Unified Payments Interface (UPI) News & Updates

[Sushubh]

also. if i use upi to pay my credit card bill, i basically did a upi transaction that equalled all my card transactions for that billing period. these two things are not comparable. unless you can specifically count the retail store payments.

 

[Sushubh]

NPCI plans international remittance on UPI platform - The Economic Times

 

[dextermorgan]

finally? that means rupay is dead?

 

[Sushubh]

Explaining the process of how it works, he said, funds remitted to India land with a ‘landing bank’ from where it gets transferred to the beneficiary’s bank account. Till now, banks were using IMPS and NEFT for such transfers, but with UPI it would open up another channel for instant settlements. “This would also mean that international remittance players like MoneyGram, Western Union and others will get access to UPI for settlements which, as of now, are using IMPS,” said another banker in the know.

As a technical issue, it is also not a huge challenge for existing banks which are on the IMPS network, to onboard UPI since they have a direct integration with NPCI already. “The fund transfer agents were consuming my IMPS/NEFT APIs, but for now I will just have to tweak my back end to open up UPI which will be an additional field for us,” said one of the bankers quoted above.

not sure how you linked it with rupay?

 

[dextermorgan]

oh this is only for inward remmitances. I thought theyre enabling UPI for foreign transactions. rupay is almost useless for foreign transactions in current form

 

[Sushubh]

External transfers are more complicated as you need to have global support for the platform.

 

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[Sushubh]

yes bank seems to have blocked both upi and imps on my mom's account. insane.

 

[Sushubh]

Source

Source

 

[Sushubh]

With P2P transactions in place, UPI players shift focus to merchant space | Business Standard News

 

[Sushubh]

Why NPCI and Facebook need urgent regulatory attention - The Economic Times

 

[Sushubh]

Mathan Pallikkarakaran's answer to How does the revenue sharing happen between Banks for UPI? - Quora

 

[Sushubh]

Monthly UPI transactions cross 200 million mark in June: NPCI data - Livemint

 

[Sushubh]

Govt drops incentives given for UPI transactions - Times of India

 

[Sushubh]

Govt slashes UPI cashback scheme limit to total of Rs 150 per person | Business Standard News

The government has already spent Rs 1 billion in the last three months of the scheme in giving these cashbacks

all this money has been spent from OUR pocket.

 

[Sushubh]

Discontinue Aadhaar-based payments through UPI and IMPS, NPCI tells banks - The Financial Express

As the Supreme Court hears arguments over concerns around the Aadhaar database and the regulatory framework around it, the National Payments Corporation of India (NPCI) has told banks to discontinue Aadhaar-based payments through the Unified Payments Interface (UPI) and Immediate Payment System (IMPS) channels. In a July 17 circular addressed to banks, the payments body said, “Aadhaar number is a sensitive information and the revised framework about its usage in the payment landscape is still evolving.