Tuesday, December 3

Tag: NPCI

Bharat Bill Payment System (BBPS)- Basic Transaction Flow and Payment Architecture
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Payments, Fintech, Technology

Bharat Bill Payment System (BBPS)- Basic Transaction Flow and Payment Architecture

Here's a breakdown of a basic transaction flow and payment architecture for an app providing Bharat Bill Payment System (BBPS) services: 1. User Interface (UI): User Login/Registration: The user logs in or registers on the app, providing necessary details. Bill Selection: The user selects the bill category (electricity, gas, water, etc.), biller (specific company), and enters the bill payment details (account number, customer ID, etc.). Bill Amount Display: The app retrieves the bill amount from the biller's system and displays it to the user. Payment Method Selection: The user chooses their preferred payment method (UPI, debit card, credit card, net banking, etc.). Payment Confirmation: The user reviews the payment details and confirms the transaction. 2. Payment Proc...
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UPI Duopoly: NPCI Faces Dilemma as Deadline Looms
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Fintech, BFSI, Payments

UPI Duopoly: NPCI Faces Dilemma as Deadline Looms

The Unified Payments Interface (UPI) has revolutionized digital payments in India, but a UPI duopoly is emerging with PhonePe and Google Pay dominating the market. The National Payments Corporation of India (NPCI), the governing body of UPI, is considering extending the market cap deadline to address concerns about anti-competitive practices. UPI Duopoly Problem Currently, PhonePe and Google Pay account for over 80% of UPI transactions, leaving little room for other players. This raises concerns about reduced competition, innovation, and consumer choice. The NPCI's market cap deadline of 30% for third-party apps (TPAs) was intended to address this issue. Let's delve deeper into the issues and explore potential solutions: Challenges: Reduced Competition: The dominance of PhoneP...
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RBI Proposes UPI-Based Cash Deposit Facility: No ATM Card Needed
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Fintech, Payments

RBI Proposes UPI-Based Cash Deposit Facility: No ATM Card Needed

The Reserve Bank of India (RBI) has taken a significant leap forward by announcing a UPI-based cash deposit facility that eliminates the need for ATM cards when depositing cash. This move aims to enhance customer convenience and streamline the currency handling process at banks. Key Details of UPI-based Facility: UPI-based Convenience: The Unified Payments Interface (UPI) has gained immense popularity in India due to its convenience, speed, and interoperability. It simplifies fund transfers between bank accounts on a mobile platform without requiring traditional banking details such as account numbers and IFSC codes. Cash Deposit Machines (CDMs): These are ATMs that allow direct cash deposits into bank accounts. With the new proposal, individuals can use their UPI instead of needi...
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Perfios and NPCI Collaborate to Revolutionize RuPay Credit Card Onboarding Process, 2024
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Digital Lending, Fintech, Lending

Perfios and NPCI Collaborate to Revolutionize RuPay Credit Card Onboarding Process, 2024

Perfios and NPCI collaboration: In a significant development for the Indian financial industry, Perfios, a leading fintech company, has joined forces with the National Payments Corporation of India (NPCI) to introduce a unified onboarding framework for RuPay credit cards. This collaboration is part of NPCI's co-creation initiative and aims to streamline and optimize the onboarding process, enabling customers to obtain their RuPay credit cards in less than two minutes. This exciting partnership holds the potential to revolutionize the way individuals access and utilize credit in the country. Enhancing Onboarding Efficiency: The traditional process of applying for a credit card in India has often been associated with lengthy paperwork, complex verification procedures, and time-consuming a...
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Why Credit on UPI Struggles to Gain Momentum: Unveiling the Challenges
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Fintech, Payments

Why Credit on UPI Struggles to Gain Momentum: Unveiling the Challenges

Despite the initial promise, credit transactions on the Unified Payments Interface (UPI) have not gained significant traction. The slow adoption can be attributed to several key factors outlined in a recent article. Understanding Why Credit on UPI Lags Behind: One major obstacle is the absence of a defined interchange fee structure for credit on UPI. This lack of clarity creates uncertainty among banks and hinders their willingness to participate fully. Additionally, concerns about possible cannibalization of credit card balances by larger banks have further impeded widespread acceptance. Another deterrent is the imposition of fees, such as the merchant discount rate (MDR), on merchants for credit transactions. Many merchants, accustomed to free UPI payments through bank accounts, sho...
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Cracking the Code: NPCI’s UPI Guidelines (2024) Demystified
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Fintech, Payments

Cracking the Code: NPCI’s UPI Guidelines (2024) Demystified

Here is the brief summary of the  of NPCI Circular on UPI Standardisation guidelines: The National Payment Corporation of India (NPCI) has issued guidelines to enhance the uniformity and branding of UPI (Unified Payments Interface) transactions across various platforms. Whether you’re a UPI app, an online merchant, or an offline merchant, compliance with these standards is crucial. Let’s break down the key points: For UPI Apps and Their Banks (PSP Banks): Display UPI ID: Ensure that the UPI ID is prominently visible on both the app home page and the payment home page. “Powered by UPI” Logo: Use the official “Powered by UPI” logo consistently across all app pages that access the UPI platform. Clear Messaging: Include text such as “Send Money to any UPI A...
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Paytm Stock Skyrockets 11% in 2 Sessions, Hits Upper Circuit at 389.20: Here’s Why
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Fintech, Payments

Paytm Stock Skyrockets 11% in 2 Sessions, Hits Upper Circuit at 389.20: Here’s Why

Paytm, the parent company of One97 Communications, experienced a surge in its stock price, reaching the upper circuit for the second consecutive trading session. The stock price rose by 18.50 points or 4.99% to reach 389.20. This increase comes after Paytm received approval from the National Payments Corporation of India (NPCI) to join the Unified Payments Interface (UPI) as a third-party application provider under the multi-bank model. The move is viewed positively by Morgan Stanley, which maintained an Equal Weight stance and a target price of Rs 555. The approval marks an important milestone for Paytm as it ensures continuity in UPI transactions and AutoPay mandates for existing users and merchants. This development also signifies a potential shift in Paytm's business model towards clos...
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Future of Payments in India : 5 Key Predictions
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Fintech, Payments

Future of Payments in India : 5 Key Predictions

The digital payments landscape in India has experienced rapid growth over the past decade, and it is expected to continue evolving in the coming years. In this article, we will explore the key predictions for the future of payments in India based on a report by NTT Data Payment Services. These predictions shed light on the trends and developments that will shape the payment industry and provide valuable insights for businesses and consumers alike. The Rise of UPI: Unlocking the Potential of Digital Transactions The Unified Payments Interface (UPI) has been a transformative force in India's digital payment ecosystem. UPI facilitates instant fund transfers between bank accounts through mobile devices, making transactions quick, convenient, and secure. The report predicts that UPI will co...
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A Game-Changer for Cross-Border Transactions: 5 Ways to Pay Nepalese Merchants Using UPI
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Blog, Fintech, Payments

A Game-Changer for Cross-Border Transactions: 5 Ways to Pay Nepalese Merchants Using UPI

UPI in Nepal: Strengthening People-to-People Ties between India and Nepal In today's interconnected world, digital payment solutions (Cross-Border Transactions) have become an integral part of our lives. The convenience, speed, and security offered by these platforms have transformed the way we conduct financial transactions. The recent announcement by the National Payments Corporation of India (NPCI) regarding the launch of Unified Payment Interface (UPI) in Nepal is a significant milestone in this regard. This collaboration between NPCI International Payments (NIPL) and Fonepay Payment Service has paved the way for Indian users to make seamless payments to Nepalese merchants using UPI. Introduction to UPI in Nepal: The introduction of UPI in Nepal opens up a world of possibilities fo...
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Fintech Growth in 2024: How to Adapt and Succeed in a Changing World
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Fintech

Fintech Growth in 2024: How to Adapt and Succeed in a Changing World

Introduction Over the past decade, fintech has transitioned from the fringes to the forefront of financial services. Technological progress, rapid digitization, and changing customer preferences have fueled its meteoric rise. Let’s explore how fintechs are shaping the financial ecosystem and what lies ahead. Key Themes Shaping Fintech’s Future 1. Market Capitalization and Unicorns As of July 2023, publicly traded fintechs boasted a staggering market capitalization of $550 billion, doubling since 2019. The fintech landscape also witnessed the emergence of 272 unicorns, collectively valued at $936 billion—a sevenfold increase from five years ago. 2. The 2022 Market Correction A market correction in 2022 tempered the explosive growth mome...
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