KNOW ALL ABOUT : UPI
Unified Payments Interface (UPI) allows easier real-time transfer of money between bank accounts using smartphones. UPI will completely do away with any addition of a beneficiary along with the account number and IFS Code, as the technology requires just a virtual handle for instant peer-to-peer payments. Read ET stories to know more about the process.
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Payment companies weigh ways to recoup MDR losses
These companies have urged the Centre to nudge banks to compensate “a minimum of 0.25% of the transaction amount for all the UPI and RuPay, Person to Merchant (P2M) transactions” for sustained service and ecosystem expansion in the absence of any clear revenue model.
More e-tailers doing away with OTPs
Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow. A key driver for this has been the phased relaxation of rules by RBI—most recently last Friday —on one-time passwords.
Digital payment gains should be used to acquire merchants, says Nirmala Sitharaman
The prebudget meeting on Friday was necessitated after the government waived off MDR for merchants on digital payments made through RuPay debit cards and Unified Payments Interface (UPI) devices from January 2020.
How to maximise benefits of savings bank account
The savings bank account is typically used to deposit money in a safe place and it has many benefits. For instance, it works as a person’s cash management system. Third-party utility bill payments, loan EMIs, insurance premium can be paid seamlessly.
RBI extends recurring payments feature to UPI
The new functionality will allow UPI users to bypass additional factor authentication (AFA) every time a payment is made to a regular merchant by giving a onetime instruction to the UPI service provider. This facility was earlier available for card and wallet based payments
All debit cards may get MDR waiver
The Central Board of Direct Taxes has also notified a fine of Rs 5,000 per day for businesses with a turnover of over Rs 50 crore if they fail to offer digital means of payments.
You can soon deposit cash at any ATM
NPCI is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches.
Govt being tough on industry is a misinformation, says PM Modi
PM Modi said his government’s action against the corrupt and dishonest had been wrongly portrayed by some as the government being tough on the industry.
Internet suspension takes a toll on online transactions
A total of 19 crore transactions worth Rs 9,300 crore were recorded on the channel.
View: The biggest challenge facing e-commerce sector in India & how to overcome it
To keep up with these changing demands, it is crucial that the logistics sector be efficient.
Hefty fine for shops and firms not accepting digital payments from February 2020
Shops, firms with an annual turnover of Rs 50 cr or more need to provide digital payment facilities.
Stakeholders believe, MDR waiver may hurt digital India
Finance Minister Nirmala Sitharaman on Saturday said that the zero MDR regime would kick in once the Department of Revenue issued a gazette notification on January 1. Top industry players say Centre’s decision on not levying merchant discount rates will make the business model unviable.
No MDR charges applicable on payment via RuPay, UPI from Jan 1: Sitharaman
To promote digital payments, FM said no MDR charges will be applicable on these transactions from Jan 1.
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