While unified platform services and BNPL schemes are trying to establish seamless payments and elevated customer experiences, smarter systems that prioritise data security are the need of the hour.
The measures will minimise concentration risk in the UPI system by having multiple payment app providers, says RBI.
UPI transactions see 61% year-on-year growth in volume terms, while 47% YoY growth in terms of the transaction amount
With this tranche, the company has raised $650 million from several global investors. It’s PhonePe’s third biggest funding this year alone.
An Indian user can remit up to ₹60,000 in a day, says the RBI.
UPI transactions have nearly doubled — in volume and value — since last year. PhonePe, Google Pay and Paytm are the three most used apps for financial transactions.
In terms of merchant transactions, UPI P2M emerged as the preferred payment mode, with a market share of 34% in volume and 17% in terms of value, says the Worldline’s India Digital Payment report.
UPI transaction value for August jumps to ₹10.72 lakh crore.
RBI's discussion paper proposes replacing the zero-charge framework for UPI transactions with a subsidy.
Auto components’ exports from India are projected to increase 5 times in the next 10 years, says the agency
