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Tag: npci

  • SBI Aims to Hold One-Quarter of Indian Economy’s Assets, Signals Growth Ambitions-SBI Chairman Setty

    State Bank of India (SBI), the nation’s largest lender, wants to boost its asset size from the current 20% of the country’s GDP to 25% by 2047 as it advances its goal of becoming a developed nation, or Viksit Bharat. This would also help the bank rank among the top 10–20 global banks in terms of asset size, according to C S Setty, chairman of SBI.

    On the National Payments Corporation of India’s (NPCI) YouTube site, Setty was speaking with Dilip Asbe, MD & CEO. He claimed that because SBI holds a 20% loan share and a 23% deposit share, it is viewed as a stand-in for the Indian economy. For over 15 to 20 years, SBI’s assets have consistently accounted for 20% of the nation’s GDP. SBI is in a position to help India prosper as it moves closer to the Viksit Bharat objective in various ways.

    India needs to Focus on Emerging Sectors-Setty

    Setty emphasised that India must prioritise the developing industries. Green hydrogen, semiconductors, or battery storage could be the cause. He said that SBI also thinks that because it knew the industries, it has been assisting them in developing their capabilities throughout the years in addition to providing funding. In order to finance projects in developing industries within SBI, an industry cooperative or coordinated body known as the “Centre of Excellence” is being established.

    Many of these modern industries will boost the Indian economy, and SBI will be prepared to provide funding for them, Setty continued. Additionally, Setty emphasised that SBI is the only Indian multinational bank with a global reach. According to him, the bank’s foreign operations are concentrated on helping Indian corporations realise their goals of accessing international markets and obtaining funding there, particularly through external commercial borrowings.

    He went on to say that SBI wants to increase this 20% GDP asset to 25%. In terms of assets, the national bank aspires to hold a quarter of the Indian GDP. In terms of assets, that also gives SBI the hope that it may one day rank among the top 10 or top 20 global banks.

    SBI to Enhance its International Business Operations

    SBI’s international activities currently make up 10% of the total balance sheet; they hope to increase this to 12% to 13% in the future. According to Setty, SBI today operates in 29 countries with over 240 contact points, and its overseas balance sheet makes up 10% of its total balance sheet, which is a pretty significant contribution.

    He added that SBI has been constantly examining its international operations to help Indian corporations who want to access foreign markets and raise money there, whether through external commercial borrowings or other means. “At the moment, we are the biggest trade credit suppliers to Indian corporations. Thus, that will go on,” he continued.

    Quick Shots

    •SBI aims to increase its asset size from 20% to 25%
    of India’s GDP by 2047.

    •SBI aspire to be among the top 10–20 global banks
    by asset size.

    •SBI seen as a proxy for the Indian economy,
    supporting the Viksit Bharat vision.

    •SBI setting up an industry-coordinated body to
    finance and support emerging sectors.

  • UPI Rules Changing from Nov 3: Big Impact for PhonePe, GPay, Paytm Users — What You Must Know

    New settlement cycles have been announced by the National Payment Corporation of India. Recently, the new UPI (Unified Payments Interface) cycles for both authorised and contested transactions were revealed. For RTGS customers, who previously had to exercise caution when transacting, the revisions are welcome news.

    Currently, UPI uses RTGS to perform 10 settlement cycles every day, each of which consists of both authorised and contested settlements. In order to expedite the daily settlement process, it has been determined to separate approved and disputed settlements in light of the notable increase in transaction volume.

    New Rules Framed by NPCI

    First off, only permitted transactions will now be included in the settlement cycles between 1 and 10. As a result, these cycles will not process any disputes. The current cut-over times and RTGS posting schedules won’t be altered. Second, as indicated in the above table, settlements pertaining to disputes will be conducted twice a day during settlement cycles 11 and 12.

     Only disputed transactions will be included in these cycles. The identifiers DC1 and DC2, where DC stands for dispute cycle, will be incorporated into the NTSL file naming scheme.

    Thirdly, three other settlement regulations, such as GST reports, reconciliation reports, and settlement timeframes, remain unaltered. The deadline for terminating any autopay mandates associated with the former @paytm UPI ID handles has also been extended by NPCI by two months, until October 31, 2025.

    How it will Impact Users and Banks?

    The majority of users will continue to have the same experience while paying in physical stores, online, or via peer-to-peer transfers. Since they won’t be in competition with refund settlements within the same batch, these transactions should actually appear in banks’ systems more quickly.

    Reconciliation processes will be less congested, which will be advantageous to banks. The new structure is intended to decrease the possibility of settlement delays, enhance operational efficiency, and reduce bottlenecks by separating disputes from ordinary transactions. UPI volumes are at all-time highs at the moment of the revamp.

    According to NPCI data, UPI processed payments totalling INR 24.85 trillion in August, marking the first time it has surpassed the 20 billion monthly transaction milestone. Since digital payments are now the foundation of India’s financial system, it is anticipated that the more precise settlement structure will improve customer satisfaction and increase bank operating stability.

    Quick
    Shots

    •Authorised and disputed transactions
    will now be settled separately to speed up processing.

    •Only approved transactions will be
    processed — no disputes included.

    •GST reports, reconciliation, and
    settlement timelines remain unchanged.

    •Autopay mandate closure deadline for
    old @paytm UPI IDs extended to October 31, 2025.

    •Banks benefit from reduced
    reconciliation congestion and improved operational efficiency.

  • NPCI Plans to Introduce EMI Option on UPI Payments to Boost Digital Lending

    According to reports, the National Payments Corporation of India (NPCI) is working on enabling customers to convert their payments into EMIs in an effort to further boost the adoption of the Unified Payments Interface (UPI).

    According to the Economic Times, the payments authority will permit fintech firms to incorporate the capability that enables consumers to convert their UPI payments into EMIs. As per the report, the capability would be comparable to card payments made at PoS terminals. Interestingly, the NPCI already offers two UPI credit products: RuPay credit cards and UPI credit lines.

    Commented on the development, Rohit Pateria, Founder & CEO, Lark Finserv stated, “NPCI’s initiative to enable EMI on UPI is a transformative step that will democratize access to credit at the point of digital payment. By allowing consumers to instantly convert their UPI payments into manageable monthly instalments, this innovation is set to deepen financial inclusion, empower merchants with higher sales, and expand the credit ecosystem within India’s most widely used payment platform. It marks a pivotal evolution from a payment system to a comprehensive credit network, fostering sustainable growth in the digital economy.”

    “Currently, UPI handles approximately 20 billion transactions monthly, with an active user base of 250-300 million. The ability for these millions of users to convert their UPI payments into EMIs at the point of sale, similar to how credit card EMIs work, will be greatly beneficial for the credit industry. This will impact individuals and MSME businesses who may not possess a credit card. For instance, or a family making a high-value appliance purchase could now opt for EMI through their UPI app by simply scanning a QR code, without needing additional paperwork. Similarly, a small vendor could offer their regularcustomers the option to pay in instalments, thereby improving cash flow for both parties. This can position UPI as an important credit tool for micro and small enterprises,” said Dipal Dutta, CEO & Founder- RedoQ.

    How UPI Credit Line Works?

    In 2023, the UPI credit line feature was introduced. It enables banks to provide pre-approved credit lines to consumers and small enterprises, which can then be used for UPI transactions.

    The credit line on UPI service is currently available from several finance businesses, including Paytm and PhonePe. Actually, just week ago Paytm reintroduced its BNPL offering as a UPI credit line. In the meanwhile, in 2022, the RuPay credit card for UPI was introduced.

    Many startups are now pushing the feature, which is widely used. In order to mainstream UPI-linked credit cards, Kiwi raised INR 208.5 Cr (about $24 million) last month.

    Expanding Network of UPI

    Earlier this year, Dilip Asbe, MD and CEO of NPCI, stated that the RuPay network handled about 16% of all credit card transactions in India. According to Asbe, UPI was used to process about half of these credit card transactions.

    The introduction of the EMI function for UPI payments is anticipated to fuel UPI’s upcoming growth phase and bring the NPCI one step closer to its goal of 100 billion UPI transactions per month.

    In August, UPI transactions reached a new all-time high of 20.01 billion, up 2.8% month over month. This represented a 34% YoY increase. Compared to INR 25.08 Lakh Cr in July, the value of UPI transactions in August was INR 24.85 Lakh Cr.

    Quick
    Shots

    •NPCI is working to allow UPI payments
    to be converted into EMIs.

    •Fintech firms can offer this feature
    similar to card PoS EMI options.

    •RuPay credit cards and UPI credit
    lines already available.

    •Launched in 2023; provides
    pre-approved credit lines for consumers & small businesses.

    •Paytm, PhonePe, and other fintechs
    already offer UPI credit lines; Paytm recently reintroduced BNPL via UPI.

    •RuPay handled around 16% of all
    credit card transactions; UPI processed around 50% of these.

  • UPI Transaction Limit Raised to INR 10 Lakh Per Day for Select Payments: Details Here

    The National Payments Corporation of India (NPCI) has increased the per-transaction ceiling to INR 5 lakh in anticipation of the September 15 income tax return (ITR) filing deadline, but only for firms that fit under tax payment-aligned categories. Additionally, NPCI has raised the 24-hour aggregate transaction limit and per-transaction limit for 12 additional categories. The effective date of these modifications is September 15, 2025.

    The circular states that all issuing banks are required to ensure that these 24-hour cumulative restrictions, or the 24-hour total transaction limit, “are kept at their end.” Nevertheless, NPCI has allowed member banks the freedom to establish their own internal limits in accordance with their own regulations, even if it has set these overall transaction ceilings. Only P2M (person to merchant) transactions with approved merchants will be subject to these restrictions.

    The P2P (person-to-person) transaction restrictions of INR 1 lakh per day would not alter, according to NPCI. All banks, apps, and PSPs (Payment Service Providers) are required by the circular to put these increased restrictions into effect by September 15, 2025.

    Capital Market & Insurance Payments Now Allowed Up to INR 5 Lakh Per Transaction

    The transaction limits for capital markets and insurance have been increased by NPCI for a period of 24 hours. This includes both the aggregate transaction and the per-transaction limits. Prior to this, a person could spend up to INR 2 lakh per transaction to pay their insurance premiums or engage in the stock market.

    Beginning on September 15, one can pay verified merchants up to INR 5 lakh per transaction for capital markets or insurance. He can also pay up to INR 10 lakh in a 24-hour period. It should be noted that the INR 5 lakh transaction limit for IPO bids made through UPI remains unchanged and is not covered by the enlarged limit scope of capital market-related transactions. A 2020 NPCI circular states that transactions to AMCs, broking companies, mutual funds, and other like organisations fall under the capital market category.

    EMD Payments and Credit Card UPI Transactions See Higher Caps

    The restrictions for tax payments through the government e-Market Place (EMD Payments), also known as merchant category code (MCC) 9311, have also been increased to INR 5 lakh per transaction. Transactions up to INR 10 lakh can now be completed in a day with approved merchants in this category. Additionally, the 24-hour limit has been raised to INR 6 lakh, and the per-transaction limit for credit card payments has increased significantly from INR 2 lakh to INR 5 lakh.

    Quick
    Shots

    •Per-transaction ceiling increased to
    ₹5 lakh for eligible tax-aligned categories.

    •Only for P2M (person-to-merchant)
    transactions with approved merchants.

    •Person-to-person daily limit remains
    INR 1 lakh.

    •Limit raised from INR 2 lakh to INR 5
    lakh per transaction and INR 10 lakh per day.

  • UPI Transactions Ban: Services Users Can’t Use Starting October 1, 2025

    Users using UPI might want to monitor any updates to the National Payments Corporation of India’s (NPCI) UPI payment regulations. Peer-to-peer (P2P) transactions, one of the most popular UPI features, are reportedly going to be eliminated by the NPCI.

    Sending a request for money to a UPI account holder is a common usage for this functionality. In an effort to improve user security and lower financial fraud, this feature will be eliminated from UPI apps starting on October 1, 2025.

    What NPCI’s New Rule States?

    “By October 1, 2025, UPI P2P Collect shall not be allowed to be processed in UPI,” the NPCI said in a circular dated July 29. This implies that starting on the specified date, banks’ and payment apps’ “collect request” functionality will be completely eliminated. Sending money requests to other UPI app users and reminding them to split a bill or share the amount is a common usage for the P2P feature. However, scammers are taking advantage of this capability to defraud UPI customers and drain their accounts.

    Why Peer-to-Peer Collect Requests Are Being Removed?

    This feature is frequently used by scammers to send user requests under false pretences of an emergency or a fictitious role. Without understanding they have fallen for a scam, the user immediately begins to lose money after agreeing to the solicitations. Thus, eliminating the P2P function will lower the likelihood of scams.

    P2P transactions were formerly restricted to INR 2,000 each. Although this has reduced a number of fraud cases, it was insufficient to completely prevent them. From October 1, users will no longer be able to send money using the UPI PIN unless they choose to utilise a QR code or the contact number.

    How This Will Affect UPI Users

    Flipkart, Amazon, Swiggy, and IRCTC are among the merchants whose transactions will not be impacted by the new UPI payment regulations. To finish the payment, these platforms will be permitted to exchange a collection request. Users will still be charged, though, since they must authorise the request and provide their UPI PIN in order to finish the payment.

    Other Recent UPI Updates You Should Know

    For processing UPI transactions on merchant applications and websites, ICICI Bank has begun charging payment aggregators (such as Google Pay, PhonePe, Mobikwik, Razorpay, etc.) a fee.

    This regulation went into effect on August 1, 2025. “Mony,” a UPI-based app for travellers and non-resident Indians (NRIs), was released by Smart Payment Solutions, a business governed by the RBI.

    It is no longer necessary to have an Indian bank account to make payments in India. They can pay immediately at stores, restaurants, and shops by scanning UPI QR codes. This is a component of the “UPI One World” program, which seeks to facilitate foreign tourists’ usage of India’s digital payment system.

  • Fintechs, NPCI Seek Exemption from DPDP Consent Clause Over Digital Payments

    The National Payments Corporation of India (NPCI) and digital payment companies Google Pay, PhonePe, and Amazon Pay have requested an exemption from the provisions of the Digital Personal Data Protection (DPDP) Act that demand user consent for every transaction, claiming that doing so would be excessively burdensome, according to ET.

    According to the companies’ submissions to the Ministry of Electronics and Information Technology (MeitY), the regulation will also apply to recurrent payments and result in increased complexity and cost. According to them, the problem will be more noticeable for startups and smaller businesses. Since the guidelines that were floated in January for stakeholder engagement have not yet been notified, the law has not yet been operationalised.

    In this regard, MeitY met with company representatives last week. Amazon Pay, PhonePe, Google Pay, and NPCI all refused to answer questions. The Unified Payments Interface (UPI) and the payment and settlement system are operated by NPCI.

    Recurring Payments at Risk Under New Data Law

    The Act’s emphasis on obtaining express consent for each data processing activity is at the heart of the problem. Despite the clause’s seeming simplicity, industry participants contended that its current interpretation and use might seriously impair current digital payment processes. After initial consent, recurring payments, such as subscriptions or electricity bills, are usually automatically deducted.

    The industry is concerned that this will demand new user consent under the DPDP Act’s consent requirements. According to ET’s report, although this multi-level identification and approval process improves security, it also adds a lot of friction and extra expenses.

    Startups Fear High Costs, Friction in User Flow

    Startups and smaller businesses in particular would find it difficult to absorb these expenses and modify their technical infrastructure, which could impede their ability to develop and compete. If the smaller players must obtain consent each time, the data processing will become even more difficult. It will affect the flow of digital data.

    Larger businesses, on the other hand, would be able to handle… yeah, there would be more expenses, but they would be in compliance. However, it will be more difficult for some of the smaller and less experienced players.

    MeitY Holds Talks with Industry Stakeholders

    Uncertainty regarding compliance also arises from what seems to be ambiguity in the way industry and the government are interpreting the law’s terms. According to experts, the current consent-related talks are reminiscent of the initial argument over data localisation that the Act sparked, in which the government concentrated on the volume of data and the business on its criticality.

    The DPDP Act’s Section 17, subsection 5, gives the central government the authority to exclude particular data fiduciaries or groups of data fiduciaries from particular rules for a predetermined amount of time. Before five years have passed since the law’s inception, this exemption may be granted by notification.

    According to the ET report, the sector hopes that this clause would provide a window of opportunity to create and execute substitute solutions that adhere to the principles of data protection without impeding digital innovation.

  • UPI Rule Changes from August 1, 2025: Key Updates for Google Pay, PhonePe, Paytm Users

    According to directives issued by the National Payments Corporation of India (NPCI), a new set of UPI regulations went into effect today, August 1, 2025. The purpose of today’s UPI regulation amendments is to enhance the functionality of the online payment system.

    If you use PhonePe, Google Pay, Paytm, or any other UPI app, the new UPI regulations that go into effect on August 1st will have an impact on your regular payment system. However, if you follow the NPCI guidelines, the UPI regulation changes won’t cause any problems, and payments might even go more smoothly.

    Balance Check Limit Set to 50 Per Day

    Numerous revisions to UPI rules have been adopted by the NPCI. You will no longer be able to check your bank balance on your PhonePe, Google Pay, and other apps indefinitely, as the restriction is set at 50. To make up for the inconvenience, a new UPI rule has been implemented that requires you to view your bank balance following every transaction.

    Time Restrictions on Scheduled Bill Payments

    According to the new UPI regulations, planned bill payments must be processed between 10 a.m. and 9:30 p.m. Furthermore, consumers will only have the option to check the status of a pending transaction three times, separated by ninety seconds.

    GPay and Other UPI App Changes

    GPay customers will have to follow the NPCI adjustments since the new UPI regulations will apply to Google Pay transactions. These include verifying the status of pending transactions, showing the bank balance, and calculating the bank balance cap.

    The number of UPI transactions permitted daily has not been modified by the NPCI in its new UPI regulations, which went into effect on August 1. A user has a daily restriction of INR 1 lakh and is only permitted to perform a maximum of 20 UPI transactions.

    New User Transfer Limits Explained

    A transfer limit for UPI is frequently implemented for new users. For new users, banks typically permit a UPI transfer of INR 5,000 per transaction and a total of INR 5,000 for the first 24 hours.

    The new UPI regulations also mandate that planned bill payments be processed during specific hours. The purpose of this step is to alleviate the strain on the everyday UPI transactions.

    Why NPCI Enforced These UPI Rule Changes?

    Now, during off-peak hours, auto payments to merchants or planned OTT platforms must be made by 10 am or after 9:30 pm. The circular also states that NPCI may take any required steps, such as restricting access to the UPI API, imposing fines, suspending new clients or onboarding, or taking other appropriate action, in the event that these instructions are not followed.

    By implementing these regulations, NPCI hopes to improve online payment efficiency and lower the number of fraud incidents.

  • UPI Heads to Africa: NPCI Signs Landmark Deal with Namibia’s Central Bank

    In order to create a real-time payments platform similar to the Unified Payments Interface (UPI), the Namibian central bank and the National Payments Corporation of India (NPCI) have inked a licensing deal.

    According to Dammu Ravi, secretary in the external affairs ministry, during a press briefing on the outcomes of Prime Minister Narendra Modi’s visit to the African nation, NPCI and the Namibian central bank have signed a licensing agreement to implement UPI in Namibia for real-time payments, making it the first country of its kind in the world.

    Namibia would be able to create a real-time payment system thanks to the agreement. Notably, more than a year ago, the Bank of Namibia and NPCI International Payments Limited (NIPL), the organisation’s international arm, originally inked a deal to create a digital payments system.

    India Agrees for Transfer-of-Technology

    As part of the collaboration, the NPCI committed to providing the Bank of Namibia with technology and other knowledge to aid in the creation of a digital payments system. In an effort to boost UPI use globally, the NPCI has inked agreements with a number of nations.

    The NIPL and Trinidad and Tobago’s ministry of digital transformation collaborated on the same project in September of last year. Before that, it was negotiating with South American and African nations to assist them in developing digital payment systems such as the UPI.

    The UAE’s Network International and the NPCI joined in July 2024 to enable Indian tourists to use UPI at a number of locations throughout the Gulf country. As a result, a number of nations, including France, the United Arab Emirates, Bhutan, Nepal, and Singapore, now accept UPI payments.

    UPI Expanding its Nexus

    The NPCI is still working to expand UPI in order to reach its daily goal of one billion transactions.

    In order to facilitate UPI payments through smart devices such as wearables, connected cars, and smart applications, the payments body is developing an Internet of Things version of the real-time payment system.

    Last month, there were 18.40 billion UPI transactions, totalling INR 24.04 lakh crore. For India’s fintech infrastructure, the recent collaboration with Namibia is undoubtedly a significant victory.

    The UPI system, which has been praised for being accessible to all societal levels in India, is now beginning its global expansion and creating opportunities for other countries to follow.

    Johannes Gawaxab, the governor of Namibia’s central bank, had earlier underlined that the goal of implementing UPI is to guarantee the deployment of a safe and effective national payment system in Namibia in addition to promoting financial inclusion and reducing reliance on cash.

  • UPI Slips Slightly: Transactions Dip to 18.40 Billion in June

    Transactions using the Unified Payments Interface (UPI) fell slightly to 18.40 billion in June from an all-time high of 18.68 billion the month before. Compared to the previous year, the number of transactions increased by 32%.

    Compared to the 17.89 billion transactions that were reported in April, the number of transactions in the month under review is 2.9% greater. According to data made public by the National Payments Corporation of India (NPCI), UPI transactions totalled INR 24.04 Lakh Cr in June, a 4.4% decrease from the INR 25.14 Lakh Cr transactions that were reported the month before.

     In contrast, the average daily transaction count increased from 602 million in May to 613 million in June. In addition, INR 80,131 Cr was the average daily transaction value.

    India Leading the Global Digital Payment Race

    India is currently working on improving UPI’s efficiency, even though it is already at the forefront of the digital payment race and helping other countries to catch up.

     According to Finance Minister Nirmala Sitharaman, who was speaking at the Digital Payments Award 2025, India currently makes up 48.5% of the world’s real-time digital payments, and the Unified Payment Interface (UPI) ecosystem has over 35 Cr users. She added that a few merchant shops in seven countries, including Bhutan, Nepal, Mauritius, Sri Lanka, the UAE, Singapore and France, currently accept UPI.

    The NPCI implemented new rules last month to speed up the processing of UPI payments. Remitter banks, beneficiary banks, and payer and payee payment service providers (PSPs) have been instructed to cut the response time for UPI APIs started by the NPCI to as little as 10 seconds for specific transactions in accordance with the new regulations.

    Speculations on MDR

    The government may impose a merchant discount rate (MDR) on UPI transactions exceeding INR 3,000, according to a report. The finance ministry, however, denied the allegations and referred to the study as hypothetical, unfounded, and deceptive.

    Prime Minister Narendra Modi received a letter earlier this year from the Payment Councils of India (PCI) urging him to reevaluate the 0% MDR policy for RuPay and UPI transactions.

    Ministry further stated that nation’s people are unnecessarily apprehensive, afraid, and suspicious as a result of such sensational and unfounded rumours. The government is still totally committed to encouraging digital payments through UPI.

    When banks or payment service providers handle digital transactions through UPI, they charge merchants a fee known as the MDR. To encourage digital payments across the nation, the price was reduced to zero in 2020. However, many people think that the lack of MDR has tempered interest in making additional investments in digital infrastructure.

  • Hours Following Nationwide Outage, UPI System Back Online

    Users were unable to complete digital transactions on 26 March’s night due to a major technical problem that interrupted Unified Payments Interface (UPI) services throughout India. The National Payments Corporation of India (NPCI), which is in charge of managing UPI operations, admitted to the issue and gave users the assurance that it had been resolved. “The same has been addressed now, and the system has stabilised,” the NPCI said on social media site X. NPCI further added, “We apologise for the inconvenience.” Even though the disruption was only momentary, people who depend on digital payments for everyday transactions were frustrated. A number of well-known UPI applications were impacted, including Paytm, PhonePe, and Google Pay. A few banks, like ICICI Bank, continued to operate, but others, like HDFC Bank, encountered difficulties. Customers complained about unsuccessful purchases and connectivity problems in droves to Downdetector, a platform that monitors service disruptions.

    What is UPI?

    The Reserve Bank of India (RBI) oversees the Unified Payments Interface (UPI), a payment system created by the National Payments Corporation of India (NPCI). With their phone numbers or distinct UPI IDs, individuals can send and receive money instantaneously. In contrast to other payment options such as Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT), UPI enables users and merchants to request payments by only sending a message via their banking app. The fact that UPI is completely free is one of the main factors contributing to its success. Users are not subject to extra costs from NPCI when transferring any amount of money at any time. Because there is no minimum transaction restriction, it is also frequently used for modest payments at neighbourhood stores. Furthermore, UPI has a practical AutoPay function that enables users to schedule automatic payments for subscriptions and invoices, streamlining and simplifying transactions.

    Some Unknown Features of UPI?

    One may have observed that several UPI apps give him distinct UPI IDs. This occurs as a result of each app processing transactions through a different banking partner. The bank that is associated with the person’s account determines his UPI ID. Common UPI IDs in Google Pay, for instance, are “@oksbi”, “@okhdfcbank”, “@okaxis”, and “@okicici”.  The customer can feel secure if he is worried about the security of UPI transactions. The RBI has put strict security procedures and regulations in place to protect UPI payments, guaranteeing the protection of his money and personal information. To protect sensitive data, like user identities and transaction details, during transmission, UPI uses cutting-edge encryption technologies like TLS, AES, and PKI. Furthermore, UPI lowers the danger of data exposure and unauthorised access by using a Virtual Payment Address (VPA) in place of exchanging bank account information.

    The device-specific functionality of UPI is another important security aspect. Only the registered device can access Preson’s UPI account, limiting unauthorised use from other devices. In order to improve security, the RBI also implements robust authentication procedures such as biometric verification and two-factor authentication (2FA). Fraudsters can still take advantage of user weaknesses even though the NPCI guarantees strong security on their end by claiming that UPI accounts cannot be compromised. For example, in 2022, over 95,000 instances of UPI fraud were reported as a result of schemes that deceive users into disclosing sensitive information or granting access to their devices.