India’s Unified Payments Interface (UPI) achieved a record-breaking 16.58 billion transactions in October, fueled by increased spending during the festive season. This marks a 45 percent jump from the previous year. The top banks for UPI transactions are SBI, HDFC Bank, and YES Bank. While other payment systems like FASTag saw growth, IMPS experienced a slight decline.
The National Payments Corporation of India (NPCI) has increased the UPI transaction limit for tax payments to ₹5 lakh, making it easier for individuals to pay taxes using their preferred digital payment method. The new limit applies to verified merchants and will be applicable from September 15, 2024.
The National Payments Corporation of India (NPCI) has announced new FASTag rules effective August 1, 2024. These rules mandate KYC updates for FASTags issued three to five years ago and the replacement of tags older than five years. Vehicle owners must also complete their KYC by October 31, 2024.
Paytm’s UPI services will no longer operate after March 15, 2024, as the Reserve Bank of India (RBI) has restricted Paytm Payments Bank from receiving funds. Paytm has partnered with major banks and is now authorized as a Third-Party Application Provider (TPAP) to continue providing UPI services. Users with ‘@paytm’ UPI handles will need to switch to new handles ending with ‘@ptsbi’ (SBI), ‘@pthdfc’ (HDFC Bank), ‘@ptaxis’ (Axis Bank), or ‘@ptyes’ (Yes Bank). This change will ensure uninterrupted UPI payments and compliance with RBI regulations.
NPCI authorizes Paytm to shift users to different banks for UPI payments, enabling seamless transactions and enhancing user experience. OCL, as the TPAP, facilitates the collaboration between Paytm and partner banks like Axis, HDFC, SBI, and YES Bank. Users instructed to activate new UPI IDs associated with their bank accounts for uninterrupted UPI services.
