UPI provided credit access to poor, fuelled equitable growth: Study
The authors said that the success of UPI can be replicated in other countries as well and India can play a leading role in helping them adopt the fintech system.
The authors said that the success of UPI can be replicated in other countries as well and India can play a leading role in helping them adopt the fintech system.
UPI is the earliest implementation of an open-banking-based payment infrastructure that is free for customers and enables them to create verifiable digital financial footprints in real time.
The Reserve Bank of India (RBI) on Friday decided to expand the scope of pre-sanctioned credit lines on UPI to the Small Finance Banks (SFBs).
The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities like successful instant debit reversals at 86 per cent (77 per cent in the same month last year).
Paytm on Wednesday has announced the launch of a new UPI statement download service.
Earlier, NRIs had to register an Indian mobile number with their banks to make UPI payments.
The volume of UPI transactions in H2 2023 to H2 2022 increased by 56 per cent from 42.09 billion to 65.77 billion, the report said.
Reserve Bank of India Governor Shaktikanta Das on Friday proposed to enable UPI for cash deposit facility.
The value of transactions in the same period surged by 44 per cent from Rs 69.36 trillion to Rs 99.68 trillion, according to the report by global payment services leader Worldline.
As the Reserve Bank of India’s (RBI) deadline to ban Paytm Payments Bank Limited (PPBL) ends on Friday, here are key changes for millions of Paytm users and merchants that will come into force.
