All posts tagged: npci

UPI Services Hit by Another Outage, NPCI Says ‘Working to Resolve the Issue’

UPI Services Hit by Another Outage, NPCI Says ‘Working to Resolve the Issue’

Published by Webster

A major outage on Saturday morning caused Unified Payments Interface (UPI) services to stop working across India, affecting thousands of customers. The UPI services on multiple platforms, like Paytm, PhonePe, Google Pay, Bhim, and more, were disrupted due to this outage. Moreover, it also extended to major financial institutions like HDFC Bank, State Bank of India, Kotak Mahindra Bank, and more. Multiple users across the country reported that they could not transact using UPI. This also marks the fourth disruption of UPI services within a month. UPI Services Down in India As per the latest data available on DownDetector, more than 2,000 people reported the outage. Users began reporting issues with UPI transactions around 11:26 AM IST, which peaked at 1:02 PM IST. This comes days after India’s most widely used digital payment system experienced two major outages within a week. The National Payments Corporation of India (NPCI) has acknowledged this and issued a statement on its official X handle. The tweet reads, “NPCI is currently facing intermittent technical issues, leading to partial UPI transaction …

NPCI to Decline UPI Transactions That Contain Special Characters in the Transaction ID

NPCI to Decline UPI Transactions That Contain Special Characters in the Transaction ID

Published by Webster

The National Payments Corporation of India (NPCI) issued a new notification earlier this month announcing new compliance guidelines. The new rules are aimed at all the members of the Unified Payments Interface (UPI), and state that any transaction identifier (ID) that contains special characters will be declined starting February 1. The notification is aimed at ensuring compliance with the technical specifications of UPI that were first implemented in March 2024. This means UPI platforms that continue to issue special characters in the transaction ID will witness a high volume of failures. NPCI Issues New Compliance Guideline for UPI Platforms In a notification issued on January 9, NPCI detailed the new compliance guideline. The agency first issued a guideline on March 28, 2024, to the entire UPI ecosystem advising them to stop using special characters in transaction IDs. In the latest notification, NPCI said that while the issue has been largely resolved, some participants have continued to be non-compliant. Now, NPCI has set a deadline of Saturday, February 1, post which any transaction IDs containing special …

India Delays UPI Payments Market Share Cap in Relief for PhonePe, Google Pay

India Delays UPI Payments Market Share Cap in Relief for PhonePe, Google Pay

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India on Tuesday delayed the implementation of market share caps for a popular digital payments method by two years, a move that will benefit Google Pay and Walmart-backed PhonePe. According to the proposal, first made in November 2020, digital payment firms would not be allowed to hold more than 30 percent share of the volume of transactions processed via India’s popular unified payments interface (UPI). The mandate, which was to take effect from the end of 2024, will now kick in at the end of December 2026, according to a statement from the National Payments Corporation of India (NPCI), a quasi-regulator. Google Pay and Walmart-backed PhonePe are the two most widely used apps in India to make UPI payments. Other players include fintech companies such as Paytm, Navi, Cred and Amazon Pay. PhonePe’s share of UPI payments stood at 47.8 percent in November 2024 while Google Pay’s share was at 37 percent, according to regulatory data. The two firms processed a combined 13.1 billion transactions in November, the data showed. “The decision to delay the …

Business News LIVE Updates Today October 23, 2024: NPCI permits Paytm to onboard new UPI users

Business News LIVE Updates Today October 23, 2024: NPCI permits Paytm to onboard new UPI users

Published by Parlour News

Business News LIVE Updates Today: Get real-time updates on the biggest news from the world of business, stock market and more. Latest news on October 23, 2024: A cutlery vendor switches on Paytm, a digital payments firm, speaker for received payment details at a roadside market in Ahmedabad. (Used only for representation) Business News LIVE Updates Today: Follow for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that is happening in the world of business. Track latest gold and silver prices as well here. Stay on top of all things business with us. Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.…Read More Follow all the updates here: Oct 23, 2024 1:16 AM IST Business News LIVE Updates : NPCI permits Paytm to onboard new UPI users In January, the RBI, citing non-compliance, directed Paytm’s Payments Bank to stop onboarding new customers. Read the full story here Disclaimer: We do not own any of the content, ideas, images, or text presented …

UPI users against levying fee on transactions: Survey | Business News

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Users of thriving UPI (Unified Payments Interface) for digital payments are resisting the proposal to levy a fee on such transactions, says a survey. As many as 75 per cent of respondents said that they will stop using UPI if a transaction fee is introduced, according to a survey conducted by LocalCircles. Only 22 per cent UPI users surveyed are willing to bear a transaction fee on payments. The percentage of UPI users unwilling to pay a transaction fee has, in fact, marginally increased from 73 per cent to 75 per cent since the last survey in March 2024, it said. As UPI transactions are growing, fintech industry players and banks have been pushing the government and regulators to permit a Merchant Discount Rate (MDR) on UPI transactions. In other words, they want to levy a fee on merchants/ businesses for UPI transactions similar to how it is levied on merchants in the case of debit and credit card transactions. The demand for MDR has led to small merchants and consumers expressing their discontent. Consumers …

What are new credit card rules from September 1? All you need to know – India TV

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Image Source : FILE Representational picture From Sunday, September 1, 2024, a few changes are set to affect credit card users across various banks. These adjustments will impact how reward points are earned and redeemed, payment deadlines, and minimum amount due. These changes will influence how reward points are earned and redeemed, as well as payment deadlines and minimum balances. It is important to keep in mind and take action before these deadlines pass on anything from revisions to Aadhaar and bank fixed deposit schemes to changes in credit card terms. HDFC Bank reward points caps HDFC Bank is introducing new caps on reward points starting September 1 with limiting the points earned on utility and telecom transactions to 2,000 points per calendar month. Additionally, reward points will no longer be earned on education payments made through third-party apps such as CRED, Cheq, and MobiKwik. This policy applies to all HDFC credit cards, including co-branded and premium cards like Swiggy and TataNeu. What changes IDFC first Bank is introducing IDFC First Bank is making changes to …

Maldives to soon launch India’s RuPay service | Latest News India

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Notwithstanding the turbulence in their bilateral ties, the Maldives will soon launch India’s RuPay service, which a senior minister has said “will bolster the Maldivian Rufiyaa.” RuPay, a product of the National Payments Corporation of India (NPCI), is the first of its global card payment network in India, with wide acceptance at ATMs, POS devices, and e-commerce websites across India. RuPay, a product of the National Payments Corporation of India (NPCI), is the first of its global card payment network in India, with wide acceptance at ATMs, POS devices, and e-commerce websites across India. Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now! Minister of Economic Development and Trade Mohamed Saeed while announcing how both India and China have agreed to use local currency in bilateral trade, spoke about the upcoming launch of India’s RuPay. “The upcoming launch of India’s RuPay service is anticipated to further bolster the Maldivian rufiyaa (MVR),” Saeed told state-run PSM News on Wednesday. He also emphasised that “addressing the …

Government to Delay Digital Payments Market Share Cap, Helping Walmart-Backed PhonePe, Google Pay

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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. The National Payments Corporation of India (NPCI), the quasi-regulator, will extend by as much as two years a year-end deadline to cap at 30 percent the market share of any company processing payments via the Unified Payment Interface (UPI), the sources with direct knowledge of the matter told Reuters. PhonePe’s share of UPI payments has risen to 48.3 percent from 37 percent in April 2020, while Google Pay’s share has declined to 37.4 percent from 44 percent, according to NPCI data. The two processed a combined 11.5 billion transactions in April, the data showed. NPCI and Google Pay declined to comment. PhonePe did not respond to an email seeking comment. India launched UPI in 2016 but barred companies from charging for the instant digital payments service in an effort to promote online transactions and reduce the use of cash in Asia’s third-largest economy. Because …

Paytm Bags NPCI Approval for User Migration to New Payment System Provider Banks

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One 97 Communications Limited (OCL), which owns the brand Paytm, has received the nod from NPCI to start the user migration to new Payment System Provider (PSP) bank handles, the company informed the stock exchanges in a filing on Wednesday. Following NPCI’s approval on March 14, 2024 to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank, the company said in a press release. “One 97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR, soundbox and mobile payments, has received go ahead, yesterday from the National Payment Corporation of India (NPCI) to start the user migration to new Payment System Provider (PSP) bank handles immediately,” the release said. All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks. The company has started transitioning ‘@paytm’ handles users …