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Tag: UPI

  • How to Make UPI Payments Using Fingerprint on Amazon Pay

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    • Although there is no notification regarding the daily limit, it is expected to be the standard ₹1 Lakh, with a maximum of 20 transactions.
    • But if you are an Amazon Pay user, you can register on the application to use this feature.
    • Also, if you reset your UPI PIN, the feature will be automatically disabled, and you will have to re-verify to use it.

    UPI is one innovation from India that has been proven to be of extensive utility. Since its inception in 2016, the National Payments Corporation of India (NPCI) has developed it to make it more accessible and safe. They, on October 7th, 2025, announced a mandate directed towards UPI applications, banks, and other stakeholders. Part of this mandate was that all UPI apps should now roll out optional biometric verification for payment authentication. Amazon Pay has rolled out this feature in a new update. Let’s see how you can take advantage of this feature.

    UPI Payments Through Fingerprint

    Biometric verification means that now you can verify your UPI payments through your fingerprint or face ID (for iOS). Apps like Google Pay, PhonePe, and Paytm are still rolling out the update in phases. But if you are an Amazon Pay user, you can register on the application to use this feature. Make sure your Amazon App is updated and follow the simple steps.

    How to Use Fingerprint for Making Payments on Amazon Pay

    1. Open the Amazon app and go to the ‘pay’ section.

      the pay tap in amazon app

      2. Tap on the Account tab at the bottom.

      account section in amazon pay

      3. In ‘Login & Security’, tap on ‘Manage Biometric on UPI’.

      manage biometrics option

      4. A pop-up will open where you can select the bank account you want to register. Tap ‘Enable’.

      enable the option for selected bank account

      5. Tap on the checkbox and then ‘Allow’ to give your consent.

      allow and give your consent

      6. After this, you will have to enter your UPI PIN, which you use for making payments, and then submit your fingerprint. Once this is done, you will be able to make payments through your fingerprint instead of entering the PIN for authentication.

      Things to Keep in Mind While Using Fingerprint Authentication

      • Transaction Limit: The amount that you can send per transaction is capped at ₹5000. For any transaction involving more than that, you would have to enter your default 4 or 6 digit UPI PIN. Although there is no notification regarding the daily limit, it is expected to be the standard ₹1 Lakh, with a maximum of 20 transactions.
      • Inactivity: If you don’t use the biometrics feature for more than 90 days, it will be disabled for security reasons. You will have to enable it again to use the feature.
      • PIN Reset: Also, if you reset your UPI PIN, the feature will be automatically disabled, and you will have to re-verify to use it.
      • Device Compatibility: This feature would work on most devices with an in-built fingerprint sensor. Although NPCI hasn’t set any minimum requirement for Android version, UPI apps require at least Android 10 or higher to offer advanced biometric features. For iOS devices, Face ID is utilised to offer a similar PIN-less payment experience.

      FAQs

      Q. Can Android users also use the face verification feature for payments?

      Most Android phones use 2D face scanning, which isn’t considered secure enough like the Face ID in iPhones. This is the reason why UPI apps don’t allow using face verification for payment authentication.

      Q. Are there any other apps supporting this feature?

      Yes, apart from Amazon Pay, apps such as Navi and Samsung Wallet are also providing this feature. Other apps like Google Pay, PhonePe, and Paytm are expected to roll out this update soon in all compatible devices

      Wrapping Up

      The feature could prove to be a welcome update. It would allow for a secure and fast payment experience. Moreover, it would prevent cases of PIN theft. It is also expected to benefit senior citizens or people using digital payment for the first time, who might find PIN-based authentication systems challenging.

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    Mitash Arora

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  • How to use Fingerprint and Face ID for UPI Payments

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    • This will serve as an excellent safety layer in the initial days, where we can monitor the usage of fingerprints to approve payments, which is a first-of-its-kind concept in the country.
    • Under the new NPCI and RBI guidelines, you will soon be able to use your phone’s fingerprint scanner or face ID to complete any UPI payments.
    • Since this is a major change in the way Indians use UPI, the NPCI has imposed a maximum limit of Rs 5000 per transaction.

    The National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) have finally introduced support for biometric authentication of UPI payments. You will soon be able to complete all UPI transactions by using your phone’s fingerprint or face ID, instead of entering the UPI PIN each time. However, there are certain restrictions on the maximum amount for biometric payments. Let’s understand the new rules for biometric UPI authentication and how you can benefit from them.

    Aadhaar Authentication for UPI PIN Reset

    Until now, if you had to register for UPI or reset your UPI PIN, it would require your debit card details or your Aadhaar OTP. You can now do the same by using your facial data to make the process easier. This can be done on both Android and iOS devices using the Aadhaar FaceRD application.

    Here’s how it works:

    1. To reset PIN or register for UPI, open the UPI app of your choice.

    2. For authentication, select the Aadhaar facial registration option (The setting name may vary by UPI app).

    3. You will be redirected to the Aadhaar FaceRD app or portal, where you can authenticate yourself using your face data. The process uses your phone’s front camera.

    4. Once you complete the verification, you can set your new UPI PIN.

    Use Fingerprint or Face ID for UPI Payments

    Under the new NPCI and RBI guidelines, you will soon be able to use your phone’s fingerprint scanner or face ID to complete any UPI payments. However, there are certain points to remember to use this feature:

    • UPI apps need to get proper consent from the user to register for biometric authentication of UPI payments.
    • The maximum transaction limit is Rs 5000 for payments completed using fingerprint or face ID.
    • If the user does not use the biometric method for payments for a period of 90 days, the feature will be disabled automatically.
    • This is completely optional, and you can continue to use your regular UPI PIN.
    • Biometric authentication will not work on unlocked, rooted, or devices with modified software.

    Note: The feature of using fingerprint and face ID to make UPI payments is currently under development. At the moment, this is just an announcement by the NPCI and the RBI. It will soon be rolled out to apps like Google Pay, PhonePe, Paytm, and others, but an exact release date has not been revealed yet.

    Is it safe to use fingerprint for UPI payments?

    The NPCI and RBI have carefully studied the concept of using fingerprint and face ID for biometric authentication of UPI payments. Both entities have ruled it as a safe and convenient method to approve transactions. Modern smartphones are equipped with strong encryption protocols for fingerprint, which makes them secure.

    When we think from a broader perspective, the smartphone industry embraced using fingerprint and face ID to unlock the phone over a decade ago. Earlier, phones were also restricted to a PIN-based locking system. If biometric methods are safe enough to keep your phone locked from intruders and unauthorized access, it can be trusted to approve payments as well.

    Since this is a major change in the way Indians use UPI, the NPCI has imposed a maximum limit of Rs 5000 per transaction. The NPCI also mentions that this limit will be reviewed later. This will serve as an excellent safety layer in the initial days, where we can monitor the usage of fingerprints to approve payments, which is a first-of-its-kind concept in the country.

    FAQs

    Q. Where is the fingerprint option for UPI payments in Google Pay?

    The fingerprint authentication method for UPI payments is currently under development and not available in any UPI app. It will be rolled out in Google Pay, PhonePe, and Paytm by the end of this year.

    Q. Can I use face unlock to make UPI payments on Android?

    Yes, you will be able to use face unlock to approve UPI payments on Android devices.

    Q. How many fingerprints can be registered to make UPI payments?

    You can use up to 10 fingerprints to make UPI payments. This limit depends on the number of fingerprints supported by your phone to unlock the lockscreen. Any fingerprint that is registered on the phone can be used to make UPI payments, so one should stay careful.

    Wrapping Up

    The introduction of biometric methods for UPI payments will make the process more seamless and convenient, compared to entering the UPI PIN each time. The overall UPI system remains unchanged, as this authentication happens on a device level. All UPI apps are expected to roll out this feature over the next few weeks.

    You may also like to read:

    Have any questions related to our how-to guides, or anything in the world of technology? Check out our new GadgetsToUse AI Chatbot for free, powered by ChatGPT.

    You can also follow us for instant tech news at Google News or for tips and tricks, smartphones & gadgets reviews, join the GadgetsToUse Telegram Group, or subscribe to the GadgetsToUse Youtube Channel for the latest review videos.

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    Chinmay Dhumal

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  • Swipe right: India’s love affair with digital payments

    Swipe right: India’s love affair with digital payments

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    Nearly 90 per cent of Indian consumers with internet access prefer digital payment options for online purchases, according to a report by Amazon Pay India and Kearney India. And this is true of small-town India as well.

    About 65 per cent of transactions by consumers in small-town India are now digital, while in larger cities this ratio was around 75 per cent, the report titled ‘How Urban India Pays’ noted.

    The survey spanned 120 cities, 6,000 consumers and over 1,000 merchants across India, and was conducted in the first quarter of 2024, at a time when regulatory action against some fintechs was at its peak.

    Nearly 5 per cent of the respondents preferred digital payments even for offline transactions. More than 85 per cent indicated a strong preference for digital payments for discretionary spending, such as for electronics, clothes and footwear.

    Affluent consumers lead the way with the highest degrees of digital payment usage [DDPU], tending to use various modes of digital payment for 80 per cent of their transactions. Meanwhile, consumers in the aspiring segment use digital payments for 67 per cent of transactions.

    Age, gender no bar

    Millennials and Gen X lead digital payments adoption, but the boomers are embracing digital wallets and cards at higher rates. Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity.

    While UPI reigns supreme with 53 per cent of consumers preferring it for online purchases, digital wallets and cards (credit, debit, and prepaid) are preferred by 30 per cent of consumers. Cash is still predominant in offline purchases, with 25 per cent of consumers preferring UPI and 20 per cent preferring digital wallets and cards. Co-branded credit cards, like the Amazon Pay ICICI credit card, are gaining momentum; 46 per cent of survey respondents reported owning at least one co-branded card, driven by their attractive rewards structure.

    Emerging modes like BNPL gain visibility as convenience, rewards propel India’s digital payment transformation, with 87 per cent awareness of the credit-based offering among respondents

    Ahmedabad, Pune, Indore, Jaipur, Lucknow, Patna, Bhopal and Bhubaneswar — despite their relatively lower retail potential compared to the top metros — demonstrate a digital payment adoption comparable to that of larger metros.

    Merchants drive change

    The study points out that 46 per cent of transactions for street vendors (paan shops, fruit and flower sellers, food stalls and kirana stores) are now digital. Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants surveyed.

    Across merchant types, the top reasons for preferring digital payments are convenience, trust, safety, and the ability to track transactions. About 63 per cent of the merchants admitted to accepting digital payments for transactions under ₹1,000 to prevent customers from going to competitors that accept digital payments.

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  • UPI transactions moderate from March peak to ₹19.6-lakh crore

    UPI transactions moderate from March peak to ₹19.6-lakh crore

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    Mumbai The Unified Payments Interface (UPI) saw both the number and value of transactions moderating by about 1 per cent on month from the record high seen in March 2024.

    Transactions worth ₹19.64 lakh crore were processed during April 2024, 0.7 per cent lower than the record of ₹19.78-lakh crore seen in the previous month. The value of transactions was 40 per cent higher compared with April 2023, as per data by the National Payments Corporation of India (NPCI).

    The end of a financial year traditionally sees a lot of transactions closer to the ₹1 lakh limit as a lot of merchants, business owners and individuals square off transactions leading to higher value and volume of transactions.

    The number of transactions on the UPI network fell 1.0 per cent to 1,330 crore during the month from the March peak level of 1,344 crore transactions. On year, the volume of transactions was 50 per cent higher. On-year growth in UPI transactions consistently remained over 40 per cent for the value of transactions, and above 50 per cent for volume of UPI trades in 2023 and FY24.

    “UPI volumes and value continue to grow on a year-on-year basis, reflecting the continued focus on digital adoption across the country and the customer convenience that UPI offers. The month-on-month reduction is not a comparable factor given that march is usually the month with higher volumes during the year,” said Vivek Iyer, Partner, Grant Thornton Bharat.

    In FY24, the UPI platform processed 13,115 transactions aggregating to ₹199.29-lakh crore compared with 8,376 crore transactions worth ₹139-lakh crore in FY23. In terms of the total transactions processed during the year, the volume of transactions was up 56.6 per cent whereas value of transactions was 43.4 per cent higher.

    UPI transactions are expected to breach 100 crore transactions per day by FY27, as per a report by PwC India, which projects UPI to dominate the retail digital payments landscape, accounting for 90 per cent of total transaction volumes over the next five years.

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  • As RuPay on UPI faces some roadblocks, NPCI explores corrective options

    As RuPay on UPI faces some roadblocks, NPCI explores corrective options

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    The National Payments Corporation of India (NPCI) is exploring ways to encourage payments made via RuPay credit cards linked to UPI (Unified Payments Interface), a medium that has been facing some roadblocks due to slower-than-expected adoption.

    The government introduced UPI payments via RuPay credit cards in September last year. While allowing the linkage of RuPay credit cards on UPI has increased the acceptance infrastructure for such cards multi-fold, the biggest drawback is the inability of merchants and banks to differentiate between card on UPI and regular UPI transactions being made via QR codes.

    “It was launched in a hurry and it is still a problem because when you go to a small merchant and pay by credit card, they are used to zero MDR. But if a credit card is used they get less money,” a senior payments industry official told businessline.

    “Even in the case of bigger merchants, banks have tie-ups for fixed retailer rates but these have gone up because of RuPay and UPI. While these merchants have higher margins, they are also now questioning banks,” they added.

    Even as UPI transactions continue to be free, UPI transactions made via linked credit cards attract the same interchange and merchant discount rate (MDR) as any other credit card transaction.

    Some sections of the industry also believe that the effective MDR on card UPI transactions is higher than card PoS (point-of-sale) transactions due to the additional layer of intermediaries such as PineLabs which absorb part of the cost for pure card transactions.

    UPI vs card on UPI

    The lack of prior classification between the transaction type has led several merchants, especially large offline merchants, to accept such UPI payments without realising the extra charge they attract. As a result, certain payment gateways and banks, at the behest of the merchants, stopped accepting payments via RuPay on UPI.

    In response, the NPCI has now gone live with a mechanism, which once integrated by payment gateways and intermediaries, will allow merchants and banks to identify and classify the two types of transactions and accordingly assess the charge.

    “NPCI has built the system, it is already live. It includes a return parameter, so if it is a credit card on UPI transaction, it alerts the system that it needs to be treated as a credit card transaction and not UPI,” a source said adding that the update is received both at the merchant and bank end.

    NPCI introduced this on an ad hoc basis and the functionality has been live for the past month or so and should be adopted by most payment intermediaries over the next 15-20 days, sources said.

    “It was done as an afterthought, so this has left a little sour note. We lost some money which we could have avoided if we had been able to inform the merchants in advance,” said the head of a payments platform that had to pay additional money to banks once credit card on UPI was introduced. He added that it would’ve been smoother if the NPCI had tested the ecosystem before introducing the feature rather than correcting it after launch.

    However, fearing lower adoption of or merchant discrimination against RuPay UPI transactions, and to encourage increased adoption, the NPCI is also exploring a fee income-based incentive model where payment gateways may compensate merchants for the higher charges on such transactions compared with the zero charge on regular UPI transactions, a source said.

    NPCI has been pushing the issuance and adoption of cards on the RuPay network to reduce the reliance on foreign players such as Visa and Mastercard, and for easy linkages with other products in NPCI’s suite including UPI.

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  • Cashfree Payments partners with NPCI to launch customer onboarding feature

    Cashfree Payments partners with NPCI to launch customer onboarding feature

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    Fintech company Cashfree Payments has launched ‘AutoPay on QR’ in collaboration with the National Payments Corporation of India (NPCI).

    The feature helps in the customer onboarding process through a two-step workflow of scanning the QR code and approving an e-mandate via UPI apps within 30 seconds.

    The company said that ‘AutoPay on QR’ eliminates the necessity to download an app or register on the website and directly activates a unique subscription for each customer.

    Cashfree Payments’ AutoPay on QR would enable subscription-based businesses to enhance customer acquisition, support retention, and facilitate rapid growth, said the company statement.

    “This will help the merchants convert their users into lifetime customers by making it easier for users to pay. Our commitment remains centered on addressing the needs of businesses, driving the development of innovative and efficient solutions that enhance their operational effectiveness, and fostering rapid growth,” said Akash Sinha, CEO and co-founder, Cashfree Payments.

    The company said that it enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards.

    Apart from India, its products are used in eight other countries, including the USA, Canada, and the UAE.

    Backed by Y Combinator, Apis Partners, the State Bank of India (SBI), and incubated by PayPal, Cashfree Payments has raised a total of $42 million in funding over five rounds.

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  • 56% of new internet users to be from rural India by 2025: report

    56% of new internet users to be from rural India by 2025: report

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    Around 56 per cent of total new internet users will be from rural India by 2025, according to a report by TransUnion CIBIL, which said that currently 36 per cent of digital payment users hail from rural parts of the country.

    The growing adoption is being driven by the fact that 52 per cent of the country’s population is under 40 years of age, higher than the global average of 46 per cent. Further, of the 6.7 crore IT returns filed in FY23, over 2 crore were filed by Gen Z, the report said, adding that individual EPFO accounts too have seen two-fold growth over the last 10 years.

    This “financially influential young workforce,” combined with a robust digital infrastructure and boost in the digital economy, is expected to accelerate India’s digital journey, it said.

    The report, prepared with insights from the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC), focuses on the transformative effects of the digitalisation of credit and payments on evolving consumer behaviours.

    Digital infra

    India has emerged as the global leader in the creation and adoption of digital infrastructure and the third-largest in terms of its fintech ecosystem.

    The country is at the top spot in terms of a unique identity programme, with 130 crore people enrolled under Aadhaar, and in terms of volumes of digital transactions, with 7,400 UPI transactions being undertaken in 2022.

    The country also saw 2,800 crore app downloads during 2022, accounting for 5 per cent of global app downloads — the second highest in the world. It also has 120 crore wireless phone subscribers, of whom 45 per cent are in rural geographies, 76 crore active internet users, of whom 53 per cent are in rural areas.

    Online shopping

    Over one-third of Indians own a smartphone, the number of which stands at over 67 crore. Of these, 53 crore were net-commerce users, and 26 crore shopped online in 2022, the report said.

    It added that growth is also seen as being led by the rising scale of digital finance, more and more use cases for digital finance, and accelerated financial inclusion.

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  • SBI Card enables RuPay credit cards on UPI

    SBI Card enables RuPay credit cards on UPI

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    SBI Card, the country’s largest pure-play credit card issuer, and the National Payments Corporation of India (NPCI) have announced the linking of SBI credit cards on the RuPay platform with the Unified Payments Interface (UPI). Starting Thursday, SBI Card customers will be able to make UPI transactions through their credit cards issued on RuPay.

    The functionality can be availed through registering the credit card with third-party UPI apps. This will further enhance the avenues for customers using SBI Card on the RuPay platform at UPI merchants, thus facilitating an enhanced, convenient, and seamless payments experience.

    Cardholders can enrol their active primary cards on UPI and make payments to merchants (P2M transactions) using their credit cards. This facility is free for customers.

    To ensure successful credit card linking with UPI, it is important to note that the cardholder’s mobile number registered with SBI Card should also be linked with UPI.

    As of June 2023, SBI Card had a cards-in-force (CIF) base of 1.73 crore, up 21 percent year-on-year as of June 2022.

    Commenting on the move, Rama Mohan Rao Amara, MD and CEO, SBI Card, said, “With this functionality, SBI Card customers will be able to use their SBI Card-issued RuPay credit cards on the UPI platform. Today, UPI has become a massive digital platform, enabling millions of transactions every day”.

    Flexibility

    This should give SBI Card customers greater flexibility and mobility along with hassle-free usage, he added. With this, the industry is going to witness a significant increase in credit card usage, Amara noted.

    Dilip Asbe, MD & CEO, NPCI, said, “The addition of SBI RuPayCredit Cards on UPI rails is a big milestone in the growth trajectory of digital payments in India. This partnership will enable seamless UPI payments for SBI RuPay credit cardholders, providing them with a digitally enabled credit card lifecycle experience”.

    With the rising demand for credit cards in the country, it becomes imperative to continuously build innovative payment solutions, such as linking RuPay Credit Cards with UPI, that are convenient, swift, and secure, Asbe added.

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  • SBI launches upgraded version of YONO app

    SBI launches upgraded version of YONO app

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    State Bank of India (SBI) has launched its upgraded digital banking application, ‘YONO for Every Indian’, and Interoperable Cardless Cash Withdrawal (ICCW) facilities.

    With YONO’s new avatar, now customers will have access to UPI features like scan and pay, pay by contacts, request money, among others, according to a statement by India’s largest bank.

    SBI said YONO has over 6 crore registered users. In FY23, 64 per cent or 78.60 lakh savings accounts were acquired digitally through YONO.

    Interoperable Cardless Cash Withdrawal

    With the rollout of the Interoperable Cardless Cash Withdrawal facility, customers of SBI, as well as other banks, can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the ‘UPI QR Cash’ functionality.

    “The transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen. Users can conveniently withdraw cash by employing the scan and pay feature available on their UPI application,” as per the statement.

    By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimises the risks associated with shoulder surfing or card cloning.

    Dinesh Kumar Khara, Chairman, State Bank of India, said, “The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience. This will further fulfill our goal of making the ‘YONO for Every Indian’ mission a reality.”

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  • 25% of new credit card issues happen on RuPay network: NPCI Rai

    25% of new credit card issues happen on RuPay network: NPCI Rai

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    About 25 per cent of all new credit card issuances are happening on the RuPay network, according to Praveena Rai, COO, NPCI (National Payments Corporation of India).

    “Cards in force are growing fast, driven by the innovative product suite. Volume growth is multiplying; it’s more than doubling,” Rai said on the sidelines of the launch of the SBI Paytm credit card on the RuPay network.

    Even though 52 per cent of customers on the UPI network are credit active, only 3–10 per cent use credit cards. The NPCI said that of the over 30 crore UPI users, 2.5–3.0 crore are credit card holders.

    Huge opportunity

    This provides NPCI with a huge opportunity to grow its credit card portfolio and market share now that the RuPay network has been integrated with UPI, Rai said, adding “there are a number of programmes already launched on RuPay and there are many in the pipeline,” including more tie-ups for co-branded cards.

    NPCI’s RuPay has a 35 per cent market share in the debit card market in terms of volume, 30 per cent in terms of the value of card spends, and 69 per cent in terms of cards in force. The thrust on credit cards began about 3–4 years ago with a focus on technology and innovation, local market requirements, product differentiation, and building brand value.

    “We told ourselves that unless we are building the stature of RuPay on the credit side, we can’t lay claim to the fact that RuPay is India’s indigenous card network, and for that, we really changed gears on credit,” Rai said at the event.

    The credit card portfolio has seen a spike since the linking of the RuPay network to UPI, she said, adding that this card will “emerge as a keystone credit solution” as it offers the convenience of acceptance of credit cards across all UPI points with card benefits such as rewards and cashbacks.

    “What NPCI has done phenomenally well with UPI and QR is incredible. RuPay credit card riding is the game changer here,” said Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI.

    The SBI Paytm card, originally launched in November 2020, will be issued instantaneously and will not require tokenisation at merchant touch points as the UPI ID will become the de facto token.

    Under the RuPay launch, it will offer benefits up to ₹75,000 with a complimentary Paytm First and OTT platform membership, flight ticket discounts, rewards, savings, and cash backs.

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  • India, Singapore link systems for real-time money transfers

    India, Singapore link systems for real-time money transfers

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    India and Singapore linked their systems that enable real-time money transfers between the two nations, as countries in the region seek to bring down barriers to the quick movement of funds.  

    Reserve Bank of India’s Governor Shaktikanta Das initiated the first transaction with his counterpart Managing Director Ravi Menon, according to a statement Tuesday by the Monetary Authority of Singapore.

    The India-Singapore payment connection is part of the trend in Asia where instantaneous, cross-border fund transfers via mobile phones are happening, bypassing bank branches and doing away with high transfer fees. Singapore rolled out a similar connection with Thailand in 2021, and said it’s working with Malaysia for such project.

    Also read: EbixCash becomes first entity to enable UPI for foreign nationals

    Singapore is among the top countries sending remittances to India, after the US, United Arab Emirates, and the UK, according to RBI. The Southeast Asian city-state accounted for almost 6 per cent of India’s total inward flows of $89 billion from individuals in the fiscal year ended March 2022.

    Fund transfer

    DBS Group Holdings Ltd. is the first participating bank from Singapore in this tie-up. Apart from DBS, non-bank financial institution, Liquid Group, will also offer the cross-border fund transfers.

    The banks in India participating in this linkage are Axis Bank Ltd., DBS India, ICICI Bank Ltd., Indian Bank, Indian Overseas Bank and State Bank of India, the MAS statement said. 

    For a start, selected customers of Singapore’s largest bank will be able to use the so-called PayNow-UPI linkage to transfer funds of as much as S$200 ($150) per transaction, capped at S$500 a day, according to a DBS statement. The service will be extended to all customers by March 31, and they will be able to transfer funds of as much as S$1,000 a day. 

    Also read: BL Explainer-UPI for NRIs: Here’s how it works

    Among banks in the city-state, DBS has been the most aggressive in expanding in India. It bailed out a struggling local lender more than two years ago, and has been looking to invest more in its India unit to accelerate growth. 

     

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  • ‘Biggest failure in India’: Bharat Pe’s co-founder Ashneer Grover on WhatsApp Pay

    ‘Biggest failure in India’: Bharat Pe’s co-founder Ashneer Grover on WhatsApp Pay

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    Ashneer Grover, former Managing Director and co-founder of Bharat Pe and Shark Tank season 1 judge, on Wednesday, slammed WhatsApp Pay as India’s biggest failure as a tech product.

    WhatsApp is widely used as a messaging app in the country and offers convenience for users to send money on the platform by using UPI. Grover called the app’s payment as easy as sending images, however, failed to capture the mass users.

    Grover, in a tweet, said, “WhatsApp Pay has to be the biggest failure in India as a tech product. Everyone has @WhatsApp on their phone – sending money on WA using UPI is as easy as sending pic.”

    Grover further added that the Meta-owned platform should have beaten other UPI-enabled Payment apps like Paytm, PhonePe and GooglePay. He said, “It should have beaten @Paytm @PhonePe @GooglePay. Country managers can’t win you markets – good riddance now !”

    Grover, in another tweet, shared a screenshot of WhatsApp’s advertisement in a thread of tweets and criticised the organisation’s managers for publishing useless ads. He said that the company should have invested in improving the payment services instead of posting the ad about its safety features.

    His post reads, “Yeh ad hi dekh lo – iska kya acahar daalega koi customer – itni ad WhatsApp Pay ki kar lete instead. Public policy uncle aur vakil babu dhanda chalayenge to aisa hi hoga.” [If lawyers and public policy uncle run WhatsApp’s Business, this is unavoidable.]

    However, several Twitter users didn’t support Grover narrative and said that it’s not WhatsApp’s primary business model and hence, it didn’t focus primarily on the UPI payment business.

    One Twitter user wrote, “They came late and haven’t done anything new. Not only WhatsApp Pay, even Amazon UPI Pay is also failure. The reason for this is that Payment & Finance is not their primary business.”

    Another user replied, “Not their focus area for business model. Simple. They are already generating revenue from WhatsApp business.”

    Many Twitter users also began questioning Grover’s own Bharat Pe app and asked why it has been beaten by WhatsApp Pay. Grover replied that Bharat Pe doesn’t do consumer payments – it’s a merchant service.

    Grover has previously been associated with unicorns such as Bharat Pe and Grofers in leadership roles. He was also among the popular sharks on Shark Tank India but is not featured in the next season. Amit Jain, CEO and co-founder of CarDekho, replaced him.

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