Read about it below.

List of Countries Where UPI is an Accepted Payments Mode

As per reports, countries like Bhutan, Nepal, Sri Lanka, Singapore, Mauritius, Qatar, and the United Arab Emirates (UAE) have adopted UPI system in addition to France, and users can pay via this mode of payment. Notably, Bhutan started accepting payments through UPI for the first time outside India, and France is the very first European country to accept it.

There are a few additional countries too where UPI integrations and discussions have taken place. Cyprus has adopted UPI system (via Eurobank Cyprus), as well as Oman (via Oman Central Bank). UPI payments are also being expanded across Kuala Lumpur and through the partnership with Liquid Group, Thailand, Vietnam, Philippines, Taiwan, Cambodia, South Korea, Hong Kong, and Japan are also accepting UPI-based QR code payments. In the United Kingdom (UK), there is an ongoing discussion for UPI acceptance. While Russia has signed an agreement, due to the Ukraine conflict, it hasn’t yet been adopted.

Just to add, in order to use UPI outside India (UPI international feature), it has to be first activated within the app. The official limit is up to INR 2,00,000, however it might differ based on the app that is in use. Also, Forex charges or service fees may be incurred when making international UPI payments.

The post Here’s the List of Countries Where UPI is One Among the Mode of Payments appeared first on The Tech Outlook.

The categories for which the limit has been increased include Educational Services, IPOs, Hospitals, Tax Payments, and Government Securities.

The decision is likely taken to adhere to India’s effort to elevate the nation to a digital economy.

UPI transactions have appreciatively contributed to India’s economy and Digital Public Infrastructure. UPI transactions are massively increasing all across the globe.

With this new limit, high-value transactions will be possible and it will open up many different convenient options in the financial sectors.

According to reports by NPCI, in July 2024, UPI transaction value marked a total amount of about Rs 20.6 lakh crore. The transaction count on the other hand was noted as 14.4 billion.

August 2024 also saw an increase of 41% year-on-year amount in the total number of UPI transactions.

According to reports, UPI stands at the top in terms of global transaction volume, surpassing other players like Alipay and PayPal.

The post NPCI announces increase in limit of UPI transaction from Rs 1 lakh to Rs 5 lakh appeared first on The Tech Outlook.

If you don’t want your UPI ID to be blocked you can activate it up to 31 Dec, 2023.

As per the circular, the decision has been taken to prevent the transfer of money to unintended recipients when customers change their mobile number without delinking their previous number from the banking system. There is a high chance that the number that one user has left can be issued to a new user. This concern is in line with the Supreme Court ruling that has said that mobile service providers cannot be barred from deactivating or reallocating a deactivated number after 90 days.

Under the directive third-party app providers(TPAP) and Payment Service Providers(PSP) are required to identify UPI IDs and numbers associated which have not been used to do transactions for a year.

The post Activate your UPI ID if you haven’t used it for or more than a year, otherwise it will be blocked from January 1,2024 appeared first on The Tech Outlook.

As UPI payment is popular now, consumers are still affected by payment failures because of low or no network. This problem happens mostly in rural areas. So, people still carry liquid money with them to make purchases in rural areas.

In order to solve this problem, the National Payments Corporation of India (NPCI) has launched UPI Lite X. Four innovative products were launched by RBI governor Shaktikanta Das on September 07, 2023, under NPCI’s umbrella. They are, Credit Line on UPI, UPI Lite X, and Tap & Pay, Hello! UPI – Conversion Payments on UPI, BillPay Connect – Conversational Bill Payments.

The UPI Lite was launched last year by NPCI, which needs less network than UPI and was efficient enough to send or receive payments of up to Rs 200 in real-time without requiring a UPI pin. This amount is now increased to Rs 500. The transfer of money with UPI Lite is done by adding the funds to an on-device UPI wallet.

The UPI Lite X makes payments with low or no network with the Near Field Communication (NFC) technology. NFC is a wireless technology that requires a distance of 4 centimeters or less to establish a connection. So, both the sender and receiver’s device should be at a close range to make the payment.

With NFC, UPI Lite X transfers money from the sender’s on-device wallet to the receiver’s on-device wallet. The payments do not involve the bank accounts but only the on-device wallets. The transfer limit for UPI Lite X is not known now.

Source

The post With The Newly Launched UPI Lite X, users Will Be Able To Do Transactions With Low Or No Network appeared first on The Tech Outlook.

Read more about it below.

India’s UPI Payment Mechanism to be Used in France

At La Seine Musicale in Paris, Indian PM, Narendra Modi announced that from now on, Indian tourists will be able to make payments in France in Indian rupees. The announcement was made upon an agreement with France and India regarding the acceptance of India’s UPI payment mechanism in France. The incorporation will start from the Eiffel Towers and Indians visiting the place, will be able to make payments in rupees, via UPI.

“Be it India’s UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction. India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward. Friends, in the coming days its beginning will be made from Eiffel Tower which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower” said Modi.

UPI or Unified Payment Interface is India’s own mobile-based payment system that enables anyone to make payments at any time instantly with the help of the unique virtual payment address created by the user.

To note, in 2022, NPCI(National Payments Corporation Of India) also signed a Memorandum of Understanding(MoU) with Lyra, the online payment system of France. This year, in early 2023, an agreement was also signed between India’s UPI and Singapore’s PayNow. NPCI is also planning to extend the UPI services to more countries including the USA, Europe, and also in countries of West Asia.

The recent announcement made regarding the acceptance of India’s UPI in France can be considered a significant step in the development of bilateral trade and tourism between the two countries.

The post France Agrees to Use India’s UPI in the Country: Announced by Narendra Modi appeared first on The Tech Outlook.

Users always make sure to check the details twice and sometimes even thrice but still just a single number change can make the money go into the wrong account. But here we have brought to you the solution.

Solution

According to RBI guidelines, if you mistakenly send the amount to the wrong account you can get it back within 48 hours. You just need to dial 1800 120 1740 on your phone to fill the complaint in the bank within 3 days of the transaction. If you fail to fill out the complaint within 3 days, your chances of getting a refund will reduce.

In case the bank does not register your complaint you can register it on http://bankingombudsman.rbi.org.in.

Make sure to not do it.

Every time we make a transaction we receive a message. Don’t delete this message because it comes with a PPBL number which can help to get the refund of money.

The post If you mistakenly sent money via UPI to wrong account, this method can help you to get the refund appeared first on The Tech Outlook.

Amazon Pay transfer limit 

The customers may only transact up to INR 5,000 in the first 24 hours after signing up for Amazon Pay UPI, and depending on the bank, the number of transactions per day is restricted to 20. Amazon Pay has also established a maximum money transfer limit via UPI of Rs 1 million.

Google Pay transfer limit 

All UPI applications and bank accounts are supported by Google Pay for daily transfers of up to Rs 10,00,000 and up to 10 transaction limitations. Furthermore, if a money request totals more than Rs 2,000, GPay suspends daily transaction limitations.

Paytm transfer limit 

Users of Paytm UPI may send up to Rs 1 lakh in cash. Paytm has a 20,000 transfer limit each hour. Five transactions take place on Paytm per hour, and twenty occur daily.

PhonePe transfer limit 

A daily limit of Rs 100,000 has been placed by PhonePe for UPI transactions. The cap, however, may vary from one bank to the next. A user can also start a limit of 10 or 20 transactions using PhonePe UPI every day, depending on the bank’s policies.

UPI transfer limit 

There is a 20 transaction limit per day for UPI transfers. The restriction cannot be renewed until 24 hours have passed after it has been exceeded. However, the limit could change based on bank policies.

The post You are out of UPI transaction limit!! have you ever got this in middle of transaction, then check out this appeared first on The Tech Outlook.

How to Transfer Money Using a Phone Number 

• Choose the Phone number option under Transfer money.
• Now, enter the recipient’s mobile phone number or tap the small contact icon to select the phone number.
• At the bottom, press the blue Pay button.
• Enter the amount and make a note of it.
• Now, select the bank account from which you want to make this payment.
• Enter your UPI PIN and tap Pay.
• Then tap submit, and your transaction will be completed.

This is how you can use Google Pay to send money to any number. Because a phone number can be linked to multiple accounts, it is generally recommended to send money using a QR code. Every account linked to a UPI service has its own QR code. If your transaction fails, allow 2-3 business days for the money to be refunded to your bank account. If you haven’t received your refund within that time frame, contact your bank’s local branch.

The post Here is how you can send money to a mobile number on Google Pay appeared first on The Tech Outlook.

In recent years, UPI has become a preferred mode of payment for many Indians for miscellaneous and regular expenses. Whether it’s shopping, food or even bill payment, with no fee, the use of UPI has grown. A record 6 billion UPI transactions have been crossed this year.

But according to latest news, RBI plans to add a charge for UPI payment in the coming future. It is for development and maintenance of the UPI infrastructure. And since it’s similar to Instant Payment Service, it should be charged fee like that.

RBI said the service uses a lot of resources and puts cost burden, hence why there’s no justification for providing a free service, unless there is an element of public good and welfare. If RBI gives this the go ahead, even debit card payments would be chargeable.

They have asked an important question of who is to bear the cost of infrastructure and services. And how Indians might react to it after becoming used to the digital payment system.

Meanwhile, Twitter is rife with memes and reactions to the latest development. People are questioning that after every type of tax, do we have to incur one on this too? This speculation has led to the trending ‘UPI Payment’ phrase on Twitter. Let us look at how Indians are reacting currently to it:

https://twitter.com/himurajput0/status/1561321680680562688?s=20&t=q3R0FL5wmUGR8nY5OZOKgQ

https://twitter.com/DebAnu2002/status/1561310789352361985?s=20&t=q3R0FL5wmUGR8nY5OZOKgQ

The post UPI Payments trending on Twitter? Here’s why appeared first on The Tech Outlook.

PhonePe revolutionized the online payment in India. It was the first add that managed to earn credibility among the mass in large number and gained their trust in online payment. It is surely one of the best UPI app in India. Along with making regular payments, a user in PhonePe can also recharge, make online bill payments, order food, do online shopping etc. As of November, 2020, PhonePe stood at 868.40 million transactions that amounted to Rs 1,75,453.85 Cr in transaction value. PhonePe has a simple user interface that makes it convenient for its users to use it. It is one of the top UPI payment service in India. 

Google Pay, a name not new to anyone, surely stands as one of the best UPI apps in India. It was formerly known as Tez App. The app managed to gain a long chain of customer within a short period of time. And surely having the big brand name, Google, worked its own wonders too. Google Pay had 960.02 million transactions that amounted to Rs 1,61,418.19 Cr in transaction value, as of November 2020. Google Pay lets users to send money to their friends, pay their bills, shop online, recharge and pay at merchant shops etc. It has a feature called “scratch card” that helps a user earn gifts that ranges from cashback to offer codes in online platforms. 

Paytm is one of the oldest online transaction app in India. The app offers, Paytm Mall, Paytm Wallet and Paytm UPI. Paytm can be referred to as a megastore due to the variety of products and services being offered by the app. Every activity related to online payment can be performed in this app. Because of this, it is one of the most used UPI app in the nation. As of November 20202, Paytm stood at 260.09 million transactions that amounted to Rs 28,986.93 Cr in transaction value. One can also book IRCTC train tickets, flight tickets, shop groceries, do loan payments, pay e-challans and avail a lot of other services. 

Amazon pay stood as the fourth biggest UPI payment app in the year 2020. It is a fairly new app compared to some of the other UPI payment apps. In the month of January 2022, Amazon pay received 37.15 million transactions in volume that amounted to Rs 3,624.51 Cr in transaction value. It is another app with a big brand name that facilitated to gain a large range of users in a short period of time. It integrated most shopping and payment gateways. It also offers awesome cashback awards like most other UPI apps. Although Amazon pay came to the market of UPI payment app lately, at present it is one  of the most sought and used UPI app in the nation. 

Bhim app is another newcomer in the online UPI payment world. The National Payments Corporation of India (NCPI) launched and also manages the Bharat Interface for Money (BHIM) app. It  is a UPI enabled facility that facilitates safe, easy and instant digital payments through our phone. The BHIM app, as of the month of November 2020, stood at 0.31 million transactions in volume. This amounted to a total of Rs 13.87 Cr in transaction value. 

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