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The Unified Payments Interface (UPI) registered a record 6.57 billion (657 crore) transactions worth ₹10.72 lakh crore in August, the National Payments Corporation of India (NPCI) data showed on Thursday. The growth in UPI volumes is up almost 100% (year-on-year) and amounts transacted grew by 75% YoY in the month of August. "With the acceptance of card payments via UPI the transaction volumes are bound to grow strongly and the average value per transaction too will increase. Through this growth, the NPCI systems have been robust and have rendered uptime that stands among the best in the payments industry. NPCI is on track to achieve their vision of 1 billion transactions per day," said Rajesh Mirjankar MD and CEO, Kiya.ai. The country crossed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth Rs 10.62 lakh crore. Prime Minister Narendra Modi last month hailed the achievement of <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> crossing 6 billion in July -- the highest ever since its launch six years back. "This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic," Modi had said in a tweet. In FY22, UPI processed more than 46 billion transactions amounting to over ₹84.17 trillion, thus breaching the $1 trillion mark. UPI's target is to process a billion transactions a day in the next five years. The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan. Recently, the NPCI mandated that all UPI-based applications obtain consumers' prior authorisation before recording their location. Any time a client gives permission to record their location, the permission must be properly communicated to the UPI, else the company will take stern action. This rule must be followed by all members by December 1 and applies to domestic UPI transactions between individuals. "UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx 5 per cent (on-month) and value of such transactions increasing by approx one per cent (month-on-month). The mass adoption of UPI is driving financial inclusion with respect to payments in India," said Swapnil Bhaskar, Head of Strategy, <keyword id="3673134" type="General" weightage="20" keywordseo="niyo" source="Orion">Niyo</keyword>, a <keyword id="8467319" type="General" weightage="20" keywordseo="neobank" source="Orion">neobank</keyword> for millennials.

UPI transactions reach 657 crore in August worth ₹10.72 lakh crore

<ul><li>The millennial-focused <keyword id="11998402" type="General" weightage="20" keywordseo="fintech-niyox" source="Orion">fintech NiyoX</keyword>, has launched a quirky video campaign which demystifies banking and simplifies financial planning.</li><li><keyword id="3673134" type="General" weightage="20" keywordseo="niyo" source="Orion">Niyo</keyword>’s video for the #BennyBanksOnNiyoX campaign has been conceptualized, produced and executed by Big Bad Wolf Studios.</li><li>The music for the song has been composed and produced by Sickflip.</li></ul>In its bid to celebrate the on-boarding of 500,000 customers, NiyoX has collaborated with leading playback singer <keyword id="230937" type="General" weightage="20" keywordseo="Benny-Dayal" source="Orion">Benny Dayal</keyword> to create a millennial money anthem. The millennial-focused <keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">fintech</keyword> has launched a quirky video campaign which demystifies banking and simplifies financial planning. The music video is part of #BennyBanksOnNiyoX campaign and takes millennials on a musical journey that decodes saving, spending and investing while highlighting NiyoX’s industry-best features that can enhance customers’ financial quotient. Benny’s quirky and unconventional style lends to Niyo’s ideology of reinventing banking. The lyrics of the song were penned down to resonate with millennials and communicate through rap music – a genre which has been trending lately. <div type="Youtube" id="bV6TGP3cWLs" title="Benny Dayal Banks on NiyoX! #SmartChuNiyo" thumbUrl="https://i.ytimg.com/vi/bV6TGP3cWLs/mqdefault.jpg"></div> The #BennyBanksOnNiyoX campaign through the music video with Benny Dayal has been facilitated in partnership with BookMyShow. Niyo Chief Marketing Officer Vineet Sethi said, “We are delighted to collaborate with Benny. His popularity extends across the country, and his music have always struck a chord with millennials. As a brand, it has been our constant endeavor to communicate with our audience in ways they relate to. Besides being entertaining, the music video also ties back to our brand and what it stands for. Through this creative musical collaboration, we wish to simplify banking and investments for NiyoX customers.”Commenting on this collaboration, singer Benny Dayal said, “This is has been quite an exciting and enriching experience to come on-board with a young fintech platform that decodes banking for the millennials. NiyoX is breaking stereotypes and bringing alive new ways of reaching out to the young and trendy millennial population and I am glad to be a part of this change.” Speaking on the collaboration, Marzdi Kalianiwala, Senior Vice President – Product &amp; Design, BookMyShow said, “We are thrilled to partner with Niyo to conceptualise and execute this brand campaign that marks an important milestone in the company’s journey and this is the latest in our growing repertoire of offerings across entertainment and media.” The NiyoX banking app in partnership with <keyword id="3458767" type="General" weightage="20" keywordseo="equitas-small-finance-bank" source="Orion">Equitas Small Finance Bank</keyword> helps is fulfilling millennials’ aspirations through its unique 007 banking that offers industry-best features such as - 0 balance savings account, 0 commission on mutual funds and upto 7% interest on savings – enabling the young customers to open the two-in-one savings and wealth accounts in only 100 seconds.

NiyoX collaborates with singer Benny Dayal to create a Millennial Money Anthem

Kolkata, Mar 5 () Niyo Bharat, a fintechplatform which facilitates opening of zero balance salaryaccounts for blue-collar workers, is targetting a customerbase of 50 lakh across the country in the next two years, anofficial said on Thursday.Presently, it has 15 lakh customers and tied up withYes Bank and DCB Bank for opening salary accounts, he said."We are now targetting the blue-collar workers of WestBengal for which Niyo has tied up with 59 corporates oremployers in the state. We will help these employers opensalary accounts for their workers with either of the twobanks," Niyo Bharat's business head Darpan Sharma toldreporters here.He said the company offers prepaid cards, co-brandedwith both the banks, to the account holders, for bankingtransactions.Sharma said the account holders would also be able tocarry out financial transactions including payment of billsand availing small ticket loans through the Niyo Bharat appwhich is available in 10 languages.The typical salary bracket for the targetted bluecollar workers is Rs 8,000 to Rs 12,000 per month, he said.Owned by Finnew Solutions Private Ltd, Niyo Bharatcharges Rs 200 annually for each prepaid card holder, he said.Sharma said the other business vertical of the companyis Niyo Global Card, which is a rupee-denominated travel cardfor those going overseas.The present customer base of Niyo Global Card is twolakh, which is expected to reach 10 lakh in two years, headded. DC BDCNN NN

Niyo Bharat aims at 50 lakh customer base in two years

Who does not love to travel? Most of us would give anything to take a long break from our regular work life and travel the world! And if the vacation rental behemoth <keyword id="19900375" type="General" weightage="20" keywordseo="Airbnb" source="keywords" meta.keywordsubtype="org" meta.entityname="Airbnb" meta.hostid="261" meta.entityid="Airbnb">Airbnb</keyword> is to be believed, Indians are taking to traveling with renewed vigor. When it comes to international travel right now, most Indians are traveling to Tokyo, largely to witness the momijgari (red leaf hunting), or the autumn tradition where leaves turn red, which makes for a breathtaking sight. For those seeking a little peace and quiet, the Amalfi Coast, off the Mediterranean Sea is in vogue. Baku, the capital of Azerbaijan and Kazakhstan are also being increasingly making their way on the travel wish list of most Indian travellers. Per Airbnb, other countries on this list include Montenegro, Norway, Luxembourg, and Georgia. Closer home, the bustling city of Kanpur in Uttar Pradesh is amongst the top travel destination for most Indians, along with the tropical Lakshadweep. People are also flocking to Ujjain and the hilly, quaint town of Munsiyari in Uttarakhand to take a well deserved break from their hectic lives. Says Vinay Bagri, Co-founder and CEO, Niyo, a travel banking platform"India’s growing middle class and increasing incomes are driving the rise in outbound travel. Additionally, India’s soft power diplomacy is shaping global travel industry trends. According to the Henley Passport Index, there are 62 countries where Indian passport holders can travel visa-free". "Niyo has seen a 60% growth in international travel over the past year. 55% among leisure travelers, 70% in student travel, and 25% in business travel. Interestingly, 40% of the customers we onboarded were first-time international travellers”, he continued. <h2>Be financially prepared</h2>But while it is great to travel, or take that dream vacation or overseas trip, setting aside money for the same can certainly be a herculean task. That's why, the key to a stress-free getaway, irrespective of it being a short break or an extended adventure, lies in making strategic investment choices. Here are some ways in which you can create a healthy corpus for your travelling, all from your savings: Creating a Vacation Budget Establish a comprehensive budget that covers expenses such as travel, currency exchange rates, time off from work, and the number of travelers. Conducting in-depth research on your destination, the best time to visit, and other relevant details can also lead to significant savings. A good idea is to plan in advance the number of vacations you wish to take each year. Deciding and booking your tickets ahead of time can help you save costs. Also, having a dedicated <keyword id="23343124" type="General" weightage="20" keywordseo="Travel-Fund" source="keywords">travel fund</keyword>, separate from your daily expenses, helps you stay focused. Consider using a fixed deposit or a liquid mutual fund to watch your money grow faster. Per Swati Bhargava, Co-Founder of CashKaro and EarnKaro, building a travel fund not only allows you to experience your dream vacation, but also fosters healthy financial habits that prevents debt and maximizes the value of your hard-earned money. Short-term Gains for Quick Access Says Bhuvan Rustagi COO &amp; Co-founder of Per Annum, "By exploring options such as recurring deposits, liquid funds and short-term bonds, individuals can enhance their financial flexibility, which can also help them plan any spontaneous adventures". Don't let your travel fund sit idle in a savings account. You can invest it in various short-term instruments, depending on your risk appetite. In case you want to play it safe, a recurring deposit or liquid funds are a good option. For people willing to take on more risk, P2P lending can also be a good option. Automate your way By setting up recurring transfers from your primary account to a dedicated travel savings account, you can ensure that a portion of your income is automatically saved each month. This disciplined approach will eliminates the temptation to spend impulsively, and will also help you stay committed to your travel goals. During the festive season, which will set in from next month, most online platforms, websites, and aggregators abound with enticing discounts on flights and hotels. Keep a keen eye on these deals, and you can significantly reduce travel expenses and plan your trip more efficiently. During the sales, travel portals often offer exclusive discounts tied to specific banks or release flash sales. That is also a great way to maximize your savings on travel. Many Indians are also turning to <keyword id="23343125" type="General" weightage="20" keywordseo="Cashback-Platforms" source="keywords">cashback platforms</keyword> to maximize their savings on travel bookings. According to reports, the travel sector sees an average cashback rate of 8%, the highest of all sectors. Further clubbed with credit cards you save a lot more on your hotels &amp; flights. No wonder, travel credit cards emerged as the frontrunners, experiencing a remarkable 27% YoY growth in 2023. "For those planning a festive season getaway, combining multiple offers can lead to substantial savings, making your dream destination more affordable”, continues Bhargava So, what are you waiting for? Start planning your next travel destination now. With smart investments and budgeting, it might happen for you, sooner than you think!

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UPI transactions reach 657 crore in August worth ₹10.72 lakh crore

IANS

NiyoX collaborates with singer Benny Dayal to create a Millennial Money Anthem

BI India Partner

Niyo Bharat aims at 50 lakh customer base in two years

PTI

World Tourism Day: Here's where India is travelling to, and how you too, can join the bandwagon

Ira Alok Puranik

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