wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

The UPI saw more than 287k transactions in November

The total number of transactions on the Unified Payments Interface stood at 287,388 for the month of November. The volume of the UPI transactions amounted to Rs 902,282,385 (Rs 90.2 crore), as indicated by the Reserve Bank of India (RBI).  Note that the National Payments Corporation of India (NPCI) has not provided data regarding the number of virtual payment addresses (VPA) created which could be indicative of the number of users on the UPI. In September, ICICI Bank said that it has more that 1 million VPAs.  When the UPI was launched in August, many (wrongly) commented that digital wallets would be hit. Commentators said that banks would integrate the UPI app with their own mobile banking app which will allow us to create VPAs directly linked to bank accounts and store the VPAs of people who we want to transact with. This could be people or businesses or entities we frequently transact with. Thereafter, paying any of these persons or entities will just involve sending a text on this app with a direction to pay to or withdraw from. From RBI's provisional data for November, PPIs and wallets showed 59 million transactions (this is for only 8 players and there are 48 players who have a PPI licence). The VPA acts as a financial address for a user instead of their 16 digit bank account number and the 11 digit IFSC code. Once registered for VPA, bank account holders can send and receive money from their smartphones without the need to…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The ‘Reforming Intelligence and Securing America Act’ (RISAA) is a legislation to reauthorize Section 702 of the Foreign Intelligence Surveillance Act (FISA).

News

In its submission, the Interior Ministry said the decision to impose a ban was "made in the interest of upholding national security, maintaining public...

News

Among other things, the security requirements include data encryption and regular review and updated access permissions to reflect personnel changes.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ