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Deep Agrawal, Head of Payments at PhonePe said, “This will help expand the overall UPI ecosystem, and also onboard new customers to the digital payments fold. UPI has become a global exemplar, and countries across the world are looking to implement it. Going forward, we are closely working with NPCI to take UPI international.’’
Recently, a discussion paper was floated by RBI proposing a tiered charge framework for UPI payments. The paper also proposed replacing the zero-charge framework for UPI transactions with a subsidy. However, the government issued a statement saying it wouldn’t impose any charges on UPI.
The central bank said while UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS)/ATM Networks.
“At present the facility of cardless cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make cardless cash withdrawal facility available across all banks and ATM networks using the UPI,” Das said.
The Reserve Bank of India (RBI) on December 8 announced its intention to simplify the process flow for small value…
Yes Bank has partnered with Amazon Pay and Amazon Web Services (AWS), to offer customers an instant real-time payment system…