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The new wave of Digital Payments in India

UPI vs All other digital payments

Digital payments give a very hike to cashless India. Whereas in India before digital payments there are many other foreign companies like MasterCard, Visa is in India. Recently UPI crosses 1 Billion transactions in October 2019. Which gives a really tough competition to other private companies. The National Payments Corporation of India (NPCI) has claimed this November that The total transactions of UPI jumped to 1.15 billion in October 2019 from 0.96 billion in September 2019. Similarly, the total transaction value of UPI stood at Rs. 1.91 lakh crore in October 2019 compared to Rs. 1.61 lakh crore in September 2019. 

Here is about National Payments Corporation of India (NPCI). NPCI incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

The Reserve Bank of India (RBI) on Thursday said banks could allow customers to use debit and credit cards for transactions of up to R2,000 without two-tier authentication.

In other words, customers will not be required to type in their PIN for purchases below R2,000.

“The limit of R2,000 per transaction will be the limit set across all categories of merchants in the country where such contactless payments will be accepted. Beyond this limit, the card has to be processed as a contact payment and authentication with PIN will be mandatory,” RBI said in a notification on its website.

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