-The Hindu Petition says the entity did not figure in the list of ‘Payment System Operators’ authorised by the RBI The Delhi High Court on Wednesday asked the Reserve Bank of India how could Google’s mobile payment app, Google Pay, operate in India as a payment transaction system without the requisite authorisation. A Bench of Chief Justice Rajendra Menon and Justice A.J. Bhambhani issued notice to the RBI and Google India on a...
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BHIM UPI, RuPay swipe Mastercard, Visa -Shishir Sinha
-The Hindu Business Line Home-grown payment systems corner over 60% of digital transactions New Delhi: India’s own Bharat Interface for Money (BHIM) and RuPay cards have garnered over 60 per cent market share of the digital transactions business, pushing back global giants such as Mastercard and Visa. BHIM is a UPI-based payment interface that allows real-time fund transfer using a single identity, typically a mobile number or a name. Unified Payments Interface (UPI)...
More »Govt drops incentives given for UPI transactions -Mayur Shetty
-The Times of India MUMBAI: The government has prematurely withdrawn a scheme under which shopkeepers would get an incentive of up to Rs 1,000 for accepting payments using the Unified Payments Interface (UPI). Another one providing customers cashbacks of up to Rs 500 has also been withdrawn and replaced with a scheme that provides rewards of up to Rs 150 but only for Bhim app users. The move to withdraw the incentives...
More »No charges on debit card transactions up to Rs 2,000 from now
-PTI Giving further impetus to digital payments, the government will reimburse charges for transaction up to Rs2,000 on debit cards and BHIM New Delhi: Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs2,000 from Monday onwards. Last month, union cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs2,000...
More »Transactions on Unified Payment Interface jump 85%, cross 3-crore mark in September -AJ Vinayak
-The Hindu Business Line Mangaluru: The number of transactions on UPI (Unified Payment Interface) platform crossed 3 crore in September. UPI, which is a mobile-only digital payment mechanism from National Payment Corporation of India (NPCI), went live with 21 banks on August 25, 2016. The latest figures by NPCI indicate a substantial increase of around 85 per cent in the number of transactions on this platform September. The number of transactions on UPI...
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