India and Nepal have launched a peer-to-peer (P2P) cross-border remittance mechanism, enabling seamless, real-time digital money transfers between the two countries through the integration of India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI).
Despite dominating transaction volumes, UPI contributed only 9.5% of the total transaction value, highlighting its role in facilitating low-value retail payments across the country.
The Unified Payments Interface (UPI) transaction value dipped 1.7 per cent in April to Rs 29.03 trillion, down from Rs 29.53 trillion the previous month.
"We should work towards an AI ecosystem which is transparent, impartial and secure," PM Modi stated while interacting with CEOs and experts working in the field of AI, at his residence at Lok Kalyan Marg here.
India and the European Central Bank have entere d the “realisation phase” of linking the Unified Payments Interface (UPI) with Europe’s TARGET Instant Payment Settlement (TIPS) system, in a rare moment where regulators are making life meaningfully easier for consumers.
The National Payments Corporation of India (NPCI) on Tuesday removed the unified payments interface (UPI) user onboarding limit for WhatsApp Pay with immediate effect.
The businesspersons have alleged that if any fraudster buys garments from their shops and makes payment into their bank account online or through UPI by the money duped through the fraud, the police and investigating agencies freeze the entire account of the shopkeeper.
Unified Payments Interface (UPI) transactions at retail stores have witnessed a spike of 33%, underscoring the growing adoption of digital payments beyond Tier II regions in the country, a recent report has said.
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.
