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<ul><li><keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> credit will allow individuals to access pre-authorised credit lines from banks marking a significant shift for customers.</li><li>UPI Lite X will enable users to send and receive money even without an internet connection. </li><li>Conversational <keyword id="3679109" type="General" weightage="20" keywordseo="upi-payments" source="Orion">UPI payments</keyword> will enable voice-initiated transactions in Hindi and English.</li></ul>Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), unveiled a range of new product offerings developed by the National Payments Corporation of India (NPCI) including voice enabled UPI as he had promised in the <a href="https://www.businessinsider.in/finance/news/cash-card-or-talk-rbi-bats-for-conversational-upi-increased-offline-payments/articleshow/102599474.cms">last RBI Monetary Policy</a>. The launch will help UPI stride ahead in ease of use as currently it involves QR code scanning, clicking and entering PIN for each transaction. We take a closer look. <cmsannotation type="cmsannotation" annotationid="Credit Line on UPI" comment="subhead" text="Credit Line on UPI">Credit Line on UPI</cmsannotation> This solution will empower individuals to access pre-authorised credit lines from banks through UPI, marking a significant shift in how customers access credit. The initiative encompasses several aspects, including the integration of pre-approved credit lines, the development of digital credit products by banks, the provision of interest-free credit periods with corresponding interest rates, a transparent fee schedule, channels for customer engagement in credit approval requests, and the ability to link multiple pre-approved credit lines through UPI-enabled apps for transactions. To ensure seamless compatibility, all UPI apps, whether from banks or third parties, will possess the capability to discover and establish connections with these credit lines on the UPI platform while delivering comprehensive customer lifecycle services. <cmsannotation type="cmsannotation" annotationid="UPI LITE X for offline payments" comment="subhead" text="UPI LITE X for offline payments">UPI LITE X for offline payments</cmsannotation> Building on the success of the UPI LITE feature, the RBI Governor has introduced UPI LITE X for offline payments. This new feature enables users to send and receive money even without an internet connection, making it possible to initiate and complete transactions in areas with limited connectivity, such as underground stations or remote regions. UPI LITE X is accessible to anyone with a compatible device that supports Near Field Communication (NFC). UPI LITE payments are notably faster compared to other payment methods, as they require less processing time. QR codes have seamlessly integrated into the UPI payments ecosystem, playing a major role in facilitating digital transactions. In a significant move to boost the adoption of QR code and near field communication (NFC) technology, the RBI Governor has introduced UPI Tap and Pay. This new addition, alongside the traditional scan and pay method, allows users to simply tap NFC-enabled QR codes at merchant locations to complete their payments. In September 2022, UPI LITE was launched which allowed users to make payments of up to ₹200. The limit was later raised to ₹500. “As pioneers of mobile payments, we are proud to partner with NPCI to enable the launch of innovative new features like Credit Line on UPI, Billpay Connect and UPI Tap and Pay,” said a Paytm spokesperson. <cmsannotation type="cmsannotation" annotationid="Conversational Payments: AI-driven solution" comment="subhead" text="Conversational Payments: AI-driven solution">Conversational Payments: AI-driven solution</cmsannotation> Conversational Payments, a revolutionary AI-driven approach to digital transactions that will boost digital payment adoption in the country was also announced. <cmsannotation type="cmsannotation" annotationid="Voice-Powered UPI Payments - Hello! UPI" comment="subhead" text="Voice-Powered UPI Payments - Hello! UPI">Voice-Powered UPI Payments - Hello! UPI</cmsannotation> Conversational UPI payments offer an improved user experience by enabling voice-initiated transactions in Hindi and English through UPI Apps, telecom calls, and IoT devices, with plans to include regional languages soon. This expansion aims to make digital payments more accessible, especially for those comfortable in their native languages, such as senior citizens and less tech-savvy individuals. Users can easily execute fund transfers with voice commands, requiring input of their UPI PIN. <cmsannotation type="cmsannotation" annotationid="Streamlined Bill Payments - BillPay Connect" comment="subhead" text="Streamlined Bill Payments - BillPay Connect"> Streamlined Bill Payments - BillPay Connect </cmsannotation> BillPay Connect, offered by Bharat BillPay, introduces a unified number for bill payments across India. Customers can now efficiently fetch and settle their bills by sending a simple 'Hi' via their messaging app. Additionally, customers without smartphones or immediate mobile data access can make payments via a missed call, receiving an immediate callback for verification and payment authorisation. BillPay Connect also introduces voice assisted bill payments, enabling customers to handle bills through voice commands on their smart home devices, with instant voice confirmations. Furthermore, this feature extends to bill payments made at physical collection centres using payment soundbox devices, enhancing security and trust for both customers and collection centres. Also Read: <a href="https://www.businessinsider.in/finance/webstories/indias-upi-is-spreading-its-wings/slidelist/103356013.cms">From Paris to Singapore to Tokyo – India’s UPI is spreading its wings</a>

UPI parent body makes payments easier – Now voice commands will also enable transactions and more

<ul><li>The Times 100 <keyword id="17778773" type="General" weightage="100" keywordseo="most-influential-companies" source="Orion">most influential companies</keyword> of 2023 list has been divided in five sub categories.</li><li>Polygon Labs, a company founded by Sandeep Nailwal and Jaynti Kanani, of Indian origin, has made it to the list too.</li><li>Elon Musk owned SpaceX and language learning app Duolingo are featured in the Leader category</li></ul> There is good news and not so good news. The Reserve Bank of India (RBI) and Indian Banks' Association (IBA) 2008 launched National Payments Corporation of India or the <keyword id="193629" type="General" weightage="20" keywordseo="npci" source="Orion">NPCI</keyword> has featured in the <keyword id="518661" type="General" weightage="20" keywordseo="times-list" source="Orion">Times list</keyword> of top-100 influential companies. What more? Another youngster, Meesho, founded only in 2015, has made it too. The not so good news? These are the only two on the list. NCPI is a non-profit umbrella organisation for operating retail payments and settlement systems in India. NPCI owns and operates the Unified Payments Interface (UPI) and is also in charge of the RuPay payment system, which works like Visa and MasterCard. Recently, it has created a separate subsidiary to take its product to the global market. According to media reports, it is in talks with Gulf nations, including Bahrain and Saudi Arabia, to expand its UPI service. Meanwhile, e-commerce platform Meesho, which specialises in retail distribution, has also made it to the coveted list. A few weeks earlier, a report by mobile data analytics provider data.a, Meesho became the fastest shopping app to cross 500 million cumulative downloads. <cmsannotation type="cmsannotation" annotationid="The categorisation and the notable mentions" comment="subhead" text="The categorisation and the notable mentions">The categorisation and the notable mentions</cmsannotation> The list has been divided in five sub categories – leaders, disruptors, innovators, titans and pioneers. NPCI and Meesho both have been mentioned under the ‘Pioneers’. The Titans section has big powerhouses such as IBM, JPMorgan Chase, Lockheed Martin etc. An interesting name in this list is TikTok. Footwear brand Crocs and Polygon Labs, founded by Sandeep Nailwal and Jaynti Kanani, of Indian origin, have been mentioned in the Innovators section. Elon Musk owned SpaceX, language learning app Duolingo and gaming chipmaker Nvidia are the quick noticeable names under the Leader category.

UPI parent body and this e-commerce startup are on Times list of top-100 influential companies

<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

New Delhi, Feb 3 () As the date for linking PAN with Aadhaar has been extended by a year, the government has linked over 30 crore such numbers with the unique identification code, Minister of State for Finance Anurag Singh Thakur said in Parliament on Monday.
 The total permanent account numbers (PANs) which are linked with Aadhaar number as on January 27, 2020, is 30,75,02,824, Thakur informed the Lok Sabha.
 When asked if the government has extended the deadline period for Aadhaar-PAN linking, the minister responded in an affirmative "Yes sir".
 He said the due date for linking of PAN with Aadhaar has been further extended from December 31, 2019, to March 31, 2020.
 "As on January 27, 2020, a total of 17,58,03,617 PANs are not linked with Aadhaar. The extension of due date for linking of PAN with Aadhaar will benefit these PAN card holders as they get extra time to link their PANs with Aadhaar," Thakur said in Parliament.
 Also, to ensure that the sensitive data is not leaked by handling organisations, guidelines laid down by Unique Identification Authority of India (UIDAI) in this regard are being followed, he said.
 Appropriate measures have also been taken under provisions of Income-Tax Act, Information Technology Act and other applicable laws that the confidentially of data is maintained.
 On being asked if the government also proposes to link all property-related transactions with Aadhaar to curb benami property and bring transparency, he said the due date for linking of PAN with Aadhaar is March 31, 2020.
 "This measure will help to curb benami property and bring in transparency," Thakur said.
 He said, under the Income Tax (I-T) Act, a person is required to quote PAN in respect of any sale or purchase of immovable property for an amount exceeding Rs 10 lakh or valued by stamp valuation authority.
 In a separate query on PAN and bank account linking, the Finance Ministry informed the house that approximately 85 per cent of the current and savings accounts (CASA) are Aadhaar seeded as on January 24, 2020.
 Besides, as per data provided by the National Payments Corporation of India (NCPI), 59.15 crore RuPay cards have been issued by banks as on December 31, 2019. KPM ANS
ANS

Over 30 cr PANs linked with Aadhaar so far: Thakur

New Delhi, Jan 2 () The National Payments Corporation of India (NPCI) on Thursday said the homegrown payments technology RuPay will offer 40 per cent cashback for its international card users for transactions in select countries.
 Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.
With RuPay International cards --JCB, Discover and Diners Club--customers using multiple cards can earn more cashbacks under the 'RuPay Travel Tales' campaign.
To avail the cashback benefit, customers will have to do a minimum transaction of Rs 1000 and the maximum cashback is capped at Rs 4,000 for a single transaction. 
The offer can be availed by customers using RuPay International Card four times a month that can give them a chance of earning up to Rs 16,000 as cashback. 
Praveena Rai, COO, NPCI said, "We always aim to create an end-to-end value proposition for RuPay International cardholders to make their overseas travel experience seamless and memorable. The campaign is not only providing an exciting platform for travelers to earn cashbacks but also motivating them to migrate towards digital transactions nationally and globally".
Apart from earning cashbacks, RuPay International cardholders can access to RuPay affiliated domestic/international airport lounges. 
They also can avail attractive offers on booking international fights and hotels in association with Thomas Cook and Make My Trip, the release said.
RuPay has a partnership with Discover Financial Services (DFS) and Japan based JCB International, allowing RuPay users the access to across 190 countries. 
As on date, there are over 1,100 banks live on RuPay platform including SBI, HDFC Bank, Axis bank, among others.
RuPay card base has crossed 600 million, half of which are in the mid and premium segments, NCPI said.
NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. KPM MR
MR

RuPay International to offer cashback up to Rs 16K for transactions abroad

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>

What is UPI and how does it work?

India's very own payment system <keyword id="597447" type="UNKNOWN" weightage="80" keywordseo="Rupay">RuPay</keyword> will launch Credit cards from next year. 
 
"Issuance of the card is expected to give Visa and MasterCard a tough competition, since the debit card issued by RuPay by banks in India has revealed that there is a huge potential for cards penetration and transaction," NCPI Chairman M Balachandran told reporters today. 
 Almost 13% of <keyword id="48577" type="TECHNOLOGY" weightage="80" keywordseo="ATM">ATM</keyword> , <keyword id="443296" type="UNKNOWN" weightage="60" keywordseo="Point-of-Sale">Point of Sale</keyword> and <keyword id="2903551" type="UNKNOWN" weightage="80" keywordseo="Ecommerce-transactions">Ecommerce transactions</keyword> are through RuPay cards he said. The number of transactions is growing at a generous 1-2% month on month he added. 
 
Balachandran says NPCI targets to reach every Indian by 2020. AS of now, more than 160 million people use RuPay. 
 
(Image credit: Indiatimes)

RuPay will launch its own credit cards next year

Are you tired of carrying ‘n’ numbers of cards as soon as you leave your house? The government has come out with a solution. The <keyword id="162100" type="ORGANIZATION" weightage="80" keywordseo="Ministry-of-Urban-Development">Ministry of Urban Development</keyword> has launched a NCMC model to enable seamless travel by metros and other transportation systems across the country. 
 
You can use the same card based on the Smart National Common Mobility Card (NCMC) model for shopping as well. This card does away with the need for carrying separate cards for banking and transit requirements. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Urban+Development+Minister+M+Venkaiah+Naidu+">Urban Development Minister M Venkaiah Naidu</a> has approved the 'EMV Open Loop Card with stored value' for this initiative. 
 
Earlier, Naidu had set up a committee chaired by the additional secretary in the ministry to find an inter-operable mobility card that can be used across different transport systems in India and which can also be used as a <a href="http://www.businessinsider.in/searchresult.cms?query=credit+or+debit+card+">credit or debit card</a> as well. 
 This committee had representatives of <keyword id="6373306" type="ORGANIZATION" weightage="60" keywordseo="National-Informatics-Centre">National Informatics Centre</keyword> (NIC), <keyword id="1306047" type="ORGANIZATION" weightage="40" keywordseo="Centre-for-Development-of-Advance-Computing">Centre for Development of Advance Computing</keyword> (C-DAC), <keyword id="59330" type="ORGANIZATION" weightage="80" keywordseo="Bureau-of-Indian-Standards">Bureau of Indian Standards</keyword> (BIS), National Payment Corporation of India (NCPI) and the <a href="http://www.businessinsider.in/searchresult.cms?query=Ministry+of+Finance">Ministry of Finance</a>. 
 
After studying different models used across the world, the committee has recommended the EMV Open Loop Card with stored value. 
 
This Smart Common Mobility Payment Card addresses the deficiencies associated with other cards being used in <a href="http://www.businessinsider.in/searchresult.cms?query=Singapore+">Singapore</a> and other countries. This card meets travel needs based on stored value of money. The card can be used for travelling by any means of transport and also enables account based retail applications. 
 Globally, there is no nationwide common card except in <keyword id="6356662" type="COUNTRY" weightage="60" keywordseo="Singapore">Singapore</keyword> where in inter-operability is confined to the city only. The committee has therefore recommended the EMV Open Loop Card with stored value for use across the country. 
 The ministry has decided to task the <keyword id="394949" type="CITY" weightage="60" keywordseo="National-Payments-Corporation">National Payments Corporation</keyword> of India with indigenous development and management of clearing and settlement of payments, simulating cards, terminals and network, a support base of vendors for providing certified tools, cards, terminals and other services, in line with the <a href="http://www.businessinsider.in/searchresult.cms?query=%27Make+in+India%27+">'Make in India'</a> initiative. 
 
(Image: Indiatimes)

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UPI parent body makes payments easier – Now voice commands will also enable transactions and more

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Now travel anywhere within India using the same card!

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