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16 million credit cards purchased in FY 2023-24, UPI payments up by 42%: PwC report

<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> has regained approval from the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>) to onboard new UPI users, marking a significant turnaround for the fintech giant. This development follows a setback earlier this year when <keyword id="20410154" type="General" weightage="20" keywordseo="Paytm-Payments-Bank-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Bank Limited" meta.hostid="261" meta.entityid="Paytm Payments Bank Limited">Paytm Payments Bank Limited</keyword> (PPBL), an associate company of Paytm, was barred from adding new users to its UPI platform due to regulatory concerns raised by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI). <h2>Paytm gets permission to onboard new UPI users </h2> In a regulatory filing on Tuesday evening, Paytm disclosed that NPCI granted permission for the company to resume onboarding UPI users, provided it complies with all procedural guidelines and circulars issued by the corporation. “We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to on-board new UPI users, with adherence to all NPCI procedural guidelines and circulars,” Paytm said in the filing. This move is seen as a relief for the company, which has been under scrutiny following the RBI’s intervention in January. The NPCI, which had previously allowed Paytm to operate as a Third-Party Application Provider (TPAP) for UPI transactions, has now reinstated its ability to bring new users onto the platform, albeit with strict conditions. Paytm can continue UPI operations through its partnerships with major banking institutions, including SBI, HDFC Bank, Axis Bank, and YES Bank. The NPCI’s approval comes after a thorough review of Paytm’s compliance with procedural guidelines, including those pertaining to risk management, app branding, multi-bank participation, and data privacy. The fintech firm has been instructed to adhere to key regulatory frameworks, such as the Payments and Settlement Act of 2007 and the Digital Personal Data Protection Act of 2023. This approval follows a request by Paytm’s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords">One97 Communications</keyword> Ltd (OCL), in August, seeking permission to resume UPI onboarding. The NPCI’s decision also reflects that Paytm has addressed concerns raised in the RBI’s directive from earlier this year, which had highlighted persistent non-compliance issues with its banking subsidiary, PPBL. On a related note, Paytm reported a strong financial performance for the quarter ending September 2024. The company posted a net profit of ₹928.3 crore, a marked improvement from the ₹290.5 crore loss it recorded during the same period last year. <h2>What had happened? </h2> For the unversed, in January 2024, the Reserve Bank of India (RBI) told Paytm Payments Bank Limited (PPBL) to stop accepting deposits and processing UPI top-ups. This decision stemmed from ongoing concerns about the bank’s compliance and serious issues that needed addressing. As a result, Paytm found itself unable to onboard new UPI users, significantly disrupting its growing customer base and raising doubts about its future in the crowded <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> market. However, things took a turn for the better in March 2024 when the National Payments Corporation of India (NPCI) gave Paytm the green light to resume UPI transactions. The catch? Paytm could only operate as a Third-Party Application Provider (TPAP), meaning it had to partner with established banks like SBI, Axis Bank, HDFC Bank, and YES Bank for its UPI services. While this arrangement posed some limitations, it allowed Paytm to keep moving forward and adapt to the regulatory challenges it faced in India’s digital payment landscape. (with PTI inputs)

Paytm can onboard new UPI users again, receives NPCI nod months after RBI restrictions

Around 75 % of <keyword id="20593458" type="General" weightage="20" keywordseo="UPI-users" source="keywords">UPI users</keyword> will stop using it if any transaction charge is levied on the service, a survey by LocalCircles said today. The survey found that 38% of users make over 50% of their payment transactions via <keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword> instead of debit, credit, or any other form of digital transaction. "Only 22 % UPI users surveyed are willing to bear a <keyword id="20813527" type="General" weightage="20" keywordseo="transaction-fee" source="keywords">transaction fee</keyword> on payments, 75% of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas, claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The <keyword id="19907219" type="General" weightage="20" keywordseo="National-Payments-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="National Payments Corporation of India" meta.hostid="261" meta.entityid="National Payments Corporation of India">National Payments Corporation of India</keyword> (NPCI) posted a record 57% rise in the volume of transactions and 44% rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. In value terms, it touched Rs 199.89 trillion, compared to Rs 139.1 trillion, the report said. The survey found 37 % of respondents shared UPI transaction accounts for more than 50 % of their total payment in value terms. "With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> and <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted," the survey report said. The survey was conducted online, between July 15 to September 20.

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

<ul><li>The <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> is looking to foray into the <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> and payments segments in India.</li><li><keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is India’s second richest man, with just <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> ahead of him.</li><li><keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword> Group is reportedly planning on offering <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> and e-commerce services through the Adani One app.</li></ul> Gautam Adani-led Adani Group has a diverse portfolio, from ports to energy and more. The conglomerate is now reportedly looking to enter the e-commerce and payments segments as the group diversifies. According to a report by Financial Times, the Adani Group is in talks to enter the e-commerce and payments segments as it wants to expand its digital business to take on Mukesh Ambani’s <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> and Google in India. While the Adani Group has a stake in several businesses, it has yet to make its presence felt in consumer-facing segments. <cmsannotation type="cmsannotation" annotationid="Talks on for payments license, credit card" comment="subhead" text="Talks on for payments license, credit card">Talks on for payments license, credit card</cmsannotation> The Adani Group is reportedly considering applying for a license to operate on the country’s public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer a co-branded Adani credit card to its customers. <cmsannotation type="cmsannotation" annotationid="Push for ONDC" comment="subhead" text="Push for ONDC">Push for <keyword id="19987599" type="General" weightage="20" keywordseo="ONDC" source="keywords">ONDC</keyword></cmsannotation> The Adani Group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC). With ONDC’s interoperable networks, companies do not have to invest in developing their own e-commerce platforms or payment systems. The ONDC services will reportedly be available on the company’s Adani One app, which was launched in 2022. The Adani One app currently offers travel services such as flight and hotel bookings. The services will initially be aimed at the company’s gas and electricity customers, offering them incentives to use their app in the form of cashback and discounts. <cmsannotation type="cmsannotation" annotationid="To take on Mukesh Ambani" comment="subhead" text="To take on Mukesh Ambani">To take on Mukesh Ambani</cmsannotation> Mukesh Ambani and Gautam Adani, who are the top two<a href="https://www.businessinsider.in/india/news/top-25-richest-people-in-india-in-2024/articleshow/110149894.cms"> richest people in India</a> have been competing for the top spot, with Adani occupying the top spot for a while. Gautam Adani’s net worth took a hit after a sharp decline in Adani Group shares during the Hindenburg saga. US-based research firm Hindenburg had released a report on the Gautam Adani-owned companies in late January in 2023, alleging stock manipulation among others. Adani Group’s<a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-mukesh-ambani-to-become-indias-richest-man/articleshow/106564235.cms"> shares rallied</a> after the country’s Apex Court passed a<a href="https://www.businessinsider.in/stock-market/news/adani-hindenburg-sc-verdict-sees-pack-rally-with-adani-energy-solutions-in-the-lead/articleshow/106505824.cms"> verdict</a> in favour of the group. Adani even went on to emerge as India’s richest man by adding $7.67 billion to his net worth in a short span. While Mukesh Ambani reclaimed the top spot, the gap is once again narrowing. According to the Bloomberg Billionaire’s Index, Gautam Adani’s net worth has now surged to $109 billion, just behind Mukesh Ambani who is valued at $114 billion, bringing down the gap to $5 billion. In the last year, Adani’s wealth has surged by $25 billion, while Ambani’s wealth has surged by $17.3 billion. Despite this surge, Adani’s wealth is yet to reach its peak of $119 billion. Adani’s new ventures will take on Mukesh Ambani’s JioMart and JioFinance, which is expected to soon begin offering payment services. Additionally, it will also take on Google Pay, one of India’s most popular UPI platforms. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jiocinema-launches-new-annual-ad-free-subscription-plan-at-a-discount/articleshow/110486706.cms">JioCinema launches new annual ad-free subscription plan at a discount</a> <a href="https://www.businessinsider.in/sports/webstories/ipl-2024-award-winners-orange-cap-to-emerging-player-of-the-season-here-are-the-winners/slidelist/110454525.cms">IPL 2024 award winners – Orange cap to emerging player of the season, here are the winners</a> <a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms">Awfis Space Solutions IPO allotment – How to check allotment, GMP, listing date and more</a>

Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google

<ul><li><keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> is expected to soon get several new features, including AI-powered features.</li><li>The upcoming features also include international <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> payments from WhatsApp.</li><li>Here are some of the features expected to be introduced soon on WhatsApp.</li></ul>WhatsApp received several features in <a href="https://www.businessinsider.in/tech/apps/news/list-of-features-introduced-by-whatsapp-in-2023/articleshow/106141000.cms"> 2023</a>, including the ability to edit messages that have already been sent, using<a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms"> multiple accounts</a> on a single phone, chat lock, and more. The Meta-owned platform has now been spotted testing some new features. The upcoming features range from international UPI payments to AI features for editing photos, answering queries and more. WhatsApp is also expected to get usernames, longer video status duration and more. In this post, we look at some of the upcoming WhatsApp features. <cmsannotation type="cmsannotation" annotationid="International UPI payments" comment="subhead" text="International UPI payments">International UPI payments</cmsannotation> WhatsApp is<a href="https://twitter.com/AssembleDebug/status/1772145252415189196"> reportedly</a> working on a new feature that will allow users to enable international payments in the app. As part of this, users will be able to authorise international payments for a period of up to three months using UPI right from WhatsApp. This will allow users to make payments to international businesses. Do note that this feature is already available in UPI apps such as PhonePe and Google Pay. <cmsannotation type="cmsannotation" annotationid="AI photo editing, chat and more" comment="subhead" text="AI photo editing, chat and more">AI photo editing, chat and more</cmsannotation> Meta will reportedly integrate its Meta AI into WhatsApp, allowing users to ask questions and chat with the AI chatbot using the search bar. The app will offer users suggestions on what questions to ask to easily get answers. In addition to this, WhatsApp is also working on a tool that will allow users to use AI to edit their photos before they send them to others. Users will reportedly be able to change the background of the images, add artistic effects to the images and more. The introduction of these features will eliminate the need to use other AI-powered tools to get answers to queries or edit images. <cmsannotation type="cmsannotation" annotationid="Share files" comment="subhead" text="Share files">Share files</cmsannotation> WhatsApp is reportedly working on a new feature that will allow users to easily share files with others. This feature works just like Google’s Quick Share feature and is expected to allow users to share files up to 2GB. This feature will allow users to share files only with users who are near them. <cmsannotation type="cmsannotation" annotationid="Username for login" comment="subhead" text="Username for login">Username for login</cmsannotation> WhatsApp is expected to soon introduce a new feature that will enable users to set usernames on the app. Applications such as Instagram and Facebook already allow users to use unique usernames on their platforms. With the introduction of this feature, users will be able to set unique usernames on WhatsApp and will not be required to share their phone number to connect with someone. Telegram has been offering this feature for a while now, and Signal recently<a href="https://www.businessinsider.in/tech/apps/news/signal-launches-usernames-to-keep-your-phone-number-private/articleshow/107868401.cms"> announced</a> the rollout of the feature. <cmsannotation type="cmsannotation" annotationid="Profile picture privacy" comment="subhead" text="Profile picture privacy">Profile picture privacy</cmsannotation> In a bid to boost user privacy, WhatsApp is planning on rolling out a new feature that will prevent users from taking screenshots of the profile pictures of other users. Users who try to take a screenshot of a profile picture will get an error message that reads, “Can’t take a screenshot due to app restrictions.”. 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From AI photo editing to international UPI payments, here are upcoming WhatsApp features

<ul><li>The average ticket size of debit cards grew by 24% in H2 2023, even as their value and volumes fell.</li><li><keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>’s average ticket size fell by 8%, mainly indicating a wider usage for almost all types of transactions.</li><li>While card transaction volume and value are falling, credit cards are bucking the trend. </li></ul>Indians have gotten habituated to fishing out their phones instead of cards, and that’s been fuelling a remarkable increase in UPI payments. Unlike their uppity cousins (credit cards), debit cards have been losing out on transaction value and volume. But all’s not lost for these ubiquitous cards. People seem to ‘still’ rely on debit cards for large-sized purchases, as per data by <keyword id="20219639" type="General" weightage="20" keywordseo="worldline" source="keywords">Worldline</keyword>’s <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Digital Payments Report. The average ticket size (ATS) of debit cards grew by 24% year-on-year to ₹2,642 in the second half of 2023, the data says. In fact, most of the growth seen in the cards business, which also includes credit and prepaid cards, was driven by debit cards. The number of debit cards in circulation is 960.8 million, which showed a miniscule growth of 2% YoY. “The growth in debit card ATS suggests that while debit card transactions volume fell, there was still a significant population that used debit cards for their purchases and that ensured that transactions value did not fall parallelly,” says Worldline. Debit card volumes are now a fraction of UPI transactions at 1.15 billion in H2 in 2023 — a drop of 34% YoY. Debit card transaction value at ₹3.02 lakh crore also saw a fall of 16%. In India, UPI rules On the other hand, UPI’s ATS also fell, but that too is a sign of growth, as people seem to use it even for small transactions. Its ATS declined 8% YoY to ₹1,515 from ₹1,648. “The ATS persistently follows a downward trend, indicating a more profound integration of UPI, particularly in smaller or micro-transactions. This decline is predominantly propelled by the surge in person-to-merchant (P2M) transactions,” said Worldline. This decline, however, is related to an extensive growth in UPI transactions. As of the second half of 2023, as much as ₹99.68 lakh crore flowed via phones —exhibiting a whopping 44% surge. The volumes grew 56% YoY to 65.77 billion in H2 in 2023. Between July 2022 and December 2023, there was a notable increase in the payment acceptance infrastructure channels. Point of Sale (PoS) terminals expanded by 26%, dominated by private sector banks with a 73% market share. “This trend underscores users' growing confidence and familiarity with smartphone-based payment methods. The proliferation of Point of Sale terminals has reached unprecedented levels, concurrent with the ascendance of mobile payments as a dominant transaction avenue,” said <keyword id="21180241" type="General" weightage="20" keywordseo="ramesh-narasimhan" source="keywords">Ramesh Narasimhan</keyword>, CEO- India, Worldline. While UPI is rising fast ahead of debit cards, credit cards tell another story of growth. Not only did credit card issuances rise a strong 21%, but credit card transaction value rose 11% to ₹9.39 lakh crore. The number of credit card transactions also grew by a healthy 30.5% — indicating the rising popularity of buy now pay later trends, both online and offline.

Size does matter: Debit cards for large payments & UPI for smaller ones

New Delhi [India], March 20 (ANI): Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. In February, transactions worth Rs 18.2 lakh crore were made through Unified Payments Interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) with a staggering 122 crore number of transactions. The transactions made last month through the popular instant payment mechanism were a tad lower than in January, where the total value of transactions was Rs 18.4 lakh crore. The total number of transactions recorded in the month of January was 121 crore. Data maintained by the <keyword id="19907219" type="General" weightage="20" keywordseo="national-payments-corporation-of-india" source="keywords">National Payments Corporation of India</keyword> (NPCI) showed that an average of Rs 40,000-Rs 80,000 crore worth of UPI transactions are made in India on a daily basis. Coming to NEFT and RTGS, the two other instruments for online payments, the average transactions made through these were an average of Rs 33.85 lakh crore and Rs 146 lakh crore, respectively, data showed. Coming to internet banking and mobile banking, transactions worth Rs 91.24 lakh crore and Rs 28.16 lakh crore, respectively, were made in January 2024. Notably, India today accounts for nearly 46 per cent of the world's digital transactions (as per 2022 data). The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> earlier this month, as he outlined the growth of the payments ecosystem in the country. The RBI governor had said India has not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world. Retail digital payments in India have grown from 162 crore transactions in the financial year 2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024) -- approximately a 90-fold increase over 12 years. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (<keyword id="20478991" type="General" weightage="20" keywordseo="vpa" source="keywords">VPA</keyword>) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword>, France, UAE, and <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword> have partnered with India on emerging fintech and payment solutions. (ANI)

UPI transactions worth ₹18.2 lakh crore made in February 2024

<ul><li><keyword id="19795788" type="General" weightage="100" keywordseo="Quishing" source="Orion">Quishing</keyword> or the use of QR codes to steal money and personal information has been on a rise in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>.</li><li>Nearly half of UPI-related frauds in 2023 reportedly involved the use of QR codes.</li><li>Here’s everything you need to know about quishing and how to protect yourself from such scams.</li></ul>Digital payments have grown by leaps and bounds in India over the past few years, with unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) making it easier to pay on the go. While UPI has made payments easier, scammers have also kept abreast with technology to come up with new ways to defraud people. The latest deceit has scammers resorting to quishing to steal money, personal information and committing identity theft. <cmsannotation type="cmsannotation" annotationid="What is quishing?" comment="subhead" text="What is quishing?"><keyword id="19805899" type="General" weightage="20" keywordseo="what-is-Quishing" source="Orion">What is quishing</keyword>?</cmsannotation> You may have heard about terms such as phishing, card skimming, email spoofing and more. But quishing is a rising scam that involves the use of fake QR codes to redirect the user to a fake website or to steal information. According to a<a href="https://timesofindia.indiatimes.com/city/delhi/rise-of-quishing-the-threat-of-fake-qr-codes-for-financial-fraud-and-identity-theft/articleshow/106940852.cms"> report</a>, complaints related to UPI frauds have increased from 15,000 cases in 2022 to over 30,000 in 2023. Of this, nearly half of the cases reportedly involved QR codes It’s not just UPI, QR codes have been in use for a long time now, be it for sharing information about a product or sharing a digital menu at some restaurants. <keyword id="1011037" type="General" weightage="20" keywordseo="qr-code" source="Orion">QR code</keyword> frauds have also risen in countries like the US, with the Federal Trade Commission (FTC) issuing an<a href="https://consumer.ftc.gov/consumer-alerts/2023/12/scammers-hide-harmful-links-qr-codes-steal-your-information"> alert</a>, cautioning users about harmful links in QR codes. <cmsannotation type="cmsannotation" annotationid="Here’s how quishing works" comment="subhead" text="Here’s how quishing works">Here’s how quishing works</cmsannotation> In quishing, the scammer generally asks the victim to scan a QR code using the camera, which then redirects the user to a website created by the scammer. This website is generally an imitation of a genuine website, be it an e-commerce platform, a bank or other platforms that deal with important personal and financial information. Then, the website asks the user to enter their personal information or account details. When the user enters this information, the information is sent to the scammer, who can use this information to steal money or commit identity theft. In some instances, these QR codes also prompt the victim to enter their UPI PIN to send money. When the user enters their UPI PIN, the scammer receives it and can use it to steal money. Not just this, QR codes may also include malicious files, which are automatically downloaded when the user scans the code. This may infect the user’s smartphone and steal their personal information without them even knowing. <cmsannotation type="cmsannotation" annotationid="How to protect yourself from quishing?" comment="subhead" text="How to protect yourself from quishing?">How to protect yourself from quishing?</cmsannotation> Here are some steps you can take to protect yourself: <ul><li>Avoid scanning QR codes when you are not aware about who has placed it, especially in public areas which can be accessed by anyone. </li><li>Do not scan QR codes if you receive them from unknown people in a message or email. </li><li>Avoid scanning QR codes shared on social media, as they may contain malicious files. </li><li>When scanning a QR code that includes a link, inspect the URL before clicking on it. </li><li>If the QR code includes a shortened URL, avoid clicking on it unless you trust the source. </li><li>If a QR code leads you to a website, ensure that it is authentic and ensure it is not a phishing attempt. </li><li>Do not share personal information after you visit a website by following a QR code if you are not certain about its authenticity. </li></ul>Other scams you need to be aware about – <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scam </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">How it works </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves creation of fake websites to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves the use of fraudulent phone numbers to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pharming </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">This involves redirection of users from a genuine website to a fake website. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Smishing </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves use of text messages to obtain personal and financial information. </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Skimming </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Involves duplication of debit or credit card, allowing the scammer to steal money. </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-series-with-galaxy-ai-debuts-starting-79999/articleshow/106947200.cms">Samsung Galaxy S24 series with Galaxy AI debuts starting ₹79,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-beats-samsung-for-the-first-time-since-2010-tops-global-smartphone-shipments/articleshow/106922358.cms">Apple beats Samsung for the first time since 2010, tops global smartphone shipments</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-with-the-snapdragon-8-gen-3-launch-in-india-on-jan-23-everything-we-know-so-far/articleshow/106691383.cms">OnePlus 12 with the Snapdragon 8 Gen 3 launch in India on Jan 23 – everything we know so far</a>

Quishing on the rise – Be alert while scanning payment QR codes

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's instant payment technology service, the Unified Payment Interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>), was launched on Monday in Sri Lanka and <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword> in a virtual event that was attended by Prime Minister Narendra Modi, his Mauritius counterpart <keyword id="20547141" type="General" weightage="20" keywordseo="pravind-jugnauth" source="keywords">Pravind Jugnauth</keyword> and President of Sri Lanka <keyword id="19911193" type="General" weightage="20" keywordseo="ranil-wickremesinghe" source="keywords">Ranil Wickremesinghe</keyword>. Also, RuPay card services were also launched in Mauritius today. The extension of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on RuPay mechanism in Mauritius and facilitate usage of RuPay Card for settlements both in India and Mauritius. India, which has emerged as a leader in fintech innovation and Digital Public Infrastructure placed a strong emphasis on sharing its development experiences and innovation with partner countries. Given India's robust cultural and people-to-people linkages with Sri Lanka and Mauritius, the launch is expected to benefit a wide cross-section of people through a faster and seamless digital transaction experience and enhance digital connectivity between the countries. Today's launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and the Mauritius as well as for Mauritian nationals travelling to India. Addressing the occasion via video conferencing, PM Modi said it was an important event for three countries in the Indian Ocean region. "Today is a special day for three friendly countries in the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people," PM Modi said. He said fintech connectivity will not only strengthen cross-border transactions but also cross-border connections. "FinTech connectivity will not only boost cross-border transactions but also connections. India's UPI (Unified Payment Interface) is now playing the role of 'Uniting Partners with India'," PM Modi said. He asserted that Digital Public Infrastructure such as UPI has brought about changes in the smallest of villages in India, as the technology is convenient and fast. In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI, PM Modi said. "Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed," he said. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions. (ANI)

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