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In a major push to strengthen digital economy, the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has decided to offer discounts to merchants for transactions below Rs 2000. Till date, transactions below Rs 2000 come with a tax levied by banks towards the merchants. RBI has also directed banks as well as prepaid companies not to levy any charge customers for transactions up to Rs 1000 through USSD, IMPSor <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>. 
 USSD or unstructured supplementary service data is the *99# service, which is hosted by the <keyword id="6383340" type="ORGANIZATION" weightage="20" keywordseo="National-Payments-Corporation-of-India">National Payments Corporation of India</keyword> (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) and is being promoted by the government for payments in rural areas as it does not need smartphones or internconnectivity. Further IMPS or Immediate Payment Service and UPI or Unified Payments Interface are other NPCI hosted services which is also being promoted by government for more peer to peer digital transactions. 
 
Both of these instructions from the regulator would be applicable from January 1 of next year till March 31, since anyway these charges have been waived off till December end. 
 
"For transactions up to Rs 1,000, MDR shall be capped at 0.25% of the transaction value and that above Rs 1,000 and upto Rs 2,000, MDR shall be capped at 0.5% of the transaction value,, said the RBI in a statement released on Friday. 
It did not say anything about changes in MDR for transactions above Rs 2,000. The regulator has further added that these changes would not be affected on ATM transactions. It would review the charges in the meantime by consulting with various stakeholders, which could include banks, payment companies and the government.

Merchants won’t have to pay
charges for card transactions below Rs 2000

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

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

<a href="http://www.businessinsider.in/Flipkart-is-persuading-online-shoppers-to-pay-through-PhonePe/articleshow/53924458.cms" data-type="tilCustomLink" target="_blank">Mobile payments start-up PhonePe, which is owned by Flipkart, in partnership with Yes Bank launched unified payments interface (UPI) based payments app last week.</a> <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="PhonePe">PhonePe</keyword> app users can send or receive money to and from friends and family, without exchanging the bank account details.The app also offers features such as bill-split, mobile recharge and bill payments. Myntra cashback users will be PhonePe users automatically. Reports suggest that PhonePe will also be integrated with <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> Money. So what is PhonePe and how will it work? PhonePe allows you to link bank accounts securely to your smartphone using National Payments Corporation of India’s encrypted software. Once you get linked, you can transfer money or merchant payments by just entering a 4-6 digit MPIN. There is no OTP(One time password) required. If PhonePe works out well, it may help Flipkart reduce the number of cash transactions, while lowering transaction costs and making its supply chain more efficient for all its businesses. This is mainly why every e-commerce company wants to join the <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> bandwagon. The National Payments Corporation of India (NPCI) started work on this technology in February 2015 and launched it this August. Wait, but what is UPI? <a href="http://www.businessinsider.com/india-devises-national-mobile-payments-ecosystem-2016-4?IR=T" data-type="tilCustomLink" target="_blank">United Payments Interface or UPI</a> was launched with much enthusiasm recently and 21 banks have already gone live with their offerings. UPI is a payments system simply- just like a demand draft, cheque, your debit or credit card, or a mobile wallet. It is based on the IMPS (Immediate Payment Service) system that you use with your netbanking app, except this is available 24x7, even on weekends and holidays. <a href="http://www.businessinsider.in/UPI-is-forcing-Paytm-MobiKwik-to-diversify-business/articleshow/52398329.cms" data-type="tilCustomLink">READ ALSO- UPI is forcing Paytm, MobiKwik to diversify business</a> Just like an ATM service, it is interoperable between banks whether Yes bank, ICICI bank or Axis Bank. Banks like SBI, Induslnd and HDFC are supposed to get on board by November UPI is only available for Andriod users as of now. You have to download the UPI app from Google Playstore, verify your phone number, and then link your bank account to the mobile app. After confirming your bank details, you can start using the app to send or receive money easily.After verification, you can send or receive funds up to Rs 1 lakh to or from any person or establishment after a request from the other person of the transaction who must also have a unique virtual address or ID. Currently, there aren't too many use cases for UPI yet but you can be expect to use it to do person to person transfers, directly to a bank account. Instances like paying your rent, and payment to shops that sell high value items, payments via bank transfers; will get more accessible. With Myntra adopting this technology, you can easily pay your COD orders via PhonePe app in person. Reports suggest that other Indian E-commerce giants such as Amazon, Snapdeal and PayTM are also expected to integrate UPI on their platform in the coming months. This can be the simple One Time Password to the inclusion we have been craving in the fin-tech space.

'Myntra cashback users are now on PhonePe'- Why every e-commerce company wants a bite of UPI.

New Delhi, <keyword id="102024" type="COMPANY" weightage="20" keywordseo="The-Reserve-Bank-of-India">The Reserve Bank of India</keyword> on Tuesday published the draft framework for authorisation of a new pan-India umbrella organisation for retail payment systems, apart from the <keyword id="6383340" type="COMPANY" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> (NPCI) which developed the widely-used UPI payment system in August 2016. The new entity proposed by the central bank should have a minimum paid-up capital of Rs 500 crore and no single promoter or promoter group should have more than 40 per cent investment in the capital of the New Umbrella Entity (NUE). "The promoter or promoter group shareholding shall be diluted to a minimum of 25 per cent after 5 years of the commencement of business of the NUE. A minimum net-worth of Rs 300 crore shall be maintained at all times," the RBI said on Tuesday. The proposed umbrella body will set up, manage and operate new payments systems, especially in the retail space, comprising of but not limited to ATMs, White Label PoS, Aadhaar-based payments and remittance services. It will develop new payment methods, standards and technologies and also operate clearing and settlement systems. The NUE will also be responsible for monitoring retail payments system developments and related issues in the country and internationally to avoid shocks, frauds and contagions that may adversely affect the system. The entity will have to fulfill the norms of corporate governance along with 'fit and proper' criteria for persons to be appointed to its board. The RBI will have the right to approve the appointment of directors and also nominate a member to the board.

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Merchants won’t have to pay charges for card transactions below Rs 2000

BI India Bureau

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

PTI

'Myntra cashback users are now on PhonePe'- Why every e-commerce company wants a bite of UPI.

Tanya Dubey

Retail payment systems should have a minimum corpus for Rs 500 crore, says RBI

IANS

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