We, however, have a request. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Immediate Payment Service (IMPS) has also touched an all-time high in terms of transactions and their value. Credit cards are still holding up in the higher value segment where the transaction payment value is higher. ... we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), recorded over two billion transactions in October, a milestone that highlights the faster adoption of digital payments in a post-Covid-19 world. According to experts, the Covid-19 pandemic has done more to digitise payments in India than what demonetisation achieved, and the digital future is here to stay. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. I stream whenever I can, and It would mean the world to me if you guys hit the follow button!
The app has some interesting features like smart statement and payment reminders.
Also, we are seeing transactions moving from the card segment to UPI and other digital payment platforms. UPI has rebounded sharply from its fall in April, when it recorded 0.99 billion transactions as the pandemic-induced lockdown forced people to cut spending. Copyrights © 2020 Business Standard Private Ltd. All rights reserved. Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. CRED - an app to make payment for credit card is reliable and easy to use. Unified Payment Interface (UPI), the flagship payments platform of National Payments Corporation of India (NPCI), crossed 1 billion transactions in the first 15 days of October, data from the Reserve Bank of India (RBI) shows. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Digital Editor. We, however, have a request.
Last Updated at September 1, 2020 22:00 IST, BS READS: How Kerala shot itself in foot in battle with Adani for Trivandrum airport, Bihar's liquor crackdown has hit the state's poorest offenders worst, Foreign investors return to Indian sovereign bonds, shun corporates, Factory data lifts stocks, dollar gains on US presidential election jitters, Recovery tracker: Power puts a bright spot on otherwise lacklustre revival, Govt may allow EPFO to invest in cash-starved infra sector through AIFs, Indian companies prefer commercial paper route to raise cash, shun banks, Nations giving subsidies for unsustainable fishing must end support: India, India's manufacturing PMI rises to decade high amid Covid-19 pandemic, Despite RERA, home buyers can still seek remedies at consumer fora: SC, Digital payments see good growth in Jul; UPI transactions up 11% to 1.49 bn, National Payments Corp to take UPI, Rupay global through new subsidiary, Customers, merchants can use UPI Autopay facility for recurring payments, India to contribute 2.2% of world's digital payment market by 2023: Report, Digital payments rebound in June after blip in April transactions, Refund charges taken since Jan 1 on UPI, RuPay payments: Tax dept to banks, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email). In the offline segment what we are seeing is, people are shunning cash and adopting UPI. Although UPI has grown very fast in terms of numbers, the transaction per value of UPI is still very low. In August, UPI volumes touched 1.61 billion transactions worth Rs 2.98 trillion, compared to 1.49 billion transactions in July worth Rs 2.9 trillion, data released by NPCI revealed. Immediate Payment Service (IMPS) clocked a transaction count of 246.12 million in August worth Rs 2.35 trillion, compared to 222.21 million transaction worth Rs 2.25 trillion.
Business Standard is happy to inform you of the launch of "Business Standard Premium Services". As we battle the economic impact of the pandemic, we need your support … Business Standard is happy to inform you of the launch of "Business Standard Premium Services". Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. It is this credibility and trust that keeps us stitched with our worthy readers. 58 crore. There is a rapid adoption of digital payments in offline mode as consumers are increasingly switching to pay via digital payment methods in grocery shops and other places where cash ruled the roost.
Data updated till Tuesday showed the total transactions reached 1.284 billion for a value of Rs 2.41 trillion. Your support through more subscriptions can help us practise the journalism to which we are committed. Topics
Interestingly, the IMPS transactions have almost reached pre-covid level as in February, IMPS clocked 248 million transactions worth Rs 2.14 trillion. Kindly visit the Manage my subscription page to discover the benefits of this programme. FasTag, though recovering from its fall in April due to the stringent lockdown imposed in the country, has not managed to rebound to pre-covid levels so far. Plus, e-commerce platforms are also contributing massively in driving up digital payment transactions, especially UPI”, Grover added. One can download GPay or plethora of other apps to setup UPI to sync with the bank accounts within minutes and conduct transactions. In the whole of September, UPI was used 1.8 billion times for a total value of Rs 3.29 trillion. Copyrights © 2020 Business Standard Private Ltd. All rights reserved. Enjoy Reading! UPI News is the most credible and largest news agency of Jammu and Kashmir. In the corresponding period last year, IMPS had reported 236 million transactions worth Rs 2.12 trillion.
Team Business Standard, Last Updated at October 21, 2020 00:39 IST, Amid massive protests, Pak grants provincial status to Gilgit-Baltistan, Congress hits out at govt over rise in prices of essential commodities, UP CM launches special campaign to identify people suffering from TB, Urea shortage due to suspension of freight trains to hit sowing in Punjab, It's 'double yuvraj' versus NDA's double engine in Bihar, says PM Modi, With worsening air quality, air purifier sales gain momentum in country, Eastern Railway, WB govt to discuss resumption of suburban trains on Monday, J&K: Temple, houses hit by bullets as Pak violates ceasefire along IB, LoC, Bihar will reelect 'double engine' govt, reject 2 'yuvaraj': PM Modi, Delhi's air quality remains 'very poor' due to 'unusually high' farm fires, National Payments Corp to take UPI, Rupay global through new subsidiary, UPI volumes at new high; digital transactions almost at pre-Covid levels, India leads world, processes 41 mn real-time transactions a day: Report, Digital payments see good growth in Jul; UPI transactions up 11% to 1.49 bn, Customers, merchants can use UPI Autopay facility for recurring payments, UPI hits Rs 3.3-trillion transactions in September, shows RBI data, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email).
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