Latest news with #ImmediatePaymentService
Hans India
a day ago
- Business
- Hans India
India leads global payments domain
New Delhi: Thanks to the massive adoption of unified payments interface (UPI) based digital transactions, India now makes faster payments than any other country in the world, an International Monetary Fund (IMF) note has emphasised. Since its launch in 2016, UPI has grown quickly, while some proxies for cash usage have begun to decline. UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India, according to the note titled 'Growing Retail Digital Payments: The Value of Interoperability.' UPI is an instant payments platform built over the Immediate Payment Service (IMPS) infrastructure. UPI has transformed the digital payments landscape in India. Evidence from the platform suggests that interoperability can improve users' experience of digital payments and expand overall adoption. 'Interoperability directly increases users' freedom to choose their favourite app, enabling them to take full advantage of the variety and quality of apps available. Interoperability can also facilitate entry by new providers and incentivise existing providers to upgrade their apps, offering indirect benefits to users,' said the IMF note. UPI volumes in June grew 32 per cent year-on-year. Transaction value rose 20 per cent compared to June last year. The number of daily UPI transactions rose to 613 million in June from 602 million in May. As a result, interoperability can make adopting digital payments more attractive for increase overall adoption relative to a world with only closed-loop alternatives.
Hans India
2 days ago
- Business
- Hans India
UPI impact: India now makes faster payments than any other country, says IMF
Thanks to the massive adoption of unified payments interface (UPI) based digital transactions, India now makes faster payments than any other country in the world, an International Monetary Fund (IMF) note has emphasised. Since its launch in 2016, UPI has grown quickly, while some proxies for cash usage have begun to decline. UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India, according to the note titled 'Growing Retail Digital Payments: The Value of Interoperability.' UPI is an instant payments platform built over the Immediate Payment Service (IMPS) infrastructure. UPI has transformed the digital payments landscape in India. Evidence from the platform suggests that interoperability can improve users' experience of digital payments and expand overall adoption. 'Interoperability directly increases users' freedom to choose their favourite app, enabling them to take full advantage of the variety and quality of apps available. Interoperability can also facilitate entry by new providers and incentivise existing providers to upgrade their apps, offering indirect benefits to users,' said the IMF note. As a result, interoperability can make adopting digital payments more attractive for users and hence increase overall adoption relative to a world with only closed-loop alternatives. Providing infrastructure for interoperable systems, or otherwise supporting interoperability through regulation, could be a promising avenue for countries seeking to transition from cash to digital payments, read the note. The National Payments Corporation of India (NPCI) launched the Bharat Interface for Money (BHIM) app in late 2016, when total UPI usage was small and there were fewer other providers. 'Indeed, BHIM initially accounted for more than half of payer-side total transaction value, prior to the take-off of apps produced by major fintech firms. This highlights the potential catalytic role of direct public provision of payment apps,' according to the IMF note. The public sector can help overcome coordination failures — for example, low user adoption because of a lack of high-quality apps, alongside a lack of high-quality apps as a result of low user adoption — and so kick-start an ecosystem, it added. UPI volumes in June grew 32 per cent year-on-year. Transaction value rose 20 per cent compared to June last year. The number of daily UPI transactions rose to 613 million in June from 602 million in May.
New Indian Express
06-06-2025
- Business
- New Indian Express
T Wallet clocks 16 lakh registered users in 8 years
HYDERABAD: India's first state-managed digital wallet, T Wallet has recorded 16 lakh registered users and processed over four crore transactions in its eight-year journey since its launch in 2017, the state government's Electronic Service Delivery (ESD) wing under the ITE&C Department announced on Thursday. Introduced during the 2016 demonetisation, T Wallet continues to drive digital payments across the state. The wallet enables a range of services, including Immediate Payment Service (IMPS)-based real-time bank transfers, utility bill payments, service fee payments, and merchant transactions. T Wallet is integrated with MeeSeva's 4,500 plus centres and 11,000 plus fair price shops, ensuring accessibility in remote and rural areas, with options for citizens to use it via mobile app, web, or assisted services for those without mobile access. Launched on June 1, 2017, T Wallet was a pioneering response to the 2016 demonetisation, aiming to promote cashless transactions in Telangana. Its flagship IMPS feature allows direct bank account transfers, setting it apart from traditional wallets that rely on peer-to-peer transactions or UPI and offering 24/7 availability for seamless banking integration. The ITE&C department emphasised T Wallet's role in enhancing financial inclusion, particularly in underserved regions, with its growth over eight years underscoring its importance as a state-led digital payment solution for Telangana's citizens.
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Business Standard
03-06-2025
- Business
- Business Standard
Digital payments jump, but robust fraud management key to users' safety
A safe payment system will help further the goal of financial inclusion and achieve higher, sustainable economic growth Listen to This Article India's digital-payment landscape has demonstrated remarkable expansion over the past few years. The recent data released by the National Payments Corporation of India showed that monthly transactions on the Unified Payments Interface (UPI) exceeded ₹25 trillion for the first time in a month — in May — and hit an all-time high of 18.68 billion in volumes. This reflects a 33 per cent year-on-year jump in transaction volumes, while the value was up 23 per cent. There was also a significant increase in the value and volumes of Immediate Payment Service, Aadhaar-Enabled Payment System, and FASTag transactions. Although a rapid
India.com
01-06-2025
- Business
- India.com
Govt Prioritising Lower Denomination Notes And Digital Transactions: Sitharaman
New Delhi: Union Finance Minister Nirmala Sitharaman said on Saturday that the priority of the government is to "make sure" that currency in circulation will be in "lower denominations" and spreading more awareness for "doing digital transfers." Answering a question on the future of Rs 500 currency, Sitharaman said, "We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks." "We need to have more digital awareness built so that people see a benefit in doing digital transfers," the Union Finance Minister said at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the national capital. In recent years, India has witnessed an unparalleled rise in digital transactions, marking a significant milestone in its journey towards becoming a cashless society. At the forefront of India's digital payment revolution is UPI with a record hit of 16.73 billion transactions in December 2024. In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal players, making financial transactions faster, more accessible, and secure. As of recent data from the National Payments Corporation of India (NPCI), UPI has set a new record by processing over 16.73 billion transactions, with a staggering transaction value of Rs 23.25 lakh crore. This is a notable jump from Rs 21.55 lakh crore in November. In 2024, UPI processed around 172 billion transactions, marking a 46 per cent increase from 117.64 billion in 2023. This rise underscores a broader cultural shift toward financial inclusivity, with UPI being a central pillar.
