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<ul><li>The <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> has increased the <keyword id="21970492" type="General" weightage="100" keywordseo="UPI-Lite-wallet" source="keywords">UPI Lite wallet</keyword> limit to ₹5,000.</li><li>The per-transaction limit has also been increased to ₹1,000 from the current ₹500.</li><li>The central bank has announced a beneficiary account name look-up facility for RTGS and NEFT.</li></ul>The Reserve Bank on Wednesday announced the increase of the <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000, to encourage wider adoption of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> A limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet is applicable currently. With this, the per <keyword id="22340760" type="General" weightage="20" keywordseo="transaction-limit" source="keywords">transaction limit</keyword> has been doubled and the overall limit has been increased 2.5 times. At the bi-monthly monetary policy meeting, the central bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> also said the per-transaction limit in <keyword id="23485380" type="General" weightage="20" keywordseo="UPI123Pay" source="keywords">UPI123Pay</keyword> will be increased to ₹10,000 from the existing ₹5,000. For those unaware, UPI123 was launched in March 2022, to enable feature-phone users to use UPI. This facility is now available in 12 languages. The governor also announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction. There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said. "Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a 'beneficiary account name look-up facility'," he said. As part of this, remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. This facility is aimed at increasing customer confidence and reducing the possibility of wrong credits and fraud. The Central Bank will also create a 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system. Das said it is crucial for regulated entities to undertake climate risk assessments to ensure the stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high-quality data relating to local climate scenarios, climate forecasts, and emissions, he said. The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units. To bridge these gaps, Das said the Reserve Bank proposes to create a data repository – RB-CRIS, comprising two parts. The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible on the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

UPI Lite wallet limit and transaction limits for feature phone users increased

<ul><li>India’s central bank has launched <keyword id="4361463" type="General" weightage="20" keywordseo="upi-payment" source="Orion">UPI payment</keyword> service for feature phones. </li><li>This will bring non-smartphone users to the platform and enable them to pay digitally without needing an internet connection. </li><li>The move will further fuel India’s digital payment adoption.</li></ul>The Reserve Bank of India (RBI) has rolled out Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) for feature phones. Following his announcement in December 2021, the RBI governor has now delivered the promise of bringing the simplified digital payment service to non-smart mobile phones in India. The UPI payment system was limited to smartphones with internet connectivity till now. While UPI turned out to be a hit for fuelling digital payments in the country, its accessibility to the masses with feature phones was awaited for a long time. “While we have been growing impressively in digital payments, a large part of digitisation is limited to people with smartphones. There are about 40 crore <keyword id="1094150" type="General" weightage="20" keywordseo="feature-phone" source="Orion">feature phone</keyword> users who have limited access to digital payments," said T Rabi Sankar, RBI deputy governor. UPI is a platform developed by the National Payments Corporation of India (NPCI) together with the Reserve Bank of India and the Indian Banks Association (IBA). It is a platform that brings together various banking services and features in a single app. Users have a unique UPI ID that can be used to send and receive payments using a secure PIN. These payments can be made using a mobile number associated with the UPI ID as well. Digital payment via UPI is not only safe, but it fastens and simplifies the way we send and receive money. It also makes payments seamless for new age app-based food delivery, ride-hailing, e-commerce and similar services. In the calendar year 2021, UPI touched record high transactions, both in volume and value terms. As per <a href="https://www.npci.org.in/what-we-do/upi/product-statistics">National Payments Corporation of India</a> (NPCI), UPI processed more than 38 billion transactions, amounting to ₹71.59 trillion. With the launch of UPI on feature phones, the transactions are projected to grow even further in CY 2022. SEE ALSO- <a href="https://www.businessinsider.in/india/news/india-records-3993-new-covid-19-cases-lowest-in-almost-two-years/articleshow/90068925.cms" data-type="tilCustomLink">India records 3,993 new COVID-19 cases, lowest in almost two years</a> <a href="https://www.businessinsider.in/sports/news/cristiano-ronaldo-is-reportedly-looking-to-leave-manchester-united-to-join-paris-saint-germain/articleshow/90068443.cms" data-type="tilCustomLink">Cristiano Ronaldo is reportedly looking to leave Manchester United to join Messi and Neymar at Paris Saint-Germain</a>

RBI rolls out UPI for feature phones — you will no longer need a smartphone or internet to make payments digitally

India's leading <keyword id="50691" type="General" weightage="80" keywordseo="digital" source="Orion">digital</keyword> payments and financial services company <keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword> will be a key beneficiary of India's Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) incentive scheme, brokerage firm Morgan Stanley said on Thursday. The Union Cabinet on Wednesday approved the incentive scheme of Rs 26 billion for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for FY23, compared with Rs 15 billion in FY22. "Apart from banks, Paytm should be a key beneficiary of the above. On our estimates, Paytm would have received 5-7 per cent of the FY22 incentive, and assuming a similar share for FY23, this would represent 3-5 per cent of our contribution profit estimate (1 per cent higher than what we previously assumed for FY23)," the brokerage firm mentioned. One97 Communications's associate Paytm Payments Bank Ltd (PPBL) is the top beneficiary and leading remitter bank for UPI transactions. PPBL is an issuer and PSP Bank in itself along with being an acquirer of UPI transactions. Under the scheme, acquiring banks are provided with a financial incentives for promoting point-of-sale and e-commerce transactions using RuPay debit cards and BHIM-UPI transactions. <keyword id="198636" type="General" weightage="50" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>, Founder, CEO &amp; MD of Paytm, tweeted: "Huge commitment by GOI Cabinet to push Digital Payments thru UPI and RuPay. The #DigitalIndia mission of our government will bring long-term benefits to our economy." During its last earnings call, Paytm's top management had said that the UPI merchant payments (which are free for the merchant) have become revenue-generating given the government is encouraging digital payments in the form of incentives for UPI P2M transactions. "UPI helps us with efficient customer and merchant acquisition and allows us to better monetise our platform by upselling financial services as well as payments devices," it said. This incentive scheme will facilitate the building of a robust digital payment ecosystem and promote RuPay Debit Card and BHIM-UPI digital transactions. In line with the objective of '<keyword id="2664548" type="General" weightage="50" keywordseo="sabka-saath" source="Orion">Sabka Saath</keyword>, Sabka Vikas', the scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly digital payments solutions and enable further deepening of digital payments in the country, across all sectors and segments of the population. The government also intends to continue the financial support for digital payments announced in the previous Budget, with a focus on promoting the use of payment platforms that are economical and user-friendly. The scheme has been formulated in compliance with the aforesaid Budget announcement, the Cabinet announcement included. The Paytm Super App continues to see growing consumer engagement with the average MTU for the quarter that ended December 2022 at 85 million, registering a growth of 32 per cent YoY. The total merchant GMV processed through the platform for the quarter ended December 2022 aggregated to Rs 3.46 lakh crore ($42 billion), marking a YoY growth of 38 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/sun-mobility-aims-to-serve-10-lakh-vehicles-through-its-battery-swapping-platform-by-2025/articleshow/96932578.cms">Sun Mobility aims to serve 10 lakh vehicles through its battery swapping platform by 2025</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/global-pc-demand-sees-its-deepest-collapse-since-mid-90s-amid-recession-fears-gartner/articleshow/96932794.cms">Global PC demand sees its deepest collapse since mid-90s amid recession fears: Gartner</a>

Paytm will be key beneficiary of India's UPI incentive scheme: Morgan Stanley

Over<a href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms"> 45 billion transactions</a> were carried out through the unified payments interface (<keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword>) in the fiscal year 2022, between April 2021 and March 2022. These transactions accumulated up to ₹84 lakh crore in the same time frame. This was nearly double of 22 billion transactions worth ₹41 lakh crore that was carried out in the previous fiscal year. This leaves no doubt that UPI is currently among one of the most popular digital payments systems available in India. Walmart-owned <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> has facilitated most of it, especially in the last fiscal. A simple calculation based on the monthly payments data shared by National Payments Corporation of India (NPCI) has revealed that PhonePe carried out 20.7 billion <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> in FY2022. This is roughly 46% of the overall transactions. It was followed by <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword>, which facilitated 35%, or 15.8 billion, of such transactions. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, or rather Paytm Payments Bank, continued to be a distant third biggest UPI app in the same fiscal with close to 13% market share. <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> carried out 17 million transactions. <div type="image" title="WhatsApp carried out only 17 million UPI transactions last fiscal, PhonePe was at 20 billion" msid="90728801" hostid="261"></div> Well, this was all about the volume of transactions. The values or the amount transferred by these apps also showed a similar trend in FY2022. PhonePe continued to retain the top spot by facilitating transactions worth ₹39 lakh crore, which represents 46% of the overall transaction value. It was followed by Google Pay with 36% of overall transactions, with transactions worth ₹31 lakh crore. Paytm carried close to 8% UPI transaction in terms of number of value. Both WhatsApp and Amazon Pay have less than 1% market share in terms of value of transactions. <div type="image" title="WhatsApp carried out only 17 million UPI transactions last fiscal, PhonePe was at 20 billion" msid="90728810" hostid="261"></div> The next thing on the Reserve Bank of India’s (RBI) agenda is to make UPI more inclusive by enabling it for feature phone users and in offline mode. The central bank launched <a href="https://www.businessinsider.in/india/news/rbi-launched-upi123pay-here-is-how-upi-would-work-on-feature-phones/articleshow/90073275.cms">UPI123Pay</a> earlier in March especially for this purpose. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/abu-dhabis-ihc-to-invest-2-billion-primary-capital-in-three-adani-group-companies/articleshow/90725697.cms">Abu Dhabi's IHC to invest $2 billion primary capital in three Adani Group companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zee-entertainment-rallies-sharply-in-one-month-on-strong-box-office-collection-of-the-kashmir-files-and-on-high-hopes-from-zee-sony-merger/articleshow/90725860.cms">Zee Entertainment rallies sharply in one month on strong box office collection of ‘The Kashmir Files’ and on high hopes from Zee-Sony merger</a>

WhatsApp carried out only 17 million UPI transactions last fiscal, PhonePe was at 20 billion

<ul><li>This is the highest number of monthly <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> transactions ever since the launch of this digital payments system in 2016.</li><li>The payments platform witnessed transactions worth ₹9.83 lakh crore last month.</li><li>The payments system recorded over 45 billion transactions worth ₹84 lakh crore in the fiscal year 2022.</li></ul>The data shared by the National Payments Corporation of India (NPCI) has revealed that 5.58 billion transactions were carried out through Unified Payments Interface (UPI) in April 2022. This is the highest number of monthly UPI transactions ever since the launch of this digital payments system in 2016. The payments platform witnessed transactions worth ₹9.83 lakh crore last month. In comparison, UPI registered 5.4 billion transactions worth ₹9.6 lakh crore in March 2022, which means that the volume of transactions grew 3.28% and the value of transactions dipped 2.36% in April. UPI is among the most popular digital payments methods available in the country at the moment. After all, the system has been designed to enable payments in a matter of seconds. The payments system recorded over<a href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms#slideid=90595911"> 45 billion transactions worth ₹84 lakh crore</a> between April 2021 and March 2022, or the fiscal year 2022. This was nearly double of 22 billion transactions worth ₹41 lakh crore that was carried out in the previous fiscal year. <div type="image" title="UPI reaches new heights with 5.58 billion transactions in April 2022" msid="91250092" hostid="261"></div> Walmart-owned <a href="https://www.businessinsider.in/finance/news/whatsapp-carried-out-only-17-million-upi-transactions-and-phonepe-was-at-20-billion-in-india-in-2021-22/articleshow/90726109.cms#:~:text=at%2020%20billion-,WhatsApp%20carried%20out%20only%2017%20million%20UPI%20transactions%20last,PhonePe%20was%20at%2020%20billion&amp;text=Over%2045%20billion%20transactions%20were,April%202021%20and%20March%202022.">PhonePe has facilitated the most UPI transactions</a> over the last two fiscal years. According to simple calculations based on the monthly payments data shared by NPCI, PhonePe carried out 20.7 billion UPI transactions in FY2022, which roughly represented 46% of the overall transactions. It was followed by Google Pay, which facilitated 35%, or 15.8 billion, of such transactions. It was followed by Paytm, or rather Paytm Payments Bank, with 13% market share. WhatsApp carried out 17 million transactions last fiscal year. <div type="image" title="UPI reaches new heights with 5.58 billion transactions in April 2022" msid="91250080" hostid="261"></div> NPCI is expected to share the app-based data for April in the second week of May. In order to further spread the usage of UPI, the Reserve Bank of India’s (RBI) has enabled the payment method for feature phone users and in offline mode with the launch <a href="https://www.businessinsider.in/india/news/rbi-launched-upi123pay-here-is-how-upi-would-work-on-feature-phones/articleshow/90073275.cms">UPI123Pay</a> in March 2022. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/sustainability/news/amid-global-ecological-crisis-these-five-indian-women-ecopreneurs-are-building-innovative-green-businesses-for-a-greener-future/slidelist/91248462.cms">Amid global ecological crisis, these five Indian women ecopreneurs are building innovative green businesses for a greener future</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-tata-motors-maruti-yes-bank-among-stock-to-watch-out-for-on-may-2/slidelist/91247715.cms" data-type="tilCustomLink">Wipro, Tata Motors, Maruti, YES Bank among stock to watch out for on May 2</a> <a href="https://www.businessinsider.in/business/news/amazon-summer-sale-to-begin-on-may-4-2022-big-offers-on-smartphones-and-laptops/articleshow/91249886.cms" data-type="tilCustomLink">Amazon Summer Sale to begin on May 4 – offers on smartphones, laptops, appliances and more</a>

UPI reaches new heights with 5.58 billion transactions in April 2022

<ul><li><keyword id="13332975" type="General" weightage="20" keywordseo="digisaathi" source="Orion">DigiSaathi</keyword> is a helpline for the customers of payments systems including cards, ATM, UPI.</li><li>It will also provide contact details of various payment system participants, both banks and non-banks.</li><li>There are 13 constituents of the working committee for DigiSaathi, including SBI, Amazon Pay and Google Pay.</li></ul>The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>), along with the National Payments Corporation of India (NPCI), launched DigiSaathi — a helpline for the customers of payments systems including cards, ATM, UPI — on Tuesday afternoon. Along with this, the central bank also launched UPI123Pay, which will allow feature phone users to make payments through unified payments interface (UPI). RBI governor Shaktikanta Das, while announcing the initiatives mentioned that “the initiatives launched today have the potential to deepen the digital ecosystem and financial inclusion.” You can read more about how RBI plans to enable UPI payments on feature phones without the internet <a href="https://www.businessinsider.in/india/news/rbi-launched-upi123pay-here-is-how-upi-would-work-on-feature-phones/articleshow/90073275.cms">here</a>. What is DigiSaathi? What information will it offer? DigiSaathi is a 24-hour information hotline built for the users of digital payments products and services. The helpline would offer information on various products and services offered across payment cards of all kinds (including debit, credit and prepaid cards), UPI, QR-based payments, mobile or net banking, ATMs and more. Besides this, it will also provide contact details of various payment system participants, both banks and non-banks. “This initiative will help customers address queries in the digital payments umbrella including cards. Right now it is available in two languages – English and Hindi; we are working towards including all vernacular languages. Going forward, human intervention could also be included,” T Rabi Sankar, the deputy governor of RBI, said. The platform would be set up, operated, and maintained by the NPCI on behalf of a group of payments system operators and participants. How to reach out to DigiSaathi? There are two ways to get information from DigiSaathi. A user can simply call on a toll-free number 14431 or 1800 891 3333. Besides this, they can also search its official website,<a href="https://digisaathi.info/#/about"> digisaathi.info</a>, for the same. The website has incorporated chatbots, which will be regularly trained to improve response and accuracy in the time to come, DigiSaathi’s website read. A user can simply type their query on the “search bar” on the <keyword id="13335262" type="General" weightage="20" keywordseo="digisaathi-website" source="Orion">DigiSaathi website</keyword> or interact with the chatbot for the response. “The user can ask queries about digital payment products and services, most relevant and appropriate information towards, which shall be provided to [the] user on a best effort basis,” the website reads. There are 13 constituents of the working committee for the DigiSaathi, including State Bank of India (SBI), Bank of Baroda (BoB), ICICI Bank, Visa, Master Card, Amazon Pay, Google Pay, Indian Banks Association and Payments Council of India (PCI). SEE ALSO <a href="https://www.businessinsider.in/india/news/india-records-3993-new-covid-19-cases-lowest-in-almost-two-years/articleshow/90068925.cms" style="">India records 3,993 new COVID-19 cases, lowest in almost two years</a> <a href="https://www.businessinsider.in/sports/news/cristiano-ronaldo-is-reportedly-looking-to-leave-manchester-united-to-join-paris-saint-germain/articleshow/90068443.cms" style="">Cristiano Ronaldo is reportedly looking to leave Manchester United to join Messi and Neymar at Paris Saint-Germain</a> <a href="https://www.businessinsider.in/stock-market/news/amid-a-highly-volatile-market-here-is-an-outlier-stock-that-surged-9/articleshow/90068465.cms" data-type="tilCustomLink" style="">Amid a highly volatile market, here is an outlier stock that surged 9%</a>

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UPI Lite wallet limit and transaction limits for feature phone users increased

BI India Bureau

RBI rolls out UPI for feature phones — you will no longer need a smartphone or internet to make payments digitally

Sudhanshu Singh

Paytm will be key beneficiary of India's UPI incentive scheme: Morgan Stanley

IANS

WhatsApp carried out only 17 million UPI transactions last fiscal, PhonePe was at 20 billion

Kritti Bhalla

UPI reaches new heights with 5.58 billion transactions in April 2022

Kritti Bhalla

EXPLAINED: What is DigiSaathi and how it can help you with digital payments

Kritti Bhalla

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