75151960" title="Capgemini India, Cognizant and others who are giving salary hikes in times of Coronavirus" mstype="2" mssubtype="0"></div> A large number of Indian prefer UPI over debit cards The UPI is an immediate real-time payment system developed by the <keyword id="6383340" type="COMPANY" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> (NCPI). It was introduced in April 2016 as a pilot project and is regulated by the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI). <keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> or UPI, is one of the most popular payment systems in India. Apart from banking apps, there are several popular third-party apps like PhonePe, Google Pay, Paytm and Amazon, that support UPI. According to the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword>’s annual report, UPI recorded 1.2 times higher transactions in 2018-19 than the transaction done via debit cards. The report noted that there were as many as 5.35 billion UPI-based transactions, compared to 4.41 billion debit card payments. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-cognizant-capgemini-and-other-top-giants-who-are-not-letting-go-of-their-new-hires/articleshow/75136446.cms">TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires</a> <a href="https://www.businessinsider.in/careers/news/accenture-launches-people-work-connect-to-help-fired-employees-find-jobs/articleshow/75144624.cms">Accenture launches People+ Work connect to help fired employees find jobs</a>

Youtube allows payments via UPI to access its premium content

The National Payments Corporation of India (<keyword id="193629" type="COMPANY" weightage="20" keywordseo="NPCI">NPCI</keyword>) on Thursday allowed Facebook-owned messaging platform <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> to start its payments service in the country in a "graded" manner. The announcement by NPCI came minutes after it limited a single third party like WhatsApp or its rivals like Google Pay or Walmart's <keyword id="6357886" type="COMPANY" weightage="20" keywordseo="phonepe">PhonePe</keyword> to handle only 30 per cent of overall <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="upi">UPI</keyword> transaction volumes by putting a cap. NPCI runs the <keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (UPI) used for real-time payments between peers or at merchants' end while making purchases. Having a cap on the transaction volume will help in de-risking the entire set-up and is essential as UPI, which surpassed two billion transactions a month mark in October, grows further, NPCI said in a statement. <div type="Article" hostid="261" msid="73030004" title="What is UPI and how does it work?" mstype="2" mssubtype="0"></div> The industry has been feeling that allowing WhatsApp into payments may drive up volumes in the Indian digital payments space. In China, Wechat alone has over 1 billion active users for its payment services. WhatsApp has 400 million users in India while other Third Party App Providers (TPAPs) -- Google Pay had 75 million and PhonePe had 60 million -- as of May. WhatsApp has been running a pilot service for the last two years but was not given a formal go-ahead because of data localisation requirements. "NPCI has given approval for Whatsapp to 'Go Live' on UPI in the multi-bank model. WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of twenty (20) million in UPI," the statement said. NPCI issued two separate statements on WhatsApp and on limiting the transaction volumes. A "cap of 30 per cent of total volume of transactions processed in UPI" will be applicable on all TPAPs from January 1, 2021, NPCI said in a statement. "It will help to address the risks and protect the UPI ecosystem as it further scales up," it added. The cap of 30 per cent will be calculated on the basis of the total volume of transactions processed in UPI during the preceding three months on a rolling basis, as per NPCI. According to the statement, existing TPAPs exceeding the specified cap will have a period of two years from January 2021 to comply with the same in a phased manner. It can be noted that the TPAPs typically tie-up with banks at the back-end to add users and process payments for them. Data coming out of the usage is a major resource, apart from the revenues made through processing fees. SEE ALSO: <a href="https://www.businessinsider.in/tech/how-to/what-is-upi-and-how-does-it-work/articleshow/73030004.cms">What is UPI and how does it work?</a>

WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner

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

Unified Payments Interface or <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> is one of the most popular payment systems in the country. It accounts for a major part of online transactions in India. Apart from banking apps, there are several popular third-party apps like <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>, Paytm and Amazon that support <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword>. Nirmala Sitharaman, the Finance Minister on Saturday <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">announced</a> that Merchant Discount Rate (MDR) charges will be waived off for UPI and RuPay transactions starting from January 1. Razorpay, a Bengaluru-based payment gateway reported that in <a href="https://razorpay.com/blog/upi-preferred-payment-mode-october-2019-data/">October 2019</a>, UPI accounted for 50.49% of transactions on its platform. What is UPI? Unified Payments Interface or UPI is an immediate real-time payment system developed by the National Payments Corporation of India (NCPI). It was introduced in April 2016 as a pilot project and is regulated by the Reserve Bank of India (RBI). Soon after it was launched, banks announced their own UPI apps. It also paved the way for third-party apps such as PhonePe and Google Pay (earlier Google Tez). Within three weeks of the launch of its UPI app, ICICI bank <a href="https://www.businessinsider.in/icici-banks-upi-app-is-re-defining-banking-reaches-1-lakh-downloads/articleshow/54545741.cms">revealed</a> that its app had crossed 1 lakh downloads. According to <a href="https://www.businessinsider.com/upi-market-share-in-inda-open-for-taking-2019-8?IR=T">another report</a>, Google Pay and PhonePe ruled the roost with 36% market share each, while Paytm has 16% market share. This year, <a href="https://www.businessinsider.in/tech/apps/article/top-10-most-downloaded-apps-in-india/articleshow/72903156.cms">Google Pay crossed</a> 100 million downloads, registering a growth of 50% as compared to last year. UPI 2.0 announced with enhanced features Two years after the launch of UPI, the NPCI announced <a href="https://www.businessinsider.in/upi-2-0-heres-what-you-need-to-know/articleshow/65444928.cms">UPI 2.0</a>, a revamped version of UPI with several new features. The main highlight of UPI 2.0 is that it increased the per transaction cap to ₹2 lakh and the ability to link overdraft accounts. Earlier, users could only link their savings and current accounts to UPI. UPI 2.0 also has features like one-time mandate that allows users to pre-authorize a transaction, Invoice-in-inbox which allows users to verify the invoice before making a payment and more. These mandates are useful for buying into IPOs (Initial Public Offering), make recurring bill payments and more. How does UPI work? UPI is simple, free and it works 24x7. Users can send money by scanning QR codes or entering the <keyword id="4003296" type="PERSON" weightage="20" keywordseo="UPI-ID">UPI ID</keyword>. Apps like Google Pay and PhonePe simplify this process further and allow you to simply enter the phone number of the recipient. It means you don’t have to enter the recipient’s account number, bank name and IFSC code while making a payment. How to pay using UPI? UPI is also accepted as a payment mode on several popular platforms like Flipkart, Amazon, Paytm and more. To make a payment, all you have to do is follow these simple steps: <ul><li>In the checkout section, select UPI as the mode of payment. </li><li>Now, select the UPI app or enter your UPI ID, and a collect request will be sent to your phone. </li><li>Tap on the collect request – this will open the UPI app which you had selected. </li><li>Click on Accept and enter your UPI PIN. </li></ul>Your payment should be complete after successful authentication. See also: <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM</a> <a href="https://www.businessinsider.in/tech/news/google-wants-us-to-learn-from-indias-upi-example-writes-letter-to-federal-reserve-to-build-fednow/articleshow/72669392.cms">Google wants US to learn from India's UPI example, writes letter to Federal Reserve to build FedNow</a> <a href="https://www.businessinsider.in/business/news/not-many-new-players-will-enter-upi-space-report/articleshow/72425909.cms">Not many new players will enter UPI space: Report</a>

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Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

PTI

Youtube allows payments via UPI to access its premium content

Navdeep Yadav

WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner

PTI

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

IANS

What is UPI and how does it work?

Rounak Jain

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