wordpress blog stats
Connect with us

Hi, what are you looking for?

Airtel Payments Bank enables UPI payments at over 500,000 merchants

Photo showing an Airtel board atop a shop

Airtel Payments Bank announced on Tuesday that it has partnered with NPCI to enable UPI (Unified Payment Interface) payments at more than 500,000 merchants across India, thus allowing consumers to pay digitally for goods and services using any UPI-enabled bank or payments app on their mobile phones. UPI is a mobile payment mode that enables users to make instant money transfers directly between two bank accounts. Additionally, users can also make payments to merchants who accept UPI as a payment mode.

The new feature will allow consumers to make instant cashless payments directly from their savings bank accounts by scanning a merchant QR code through their preferred UPI enabled app. Airtel Payments Bank users can also use this QR code to pay directly through their savings bank account or wallets using the Airtel Thanks app. The company said the new feature will also benefit merchants as they can now easily receive payments directly into their bank account, thereby reducing the risk of cash management. Airtel Payments Bank said it plans to significantly ramp up its offline merchant base and aims to power at least one million offline merchants in the coming months.

Government’s plan to make UPI QR codes mandatory for shops

Last month, we reported that the government of India was considering making it mandatory for all shops “above a certain threshold” to offer UPI payments through QR codes, and give customers and shopkeepers GST benefits for using UPI. While the move could indeed increase the adoption of digital payments, it would also give NPCI a monopoly as it owns India’s only two interoperable QR code systems — one that is solely for UPI transactions and the other, BharatQR, for payments through cards as well as UPI.

“This would amount to a virtual monopoly for NPCI as companies such as Paytm with their own closed QR code systems would be locked out,” payments expert Shashidhar KJ had told MediaNama.

Google Pay leads in UPI transactions

Google Pay is the current market leader in UPI transactions, having recorded more than 240 million transactions in May, as per the Economic Times. PhonePe, which is owned by Flipkart, recorded 230 million transactions in May, followed by Paytm with 200 million UPI transactions. In March, Google Pay had tied up with Pine Labs to offer UPI payments at 330,000 point-of-sale terminals in 3,000 towns across India.

Advertisement. Scroll to continue reading.

Written By

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

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

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

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...

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

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...

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