Morning Tidings

Tag: Payments

  • UPI Payments Touch Record High of Rs 12.82 Lakh Crore in December 2022

    UPI Payments Touch Record High of Rs 12.82 Lakh Crore in December 2022

    New Delhi, January 2: Payments through the Unified Payments Interface (UPI) touched a record high of Rs 12.82 lakh crore in December. During the month, 782 crore transactions in volume terms were done on the platform, which was launched in 2016.

    “UPI has made major contribution in ushering digital payment revolution in the country. In December 2022, UPI has crossed 7.82 billion transactions worth ?12.82 trillion,” the Department of Financial Services said in a tweet on Monday.

    Payments through UPI had crossed the Rs 12 lakh crore mark in October this year. UPI Transactions Set New Milestone, Surge to Record 782 Crore in December 2022.

    In November, as many as 730.9 crore transactions worth Rs 11.90 lakh crore had taken place via UPI. UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for UPI transactions.

    The inexpensive medium for cashless transactions has been gaining traction month-on-month and 381 banks are live on it. UPI transactions have increased dramatically in both volume and value terms over the last year, Spice Money founder Dilip Modi said. Google Pay, PhonePe, Paytm, Other UPI Payment Apps To Continue To Allow Unlimited Transactions As NPCI Extends Volume Cap Rules Deadline Till December 2024.

    “The main advantage of UPI is the convenience it brings with it. UPI allows money to be transferred between multiple accounts without needing separate profiles for each transaction, making it easy for the user to transact. Another reason is that UPI…is a simple, fast and secure way of transaction. UPI has been a major tool in driving financial inclusion,” he said.

    (This is an unedited and auto-generated story from Syndicated News feed, Morning Tidings Staff may not have modified or edited the content body)

  • UPI Down Trends as Frustrated Users Unable to Make Payments on New Year’s Eve 2022, Complain About UPI Server Down on Twitter

    UPI Down Trends as Frustrated Users Unable to Make Payments on New Year’s Eve 2022, Complain About UPI Server Down on Twitter

    People have flooded social media with complaints as UPI (Unified Payments Interface) server seems to be down causing disruptions in making payments across the country. People using GooglePay, PhonePe, Paytm and other UPI services are having trouble with sending and receiving payments on New Year’s Eve 2022. UPI Payment Not Working on New Year’s Eve! Netizens Tweet About UPI Down As Transactions Are Failing or Getting Stuck.

    UPI Down:

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  • PayU Layoffs: Digital Payments Firm Sacks Around 150 Employees as Part of ‘Organisational Realignment’

    PayU Layoffs: Digital Payments Firm Sacks Around 150 Employees as Part of ‘Organisational Realignment’

    New Delhi, Dec 26: Online payments solutions provider PayU has laid off close to 150 employees, less than 6 per cent of its total workforce, as part of an “organisational realignment”.

    The layoffs came as PayU witnessed a successful year and its revenues grew 38 per cent to $183 million in the first half of the FY 2022-23.

    “As we stay focused on our vision of creating a full-stack digital financial services ecosystem in India, it’s important to ensure PayU has the right structure and resources in place and is nimble enough to respond to a fast-evolving fintech market and seize the opportunities it presents,” a PayU spokesperson told IANS. Microsoft Layoffs: Tech Giant Cuts About 1,000 Jobs Across Multiple Divisions, Says Report.

    “Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India. As a result of which, regretfully, we will part ways with some of our colleagues,” the spokesperson added.

    PayU said it does not have any plans for any major downsizing and “any attritions would be a part of our usual course of business”.

    PayU is one of the leading payment gateways in India and has empowered more than 4.5 lakh businesses, including leading enterprises, e-commerce giants and SMBs.

    It enables businesses to collect digital payments across more than 150 online payment methods.

    According to the company, any job cuts within PayU “are always in accordance with the contractual terms and conditions”.

    PayU India aims to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks and consumers) through technology. Tech Layoffs: upGrad Denies Reports That It Is Planning to Layoff Hundreds of Employees.

    According to Manas Mishra, Chief Product Officer, PayU Payments, in 2022, it supported government initiatives through product innovations which helped merchants and issuers adapt to regulations.

    “It’s been an exciting year for us, as the country returned to normal and PayU recorded a 48 per cent increase in TPV to $28 billion in the first six months of FY23. We have a pipeline of exciting products for 2023 & we look forward to the coming year,a he had said in a statement last week.

    (The above story first appeared on Morning Tidings on Dec 26, 2022 12:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Elon Musk Shares Slides From Presentation on Twitter 2.0, Video, Longform Tweets and Payments Among Proposed New Initiatives (See Pics)

    Elon Musk Shares Slides From Presentation on Twitter 2.0, Video, Longform Tweets and Payments Among Proposed New Initiatives (See Pics)

    Elon Musk on Sunday shared slides from his Twitter company talk. The pictures from the slide hint at Twitter likely to soon allow users to add long-form text to their tweets. Twitter is also working on payments. The new Twitter owner had earlier suggested that, users would be able to send money to others on the platform. The slide also shows that Twitter’s new user signup is at an all-time-high. Did The Simpsons Predict Elon Musk’s Twitter Takeover in 2015? Find Out Here

    Check Tweet:

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  • Paytm Payments Bank Supports UPI Market Cap, Maintains Leadership As Payment Service Provider and Issuer Bank

    Paytm Payments Bank Supports UPI Market Cap, Maintains Leadership As Payment Service Provider and Issuer Bank

    New Delhi, November 23:  Homegrown Paytm Payments Bank Limited (PPBL) on Wednesday said it supports and welcomes the proposed implementation of National Payments Council of India’s (NPCI) UPI market cap.

    With this, the UPI ecosystem in India will see further growth in a democratised manner, encouraging wider participation and ending the market concentration risk, the company said in a statement. Google Pay, PhonePe, Paytm, Other UPI Payment Apps Likely To Impose Transaction Limit, Check Date and Other Details.

    PPBL, which owns Paytm UPI, is NPCI-certified PSP (Payment Service Provider) and Issuer Bank for UPI transactions, and not a Third Party Application Provider (TPAP) and won’t come under the purview of NPCI’s market cap. The Bank is an Issuer and PSP Bank in itself along with being an acquirer of UPI transactions on its own platform, and serves the customer end-to-end in a transaction.

    The Bank continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions and as a remitter bank, it has registered more than 362 million transactions in October 2022. Google Pay, PhonePe, Paytm, Other UPI Payment Apps May Impose Transaction Limit, Here’s Why.

    “We believe the proposed implementation of UPI market capping will be hugely beneficial for the UPI ecosystem. This move by the NPCI will bolster the growth of digital payments and democratize it for the citizens, ending market concentration risk. With this, UPI will become even more accessible and enable further digital adoption,” a Paytm Payments Bank spokesperson told IANS.

    The bank is now enabling users to make transactions across all UPI payment apps with just the mobile number, and even if it is not registered with Paytm. With this, users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app. This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.

    (The above story first appeared on Morning Tidings on Nov 23, 2022 04:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Airtel Payments Bank Announces E-KYC-Based ‘Face Authentication’ for Opening Saving Accounts

    Airtel Payments Bank Announces E-KYC-Based ‘Face Authentication’ for Opening Saving Accounts

    New Delhi, November 22: Airtel Payments Bank on Tuesday announced the launch of face authentication-based savings bank account opening for customers. The payments bank said the facility would further ease the account-opening, making it seamless and convenient for customers.

    Airtel Payments Bank is the first Payments Bank in the country to offer this facility.

    The payments bank said the new facility would help business correspondents (BCs) of the bank to open an account just by undertaking face authentication through electronic know-your-customers (e-KYC).

    The authentication is processed using a newly developed mobile application by the Unique Identification Authority of India (UIDAI), the payments bank said, adding that, the business correspondent will now only need a smartphone to open an account. The bank will make this facility available across all its 500,000 banking points by the end of this year, it said.  How to Watch FIFA World Cup 2022 Live Commentary & Coverage in Bangla, Malayalam and Tamil? Argentina vs Saudi Arabia, Denmark vs Tunisia, Mexico vs Poland and France vs Australia Live Streaming Online on Jio Cinema.

    Anubrata Biswas, Managing Director and Chief Executive Officer of Airtel Payments Bank, said, “We at Airtel Payments Bank believe in strengthening our bouquet of digital services with the latest technology and provide our customers access to improved digital banking solutions which are user-friendly. This safe and secure authentication process has been made possible by the efforts of the UIDAI, which is a huge step in furthering the cause of inclusive banking in the country.”

    Till now, if a customer wished to open an account with Airtel Payments Bank, the Aadhaar-based OTP (one-time password) or fingerprint biometric authentication was carried out. “This KYC facility uses AI/ML (artificial intelligence/machine learning)-based face authentication RD Application, which helps in the prevention of fraudulent activities by cross-checking individual’s photo with the image captured in Aadhaar and allows secure customer onboarding,” added Anubrata Biswas. India Records 13-Month High in Median Mobile, Fixed Broadband Download Speed in October: Report.

    In July 2022, the Unique Identification Authority of India (UIDAI) launched Aadhaar Face RD app that will enable Aadhaar cardholders to authenticate one’s unique 12-digit identity number using one’s face. This is Airtel Payments Bank’s one more initiative after it recently integrated with the National Payments Corporation of India’s (NPCI) — National Financial Switch (NFS) to facilitate micro ATM transactions for debit card users residing beyond the metro and tier I cities in India, according to the company’s statement. Airtel Payments Bank is a subsidiary of Bharti Airtel. Business correspondents are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM.

    (This is an unedited and auto-generated story from Syndicated News feed, Morning Tidings Staff may not have modified or edited the content body)

  • Google Pay Down: Netizens Tweet Concerns After Failing To Make Payments via GPay App

    The UPI payment application Google Pay has been running slow and transactions from the app are getting failed. The GPay server was detected to be down since the morning of Wednesday and users are quite frustrated! Some people took to Twitter to share their concerns about digital disruptions and asked for customer support. Fintech Slice Joins UPI Race to Challenge PhonePe and Google Pay.

    Google Pay Down

    GPay Server Down Today 

    Yes, As The Internet Says 

    GPay Running Slow

    (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Morning Tidings Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Morning Tidings, also Morning Tidings does not assume any responsibility or liability for the same.)

  • Karnataka High Court Permits Xiaomi India To Take Overdrafts, Make Payments

    Bengaluru, May 13: In a major relief to major tech giant Xiaomi India, the Karnataka High Court has permitted it to take overdrafts from banks and make payments. However, the court has excluded the payment of technology royalty.

    Vacation Judge Justice S. Sunil Dutt Yadav on Thursday also extended the interim order till May 23 and stated that the matter is now between the banks and the petitioner company. Chinese Brand Xiaomi Becomes World’s Number 2 Smartphone Maker Overtaking Apple in Second Quarter of 2021: Research.

    The court had given conditional stay on the order given by the Enforcement Directorate (ED) on April 29 to seize a whopping Rs 5,513.3 crore amount. The ED has taken the step after invoking the Foreign Exchange Management Act, 1999.

    Senior advocate S. Ganeshan argued that Xiaomi India was being targeted as it is a Chinese company and other companies are allowed to make payments of technology royalty. Seeking clarification on the earlier interim order on May 5, he argued that banks are not allowing Xiaomi to make remittances in foreign exchange for imports following the court order.

    He explained that the company is required to make payments for foreign companies in connection with manufacturing and marketing smartphones. Contesting this Additional Solicitor General M.B. Nargund said that the authorities have no complaints if Xiaomi is agreeable to keep the seized amount in the bank and use the remaining amount.

    He brought to the notice of the court that on April 24 and 29, before the ED passed the order to seize Xiaomi’s bank accounts, there was a transfer of around Rs 1,500 crore from the company’s bank accounts as per the available information.

    However, Xiaomi is maintaining that royalty payments made to three companies abroad would not violate the FEMA Act. The company further maintained that the I-T department itself had allowed it as a value added activity.

    (The above story first appeared on Morning Tidings on May 13, 2022 11:56 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • WhatsApp Offering Cashback on UPI Payments, Here’s How You Can Earn It

    New Delhi: Meta-owned WhatsApp has confirmed that it is running a cash-back campaign in India to drive more users on its digital payments service. The company is giving away Rs 11 cashback up to three times by sending money to three different contacts via unified payments interface (UPI) on WhatsApp. WhatsApp Update: Meta-Owned App Adding Option To Hide ‘Last Seen’ Status From Specific Contacts.

    “We are running a campaign offering cashback incentives in a phased manner to our users as a way to unlock the potential of payments on WhatsApp,” a company spokesperson told IANS. “We’ll continue to drive awareness of payments on WhatsApp as part of our broader efforts to bring the next 500 million Indians onto the digital payments ecosystem,” the spokesperson added.

    If you become eligible for the promotion, you will see a banner within the app, or a gift icon when you’re sending money to an eligible receiver, according to WhatsApp.

    “Once selected, you can send money to any of your registered WhatsApp contacts and receive Rs 11 cashback per successful transaction,” the company informed.

    Google and Paytm have also offered cask-back to users to drive more engagement and retention growth on their respective platforms. On its support page, WhatsApp said that it will not offer cash-back for QR code payments, payments made on collect requests or made by entering the UPI ID of recipient, as well as payments on third-party online apps using WhatsApp.

    Earlier this month, the National Payments Corporation of India (NPCI) approved an additional 60 million users for UPI for WhatsApp – taking its cap to 100 million for Payments.

    “We believe there is an opportunity for UPI to have an even greater impact for the country — especially in rural regions where digital and financial inclusion can significantly improve peoples’ lives,” Manesh Mahatme, Director-Payments, WhatsApp India, had told IANS.

    In November last year, the NPCI approved increasing the user cap for WhatsApp’s payment service from the current 20 million to 40 million users. The NPCI has been giving approval to WhatsApp in a phased manner so that the competition in the digital payment space in the country is not stifled. WhatsApp kicked off its ambitious peer-to-peer (P2P) digital payments pilot project in India in 2018 with nearly 10 lakh users.

    (The above story first appeared on Morning Tidings on Apr 28, 2022 10:39 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • UPI Down? Netizens Say Experiencing Difficulty in Payments; See Tweets

    The Unified Payments Interface (UPI) server has been down for over an hour, causing payment disruptions across the country. Netizens on Sunday took to Twitter to vent out their frustration on the issue. Check out some of the tweets on the issue.

    ‘Back to Card’:

    UPI Down:

    Check Tweet: 

    UPI Facing Issues:

    Check Tweet:

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