The Reserve Bank of India and banks are looking to get beneficiaries of the government's direct benefit transfer (DBT) schemes to do their routine transactions on the Unified Payments Interface (UPI) platform, in a bid to make more people transact digitally instead of cash.The National Payments Corporation of India (NPCI), which runs UPI, is also onboarding district cooperative banks and rural cooperative banks onto the platform so that they can offer digital payment services to their customers,...
Happy Wednesday! The country’s central bank wants more rural users to log into Unified Payments Interface (UPI). This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Public-private cloud for chip designs■ Mid-cap IT cos in billion-dollar club■ Indeed lays off 1,000 staffUPI Growth 2.0: Efforts on to crack DBT code 110131177The Reserve Bank of India and the country’s commercial banks are looking at rural India for the next phase of growth in Unified Payments Interface...
One97 Communications Ltd (OCL), which owns and operates Paytm, on Monday said it is now focusing on the Unified Payments Interface (UPI) Lite wallet to move users who prefer wallets for low-value everyday transactions.Paytm UPI Lite acts as an on-device wallet, enabling users to store funds and make payments. It offers fast payments without the need for a personal identification number (PIN).Specifically designed for transactions up to Rs 500 each, it targets small payments such as groceries,...
NEW DELHI, (IANS) – ICICI Bank on May 6 announced that it has enabled NRI customers to use their international mobile number to make UPI payments instantly in India. This will allow the bank’s NRI customers to make payments for their utility bills, and merchant […]
Fintech startup Zeta, which builds technology backend for banks, has launched a new stack to support credit line-based transactions on Unified Payments Interface (UPI).Zeta cofounder Bhavin Turakhia expects credit disbursals on UPI to touch a trillion dollars by 2030, and Zeta wants to process 50% of those transactions, he told ET. The firm will work as a technology service provider (TSP) for financial institutions.The company wants to work with major banks who can offer this service to their...