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 Reserve Bank of India (RBI) has increased the transaction limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh, simplifying high-value transactions. The central bank also introduced ‘Delegated Payments’, a new feature allowing primary users to authorize secondary users for UPI transactions within a set limit. Additionally, the RBI announced measures to streamline digital lending and expedite cheque clearance.
The Reserve Bank of India (RBI) has raised the limit for tax payments through UPI to ₹5 lakh per transaction, further boosting digital payments. Additionally, the RBI has introduced a facility for delegated payments via UPI, allowing individuals to authorize others to make transactions from their accounts. The central bank also maintained its GDP growth forecast for FY25 at 7.2 percent.
PhonePe, a leading Indian fintech company, has revolutionized digital payments in India, boasting over 500 million users and a 40% share of the UPI market. Founded by former Flipkart executives, PhonePe has grown rapidly, offering a wide range of financial services beyond just payments, including merchant loans, advertising solutions, and hyperlocal shopping through its Pincode app.
UPI-ATM, also known as Interoperable Cardless Cash Withdrawal (ICCW), allows customers to withdraw cash from ATMs without using physical cards. This convenient service utilizes UPI apps and QR codes for a seamless transaction experience.
India’s digital payments are set to skyrocket, reaching $7 trillion by 2030, according to a joint study by Kearney and Amazon Pay. This growth is fueled by the widespread adoption of the Unified Payment Interface (UPI), which has seen a 138% surge in transactions from 2018 to 2024. The study highlights the increasing preference for digital payments across various demographics, from wealthy buyers to street vendors, driving the transformation of India’s financial landscape.
Galeries Lafayette Haussmann, a renowned department store in Paris, has integrated the Unified Payments Interface (UPI), making it the first department store in Europe to offer this convenient and secure Indian payment system. The adoption of UPI underscores the store’s commitment to modernizing payment methods and catering to the growing number of Indian visitors, further strengthening the cultural and economic ties between France and India.
Galeries Lafayette Haussmann, a renowned Parisian department store, has become the first in Europe to introduce the Unified Payments Interface (UPI) system, enabling convenient and secure payment options for Indian customers. This move reflects the store’s commitment to innovation and customer satisfaction, fostering stronger ties between France and India.
PhonePe, a leading Indian fintech platform, has witnessed a remarkable journey from its inception to becoming a prominent player in the digital financial landscape. Founded by former Flipkart employees, the company gained significant traction after being acquired by Flipkart, subsequently becoming a Walmart entity. Despite its close ties to Flipkart, PhonePe boldly made the decision to become independent in 2022. Under the leadership of CEO Sameer Nigam, the company continues to innovate and expand its services, serving over 500 million users and 37 million merchants, making it a force to be reckoned with in the Indian fintech sector.
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.
