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The RBI governor Shaktikanta Das launched the service called UPI 123PAY on 8 March 2022, with an aim to help almost 400 million feature phone users in the country. [52] Till now, UPI payments were only possible through payment applications on smartphones and USSD-based service for feature phones. However, as per Deputy Governor T Rabi Shankar ...
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [ 1 ] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.
UPI payments and digital money lending for merchants: Revenue ₹ 1,029 crore (US$120 million) (FY23) [1] Net income ₹ −941 crore (US$−110 million) (FY23) Parent: Resilient Innovations Private Limited: URL: bharatpe.com: Commercial: Yes: Registration: Required: Current status: Active
The service was officially launched on 20 September 2022, and was a game changer, helping Rupay increase their market share. [62] For the first time, RuPay credit card usage topped ₹10,000 crore in a single month in December 2023, accounting for roughly 6% of the domestic credit card market. The number of RuPay credit cards in use surpassed ...
In 2015, eleven companies received In-principle approval from the Reserve Bank of India to set up Payments Bank under the guidelines for Licensing of Payments Bank. [6]On 11 April 2016, Airtel Payments Bank became the first company to receive the Payments Bank license from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949.
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.
America Online CEO Stephen M. Case, left, and Time Warner CEO Gerald M. Levin listen to senators' opening statements during a hearing before the Senate Judiciary Committee on the merger of the two ...
On 2 July 2023, a new version of Yono app was launched with the introduction of a new UPI feature which enabled other bank customers to use the app for UPI payments. The update also brought QR scanning and pay-by-contact UPI functionalities.