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August 5, 2024
On the web
RBI Mandates Dynamically Generated Authentication for Digital Payments
Biometric Update
"The Reserve Bank of India (RBI) has mandated the implementation of an additional factor of authentication. These factors must be dynamically generated, meaning they are created after the payment initiation and must not be specific to the transaction or reusable."
On the wires
Google, Amazon, Walmart Seek to Join Indian Cenbank’s Digital Currency Project, Sources Say
Reuters
"GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking to join the Indian central bank's digital currency pilot by offering transactions via the e-rupee, three sources directly involved in the discussions said."
August 1, 2024
On the web
UPI, IMPS, Retail Payments Of These Banks Temporarily Disabled Due To Ransomware Attack
Outlook Business & Money
"In a significant disruption to the financial ecosystem, around 300 small-sized lenders, including cooperatives and regional rural banks, have been unable to provide payment services due to a ransomware attack on their technology service provider, -Edge Technologies."
July 31, 2024
On the web
Reserve Bank of India Tightens Noose on Digital Payments: New Rules for Non-Bank Payment System Operators
The Cyber Express
"Reserve Bank of India has issued directions to bolster cybersecurity and resilience of the digital payment ecosystem in India and apply to authorized non-bank Payment System Operators and their associated unregulated entities, including payment gateways, third-party service providers, and vendors."
RBI Grants Cross-border Payment License to Fintech firms BillDesk, Amazon Pay, and Adyen
Outlook Business & Money
"BillDesk received its cross-border license for both exports and imports on July 29, while Amazon Pay India and Adyen received the license for imports only."
July 30, 2024
On the wires
Bybit Introduces Digital Rupee (eRupee) as the New and Secure INR Payment Method
PR News Wire
"Bybit, the world's second-largest crypto exchange by trading volume, is excited to launch the Digital Rupee (eRupee) as a new payment method for its INR users."
July 22, 2024
On the web
“UPI One World” Wallet Service Extends to All* Inbound International Travellers
NPCI
"National Payments Corporation of India announced the rollout of ‘UPI One World’ wallet for inbound travelers visiting India designed to provide international visitors with a seamless, real-time digital payment experience, making it easier to explore India’s cultural wonders."
July 12, 2024
On the web
What Are RBI’s New Rules for Credit Card Bill Payments via Bharat Bill Payment System?
MSN
"RBI mandates new credit card bill payment system: Starting July 1, the Reserve Bank of India (RBI) has mandated that all banks process credit card bill payments through the Bharat Bill Payment System (BBPS)."
July 8, 2024
On the web
India Digital Currency Transactions Slump After Reaching Initial Central Bank Target, Sources Say
Reuters
"Usage of India's digital currency, the e-rupee, has slumped to just a tenth of the peak hit in December, four sources said, reflecting the struggles several countries have experienced in trying to generate public support for digital currencies."
NPCI International Partners With Network International to Enable UPI QR Payment Acceptance Across Its Merchants in the UAE
NPCI
"NPCI International Payments Limited in partnership with NetworkInternational has enabled the acceptance of QR code-based Unified Payments Interface (UPI) payments via Network’s point-of-sale (POS) terminals in the UAE."
June 11, 2024
On the web
RBI to Set Up Digital Payments Intelligence Platform to Combat Frauds
DQ India
"The Reserve Bank of India (RBI) is set to establish a Digital Payments Intelligence Platform to combat digital payment fraud."
June 7, 2024
On the web
RBI is Working on Expanding UPI to 20 countries by 2028-29: RBI Annual Report
ETBFSI
"The Reserve Bank of India (RBI) along with NPCI international payments ltd (NIPL) will work towards taking UPI to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and RuPay."
June 6, 2024
On the web
RBI Sets up Panel to Track Online Payment Frauds; AP Hota to Head Committee
The Economic Times
"Along with Hota, representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank have been made members of the committee. The platform will establish operational guidelines for the proposed processes, determining the extent of data to be provided by reporting entities such as banks and fintechs."
June 5, 2024
On the web
NPCI International & Central Reserve Bank of Peru to Develop UPI-Like Real-Time Payments System
IBS Intelligence
"NPCI International Payments Limited and the Central Reserve Bank of Peru have partnered to enable the deployment of a UPI-like real-time payments system in Peru."
May 28, 2024
On the web
RuPay Launches Exclusive On-The-Go Contactless Payment Collectible for 2024 TATA IPL Playoffs & Final
NPCI
"RuPay announced a special collaboration with TATA IPL, unveiling an exclusive wristband designed for a select few attendees of the 2024 playoffs and final."
May 24, 2024
On the web
Nepal to Roll Out QR Code System in India by Mid-July
Kathmandu Post
"Nepal’s central bank is all set to launch the quick response (QR) code for Nepali nationals to make payments in India by the end of the current fiscal year, or July 15."
May 9, 2024
On the wires
India to Again Delay Caps on UPI Payments Market Share
Reuters
"India will again delay caps on market share for a popular digital payments method, two sources told Reuters, benefiting Google Pay and Walmart-backed PhonePe as the authorities prioritise growth over concerns about market concentration."
May 7, 2024
On the web
NPCI Bharat BillPay Onboards Disney+ Hotstar as a New Biller Under Subscription Category
NPCI
"NPCI Bharat BillPay Ltd., a subsidiary of National Payments Corporation of India, has onboarded Disney+ Hotstar as a biller on its Bharat Bill Payment System platform under the ‘subscription’ category."
May 6, 2024
On the web
Ghana and India Working To Link UPI and GHIPSS Payment Systems For Fund Transfers
Tech Labari
"India and Ghana have been in talks to link their payment systems – Unified Payments Interface (UPI) and Ghana Interbank Payment and Settlement Systems (GHIPSS) respectively to permit users to make instant, low-cost fund transfers."
May 2, 2024
On the web
India Introducing More Stringent KYC Rules for Financial Industry
Biometric Update
"India’s financial sector is beefing up its Know Your Customer (KYC) protocols under pressure from regulators. Financial institutions aim to add more verification layers for identifying accounts and account holders."
NPCI International Partners with Bank of Namibia for Deploying India’s UPI Stack in Namibia
NPCI
"NPCI International Payments Limited, the international arm of the National Payments Corporation of India (NPCI), has signed an agreement with the Bank of Namibia to support them in developing an instant payment system like UnifiedPayment Interface for Namibia."
April 25, 2024
On the web
Hitachi Payment Services Launches India's First Upgradable ATM
Hitachi Payment Services
"Hitachi Payment Services, India’s leading payments and commerce solutions provider announced the launch of the country’s first Upgradable ATM. The Upgradable ATM can be transformed into a high-performance Cash Recycling Machine (CRM) at any time."
April 24, 2024
On the wires
Launching Dynamic QR Code Device: Revolutionizing Digital Payments in India
PR Newswire
"Digital payments in India is undergoing a big shift, with the Unified Payments Interface (UPI) emerging as the preferred mode of transaction...Capitalizing on this momentum, SuperUs, an Indian tech OEM, has unveiled its latest innovation - the Dynamic QR Code device."
PayU Receives RBI's In-Principle Approval to Operate as a Payment Aggregator
PR Newswire
"PayU, one of India's leading digital financial services providers, announced that it has received the in-principle authorisation from the Reserve Bank of India (RBI) with regard to its online payments aggregation business."
April 22, 2024
On the web
Amazon Pay Redefines Convenience With Ayushmann Khurrana [Videos]
ETBrandEquity
"Amazon Pay's 'Pay Karne Ka Smarter Way' campaign takes a customer-centric approach by prioritizing education and empowerment."
April 17, 2024
On the web
India Scrambles to Curb PhonePe and Google’s Dominance in Mobile Payments
TechCrunch
"The National Payments Corporation of India (NPCI) is going to meet fintech startups this month to develop a strategy to address the dominance of PhonePe and Google Pay in the UPI ecosystem, sources told TechCrunch...These meetings are to address the dominance of Google Pay and PhonePe, accounting for nearly 86% of UPI transactions by volume (that’s up from 82.5% at the end of December)."
April 12, 2024
On the web
RBI’s Decision on 3rd-Party UPI Apps to Democratise Wallet Market
The News Minute
"Industry experts welcomed the move by the Reserve Bank of India (RBI) to permit the use of third-party UPI apps for making digital payments from prepaid payment instruments (PPI) wallets."
April 9, 2024
On the wires
UPI: New Payment Method for India from Centrobill
PR Newswire
"Centrobill announces the integration of the Unified Payments Interface (UPI) for the Indian market...Centrobill's adoption of UPI signifies its commitment to providing state-of-the-art payment technologies that streamline transactions for businesses and their customers alike."
April 5, 2024
On the web
RBI To Enable Users To Deposit Cash At ATMs Using UPI; Here’s How
MSN
"During the RBI’s Monetary Policy meeting, Reserve Bank Of India Governor Shaktikanta Das announced that users can now deposit cash via UPI facility at bank ATMs."
April 4, 2024
On the web
New RuPay Credit Card Features: EMI, Limit Management Among Other Key Latest Additions Announced By NPCI
MSN
"The National Payments Corporation of India (NPCI) has introduced a set of new features for RuPay Credit Cards on the Unified Payments Interface (UPI) platform, aimed at enhancing user experience and expanding the utility of credit accounts."
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