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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

In a significant diplomatic move, Prime Minister Narendra Modi met with Maldives President Mohamed Muizzu at <keyword id="20751669" type="General" weightage="20" keywordseo="Hyderabad-House" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad House" meta.hostid="261" meta.entityid="Hyderabad House">Hyderabad House</keyword> in Delhi on Monday. This visit is widely seen as an effort to reset ties between the two nations after a year of tense relations. <keyword id="20101322" type="General" weightage="20" keywordseo="President-Muizzu" source="keywords">President Muizzu</keyword>, who arrived in India on Sunday for a five-day visit, received a red carpet welcome. During a joint press briefing, President Muizzu expressed heartfelt gratitude to India, thanking President Droupadi Murmu, <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> and the people of India for their warm reception. He emphasised the Maldives' deep-rooted ties with India, noting that tourism — especially Indian visitors—remains a crucial pillar of the Maldivian economy. “India is our largest source market for tourists, and we hope to welcome even more Indian visitors in the future,” Muizzu remarked. Key areas of cooperation discussed included economic ties and maritime security, critical given the Maldives' position in the Indian Ocean. Following their talks, India granted the financially struggling Maldives a rollover of USD 100 million in Treasury bills, in addition to formalising a <keyword id="23458604" type="General" weightage="20" keywordseo="currency-swap-agreement" source="keywords">currency swap agreement</keyword> and a ₹3,000 crore currency swap. Prime Minister Modi characterised the "development partnership" as a key component of India-Maldives relations, asserting that India has consistently prioritised the needs of the Maldivian people. "Our development partnership is vital to our relationship with the Maldives, and we have always placed importance on the priorities of its people. This year, SBI rolled over USD 100 million in Treasury Bills, and a USD 400 million currency swap agreement was signed based on the Maldives' requirements," he explained. <div type="Article" hostid="261" msid="106837748" title="Withdraw troops by mid-March, Maldives tells India" mstype="2" mssubtype="0"></div>In September, India announced that the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> would purchase Maldivian government bonds worth USD 50 million, following a similar USD 50 million transaction in May 2024. Additionally, Prime Minister Modi and President Muizzu witnessed the first <keyword id="20563654" type="General" weightage="20" keywordseo="RuPay-card" source="keywords">RuPay card</keyword> payment transaction launched in the Maldives and virtually inaugurated the runway at Hanimaadhoo International Airport. Modi stated that India and the Maldives would soon be connected through UPI. "Recently, we launched the RuPay card in the Maldives, and in the future, we will link both countries via UPI," he said during a joint press briefing. Muizzu also expressed his desire to conclude a <keyword id="19945642" type="General" weightage="20" keywordseo="Free-Trade-Agreement" source="keywords">Free Trade Agreement</keyword> with India, a step he believes will open the door to greater Indian investment in the Maldives. Modi emphasised India's commitment to supporting the Maldives through various initiatives, including supplying essential commodities and Covid vaccines, inaugurating airports, and constructing social housing. He noted that a new drinking water project is now operational on 28 islands, providing clean water to over 30,000 residents. The leaders also discussed the opening of consulates in Addu and Bengaluru. Tensions between India and the Maldives escalated following Muizzu's election last year, which saw a shift towards a pro-China stance and the promise to withdraw Indian troops stationed in the archipelago. His visit to China before India in January had raised eyebrows in New Delhi, as it was perceived as a slight. However, since attending Modi's swearing-in ceremony for a third term in June, Muizzu has moderated his anti-Indian rhetoric, signalling a thaw in relations. External Affairs Minister S Jaishankar has stated that the discussions provided "a new impetus" to the relationship. This meeting likely marks a positive turn in Indo-Maldivian relations, setting the stage for further cooperation between the two South Asian neighbours. (With inputs from agencies) <div type="Article" hostid="261" msid="112094153" title="Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA" mstype="2" mssubtype="0"></div>

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

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

<ul><li>The top <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> apps in terms of volume were <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword>, <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword> and <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">Paytm</keyword>. </li><li>The number of transactions through mobile wallets was 1.52 billion in Q2 2022. </li><li>The total number of credit and debit cards in circulation reach one billion. </li><li>Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala recorded the highest transactions at physical merchant stores. </li></ul>UPI is India’s most preferred online payment platform clocking over 17.4 billion transactions in volume and ₹30.4 trillion in terms of value in April-June 2022, according to the ‘India Digital Payments Report’ for Q2 2022 by <keyword id="2195010" type="General" weightage="80" keywordseo="worldline" source="Orion">Worldline</keyword> India, a global digital payments solution company. In Q2, 20.57 billion transactions in volume and ₹36.08 trillion in terms of value was processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions, the report said. Payments through credit and debit cards accounted for 8% in volume and 14% in value, the report added. “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation has breached 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20,000 billers are live on Bharat BillPay ecosystem,” Ramesh Narasimhan, chief executive officer-India, Worldline, said. The top five states that recorded the highest transactions at physical merchant stores were Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. The top five cities were Hyderabad, Bengaluru, Chennai, Mumbai and <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>. How does India pay? UPI (Unified Payments Interface) transactions volume and value have seen an increase of about 118% and over 98% respectively in Q2 2022 as compared to the same quarter last year. The top UPI apps in terms of volume were PhonePe, Google Pay and Paytm. “What could be a game-changer for UPI transactions will be linking credit cards onto the platform – it is currently only Rupay but could increase going forward – and this could further supercharge UPI transactions, especially in terms of P2M average ticket sizes,” Worldline said. The average ticket size (ATS) for UPI P2P transactions was ₹2,425 and for UPI P2M transactions it was ₹820 as of June 2022, the report said. The top remitter banks during the quarter were <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank. The transaction volume passing through Bharat Bill Payment Central Unit (BBPCU) during the quarter stood at 238.31 million while the transaction value was ₹403.02 billion. It registered a growth rate of 99% and 108% in volume and value respectively as compared with Q2 2021. The total number of credit and debit cards in circulation reach 1 billion Alongside UPI, adoption of credit cards is growing at a healthy pace, revealed Worldline. The total number of credit and debit cards in circulation has reached 1 billion in Q2 2022 especially with festivities around the corner. “While the number of credit cards increased by 25% from ₹62.81 million in June 2021 to 78.7 million in June 2022, debit cards increased by 2% from ₹906 million to ₹921.75 million during the same period,” Worldline said. As of June 2022, the top credit-card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank and RBL Bank while the top debit-card issuing banks were SBI, BOB, Union Bank, <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> and Canara Bank. Credit cards volume and value stood at 688.65 million and ₹3.28 trillion respectively. “Even though credit card volume at POS and e-commerce are nearly equal, the value of e-commerce transactions is higher as compared with the value of transactions at POS. This is in line with the general trend of transactions of high-ticket items moving from the physical to the digital space,” Worldline said. In terms of value, consumers transacted ₹1,226.29 billion at POS terminals and ₹2,053.66 billion at e-commerce through credit cards in the second quarter. In Q2 2022, debit card transactions volume and value stood at 973.12 million and ₹1.91 trillion respectively. Prepaid cards transaction volume and value was 412.29 million and ₹206.36 billion respectively. When it comes to mobile payments, the number of transactions through mobile wallets was 1.52 billion and the value was ₹574.64 billion. Transactions through wallets are growing steadily recording a 38% increase in volume and 27% in value when compared to Q2 2021, revealed Worldline data. National Electronic Toll Collection (NETC) processed about 829 million transactions worth ₹129 billion. As of March 2022, about 52.9 million NETC FASTags have been issued since the inception of the NETC program. Aadhaar-Enabled Payment Service transactions recorded a substantial volume of over 679 million transactions, registering about 38% growth over Q2 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/railways-increased-the-speed-of-500-mail-express-trains-by-10-70-minutes/articleshow/94641676.cms">Railways increased the speed of 500 mail express trains by 10-70 minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a>

UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report

<ul><li><keyword id="52685" type="General" weightage="20" keywordseo="wearable" source="Orion">Wearable</keyword> payment is a way to make contactless <keyword id="6359540" type="General" weightage="20" keywordseo="payments" source="Orion">payments</keyword> using a device you wear, like a <keyword id="1009777" type="General" weightage="20" keywordseo="smartwatch" source="Orion">smartwatch</keyword>, <keyword id="1612756" type="General" weightage="20" keywordseo="fitness-tracker" source="Orion">fitness tracker</keyword>, ring, or a wristband</li><li>Wearable payment adoption is hindered by challenges like limited contactless infrastructure, bank charges for device issuance, and managing user experience </li><li>Wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all major <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword></li></ul>Technology has transformed every aspect of our lives, and payments are no different. From debit and credit cards, to UPI, how we make payments have evolved rapidly over the years. UPI payments happen through our phones, but the next big thing in payment is payment through wearables. “Wearable payment refers to a contactless payment method made through wearable devices that support the near field communication (NFC) method” says Atish Shelar, COO of Tech Fini, a fintech company. These wearables act as a digital wallet, storing your credit card or bank account information securely. IndusInd Bank has introduced 'Indus PayWear’ where one can make payments with wearables such as rings and watch clasps, secured via card tokenization tech. Priced between ₹499 and ₹2,999, they offer an alternative to traditional cards and payment apps. Initially this is exclusive to Mastercard. “Recently introduced contactless payment wearables are slowly gaining popularity among consumers. Integrating tokenization with wearable payments would be like tokenising physical cards that replace actual card details with unique 'tokens’. This initiative will boost consumer confidence,” says Rahul Jain,CFO, NTT DATA Payment Services India. How RBI made had made wearable payments possible We need to go back to understand how wearable payments have been made possible. “A few years ago RBI asked every point of sales (POS) machine to accept contactless payments. RBI pushing it as a mandatory thing has led everyone to adopt on the POS machine side, which in turn gives the chance to bring this facility that to customers,” says Sai Prasanth, Co-founder and CEO, Muse Wearables, which designs payment-enabled hybrid smartwatches. “Most of the wearable payments options in India are based on card form factor and to make these card based wearable payments more safe and secure, RBI had extended the scope for card tokenization to include wearables (smart watches, bands, etc.) back in 2021 and also increased the limit for contactless transactions( from ₹2,000 to ₹5,000) to boost adoption,” says says Jitin Sehgal, Partner, Consulting, Deloitte India. In addition, we have also witnessed initiatives from NPCI in this space, such as launch of “OTG Ring for NCMC”, and “RuPay On-the-Go”. Wearable payment market in India in the nascent stages The wearable payments market in India appears to be in nascent stages from customer adoption standpoint, even though a number of domestic companies are gaining market share in wearable device manufacturing. In 2020, SBI and Titan launched a range of watches with contactless payment functions. Axis Bank also launched its own range of wearable contactless devices in 2021. “We have seen launch of wearable payments options such as rings, watch claps, mobile stickers, by both public and private sector banks, however adoption seems to relatively slow,” says Sehgal. Several challenges remain “Some of the key reasons for slow adoption have been limitation on extending existing wearables such as smart watches to support payments, limitation on contactless acceptance infrastructure, wearable device issuance charges from banks, managing customer experience on the device for entering PIN for transactions above the value threshold,” says Sehgal. NFC technology may not be universally accepted at all payment terminals, and consumers may not be aware of the availability or functionality of these devices. “Consumers may also prefer established payment methods, which requires clear benefits and incentives. Security features and consumer education are essential to address these concerns,” says Shelar. Also, there is a lot of dependencies that need to be worked on with all financial partners before seamless wearable payments system can be introduced. The road ahead Until recently most of the tap and pay systems were available through passive tokenisation methodology where the card details were directly put into a wearable device before the shipment or before it was sold to the customers. People have to keep on topping up their cards. “With active tokenization, you can have any number of cards and transfer the information to a wearable on a real time basis and your debit or credit card is directly linked to your wearable,” says Prashant. Now, since there is a limit on contactless transactions, customers would need to carry their card anyway to make payments of over ₹5,000. Once this limit is relaxed, wearable payments are likely to pick up. There is already an ecosystem of wearable devices in India from domestic and global brands for instance for smart watches. “We believe the wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all the major banks, as not many customers will not prefer buying a separate device for payments, just on the back of convenience it may offer,” says Sehgal.

Tap your ring or watch to pay! Wearable payment devices are a reality, but challenges remain

<ul><li>Over the years, India has changed from a cash-led economy to a smartphone-led payment economy, says SBI Ecowrap. </li><li>Lower currency in circulation results in less leakage of deposits and it will impact monetary transmission positively, it adds. </li><li>In FY16, the share of currency in circulation (CIC) in payment systems was at 88%. This has come down to 20% in FY22. </li></ul> For the first time since 2002 – that’s 20 years – currency in circulation has declined during the Diwali week, says a report by SBI Ecowrap. This is, however, barring a marginal decline seen in the same period in 2009 because of economic slowdown. “Indian economy is undergoing a structural transformation. The innovations in technology have changed the Indian payment system. Over the years, the Indian cash-led economy now has changed to (a) smartphone-led payment economy,” the report said, calling it a remarkable development. This coincides with a record high in terms of value of UPI transactions in October 2022 – 7.3 billion transactions to the tune of ₹12.11 trillion – growing by 73% year-on-year <a href="https://www.business-standard.com/article/finance/upi-processes-over-7-bn-transactions-in-oct-record-high-since-inception-122110100569_1.html"> in volume terms</a>. Digital transactions turn faster, cheaper and easier Over the years, digital payments have become cheaper and easier and even brought those without bank accounts into the system. Moreover, the interoperable payment systems like UPI, wallets and prepaid payment instruments or PPIs have made the process simpler. As per the report, small retail payments done through UPI/e-wallets account for around 11-12% of the payment industry. Moreover, the share of cash in payment systems has reduced drastically in the last six years. In FY16, the share of currency in circulation (CIC) or cash transactions in payment systems was at 88% - this was prior to the launch of UPI in 2016. This share has come down to 20% in FY22. Moreso, it’s estimated to go down to 11.5% by FY27. Subsequently, the share of digital transactions that have been defined as IMPS, UPI and PPI by the report – have increased substantially. These transactions were at 11.26% in FY16 - and went up to 80.4% in FY22. It is expected to touch 88% in FY27. Clearly, digital transactions are taking the place that cash once held. “The success of the digital journey is primarily due to the relentless push by the Government to formalise and digitalise the economy. Over the years, the system has expanded rapidly with new innovations like QR code, NFC etc and has also seen the swift entry of big tech firms in this industry,” the report said. Less cash to print India has always been an economy with high cash in circulation. It comes next only to Japan and Hong Kong in terms of currency <a href="https://timesofindia.indiatimes.com/business/india-business/high-cash-in-circulation-aids-current-rbi-policy/articleshow/92641909.cms">in circulation (CIC) as a percentage </a>of GDP, which was at 14.2% in FY22, as per RBI data. As this percentage reduces and the economy is formalised, it can aid the banking system. “In simple terms, it implies that the RBI has to print less of currency given that UPI transactions impact currency in circulation with a lag. This is a win-win for both RBI and government, as it results in saving of seigniorage costs and also a less cash economy,” the report said. Currently, liquidity estimation of the country is impacted by a high amount of cash in the system, which is not easy to account for. Without a currency leakage, this estimation can now see a fundamental reorientation, the report says. “A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively,” the report said. CRR or cash reserve ratio is a specified minimum fraction of the total deposits of customers, which commercial banks have to hold as reserves either in cash or as deposits with the central bank. Apart from encouraging digital payments via UPI, the RBI is also currently working on piloting a Central Bank Digital Currency (CBDC) or the digital rupee. The RBI governor Shaktikanta Das said that it can transform the way the business is done. “It was indeed a landmark moment in the history of money, in the history of currency in our country. Going forward, it will be a landmark achievement so far as the functioning of the entire economy is concerned,” Das said on November 2.

Diwali week cash circulation declines for the first time in 20 years: SBI Ecowrap

<ul><li>India’s central bank has announced that users will soon be able to link credit cards with <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> apps.</li><li>Analysts believe that this could benefit not just popular UPI apps like <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> and Google Pay, but also <keyword id="116253" type="General" weightage="20" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword>, among other credit card providers.</li><li>RBI’s move will not only make credit card payments easier, but it could also lower costs for credit card companies.</li></ul>The Reserve Bank of India announced a new policy allowing credit card users to <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">link their card</a> to their UPI accounts to easily pay online and offline by scanning a QR code or by just entering the recipient’s UPI ID. Initially, only RuPay credit card users will be able to link their card to their UPI account. Users having a credit card from Visa and Mastercard will have to wait a bit longer to link it with UPI. While RBI’s decision to allow credit cards to be linked to UPI is aimed at making payments easier for card holders, established UPI apps like PhonePe and Google Pay could reap the rewards. Not just this, analysts at Macquarie believe that this could also benefit established credit providers like SBI Cards, lowering their costs and increasing credit card acceptance by several magnitudes. “There are only 6 million card accepting point of sale machines in India vs ~50 million merchants accepting UPI payments. There are 180 million UPI QRs in India. This should be very positive for card spends,” a research note by Macquarie said. <div type="image" title="SBI Cards 01_01_22 to 09_06_22." msid="92099559" hostid="261" caption="&amp;lt;p&amp;gt;SBI Cards share price.&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Will make payments easier" comment="subhead" text="Will make payments easier">Will make payments easier</cmsannotation> The introduction of UPI has changed the way Indians make payments. You no longer have to carry cash with you as even small roadside vendors to high-end shops allow you to pay using UPI. The new policy will have a similar impact on credit cards as UPI had on cash. You will no longer have to carry multiple credit cards with you when you go out as you will be able to use any UPI app to pay using your credit card. Similarly, you won’t have to search for your credit card details every time you make an online payment as you will be able to use your UPI app. <div type="Article" hostid="261" msid="91784122" title="The most valuable credit cardholders are not from HDFC, SBI, Citi or other major credit card companies" mstype="2" mssubtype="0"></div> “Over a period of time, UPI has become a transaction channel of choice for consumers for digital payments. With linking of credit cards to UPI, this would add on to the convenience for consumers, who would not need to use their physical card,” said Dewang Neralla, chief executive officer, NTT DATA Payment Services India to Business Insider India. This also means that you longer have to save your card details on merchant websites, which means your payment information is less likely to be compromised in case of a data leak or hack. <cmsannotation type="cmsannotation" annotationid="Credit card penetration is still low, but more valuable" comment="subhead" text="Credit card penetration is still low, but more valuable">Credit card penetration is still low, but more valuable</cmsannotation> As of March 2022, there were over 7.4 crore credit cards in India and this number is considerably small when you consider that there were over 92 crore debit cards during the same time. However, credit card users transacted over ₹1,07,000 crore in March, while debit card users stood at ₹91,500 crore. During the same time period, UPI transactions amounted to ₹9,60,582 crore, which is nearly nine times that of credit cards. <div type="Article" hostid="261" msid="91759657" title="An Indian credit card user spends ₹14,500 a month on average – 20x more than debit card users" mstype="2" mssubtype="0"></div> The Macquarie report also added that credit cards will get a major boost to go digital, lowering the costs of customer acquisition and improving engagement, too. <cmsannotation type="cmsannotation" annotationid="PhonePe and Google Pay to get a boost" comment="subhead" text="PhonePe and Google Pay to get a boost">PhonePe and Google Pay to get a boost</cmsannotation> PhonePe and Google Pay are currently dominating the UPI segment in the country with over 80% of all UPI transactions being processed on the two apps. The new credit card linking policy will come as a boost to these apps as credit card users will likely do most of the credit card transactions using these apps. This means a market that is worth ₹1.07 lakh crore and growing rapidly just opened up for these apps. A credit card user on an average spends over ₹14,500 per month per card, which is 21 times more than the ₹692 per month per card spent by debit card users. “The decision to introduce credit cards, starting with RuPay, on the UPI platform will not only boost the number and overall quantum of transactions, but it will widen the customer base as more and more credit card holders are likely to transact through UPI,” Raj Khosla, founder, MyMoneyMantra told Business Insider India. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">Rupay credit cards to be linked to UPI soon – other credit cards to follow later</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-has-most-valuable-credit-cardholders-in-india-compared-to-hdfc-sbi-citi/articleshow/91784122.cms">The most valuable credit cardholders are not from HDFC, SBI, Citi or other major credit card companies</a> <a href="https://www.businessinsider.in/finance/banks/news/an-indian-credit-card-user-spends-14500-a-month-on-average-20x-more-than-debit-card-users/articleshow/91759657.cms">An Indian credit card user spends ₹14,500 a month on average – 20x more than debit card users</a>

SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts

<ul><li><keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> have crossed the 6 billion mark for the first time since 2016.</li><li><keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> recorded 6.28 billion transactions in July 2022.</li><li>The number of transactions has nearly doubled since July 2021.</li></ul>Unified Payments Interface (UPI) has become one of the biggest successes of the <keyword id="1929810" type="General" weightage="50" keywordseo="digital-india" source="Orion">Digital India</keyword> initiative and has made sending and receiving money a breeze. Then monthly UPI transactions have achieved a new record in July 2022. According to the data released by the <keyword id="6383340" type="General" weightage="50" keywordseo="national-payments-corporation-of-india" source="Orion">National Payments Corporation of India</keyword> (NPCI), UPI recorded over 6.28 billion transactions in July 2022, a new record since the service was launched in July 2016. <cmsannotation type="cmsannotation" annotationid="Transactions nearly double in a year" comment="subhead" text="Transactions nearly double in a year">Transactions nearly double in a year</cmsannotation> <div type="image" title="UPI transactions Jan 2021 to July 2022." msid="93297293" hostid="261" caption="&amp;lt;p&amp;gt;UPI transactions from January 2021 to July 2022.&amp;lt;/p&amp;gt;"></div> There has been a constant month-on-month increase in UPI transactions over the years and the number of transactions has nearly doubled since July 2021. In July 2021, the number of transactions recorded was 3.24 billion, which increased to 6.28 billion in July 2022. This means that over 200 transactions were done each day in July 2022. UPI recorded a 7.16% increase in transactions from June 2022 and over a 90% increase annually. UPI has become the preferred mode of payment for customers, for both small and big purchases. The presence of QR codes from different platforms with the merchants have made payments quite easy as all you need to do is scan the code and enter your PIN. In addition to merchant payments, a majority of peer-to-peer transactions are also being done using UPI. <cmsannotation type="cmsannotation" annotationid="Increase in banks" comment="subhead" text="Increase in banks">Increase in banks</cmsannotation> One of the reasons for the increasing transactions is the fact that there has been a considerable increase in the number of banks on the platform. In July 2021, 235 banks were live on the UPI platform and this number has increased to 338 in July 2022. The onboarding of over 100 banks has considerably increased the number of UPI transactions. <cmsannotation type="cmsannotation" annotationid="Increase in value" comment="subhead" text="Increase in value">Increase in value</cmsannotation> In addition to an increase in the number of transactions, there has been a constant increase in the value of transactions as well. During July 2022, the total value of UPI transactions was over ₹10.62 lakh crore. <cmsannotation type="cmsannotation" annotationid="UPI goes global" comment="subhead" text="UPI goes global">UPI goes global</cmsannotation> The NPCI International Payments Limited (NIPL), the international arm of NPCI has given a global push to UPI. It has partnered with domestic companies in countries like <a href="https://www.businessinsider.in/india/news/indian-travellers-in-uae-can-now-use-upi-for-payments/articleshow/90976283.cms">UAE</a>, <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms">France</a> Singapore, Bhutan and Nepal to enable Indians to make use of UPI when they travel. Earlier this year, the government also announced its plan to allow credit cards to be <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">linked to UPI</a>, allowing users to use UPI to make payments with their credit cards. This will give a big boost to both credit cards and UPI. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/indian-policy-makers-are-not-happy-that-8-out-of-10-upi-transactions-are-being-done-through-phonepe-and-google-pay/articleshow/92804434.cms">Indian policy makers are not happy that 8 out of 10 UPI transactions are being done through PhonePe and Google Pay</a> <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts</a> <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms">You will soon be able to use UPI in France in addition to UAE, Singapore</a>

Over 200 million UPI transactions were done each day in July 2022

<ul><li><keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">Credit card</keyword> users spent about five times more than debit card users in 2022. It was also the most preferred payment method this festive season. </li><li>OTT expenditure, alone, grew by 80% during the festive season leading to less expenditure on going out. </li><li>Currency in circulation also declined during Diwali for the first time in two <a href="https://www.businessinsider.in/finance/news/dilwali-week-cash-circulation-declines-for-the-first-time-in-20-years-sbi-ecowrap/articleshow/95280473.cms">decades</a>, according to industry estimates. </li></ul>This festive season, Indians have been spending via swiping as per a <keyword id="1493568" type="General" weightage="100" keywordseo="payu" source="Orion">PayU</keyword> Insights Report - Festive Edition. Even as digital transactions have been steadily increasing, it was a busy festive season for the payments platform which recorded 7 million transactions on a single day in September, after major festive sales were announced. However, online sales itself were not the only drivers for the rise in PayU transactions. Thanks to the post-pandemic rise in revenue tourism, travel expenditure on the platform grew a massive 165%. OTT expenditure, too, grew 80% during the festive season. Consequently, expenses related to watching movies physically and attending on-ground events witnessed a decline in expenditure and transactions of 11% and 43% respectively, the report said. Holiday packages saw a 70% increase in expenditure and 341% increase in average ticket size. Expenses on cabs, trains, airplanes also showed a growth. For the entire festive season, PayU reported a 64% increase in expenditure and 31% increase in the number of transactions compared to the festive sale period in 2021 (September 15- October 15, 2022 vs 1-31 October 2021). According to an SBI Ecowrap report,<a href="https://www.businessinsider.in/finance/news/dilwali-week-cash-circulation-declines-for-the-first-time-in-20-years-sbi-ecowrap/articleshow/95280473.cms"> the rise in digital transactions was very evident</a> this festive season. For the first time in 20 years, currency in circulation has declined during the Diwali week. “The Indian economy is undergoing a structural transformation. The innovations in technology have changed the Indian payment system. Over the years, the Indian cash-led economy now has changed to (a) smartphone-led payment economy,” said SBI Ecowrap. The yearly growth It isn’t just festive shopping either. Digitization of transactions is taking place across categories. The pandemic itself was a great driver of digital adoption as PayU saw a 245% increase in expenditure and 130% increase in transaction volumes between 2019 and post-pandemic period of 2022. “One of the highest categories for <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> spending was credit repayment, showing that <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>ns are increasingly repaying personal loans using UPI,” said PayU. RuPay, one of India’s largest circulated credit and debit cards, already has UPI linked with it. The “do-it-yourself wealth management platform” is another emerging post-pandemic behaviour among young Indians. Investments saw a 66% growth in expenditure and 50% growth in average ticket size, PayU estimated. Credit vs debit cards The spending patterns also differed as per the mode of payment. Credit card users spent about five times more than debit card users in 2022, as per the report. “Interestingly, credit card users spent about 5 times more than debit card users in 2022 (total expenditure), in spite of the fact that there is one credit card for every 12 debit cards. On an average, a credit card user spent ₹6,000 as opposed to a debit card user who spent ₹2,500, in 2022,” the report said. Post Covid-19, the cards in circulation have already breached the 1 billion mark, UPI is tracking over six billion transactions per month, about 53 million FASTags have been issued, and over 20,000 billers live on Bharat BillPay ecosystem alone, <keyword id="15160988" type="General" weightage="50" keywordseo="india-digital-payments-report" source="Orion">India Digital Payments Report</keyword> revealed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/cop27-attendees-criticised-for-hypocrisy-after-egypt-receives-400-private-jets/articleshow/95530258.cms">COP27 attendees criticised for hypocrisy after Egypt receives 400 private jets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/95-indian-companies-experiencing-new-types-of-fraud-after-covid/articleshow/95530428.cms">95% Indian companies experiencing new types of fraud after Covid</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a>

This year, credit card users swiped 5x more than debit card users: PayU

<ul><li><keyword id="6557529" type="General" weightage="80" keywordseo="kreditbee" source="Orion">KreditBee</keyword> currently offers multiple types of personal loans and a digital gold investment product. </li><li><keyword id="12085639" type="General" weightage="100" keywordseo="cashfree-payments" source="Orion">Cashfree Payments</keyword>’ merchants can offer this cardless <keyword id="6357050" type="General" weightage="50" keywordseo="emi" source="Orion">EMI</keyword> option to all eligible customers with the KreditBee app. </li><li>Recently, India’s largest lender, SBI invested an undisclosed amount in Cashfree Payments. </li></ul>Indian fintech platform KreditBee today partnered with banking solutions company Cashfree Payments. Together, they will offer an option to convert online purchases into EMIs, at the time of checkout. KreditBee’s six million customers can avail the online checkout finance facility from Cashfree Payments’ 1.5 lakh merchant partners. That includes brands like <keyword id="6376684" type="General" weightage="50" keywordseo="nykaa" source="Orion">Nykaa</keyword>, EaseMyTrip, Livspace, Gonoise and Wakefit . "The increased push for digitalization in the past few months has indeed accelerated the shift to digital commerce and payments, in some cases replacing the retail and merchant experience altogether. The idea behind this collaboration is to let customers convert their online purchases, especially where ticket value is high, into hassle-free easy EMIs,” Madhusudan Ekambaram, co-founder &amp; CEO, KreditBee said. Cashfree Payments’ merchants can offer this cardless EMI option to all eligible customers with the KreditBee app. The checkout finance loans range from ₹2,400 to ₹2 lakhs with a tenure of 3-18 months. KreditBee currently offers personal loans and a digital gold investment product. “We aim to give the best of payments infrastructure to businesses and a seamless payment experience for their customers,” said Reeju Datta, co-founder, Cashfree Payments. Cashfree Payments works closely with banks to build the core payments and banking infrastructure. It is also integrated with platforms like Shopify, Wix, <keyword id="6357940" type="General" weightage="50" keywordseo="paypal" source="Orion">Paypal</keyword>, Amazon Pay, Paytm, and Google Pay. Recently, India’s largest lender, SBI invested an undisclosed amount in Cashfree Payments. Apart from India, Cashfree Payments products are used in eight other countries, including the USA, Canada, and UAE.

KreditBee, Cashfree Payments offer option to convert online purchases into EMIs

<ul><li>The National Payments Corporation of India International has signed an MoU with France’s Lyra Network.</li><li>This will enable Indians to pay using <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> and <keyword id="14209675" type="General" weightage="20" keywordseo="rupay-cards-in-france" source="Orion">Rupay cards in France</keyword>.</li><li>UPI is already accepted in UAE, Singapore and Bhutan.</li></ul>In yet another boost to the Unified Payments Interface (UPI) and Rupay, union communications and electronics &amp; information technology minister Ashwini Vaishnaw has announced that UPI and <keyword id="6404717" type="General" weightage="20" keywordseo="rupay-cards" source="Orion">Rupay cards</keyword> will soon be accepted in France. According to a <a href="https://twitter.com/ANI/status/1537207445273350144">report</a> by ANI, The National Payments Corporation of India International (NPCI International), the international arm of National Payments Corporation of India (NPCI) has signed a memorandum of understanding (MoU) with Lyra Network, a French payment solutions company. As part of the MoU, Lyra Networks will allow Indians to pay using UPI and Rupay cards at terminals and machines offered by Lyra Networks, making it easier especially for students and tourists from India to make payments. This comes just two months after NPCI International had announced a partnership with NeoPay, a payments subsidiary of UAE’s Mashreq Bank, allowing Indians in the UAE to make payments using UPI on the company’s terminals across the country. “An MoU has been signed b/w NPCI, International and Lyra Network of France for 'Acceptance of UPI &amp; Rupay Card in France. India is doing 5.5 billion UPI transactions in a month. Today's MoU with France is a big achievement for us,” union minister Ashwini Vaishnaw told ANI. <div type="Article" hostid="261" msid="92099285" title="SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts" mstype="2" mssubtype="0"></div> This will also boost Rupay, which recently received a shot in the arm after the country’s central bank <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">announced</a> that Rupay credit cards will soon be linked to the UPI network, allowing users to make payments with their Rupay credit card by using UPI apps. Indians can already use UPI in countries like Bhutan and Singapore. NPCI International is also in talks to enable UPI payments in Nepal. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/phonepe-and-google-pay-upi-apps-may-get-more-time-to-comply-with-the-30-cap-on-market-share/articleshow/92031883.cms">In a relief to PhonePe and Google Pay, UPI apps may get more time to comply with the 30% cap on market share</a> <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">RBI to allow use of credit cards via UPI soon, starting with RuPay credit cards</a> <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts</a>

You will soon be able to use UPI in France in addition to UAE, Singapore

<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>

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

<ul><li><keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword> has partnered with four major banks in India – State Bank of India, <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> and <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword>. </li><li>WhatsApp Pay finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI) in November 2020.</li><li>However, it initially has a limit of 20 million users. </li></ul> Facebook-led payments service WhatsApp Pay has partnered with four major banks in India – State Bank of India, ICICI Bank, HDFC Bank and Axis Bank to strengthen its UPI offering. “UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” said Abhijit Bose, Head of WhatsApp, India in a statement. WhatsApp continued to stress on making payments “as easy as sending a message”. WhatsApp Pay finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI) in November 2020. However, it initially has a limit of 20 million users. India is the first country where Facebook had begun its tryst with payments back in 2018 when WhatsApp began beta testing payments in the country. Since then, the company had met with several regulatory hurdles relating to data localisation, which was followed by a promise of storing data locally and WhatsApp Pay submitting revised data localization compliance this year. At the Facebook Fuel For India 2020 summit, Facebook founder <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms">Mark Zuckerberg </a>also pushed for WhatsApp Pay’s growth in India. “We just launched <keyword id="4685737" type="PERSON" weightage="20" keywordseo="WhatsApp-payments">WhatsApp payments</keyword> in India last month – now you can send money to your friends and family through WhatsApp, as easily as sending a message. That was possible because of the UPI system that has been built in India,” said Zuckerberg during a chat with Reliance chairman Mukesh Ambani. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

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

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UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report

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Tap your ring or watch to pay! Wearable payment devices are a reality, but challenges remain

Anagh Pal

Diwali week cash circulation declines for the first time in 20 years: SBI Ecowrap

Katya Naidu

SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts

Sourabh Jain

Over 200 million UPI transactions were done each day in July 2022

Sourabh Jain

This year, credit card users swiped 5x more than debit card users: PayU

Eetika Kapoor

KreditBee, Cashfree Payments offer option to convert online purchases into EMIs

Eetika Kapoor

You will soon be able to use UPI in France in addition to UAE, Singapore

Sourabh Jain

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

Kritti Bhalla

WhatsApp Pay strengthens its UPI offering — ties up with SBI, ICICI Bank, HDFC Bank and Axis Bank

BI India Bureau

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