UPI New Update: India's digital payment system UPI is making waves across the world. Many big countries of the world are preparing their payment systems on the lines of UPI. With UPI, which was launched by Digital India, lakhs of people can transact money in just one click.
 |
| UPI New Update: You Need to Know if your using UPI |
UPI New Update: You Need to Know if your using UPI
The special thing is that the number of online payments is increasing every month. Let us first talk about the big updates coming in UPI. When and how will it start?Â
Next, we will tell you how many UPI payments were made in January 2023. We will also reveal how far this figure reached in November 2023. To know, read the article till the end.
Now people are using UPI, the Unified Payment Interface extensively across the country. People are using UPI to buy every small and big thing. Now, NPCI, the National Payments Corporation of India, has planned to add a new function to improve UPI. This will make it easier for users to transfer amounts from any payment app.
The news is that NPCI has started the process of the UPI Tap & Pay facility. This is for companies providing digital payment services. Let us know when this service will start. According to a report, NPCI has said in its circular that UPI members should offer this Tap & Pay service by January 31, 2024.Â
However, it has also been made clear to UPI members that the fixed deadline is not the final deadline for the companies.
Apart from this, companies providing UPI service can start the tap & pay facility on their application anytime. If any company is not able to start this service on its application by the date given in the circular, then NPCI will continue to talk to it. Because NPCI believes that it takes time to create a payment system based on new features.
Now the question is when will Tap & Pay start from UPI?
According to information from NPCI, the Tap & Pay service is already available to selected customers on Bharat Interface for Money, known as BHIM, and Paytm App. It will be available to everyone soon. Only this facility can be started on UPI.
How to use UPI Tap & Pay?
Let us now know how this service of UPI will be used. At present, to make payment, we scan the QR code, the Quick Response Code. However, the QR code has no role in using the Tap & Pay service. This is because it uses Near Field Communication. It completes the payment with the user's virtual payment address.
How many rupees can you pay through the Tap & Pay service using the UPI Lite App?
If a user opens an account in the UPI Lite app, he will be able to do transactions of less than ₹ 500 only through the Tap & Pay service. Whereas for any transaction of more than ₹500, the user is required to enter the PIN.
UPI Payments Transaction in January and November 2023
Now let's look at the UPI payments of January 2023. According to NPCI During this period, Indians made digital transactions worth about Rs 12,98,726.62 crore. At the same time, in November 2023, this figure reached Rs 17,39,740.61 crore. One thing is clear from this Indians: are using UPI enthusiastically.
UPI Payments Transaction Details TableÂ
| Month | Value (in Cr.) |
|---|---|
| January 2023 | 12,98,726.62 |
| February 2023 | 12,35,846.62 |
| March 2023 | 14,10,443.01 |
| April 2023 | 14,07,007.55 |
| May 2023 | 14,89,145.44 |
| June 2023 | 14,75,464.27 |
| July 2023 | 15,33,645.20 |
| August 2023 | 15,76,536.56 |
| September 2023 | 15,79,133.18 |
| October 2023 | 17,15,768.34 |
| November 2023 | 17,39,740.61 |
What is your opinion on this news? Do let us know in the comment section and to know more such news from the business world, stay tuned to QuickScope Times.
Read Also:Â
