upi

February 1, 2025 1:22 PM

Budget 2025: FM proposes ID cards for gig workers, UPI-linked credit cards for street vendors

Finance Minister Nirmala Sitharaman, during her Budget 2025 presentation, announced a range of initiatives aimed at empowering gig workers and street vendors, signaling a continued push toward inclusive development. In a landmark move, the government will issue ID cards to gig workers, granting them access to healthcare and other social security benefits through a newly proposed welfare scheme. The initiative aims to support urban and online platform workers by providing identity cards and faci...

January 28, 2025 12:41 PM

UPI’s share in India’s digital payments surged to 83%: RBI report

The share of the Unified Payments Interface (UPI) in India’s digital payments has surged from 34 per cent in 2019 to an impressive 83 per cent in 2024, with a remarkable compound annual growth rate (CAGR) of 74 per cent over the last five years, according to the RBI’s payment system report. In contrast, the share of other payment systems like RTGS, NEFT, IMPS, credit cards, debit cards, etc., in digital payments volume declined from 66 per cent to 17 per cent during the same period, the rep...

January 28, 2025 12:12 PM

Number of credit cards more than doubled to 10.8 crore in 5 years, transactions surge: RBI

The number of credit cards has more than doubled to around 10.80 crore at the end of December 2024, compared to December 2019 when there were 5.53 crore cards in circulation, according to a new RBI report. In contrast, number of debit cards has remained relatively stable, with a marginal increase from 80.53 crore in December 2019 to slightly more than 99.09 crore in December 2024. A similar growth trajectory is witnessed in card transactions as well, said the RBI report. During CY2024, there w...

January 1, 2025 5:09 PM

UPI Transactions surge by 8% to ₹23.25 lakh crore in December, record 35% growth in 2024

In a new milestone, Unified Payments Interface (UPI) transactions recorded an 8% month-on-month growth in December 2024, with transaction volumes reaching 16.73 billion, according to data released by the National Payments Corporation of India (NPCI) on Wednesday. The transaction value also surged by 8%, rising to ₹23.25 lakh crore from ₹21.55 lakh crore in November. For the entire year 2024, UPI transactions saw impressive growth, with volumes soaring by 46% to 172 billion, compared to 118...

December 31, 2024 9:31 PM

NPCI removes UPI user onboarding limit for WhatsApp Pay

The National Payments Corporation of India (NPCI) on Tuesday removed the unified payments interface (UPI) user onboarding limit for WhatsApp Pay with immediate effect. With this, WhatsApp Pay can now extend UPI services to its entire user base in India, the NPCI said in a statement. Previously, the NPCI had permitted WhatsApp Pay to expand its UPI user base in a phased manner, lifting the previous cap of 100 million users. With this notification, the NPCI is removing the limit restrictions on...

December 3, 2024 4:58 PM

UPI transactions may reach 25 billion by 2025

India’s Unified Payments Interface (UPI) reached a milestone in October, recording 16.58 billion financial transactions in a single month, reflecting a 45% year-on-year growth from 11.40 billion transactions in October 2023. With ₹23.49 lakh crore transacted during this period, UPI continues to dominate India’s digital payment landscape. UPI’s Rise and Transformation Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has fundamentally reshaped India’s payment ...

November 24, 2024 3:42 PM

Internationalisation of UPI progressing rapidly: RBI

The internationalisation of the unified payments interface (UPI) is progressing rapidly, as India emerges as a world leader in leveraging digital technologies for transformative change, according to a Reserve Bank of India (RBI) report. The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities, including successful instant debit reversals at 86 per cent, up from 77 per cent in the same month last year. "India’s UPI, an open-ended system...

November 21, 2024 8:13 AM

India and Guyana ink 10 MoUs covering agriculture, hydrocarbons, UPI, and defence

India and Guyana signed 10 Memorandums of Understanding (MoUs) during Prime Minister Narendra Modi's visit to the country, covering areas such as agriculture, pharmaceuticals, and the deployment of UPI in the Caribbean nation. Key agreements include an MoU on Cooperation in the Hydrocarbons Sector, focusing on joint efforts in crude sourcing, natural gas collaboration, and infrastructure development. This partnership also aims to enhance capacity building and expertise sharing across the hydroc...

October 17, 2024 3:46 PM

Digital India Innovation Zone at IMC 2024 highlightes innovative technologies

The Ministry of Electronics and Information Technology (MeitY) on Thursday inaugurated the Digital India Innovation Zone at the India Mobile Congress (IMC) 2024, offering delegates immersive interactive experiences focused on India’s Digital Public Infrastructure (DPI). The Digital India Innovation Zone aims to engage visitors with key DPIs such as DigiLocker, UPI, Aadhaar, eSanjeevani, and ONDC, showcasing the significant technological advancements achieved under the Digital India initiative...

October 8, 2024 5:06 PM

India and UAE to interlink payment systems for smooth cross-border transactions

Union Commerce Minister Piyush Goyal announced that India and the UAE are working on interlinking India’s Unified Payments Interface (UPI) with the UAE’s AANI system to enable seamless cross-border transactions between the two countries. This move is set to benefit the over 3 million Indians residing in the UAE, allowing them to use the power of UPI and AANI for smoother financial exchanges. Goyal announced during a press conference following the 12th meeting of the India-UAE High-Level Joi...