E-PaperPayment System News
How does America’s FedNow stack up against India’s UPI? | Mint Primer | Mint
The United States Federal Reserve's FedNow payment system is similar to India's Real-Time Gross Settlement (RTGS) system rather than UPI. Unlike UPI, FedNow does not use unique virtual addresses or phone numbers as identifiers; users need to log in to their internet banking service and use their bank account number and routing number for real-time payments. However, FedNow is more expensive than UPI, with transaction fees for users. While UPI has been a resounding success, experts believe FedNow's adoption may vary by use case, with potential focus on business-to-business payments rather than peer-to-peer transactions like UPI.
8 Aug 2023UPI to enter North America, other Middle-Eastern countries soon | Mint Primer | Mint
NPCI's UPI (Unified Payments Interface) is set to revolutionize global digital payments with its expansion into international markets. After successful launches in Singapore and France, UPI plans to enter North America and Middle-Eastern countries. The focus will be on countries significant to Indians traveling abroad or with large Indian diaspora. NPCI International Payments Ltd (NIPL), a subsidiary of NPCI, is spearheading the global partnerships to deploy UPI and RuPay outside of India, enabling cross-border transactions and merchant payments. With growing global acceptance, UPI is poised to accelerate the growth of digital transactions worldwide.
31 Jul 2023Transaction in UPI, IMPS, Bharat Bill sees slowdown in growth rate. Here's what RBI's data shows
The latest bulletin of RBI showed that the growth rate in transactions in UPI, IMPS and Bharat Bill Payment System slowed down in January 2023 compared to the growth rate of the same month last year.
2 min read18 Feb 2023Will RBI publishing payment systems data daily boost innovation?
The data relating to transactions undertaken during the day will be published on the subsequent working day.The RBI’s move is aimed at facilitating research and innovation in the payments space.
2 min read5 Jun 2020You can now pay insurance premium, school fees, municipal taxes through Bharat Bill Payment System (BBPS)
The only category excluded from Bharat Bill Payment System (BBPS) now is prepaid rechargesBBPS payments can be made using cash, cheques as well as through digital methods
1 min read17 Sep 2019RBI expands scope of Bharat Bill Payment System
The payment system is an interoperable platform that enables a customer to pay bills such as telephone, DTH and electricity at a single locationOther recurring payments such as school fees, municipal taxes, insurance premiums can also be paid through the Bharat Bill Payment System
1 min read17 Sep 2019India far away from being less-cash economy, must address digital payments security issues: Nandan Nilekani
Nilekani said the real challenge is to reduce the cash in the system and go on more and more towards digital paymentsNikelani, who is the chairman of RBI Committee on Digital Payments said that in the last couple of years, there has been an expansion of forms of digital payments
2 min read13 Mar 2019UIDAI asks banks not to discontinue Aadhaar payment system
In the letter, dated November 19, 2018, SBI informed NPCI of its intention to discontinue Aadhaar enabled payment system
1 min read1 Dec 2018Opinion | What is Initiative Q, why it seems attractive and should you sign up for it?
Initiative Q aims to replace payment systems because they are clunky and costly
4 min read12 Nov 2018RBI against independent regulator for payment systems outside central bank
The RBI believes that payments regulatory board must remain with the central bank and headed by the RBI governor
2 min read20 Oct 2018Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared