Thursday, November 21

Tag: UPI

Credit Line on UPI: 5 Opportunities Shaping the Future of Finance
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BFSI, NBFC, Payments

Credit Line on UPI: 5 Opportunities Shaping the Future of Finance

The emergence of Credit Line on UPI represents a significant leap forward in the financial landscape. This pioneering financial offering promises to reshape the lending landscape, providing individuals and businesses with seamless access to pre-sanctioned credit lines from banks, coupled with the convenience of UPI. Since its introduction in September last year, fintechs have been quick to capitalize on this breakthrough. As this transformative wave continues to gain momentum, we anticipate the following disruptions taking shape, bringing in a new era of financial accessibility and innovation. 1. UPI In-store EMI: Redefining Consumption Finance In the realm of financial innovation with Credit Line on UPI, UPI In-store EMI stands out as a groundbreaking B2B2C strategy. By first targeting ...
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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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From Aadhaar to UPI: India’s DPI Fuels FinTech Revolution
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Fintech

From Aadhaar to UPI: India’s DPI Fuels FinTech Revolution

India’s DPI, comprising matured digital entities like Aadhaar, UPI, and FASTag, has been a game-changer for the FinTech landscape. These robust platforms have contributed nearly 0.9% to India’s GDP in 2022. But it doesn’t stop there—India’s UPI now spans seven nations globally, including recent additions like Nepal, Sri Lanka, and Mauritius. The approach to DPI emphasizes scalability, interoperability, and innovation, guided by principles such as open APIs and a multi-layered architecture. As we look ahead, DPIs hold immense promise, with the potential to triple economic value by 2030. Buckle up—the FinTech revolution fueled by India’s DPI is just getting started! 🚀🌐💰 To Read More visit: ETBFSI Also Read: How to Navigate the Regulatory Landscape for Fintech in India: A Compr...
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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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India’s P2P Payment Overhaul: Things You Need to Know, 2024
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Fintech, Payments

India’s P2P Payment Overhaul: Things You Need to Know, 2024

In a decisive move to safeguard the financial ecosystem, the Reserve Bank of India (RBI) has introduced stringent regulations targeting peer-to-peer (P2P) credit card transactions1. This regulatory action is aimed at transactions that involve payments for rent and tuition fees through third-party applications, a practice that has recently proliferated among retail customers. India’s Clampdown on P2P Credit Card Transactions The Crux of the Matter The RBI’s scrutiny was prompted by the discovery that customers were using credit cards to make payments for rent and tuition fees via fintech platforms. These platforms facilitated payments to their merchant accounts, followed by an immediate transfer to the recipient’s bank account, such as a landlord, in exchange for a fee. ...
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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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Unlocking UPI Sentiments: Why 73% of Users Reject Transaction Fees
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Payments, Fintech

Unlocking UPI Sentiments: Why 73% of Users Reject Transaction Fees

Understanding UPI Users’ Sentiments on Transaction Fees In the rapidly evolving landscape of digital payments, the Unified Payments Interface (UPI) has emerged as a game-changer. Its seamless and instant fund transfer capabilities have revolutionized the way we transact. However, recent discussions around introducing transaction fees have sparked debates. A recent survey sheds light on a critical aspect: transaction fees. Let’s explore the survey findings and their implications. Survey Findings: A Resounding Opposition to Transaction Fees According to a comprehensive survey conducted by LocalCircles, a pollster specializing in governance and public issues, 73% of UPI users are vehemently opposed to the idea of charging transaction fees for UPI transactions123. These findings...
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