NEWS ROUND-UP FOR THE MONTH OF OCTOBER - NOVEMBER ( 24/10/2022 - 13/11/2022 )
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In the continuous pursuit of increasing UPI coverage and easing the customer onboarding process, a few months back NPCI had allowed UPI registration to happen via Aadhaar OTP authentication & removed the challenges of not having an active debit card. PhonePe is the first UPI Third Party Application Provider (TPAP) App to roll out the Aadhaar-based UPI onboarding services.
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In a keynote address delivered at the launch of MFIN’s India Microfinance Review on November 4 in Mumbai, the Deputy Governor elaborated that the RBI has attempted to move from a rule-based to principle-based approach while regulating microfinance institutions.
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Currency circulation in the country declined during the recently concluded Diwali. This has happened for the first time in 20 years.
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In terms of volume, UPI has hit a record of 730 crore transactions in October, continuing with its marvellous upwards graph.
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According to data from the Ministry of Home Affairs, UPI frauds contributed significantly to a 15.3% increase in the overall number of complaints reported on the National Cybercrime Reporting Portal (NCRP) between the first and second quarters of 2022.
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In the last few months, peer-to-merchant (P2M) transactions have outnumbered peer-to-peer (P2P) ones as per Mr. Asbe. He also added that QR codes now reach even India’s Tier 6 towns, taking the digital payments revolution further ahead.
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The National Payments Corporation of India (NPCI) may extend the deadline for its mandate requiring UPI payment apps to hold no more than 30% market share.
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https://www.medianama.com/2022/06/223-thirty-percent-upi-marketshare-cap-delay/
UPI continues its international foray with Singapore being the latest country to allow cross border fund transfers via UPI.
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In the last few months, peer-to-merchant (P2M) transactions have outnumbered peer-to-peer (P2P) ones as per Mr. Asbe. He also added that QR codes now reach even India’s Tier 6 towns, taking the digital payments revolution further ahead.