NPCI BHIM Services Ltd is expanding the BHIM app to feature phones to increase financial inclusion and diversify revenue through financial product distribution. The app aims to double its market share and is focusing on partnerships with banks and new features like UPI Circle.
'This will bring in a lot of net new users to UPI.'
BHIM is a platform designed to make payment through UPI and USSD modes simpler.
In significant push towards a less-cash economy, Prime Minister Narendra Modi on Friday announced starting a biometric payment system using Aadhar platform within two weeks even as he exhorted citizens to adopt digital currency from the new year.
Tripti Rai explains the unique features of Bharat Interface for Money (BHIM) app developed by the National Payment Corporation of India.
The Bharat Interface For Money app was launched on the iOS platform earlier this month. It is also available on the more popular Android platform. There have been over 17 million downloads of the BHIM app so far.
The start of BHIM's declining share coincided with the launch of Google Tez in mid-Septem
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
The body of Sushil Das (62), who was missing since the last two days, was found in a well at Achhoti village under Anda police station limits on Tuesday afternoon and prima facie it looks like a case of suicide, Durg Senior Superintendent of Police Ram Gopal Garg said.
These top two apps account for more than 78 per cent of the UPI market in terms of volume of transaction, and 86 per cent of the market by value of transactions in December.
The next meeting of the GST Council will be held on September 28-29 in Goa.
Seeking to rope in youngsters to promote cashless transactions, Modi said for every person you introduce to the BHIM app, you will get a cash back of Rs 10.
The ED said Das stated that his first statement given to the agency on November 3 last year in which he cited Baghel's name was "true and correct".
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
Its statement also said Facebook does not use WhatsApp payments information for commercial purposes.
He was billed as the next big thing in Dalit politics in Uttar Pradesh and a challenge for the Bahujan Samaj Party but Mayawati's party is least impressed by the exploits of Chandrasekhar Azad 'Ravan' let alone consider him a threat.
Install a security software that has an app advisor function, advises Tinesh Bhasin.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
The minister also exempted components from taxes to encourage domestic manufacturing of these devices.
Facebook-owned messaging service WhatsApp has secured regulatory approval for launching its digital payment platform -- WhatApp Pay -- in a phased manner, close to two years after the US-based company's pilot run.
'The combination of star power, compelling storytelling, and action-packed drama promises to set the box office ablaze and kickstart the new quarter on a spectacular high note.'
Data processing compliance is the main reason behind the delay. The government, on several occasions, has made it clear that Indian financial data needs to be stored exclusively onshore and if it is processed outside, it needs to be brought back in 24 hours.
Experts believe that the sector should not jump to conclusions on WhatsApp Pay, which is still in its 'Beta testing' phase.
This year, PhonePe is focussed on bringing more partners across categories, including travel, commute, food, hyper-local, retail and entertainment on the platform.
To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
The cheque truncation system, which is currently operational at the major clearing houses of the country, has stabilised well and it has made large efficiency gains: RBI
Investors may have to wait a little longer for Unified Payments Interface (UPI)-based block mechanism in the secondary market even as the market regulator has set the effective launch date as January 1, 2024. Several brokerage firms said they may take a few months more to implement it. Investors will be able to register for this facility only if the stock broker has opted for the UPI block facility.
Get a new QR code from an alternative provider. PhonePe, Google Pay, Pine Labs, etc are some of the other service providers.
The prime minister said youths should be made "ambassadors" of the Union government's public welfare works and good governance.
The President said that because of the policies of the government foreign investment has increased from $36 billion to $60 billion during the period.
Mann also said that no government office will carry photograph of the chief minister.
Calling the young CEOs as his team, Modi said India's development must be made a mass movement and entrepreneurs should think of what more they can do for the country's growth and for the poor.
India would want the likes of Rohit Sharma, Virat Kohli, Shubman Gill and Shreyas Iyer to get into ODI mode as soon as possible.
He asked BJP MPs/MLAs to take up various programmes, including spending 72 hours to reach out to people, when his government completes three years on May 26.
India's Internet economy has two choices: An immediate $30 billion Sale-and-Leaseback or a $3 trillion value harvesting over decades, observes Vibhu Arya.
Modi said people used to believe that the rich and powerful were not affected by anti-corruption drives and asserted that it was no longer true.
Telecom operator Bharti Airtel's CEO has warned customers about rising cases of cyber-frauds, citing a recent instance of a fraudster who posed as company executive and under the guise of updating KYC form, tricked a user into revealing bank details to transfer large amount from the bank account. In an email outreach to subscribers, Gopal Vittal, CEO of Airtel urged users to be vigilant against such cases of cyber fraud that are becoming "alarmingly frequent". Vittal spoke of a recent case where a cyber-fraudster posing as company executive called up an Airtel customer on the pretext of updating his Know Your Customer (KYC) form, tricked him into revealing his bank details and transferred a large sum of money from his bank account.
