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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

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

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

New Delhi [India], March 20 (ANI): Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. In February, transactions worth Rs 18.2 lakh crore were made through Unified Payments Interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) with a staggering 122 crore number of transactions. The transactions made last month through the popular instant payment mechanism were a tad lower than in January, where the total value of transactions was Rs 18.4 lakh crore. The total number of transactions recorded in the month of January was 121 crore. Data maintained by the <keyword id="19907219" type="General" weightage="20" keywordseo="national-payments-corporation-of-india" source="keywords">National Payments Corporation of India</keyword> (NPCI) showed that an average of Rs 40,000-Rs 80,000 crore worth of UPI transactions are made in India on a daily basis. Coming to NEFT and RTGS, the two other instruments for online payments, the average transactions made through these were an average of Rs 33.85 lakh crore and Rs 146 lakh crore, respectively, data showed. Coming to internet banking and mobile banking, transactions worth Rs 91.24 lakh crore and Rs 28.16 lakh crore, respectively, were made in January 2024. Notably, India today accounts for nearly 46 per cent of the world's digital transactions (as per 2022 data). The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> earlier this month, as he outlined the growth of the payments ecosystem in the country. The RBI governor had said India has not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world. Retail digital payments in India have grown from 162 crore transactions in the financial year 2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024) -- approximately a 90-fold increase over 12 years. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (<keyword id="20478991" type="General" weightage="20" keywordseo="vpa" source="keywords">VPA</keyword>) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword>, France, UAE, and <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword> have partnered with India on emerging fintech and payment solutions. (ANI)

UPI transactions worth ₹18.2 lakh crore made in February 2024

New Delhi, Apr 21 () After constantly rising for the past several months, the volume, as well as value, of transactions through UPI payment system dropped in March due to the 21-day nationwide lockdown imposed to combat the coronavirus infection. Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows one to instantly transfer money to any bank account. According to the data, the volume of UPI transactions in March slipped to 124.68 crore from 132.57 crore in February. The value of UPI transactions too came down to Rs 2.06 lakh crore during March, from Rs 2.23 lakh crore in February. The number and value of transactions through the UPI had been constantly growing, barring marginal decline in some months. The 21-lockdown imposed by the government with effect from March 25 to fight coronavirus seems to have adversely impacted the transactions through UPI. The real impact, however, will be known once the transactions data for April is known. The lockdown has been extended till May 3, though with some concessions. The NPCI data on IMPS (Immediate Payment Service) revealed the number of transactions fell to 21.68 crore in March from 24.78 crore in the previous month. There was also a decline in the value of transactions during March to Rs 2.01 lakh crore from 2.14 lakh crore in February. IMPS provides real-time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS, Branch and USSD (*99#). The 24X7 IMPS empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India through mobile phone, internet banking and ATM. Meanwhile, an RBI data revealed that value of Real Time Gross Settlement (RTGS) transactions shot up to Rs 120.47 lakh crore in March, up 34 per cent over February. The total value of RTGS transactions in February was 89.9 lakh crore. NKD MRMR

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

IANS

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

IANS

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

ANI

UPI transactions worth ₹18.2 lakh crore made in February 2024

ANI

UPI transactions drop in March, RTGS shoots up due to lockdown

PTI

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