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Tag: NPCI (page 1 of 2)

NPCI-Finserv partners to launch RuPay API Platform

The National Payments Corporation of India has partnered with fintech firm Finserv to launch an application programming interface (API) for banks and startups looking to build credit card-based products on top of RuPay. The platform “nFiNi” will power RuPay cards, offering access to the NPCI network and Finserv services through a set of APIs. The move aims to expand the credit card system in the country.

Source: Economic Times

India rapidly changing into a global Ransomware Capital, warns NPCI CEO

With cases of Cyberattacks increasing every day, India was labeled to be becoming the Ransomware capital of the world, said Dilip Asbe, the CEO of NPCI. The only way to reduce these attacks is to tokenise all payment mechanisms, he said. While tokenisation will reduce the risk to almost zero for card payments, it may cause friction amongst consumers in the short term, he elaborated.

Source: ET CIO

RBI is skeptical of letting big-tech firms into financial services

The RBI has warned that letting the big tech firms enter the financial services could lead to regulators facing difficulties in maintaining adequate stability and governance of the ecosystem. RBI suggests setting down an international standard based on the coordination of rules to supervise the big techs. It also advises the use of an entity-based prudential regulation approach. The NPCI had introduced a market share-capping rule for third-party apps on UPI.

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UPI-transactions hit all-time high in June with 2.8 bn transactions

As India is recovering from the second wave of Covid-19, UPI payments hit an all-time high in June. Almost 2.8 bn transactions amounting to Rs 5,47,373 cr were recorded during the month. It was a rise of 10.6% jump in volume and 11.56% in value compared to May. NPCI’s other digital payment channels also recorded a record monthly growth in June. BBPS grew 16% to 45.47 mn transactions, Fastag at 35.34% to 157 mn, IMPS grew to 303.7 mn.

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Facebook, Google, Reliance partner to set up digital payment network bid

Facebook, Google, and Infibeam have partnered with Reliance Industry to introduce a digital payment network in India. To create a competition for NPCI, India’s central bank invited companies to set up new umbrella entities, to reduce concentration risks in the space. An Assocham-PWC India study said, there could be a rise to  $135.2 bn in digital payments in 2023. The RBI extended the last date for proposal submission for NUE applications to March 31.

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WhatsApp Pay’s UPI transactions double in December

WhatsApp Pay UPI transactions volume doubled in Dec as it processed 0.81 mn payments worth Rs 29.72 cr, an over 100% rise in both volume and value compared to Nov, as per NPCI data. PhonePe and Google Pay processed 902.03 mn and 854.49 mn transactions, respectively. PhonePe overtook Google Pay as the most-used UPI app in the month, facilitating transactions worth Rs 1.82 lakh cr, with a market share of 40%. Paytm processed 256.36 mn payments.

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Snapdeal, NPCI join hands for doorstep digital payments of orders

Snapdeal has partnered with NPCI to let buyers make QR-based digital payments at the time of delivery of orders. The aim is to make the first-time buyers, who are uneasy with pre-paying, comfortable to make a purchase. The customer will be offered the “QR-code payment option” at their doorstep as part of the delivery process. The facility will work with all UPI-payment options —  Google Pay, Whatsapp Pay, PhonePe, Paytm and UPI apps etc.

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WhatsApp gets NPCI formal approval to launch UPI payment

The NPCI has given formal approval to WhatsApp to ‘Go Live’ on UPI in a phased manner. The Facebook-owned instant messaging platform has been testing digital payments for two years but couldn’t launch the service following privacy concerns. NPCI gave permission to WhatsApp in the multi-bank model after the data localisation requirements were met. WhatsApp can now start UPI with a maximum registered user base of 20 mn.

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