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Unified Payments Interface or <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> is one of the most popular payment systems in the country. It accounts for a major part of online transactions in India. Apart from banking apps, there are several popular third-party apps like <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>, Paytm and Amazon that support <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword>. Nirmala Sitharaman, the Finance Minister on Saturday <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">announced</a> that Merchant Discount Rate (MDR) charges will be waived off for UPI and RuPay transactions starting from January 1. Razorpay, a Bengaluru-based payment gateway reported that in <a href="https://razorpay.com/blog/upi-preferred-payment-mode-october-2019-data/">October 2019</a>, UPI accounted for 50.49% of transactions on its platform. What is UPI? Unified Payments Interface or UPI is an immediate real-time payment system developed by the National Payments Corporation of India (NCPI). It was introduced in April 2016 as a pilot project and is regulated by the Reserve Bank of India (RBI). Soon after it was launched, banks announced their own UPI apps. It also paved the way for third-party apps such as PhonePe and Google Pay (earlier Google Tez). Within three weeks of the launch of its UPI app, ICICI bank <a href="https://www.businessinsider.in/icici-banks-upi-app-is-re-defining-banking-reaches-1-lakh-downloads/articleshow/54545741.cms">revealed</a> that its app had crossed 1 lakh downloads. According to <a href="https://www.businessinsider.com/upi-market-share-in-inda-open-for-taking-2019-8?IR=T">another report</a>, Google Pay and PhonePe ruled the roost with 36% market share each, while Paytm has 16% market share. This year, <a href="https://www.businessinsider.in/tech/apps/article/top-10-most-downloaded-apps-in-india/articleshow/72903156.cms">Google Pay crossed</a> 100 million downloads, registering a growth of 50% as compared to last year. UPI 2.0 announced with enhanced features Two years after the launch of UPI, the NPCI announced <a href="https://www.businessinsider.in/upi-2-0-heres-what-you-need-to-know/articleshow/65444928.cms">UPI 2.0</a>, a revamped version of UPI with several new features. The main highlight of UPI 2.0 is that it increased the per transaction cap to ₹2 lakh and the ability to link overdraft accounts. Earlier, users could only link their savings and current accounts to UPI. UPI 2.0 also has features like one-time mandate that allows users to pre-authorize a transaction, Invoice-in-inbox which allows users to verify the invoice before making a payment and more. These mandates are useful for buying into IPOs (Initial Public Offering), make recurring bill payments and more. How does UPI work? UPI is simple, free and it works 24x7. Users can send money by scanning QR codes or entering the <keyword id="4003296" type="PERSON" weightage="20" keywordseo="UPI-ID">UPI ID</keyword>. Apps like Google Pay and PhonePe simplify this process further and allow you to simply enter the phone number of the recipient. It means you don’t have to enter the recipient’s account number, bank name and IFSC code while making a payment. How to pay using UPI? UPI is also accepted as a payment mode on several popular platforms like Flipkart, Amazon, Paytm and more. To make a payment, all you have to do is follow these simple steps: <ul><li>In the checkout section, select UPI as the mode of payment. </li><li>Now, select the UPI app or enter your UPI ID, and a collect request will be sent to your phone. </li><li>Tap on the collect request – this will open the UPI app which you had selected. </li><li>Click on Accept and enter your UPI PIN. </li></ul>Your payment should be complete after successful authentication. See also: <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM</a> <a href="https://www.businessinsider.in/tech/news/google-wants-us-to-learn-from-indias-upi-example-writes-letter-to-federal-reserve-to-build-fednow/articleshow/72669392.cms">Google wants US to learn from India's UPI example, writes letter to Federal Reserve to build FedNow</a> <a href="https://www.businessinsider.in/business/news/not-many-new-players-will-enter-upi-space-report/articleshow/72425909.cms">Not many new players will enter UPI space: Report</a>

What is UPI and how does it work?

<ul><li>Google is now letting users make <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword> on the Google Play Store.</li><li>The tech giant promised that it would be bringing UPI payments to the Play Store at the Google I/O 2019 conference earlier this year.</li><li>Till now, UPI was only available on <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> — formerly known as <keyword id="4999250" type="PERSON" weightage="20" keywordseo="google-tez">Google Tez</keyword> in India.</li></ul>Google promised that they would bring the unified payments interface (UPI) to the Google Play Store at the developers conference earlier this year and it looks like they’re delivering on that promise. UPI allows users to directly transfer money from one bank account to another via third party apps like Google Pay, Paytm, Phone Pe and the Indian government-owned BHIM to name a few. Google Pay — formerly dubbed Google Tez in India — is the tech giant’s digital wallet in the country but, so far, was not available as a payment option in the Play store. The app hit <a href="https://entrackr.com/2019/03/google-pay-upi-transaction-mau/">45 million users</a> in India and a transaction run rate of $81 billion in March 2019, according to the company. Spotted by <a href="https://www.xda-developers.com/google-play-store-upi-payment-india/">XDA Developers</a>, giving users the option to pay through UPI in the Google Play Store opens up new avenues of revenue for the company. It’s also a boon for users who have multiple bank accounts since one UPI account can be synced with more than one bank account. Here’s how to set it up: 1. Open the Google Play Store and select ‘Payment Methods’ 
 <div type="image" title="Screenshot_2019-09-02-11-35-26-88_edited" msid="70944198" hostid="261"></div>



 2. Within ‘Payment Methods’, select the option stating ‘Add bank account with BHIM UPI ID’ 
 <div type="image" title="Screenshot_2019-09-02-11-35-35-38_edited" msid="70944218" hostid="261"></div>



 3. A new pop-up window will emerge where you will be asked to add your account details 
 <div type="image" title="Screenshot_Google_Play_Store_20190831-205118_edited" msid="70944229" hostid="261"></div>



 4. Add your bank details and you’re all set up!

Your Google Play Store account now accepts UPI payments — here’s how to set it up

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

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

<keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword> Founder <keyword id="914589" type="General" weightage="50" keywordseo="vijay-shekhar" source="Orion">Vijay Shekhar</keyword> Sharma has said it will be "humbling to see Japan's Paytm-powered PayPay to soon be enabled for our home users" after Japan's Minister for Digital Transformation Taro Kono said that the island country is "seriously thinking about joining the Indian <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> payments system". India's mobile payments revolution has been making waves globally and has become a model for other countries as they take steps towards digitisation. After Singapore's integration in the UPI network, Japan is also considering a similar move. In an interview, Japan's Minister for Digital Transformation has said that Japan is "seriously thinking about joining the Indian UPI payments system". Pioneer of India's mobile and quick response (QR)-based payments, Paytm's Vijay Shekhar Sharma on Saturday welcomed this news and expressed his delight and pride over this. Paytm founder on Saturday took to the micro-blogging site, Twitter, and, said that with Japan working on integration of UPI, it will be "humbling to see Paytm powered Japan's largest mobile payment system" @PayPayOfficial enabled for our home users". The Fintech giant launched PayPay in 2018 with SoftBank and <keyword id="378763" type="General" weightage="50" keywordseo="yahoo-japan" source="Orion">Yahoo Japan</keyword>, empowering the country with cashless transactions. PayPay leverages Paytm's technology to drive mobile payments in Japan and has in fact seen immense popularity. Vijay Shekhar Sharma tweeted: "Very proud to see Japan working to integrate with India's global pride @UPI_NPCI system ! It will be humbling to see Paytm powered Japan's largest mobile payment system @PayPayOfficial enabled for our home users. Thank you @AshwiniVaishnaw sir @konotarogomame " India and Singapore on February 21 linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries. The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong. The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both the countries will be able to send money real-time via QR-code based or simply by entering mobile numbers linked to the bank account. Paytm has been instrumental in India's digital transformation through its innovative solutions like QR-code and Soundbox. The company has taken UPI to every nook and corner of India. Paytm Soundbox is an audio-assisted smart device which provides instant notifications when you receive a payment. It is a small portable speaker for your daily payment alerts which comes with a SIM-based connectivity. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/here-are-the-star-batsmen-of-ipl-2023/slidelist/100414800.cms">Virat Kohli to Rinku Singh, here are the best batsmen of IPL 2023</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a2-plus-vs-realme-narzo-n53-mobile-comparison-phone-comes-under-10000/slidelist/100418931.cms">Redmi A2 Plus vs Realme Narzo N53 – Which of these sub-₹10,000 phones should you buy?</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a>

You Searched For "upi payment" and got 5 results

What is UPI and how does it work?

Rounak Jain

Your Google Play Store account now accepts UPI payments — here’s how to set it up

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

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Seriously thinking about joining the Indian UPI payments system says Japanese official

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16 million credit cards purchased in FY 2023-24, UPI payments up by 42%: PwC report

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