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<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> has regained approval from the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>) to onboard new UPI users, marking a significant turnaround for the fintech giant. This development follows a setback earlier this year when <keyword id="20410154" type="General" weightage="20" keywordseo="Paytm-Payments-Bank-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Bank Limited" meta.hostid="261" meta.entityid="Paytm Payments Bank Limited">Paytm Payments Bank Limited</keyword> (PPBL), an associate company of Paytm, was barred from adding new users to its UPI platform due to regulatory concerns raised by 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> (RBI). <h2>Paytm gets permission to onboard new UPI users </h2> In a regulatory filing on Tuesday evening, Paytm disclosed that NPCI granted permission for the company to resume onboarding UPI users, provided it complies with all procedural guidelines and circulars issued by the corporation. “We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to on-board new UPI users, with adherence to all NPCI procedural guidelines and circulars,” Paytm said in the filing. This move is seen as a relief for the company, which has been under scrutiny following the RBI’s intervention in January. The NPCI, which had previously allowed Paytm to operate as a Third-Party Application Provider (TPAP) for UPI transactions, has now reinstated its ability to bring new users onto the platform, albeit with strict conditions. Paytm can continue UPI operations through its partnerships with major banking institutions, including SBI, HDFC Bank, Axis Bank, and YES Bank. The NPCI’s approval comes after a thorough review of Paytm’s compliance with procedural guidelines, including those pertaining to risk management, app branding, multi-bank participation, and data privacy. The fintech firm has been instructed to adhere to key regulatory frameworks, such as the Payments and Settlement Act of 2007 and the Digital Personal Data Protection Act of 2023. This approval follows a request by Paytm’s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords">One97 Communications</keyword> Ltd (OCL), in August, seeking permission to resume UPI onboarding. The NPCI’s decision also reflects that Paytm has addressed concerns raised in the RBI’s directive from earlier this year, which had highlighted persistent non-compliance issues with its banking subsidiary, PPBL. On a related note, Paytm reported a strong financial performance for the quarter ending September 2024. The company posted a net profit of ₹928.3 crore, a marked improvement from the ₹290.5 crore loss it recorded during the same period last year. <h2>What had happened? </h2> For the unversed, in January 2024, the Reserve Bank of India (RBI) told Paytm Payments Bank Limited (PPBL) to stop accepting deposits and processing UPI top-ups. This decision stemmed from ongoing concerns about the bank’s compliance and serious issues that needed addressing. As a result, Paytm found itself unable to onboard new UPI users, significantly disrupting its growing customer base and raising doubts about its future in the crowded <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> market. However, things took a turn for the better in March 2024 when the National Payments Corporation of India (NPCI) gave Paytm the green light to resume UPI transactions. The catch? Paytm could only operate as a Third-Party Application Provider (TPAP), meaning it had to partner with established banks like SBI, Axis Bank, HDFC Bank, and YES Bank for its UPI services. While this arrangement posed some limitations, it allowed Paytm to keep moving forward and adapt to the regulatory challenges it faced in India’s digital payment landscape. (with PTI inputs)

Paytm can onboard new UPI users again, receives NPCI nod months after RBI restrictions

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India to introduce UPI payment service in Maldives

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

Issues related to data privacy and rising <keyword id="20127272" type="General" weightage="20" keywordseo="online-frauds" source="keywords">online frauds</keyword> are emerging as significant hurdles in the growth of e-commerce in India, said the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross USD 350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms. "The rise of e-commerce is constrained by inadequate skills required for online selling, such as cataloguing. <keyword id="22505774" type="General" weightage="20" keywordseo="data-privacy-issues" source="keywords">Data privacy issues</keyword> and increasing online fraud have turned out to be the most significant hurdle in the growth of e-commerce in India. It becomes imperative to educate users on the safe use of e-commerce platforms," the survey said. The survey mentioned that India's e-commerce market has gained significant momentum during the past few years, owing to technological advancements, evolving new-age business models coupled with government initiatives like the Digital India program, UPI, One District - One Product (ODOP), Open Network for Digital Commerce (ONDC), new foreign trade policy, easing of FDI limits and Consumer Protection (E-Commerce) (Amendment) Rules 2021. It has identified data privacy and <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> as critical concerns in the <keyword id="22505776" type="General" weightage="20" keywordseo="digitisation-of-services" source="keywords">digitisation of services</keyword> in the country and called for adopting strong security measures, compliance with privacy regulations, and innovation, among others. "Data privacy and cybersecurity have become critical concerns with the increasing digitisation of services," according to the survey. It said that the government is spearheading data protection laws and cybersecurity policies to safeguard consumer data and strengthen cybersecurity measures in the services sector. "To further embrace technology with confidence, ensuring the adoption of strong security measures, compliance with privacy regulations, and fostering innovation in security technologies are essential," the survey noted. It said the future of e-commerce is built on the enhanced <keyword id="20290101" type="General" weightage="20" keywordseo="user-experience" source="keywords">user experience</keyword> through <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>, seamless <keyword id="21332958" type="General" weightage="20" keywordseo="digital-payment-methods" source="keywords">digital payment methods</keyword>, innovations like UPI, and business engineering data analytics for business operations and enhancements. The survey mentioned that the buyer ecosystem in India is evolving at a very sharp rate, and business models will need to innovate to serve the needs of a diverse shopper base regarding service expectations, price sensitivity and language requirements. "Local language platforms are needed as the shopper base expands to tier-2 and tier-3 cities. Growing startups and innovative social media platforms provide an opportunity to test unique business models that might be targeted to specific demographic cohorts," the survey said.

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Eco Survey

Online food delivery platform <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> on Thursday announced that its wholly-owned subsidiary <keyword id="20332565" type="General" weightage="20" keywordseo="zomato-payments-private-limited" source="keywords">Zomato Payments Private Limited</keyword> (<keyword id="20332941" type="General" weightage="20" keywordseo="zppl" source="keywords">ZPPL</keyword>) has been granted a certificate of authorisation from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) to operate as an '<keyword id="20332942" type="General" weightage="20" keywordseo="online-payment-aggregator" source="keywords">Online Payment Aggregator</keyword>'. The authorisation came into effect from January 24. "We wish to inform that ZPPL has been granted a certificate of authorisation dated January 24, 2024, from the RBI to operate as an 'Online Payment Aggregator' in India with effect from January 24, 2024, as per the guidelines issued by the RBI," Zomato said in an exchange filing. With this, Zomato Payments has expanded its role beyond food delivery and restaurant discovery into the realm of digital payments. Apart from this recent development, Zomato had partnered with ICICI Bank last year to introduce its own unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>), Zomato UPI. Earlier this month, Zomato introduced a new feature called "daily payouts" to support emerging restaurant partners. Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company. "Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this critical need for more frequent access to earnings," Zomato said in a blogpost. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

Zomato gets RBI approval to operate as 'online payment aggregator'

<ul><li><keyword id="19795788" type="General" weightage="100" keywordseo="Quishing" source="Orion">Quishing</keyword> or the use of QR codes to steal money and personal information has been on a rise in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>.</li><li>Nearly half of UPI-related frauds in 2023 reportedly involved the use of QR codes.</li><li>Here’s everything you need to know about quishing and how to protect yourself from such scams.</li></ul>Digital payments have grown by leaps and bounds in India over the past few years, with unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) making it easier to pay on the go. While UPI has made payments easier, scammers have also kept abreast with technology to come up with new ways to defraud people. The latest deceit has scammers resorting to quishing to steal money, personal information and committing identity theft. <cmsannotation type="cmsannotation" annotationid="What is quishing?" comment="subhead" text="What is quishing?"><keyword id="19805899" type="General" weightage="20" keywordseo="what-is-Quishing" source="Orion">What is quishing</keyword>?</cmsannotation> You may have heard about terms such as phishing, card skimming, email spoofing and more. But quishing is a rising scam that involves the use of fake QR codes to redirect the user to a fake website or to steal information. According to a<a href="https://timesofindia.indiatimes.com/city/delhi/rise-of-quishing-the-threat-of-fake-qr-codes-for-financial-fraud-and-identity-theft/articleshow/106940852.cms"> report</a>, complaints related to UPI frauds have increased from 15,000 cases in 2022 to over 30,000 in 2023. Of this, nearly half of the cases reportedly involved QR codes It’s not just UPI, QR codes have been in use for a long time now, be it for sharing information about a product or sharing a digital menu at some restaurants. <keyword id="1011037" type="General" weightage="20" keywordseo="qr-code" source="Orion">QR code</keyword> frauds have also risen in countries like the US, with the Federal Trade Commission (FTC) issuing an<a href="https://consumer.ftc.gov/consumer-alerts/2023/12/scammers-hide-harmful-links-qr-codes-steal-your-information"> alert</a>, cautioning users about harmful links in QR codes. <cmsannotation type="cmsannotation" annotationid="Here’s how quishing works" comment="subhead" text="Here’s how quishing works">Here’s how quishing works</cmsannotation> In quishing, the scammer generally asks the victim to scan a QR code using the camera, which then redirects the user to a website created by the scammer. This website is generally an imitation of a genuine website, be it an e-commerce platform, a bank or other platforms that deal with important personal and financial information. Then, the website asks the user to enter their personal information or account details. When the user enters this information, the information is sent to the scammer, who can use this information to steal money or commit identity theft. In some instances, these QR codes also prompt the victim to enter their UPI PIN to send money. When the user enters their UPI PIN, the scammer receives it and can use it to steal money. Not just this, QR codes may also include malicious files, which are automatically downloaded when the user scans the code. This may infect the user’s smartphone and steal their personal information without them even knowing. <cmsannotation type="cmsannotation" annotationid="How to protect yourself from quishing?" comment="subhead" text="How to protect yourself from quishing?">How to protect yourself from quishing?</cmsannotation> Here are some steps you can take to protect yourself: <ul><li>Avoid scanning QR codes when you are not aware about who has placed it, especially in public areas which can be accessed by anyone. </li><li>Do not scan QR codes if you receive them from unknown people in a message or email. </li><li>Avoid scanning QR codes shared on social media, as they may contain malicious files. </li><li>When scanning a QR code that includes a link, inspect the URL before clicking on it. </li><li>If the QR code includes a shortened URL, avoid clicking on it unless you trust the source. </li><li>If a QR code leads you to a website, ensure that it is authentic and ensure it is not a phishing attempt. </li><li>Do not share personal information after you visit a website by following a QR code if you are not certain about its authenticity. </li></ul>Other scams you need to be aware about – <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scam </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">How it works </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves creation of fake websites to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves the use of fraudulent phone numbers to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pharming </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">This involves redirection of users from a genuine website to a fake website. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Smishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves use of text messages to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Skimming </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves duplication of debit or credit card, allowing the scammer to steal money. </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-series-with-galaxy-ai-debuts-starting-79999/articleshow/106947200.cms">Samsung Galaxy S24 series with Galaxy AI debuts starting ₹79,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-beats-samsung-for-the-first-time-since-2010-tops-global-smartphone-shipments/articleshow/106922358.cms">Apple beats Samsung for the first time since 2010, tops global smartphone shipments</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-with-the-snapdragon-8-gen-3-launch-in-india-on-jan-23-everything-we-know-so-far/articleshow/106691383.cms">OnePlus 12 with the Snapdragon 8 Gen 3 launch in India on Jan 23 – everything we know so far</a>

Quishing on the rise – Be alert while scanning payment QR codes

The number of credit cards in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is projected to reach 200 million by FY28-29, growing at a compound annual growth rate (<keyword id="20256055" type="General" weightage="20" keywordseo="CAGR" source="keywords">CAGR</keyword>) of 15%, according to a report by <keyword id="20055667" type="General" weightage="20" keywordseo="PwC" source="keywords" meta.keywordsubtype="org" meta.entityname="PwC" meta.hostid="153" meta.entityid="PwC">PwC</keyword>. The report highlights the significant expansion of the credit card industry, which has doubled the number of cards issued over the past five years. This strong momentum is expected to continue, with the market poised to replicate this growth in the coming years. The report states, "The <keyword id="23032285" type="General" weightage="100" keywordseo="credit-card-market" source="keywords">credit card market</keyword> in India is expected to double its cards in force by FY28-29, reaching 200 million cards. The industry, which has seen a 100% increase in issued cards over the past five years, is anticipated to replicate this growth within the next five financial years." In addition to the increase in the number of credit cards, the report notes a substantial rise in transactional activity within the industry. Transaction volumes have grown by 22%, while the value of transactions has surged by 28%. The report attributes this growth to the introduction of new products, innovative offerings, and the expansion of customer segments, which have collectively driven the adoption and usage of credit cards. However, the report also highlights a decline in debit card usage. Debit card transactions have decreased both in volume and value, reflecting a shift in consumer preferences. In FY23-24, the volume of debit card transactions dropped by 33% compared to the previous year, and spending on debit cards decreased by 18% year-on-year. "The growth of debit cards in the country has been muted in terms of the number of cards issued, and the volume and value of debit card transactions took a significant hit during FY23-24," the report noted. This decline is largely attributed to the rising popularity of the Unified Payments Interface (UPI), which has become the preferred payment method for small to medium merchants due to its ease of use and zero Merchant Discount Rate (MDR). The report states, "This decline can be attributed to the inclination towards UPI, driven by its ease of use and the push from small to medium merchants who favour UPI due to 0% MDR." Furthermore, the report points out that debit cards have struggled to compete with credit cards in terms of rewards, which has further contributed to their decline. The lack of attractive reward programs and lower awareness of existing benefits have made debit cards less appealing to consumers. Meanwhile, <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> in India continue to flourish, with transactional volume growing by 42% year-on-year in FY23-24. This trend is expected to triple by FY28-29. The report indicates that the ongoing growth in digital payments is driven by various factors, including innovations by payment ecosystem participants, new business models, technological advancements, and increasing customer awareness.

India’s credit card market set to double by 2029, reaching 200 million cards

<ul class="summary-list"><li>The West's sanctions are pushing Russia to develop alternative payment systems with its trade partners.</li><li>Russia's SPFS and Mir systems, China's CIPS, and India's UPI help aim to challenge SWIFT's dominance.</li></ul>The West's tightening sanctions are driving Russia nearly up against the wall — but <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">Moscow keeps finding ways</a> to keep the country's economy going.Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.Discussions about <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">de-dollarization</a> have been gaining traction in recent years as Western-led sanctions against Russia related to its invasion of Ukraine are making other countries wary of the potential consequences of crossing Washington.There's been some success, with trade between Russia and China, as well as Russia and India, chugging along until recently. Now, even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a> — buckling under the pressure of tightening US sanctions — are pushing back on processing transactions for Russian companies.But Russia and its partners have been looking at other ways to do business outside the Western-led order, in part because technology is making it easier to process payments and get around the US-dollar-dominated global financial order.As <a target="_blank" class="" href="https://www.brookings.edu/articles/the-changing-role-of-the-us-dollar/">Brookings researchers</a> Sam Boocker and David Wessel explained in an August post, "innovations in payment technology could reduce the dollar's role in the global economy."To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/king-dollar-reign-supreme-3-reasons-dedollarization-fears-yuan-euro-2023-5">king dollar</a> is entrenched in the world's financial system, so it's unlikely to be dethroned, most experts say. However, new platforms are coming up that could chip away at its dominance.These are some of the alternative trading and payment systems that are trying to crack the US-led trade and payments order:<h2 id="e3db2e40-91e6-40ce-8ea6-bd2555a945d0">Russia set up SPFS and Mir years ago, citing 'risks'</h2>Russia prepared for even more sanctions years ago, following trade restrictions after it annexed Crimea in 2014."There are risks in using the global financial networks," Elvira Nabiullina, governor of Russia's central bank, told <a target="_blank" class="" href="https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html">CNBC in 2018.</a> "Therefore, since back in 2014, we have been developing our own systems."Some Russian banks were banned from the SWIFT messaging system for banking transactions following Russia's full-scale invasion of Ukraine. Moscow has been touting its homegrown ruble-based payment system — the System for Transfer of Financial Messages, or SPFS — that was set up in 2014.<div type="image" title="Russian President Vladimir Putin meets with Central Bank chief Elvira Nabiullina" height="3605" width="5408" msid="112978409" hostid="261" sizebytes="1587422"></div>At the end of 2023, users of SPFS included 556 organizations from 20 countries. Of these, 159 — about a quarter of total participants — were foreign and their use of the messaging system more than doubled from 2022, according to Russia's central bank, per <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/103040/">Interfax</a>.In July, Russia and Iran — another heavily-sanctioned country — finalized details to connect the banking systems of the two countries, Iran's <a target="_blank" class="" href="https://en.mehrnews.com/news/217372/Iran-Russia-finalize-integration-of-national-payment-systems">Mehr news agency</a> reported.This means that Russia's Mir payment system would work with Iran's Shetab banking system, allowing for both pariah states to trade more smoothly.<h2 id="dc8236fe-da57-4f21-8a5f-0a2f6f46c77a">China's CIPS is growing quickly</h2>China's Cross-Border Interbank Payment System, or CIPS, is an alternative system that processes payments in Chinese yuan.Launched in 2015, CIPS has about <a target="_blank" class="" href="https://www.cips.com.cn/en/2024-08/01/article_2024080115043180408.html">2,000 participants as of July,</a> compared to <a target="_blank" class="" href="https://www.swift.com/about-us">11,000 for SWIFT.</a>CIPS "has been growing rapidly in recent years," the Brookings researchers wrote.In 2023, CIPS processed over 6.6 million transactions, totaling 123 trillion Chinese yuan, or $17.3 trillion — up nearly 30% by value from a year ago, according to <a target="_blank" class="" href="http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf">China's central bank.</a><h2 id="a578a224-e5df-4b31-8404-e02cff739d93">India's UPI is already used extensively</h2>India — now a key trading part of Russia — also has its own system.The country's <a target="_blank" class="" href="https://www.npci.org.in/what-we-do/upi/product-overview">Unified Payments Interface,</a> or UPI, was developed in 2016 and is <a target="_blank" class="" href="https://edition.cnn.com/2024/04/29/tech/india-digital-payments-upi-growth-hnk-intl/index.html">used extensively</a> in India today, even among everyday consumers.The payment system has gotten so big that it's not just limited to India. The National Payments Corporation of India, which runs the platform, has partnered with financial institutions in other countries, including France, the United Arab Emirates, and Singapore.<div type="image" title="A man behind piles of fruits at his stall in India that features a QR payment code." height="701" width="1024" msid="112978412" hostid="261" sizebytes="98408"></div>If the UPI's footprint expands to more countries, it could be a way to bypass the SWIFT banking system, wrote Evan Freidin, an international relations analyst, for the <a target="_blank" class="" href="https://www.lowyinstitute.org/the-interpreter/india-s-plan-world-without-cash">Lowy Institute,</a> an Australian think tank."It is significant that UPI can also be used to bypass the SWIFT banking system, enabling payments with sanctioned countries such as Russia, thereby weakening US financial hegemony," Freidin wrote in July.<h2 id="48c27799-0d46-40f6-b4b7-e9225b102131">Central banks are looking at digital currencies</h2>Countries are also increasingly looking to build central bank digital currencies, or CBDCs. These currencies are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks</a>.The <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements,</a> an organization of central banks, is overseeing the trial of a CBDC platform for wholesale cross-border payment.Participants of the project, called <a target="_blank" class="" href="https://www.reuters.com/technology/saudi-arabia-joins-bis-led-central-bank-digital-currency-trial-2024-06-05/">mBridge,</a> include China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. It's dominated by Beijing, which has already rolled out the digital Chinese yuan.<div type="image" title="Woman with a face mask using a touch screen at an exhibition booth for the e-renminbi." height="746" width="1024" msid="112978411" hostid="261" sizebytes="54016"></div>The Brookings researchers wrote that these CBDCs could "upend the dollar's role as a currency 'middleman' by reducing settlement times, making it cheaper and easier to trade non-dollar currencies."The CBDCs integrate messaging and payments, unlike current systems like SWIFT and major US dollar clearing system CHIPS.<h2 id="67caf2a1-65f8-470a-8a88-3f2e381242e9">Russia rushes into crypto</h2>As doors to transact in fiat money close, Russia is now looking to trade in cryptocurrencies.It's in such a rush to get the system up and running that it plans to start crypto exchange trials as soon as September 1, anonymous sources told <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-08-26/russia-close-to-starting-trials-of-crypto-payments-exchanges?srnd=homepage-americas">Bloomberg in late August.</a>Creating this mode of payment has gotten more pressing because even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">banks from China</a> are rejecting most transactions with Russian entities.<a target="_blank" rel=" nofollow" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said in July that Russia had to <a target="_blank" rel=" nofollow" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.<h2 id="15b13f44-3051-4887-85cf-66563ce70c10">Going back to barter trade</h2>If all else fails, there's also the age-old method of barter trade.In August, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported that Russia and China are planning to revive the practice of <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">barter trade</a> to get around Western sanctions.The deals could involve agriculture and could come as soon as this fall, the news agency reported, citing anonymous trade and payments sources.The two countries are no strangers to barter.It was practiced during the <a target="_blank" rel=" nofollow" href="https://www.joc.com/maritime-news/soviet-union-allows-return-barter-some-trading-deals-partners-former-e-bloc_19910708.html">Soviet era</a> and <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/1998/09/06/world/as-ruble-withers-russians-survive-on-barter.html">in the years following the bloc's collapse.</a> At the time, China was a key trading partner.In August 2022, the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/taliban-import-russia-oil-barter-exchange-afghanistan-raisin-minerals-medicine-2022-8">Taliban regime in Afghanistan</a> also discussed barter trade with Russia that could involve trading Russian crude oil products in exchange for raisins, minerals, and medicinal herbs, according to RIA Novosti, a Russian state-owned news agency.Last year, cash-strapped <a target="_blank" rel=" nofollow" class="" href="https://www.voanews.com/a/pakistan-allows-barter-trade-with-iran-afghanistan-russia-/7120806.html">Pakistan</a> authorized the barter trade of specific goods with Russia.In 2019, China <a target="_blank" href="https://www.reuters.com/article/markets/currencies/china-in-barter-deal-for-200000-tonnes-of-malaysian-palm-oil-report-idUSKCN1T22W0/">traded $150 million worth of palm oil</a> from Malaysia for a range of products and services, including natural resources and defense equipment.

Countries from Russia to China are building payments systems that could threaten the dollar's global dominance

In the realm of mobile payments, UPI stands out as the go-to solution. As the popularity of UPI transactions continues to rise, there has been a lot of innovation in this mode of payments. And at the forefront of driving this innovation is <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> Payments Bank, revolutionising credit card transactions in India with ground-breaking solutions. Paytm Bank has now taken a leap forward by introducing the seamless integration of RuPay credit cards with UPI for everyday payments, solidifying its position as the ultimate platform for digitally enabled credit card experience. Through this collaboration between Paytm Payments Bank and the National Payments Corporation of India, this innovative integration empowers users to leverage the benefits of credit cards with every UPI payment, By linking a <keyword id="3249074" type="General" weightage="20" keywordseo="rupay-credit-card" source="Orion">RuPay credit card</keyword> to Paytm UPI, users can effortlessly pay merchants by scanning the UPI-enabled QR code via the <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword>. This eliminates the need to carry cards at all times, streamlining both offline and online payments. As a result, transactions become faster and more efficient. With the UPI ecosystem recording 890 crore transactions worth ₹14.07 lakh crore in April 2023, the potential for RuPay credit cards on UPI is immense. <cmsannotation type="cmsannotation" annotationid="How to make UPI payments with RuPay Credit Card on Paytm" comment="subhead" text="How to make UPI payments with RuPay Credit Card on Paytm">How to make <keyword id="3679109" type="General" weightage="20" keywordseo="upi-payments" source="Orion">UPI payments</keyword> with RuPay Credit Card on Paytm</cmsannotation> <ul><li>Go to ‘UPI and Payment Settings’ option Paytm App</li><li>Tap on the ‘Link Rupay Credit Card on Paytm UPI’ option</li><li>Select your RuPay credit card from the list of authorized cards provided</li><li>Set a UPI PIN for your RuPay credit card</li><li>Pay any merchant who accepts UPI payments from Rupay Credit Card by scanning their QR code</li></ul><cmsannotation type="cmsannotation" annotationid="India’s leading credit card issuers embrace Rupay Credit Card on UPI" comment="subhead" text="India’s leading credit card issuers embrace Rupay Credit Card on UPI">India’s leading credit card issuers embrace Rupay Credit Card on UPI</cmsannotation> Major credit card issuers in India, including Canara Bank, HDFC Bank, Indian Bank, Punjab National Bank and Union Bank of India, have tirelessly worked to offer RuPay credit cards to the growing user base of 26 crore UPI users. This integration opens up new opportunities for customers across different age groups and backgrounds to use their credit cards, leading to increased card activations and engagement. By linking credit cards with UPI, the advantages for customers and card issuers alike are significant. For customers, using credit cards at any merchant accepting UPI payments is now possible, without draining their bank balance. Additionally, there is no need to carry the card, reducing the chances of fraud and loss. Meanwhile, card issuers will see incremental spends from smaller merchants who previously did not have the infrastructure to accept card payments. This integration helps activate and engage a wider customer base. RuPay credit cards are issued by various banks in India and offer various benefits such as cashback, discounts, rewards and more. By linking their RuPay credit cards to UPI on the Paytm app, customers can make payments to any merchant who accepts UPI payments from RuPay credit cards by scanning their QR code. With the introduction of RuPay Credit Card on UPI, Paytm has taken a significant step towards bridging the digital divide and revolutionizing the digital payments landscape. The company recently launched the Paytm SBI Card on the RuPay network that will also enable users to make UPI payments through it soon. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

With Rupay Credit Card on UPI, mobile payments pioneer Paytm deepens its leadership in UPI

When it comes to digital payments, UPI has become the most preferred option for consumers. According to NPCI, 9.96 billion transactions worth ₹15.34 lakh crore were processed through UPI in July 2023. Taking the popularity of UPI a step ahead, UPI Lite has taken over the country’s imagination for small-value transactions up to ₹200 in a single-click. Since its launch earlier this year, UPI Lite has seen massive adoption in the country with more than 10 million transactions being processed through it in a month. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> was the first to introduce UPI Lite for small value transactions, emerging as the leading payments platforms for UPI Lite. In fact, over 63% of all UPI Lite payments through Paytm QR Codes are from <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword>. Paytm Payments Bank has recorded over 50 million UPI Lite transactions so far, with over 9 million users. Having been the first payments bank to go live with UPI Lite, <keyword id="16361842" type="General" weightage="100" keywordseo="paytm-upi-lite" source="Orion">Paytm UPI Lite</keyword> has recorded a total transaction GMV of ₹280 crore till date. Recognising the transformative impact of UPI Lite in everyday lives and its widespread popularity, the Reserve Bank of India recently announced an increase in its transaction limit from ₹200 to ₹500. To further boost the adoption of UPI Lite, the apex bank is also set to introduce offline payments through UPI Lite by leveraging Near Field Communication (NFC) technology. Paytm UPI Lite has been designed for superfast and secure transactions to empower users with lightning-fast payments that never fail. With Paytm UPI Lite, users can make single-click payments even when banks have success rate issues during peak transaction hours. This is because UPI Lite saves the core banking system from stress, as the transactions will happen directly between a device and NPCI, not using the core banking system. One of the major benefits of Paytm UPI Lite is that individual payments made through it are not reflected in the bank passbook, offering a clean bank statement. Only a single entry for adding UPI Lite balance is shown which is a maximum of ₹2,000 that can be added twice a day, making the cumulative daily usage up to ₹4,000. Additionally, Paytm UPI Lite incorporates robust security measures to protect user transactions, with 3-level bank-grade security. Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI QR Code, send money to any mobile number, or even transfer to one’s own self bank accounts linked to Paytm App through the self-transfer option. Currently, 16 banks support Paytm UPI Lite — Paytm Payments Bank, State Bank of India, HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, AU Small Finance Bank, Indian Bank, Punjab National Bank, Union Bank of India, UCO Bank, Canara Bank, Central Bank of India, Federal Bank, Punjab and Sind Bank, and Utkarsh Small Finance Bank. Pioneer of mobile payments in India, Paytm has been driving convenience for users with its innovative payments solutions. With UPI Lite, the company has added another dimension to its comprehensive payments offerings, enabling reliable and superior payments experience. The fintech giant has revolutionised the way Indians transact, making everyday payments hassle-free, quick and seamless. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm UPI Lite is leading small-value payments in India with single-click transactions that never fail

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Governor Shaktikanta Das on Thursday said surge in top-up <keyword id="21191532" type="General" weightage="20" keywordseo="housing-loans" source="keywords">housing loans</keyword> is not a system-wide issue but confined to few entities. Briefing media after the announcement of bi-monthly monetary policy review, Das said, "regulatory requirements in top-up housing loans are not being followed by certain entities and it is not a system-level problem." Such cases are being dealt at the supervisory level bilaterally, he said. Banks and <keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords" meta.keywordsubtype="org" meta.entityname="NBFCs" meta.hostid="261" meta.entityid="NBFCs">NBFCs</keyword> have also been offering top-ups on other collateralised loans like gold loans. "Such practices may lead to loaned funds being deployed in unproductive segments or for speculative purposes. Banks and NBFCs would, therefore, be well-advised to review such practices and take remedial action," he said. Therefore, he said, banks should adhere to regulatory prescriptions relating to loan-to-value (LTV) ratio, risk weights and monitoring of end use of funds with regard to top-ups. Das further said that the divergence between loan and deposit growth may create asset liability mismatch or <keyword id="22712997" type="General" weightage="20" keywordseo="liquidity-management-issue" source="keywords">liquidity management issue</keyword>. It may potentially expose the banking system to structural liquidity issues, he said. He urged banks to mobilise deposits through innovative products and services by leveraging their vast branch network. On inflation, Das said, it is moderating but the pace of disinflation is uneven and slow. Pinning hopes on monsoon, which is 7 per cent higher than long-term average so far, the Governor said, it will have a good impact on Kharif output as well as Rabi because of improvement in moisture content in the soil. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

You Searched For "issue with upi payment" and got 11 results

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Paytm UPI Lite is leading small-value payments in India with single-click transactions that never fail

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