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UPI transactions cross 500 million in November

Saturday, December 1, 2018, 7:58 PM

Monthly transactions through the UPI crossed the 500 million mark for the first time in November, data released by the National Payments Corporation of India (NPCI) on Saturday showed. Under the UPI, 524.94 million transactions amounting to Rs 82,232.21 crore were carried out during the month, a 9% increase in transaction volume, compared with 482.36 million transactions worth Rs 74,978.27 crore in October.
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Mastercard, Visa losing market share to local rivals: Arun Jaitley

Friday, November 9, 2018, 11:05 AM

Finance minister Arun Jaitley said on Thursday Mastercard and Visa were losing market share to domestic payments networks, months after Mastercard complained to the US government that Prime Minister Narendra Modi was using nationalism to promote a local rival. Share of UPI and RUPAY Card have reached 65% of the payments done through debit and credit cards, Jaitley said.
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Reserve Bank of India plans payments ombudsman

Thursday, November 8, 2018, 12:18 PM

The RBI is likely to establish an ombudsman for digital payments by March to take the load-off the increasing number of complaints currently being handled by the banking ombudsman, said two-senior-bankers with knowledge of the matter. The central bank is presently in process of creating a scheme for establishing offices across the country for the digital payments ombudsman, ET has learnt.

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