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UPI transactions dip by 2% in April
Publication- Elets Online
Edition- Online
Date- 02 May, 2019
Unified Payments Interface (UPI)-based transactions have dropped by two percent, reporting 781.79 million transactions in April, revealed National Payments Corporation of India (NPCI). The UPI transactions reported in April were worth Rs 1.42 trillion. As per the NPCI data, transaction volumes witnessed a decline of 2.2 percent in April as compared to March. In March, 799.54 million transactions worth Rs 1.33 trillion were recorded. UPI reported 93,000 transactions in August 2016, the year it was launched. On a year-on-year basis, UPI-based payments reported a 4.1 times, or 311 percent rise. Currently, 144 banks are live on UPI, as compared to 21 banks at the time of its launch.
UPI was developed by NPCI, set up under the guidance of the Reserve Bank of India and the Indian Banks’ Association (IBA), as a real-time payments system that enables users to transfer money across multiple bank accounts, without furnishing details of the beneficiary’s bank account. The pilot project was launched in April 2016 and banks began uploading their UPI-enabled apps four months later. UPI picked up the momentum after Prime Minister Narendra Modi launched the UPI-based, Bharat Interface for Money (BHIM) app, in December 2016, soon after he announced demonetization.
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PayPal brings frictionless payments experience to India, launches One Touch
Publication- The News Minute
Edition- Online
Date- 02 May, 2019
PayPal India on Thursday launched its popular OneTouch experience in India using Google Smart Lock. This allows Indian consumers to register their Android device with PayPal and enables them to stay logged into the platform for all subsequent PayPal purchases on that device. The feature now removes the hassle of repeatedly needing to log in and thereby offers a frictionless payments experience. Consumers once logged in will still need to go through the 2FA step to complete the transaction as per applicable regulations.
With One Touch, consumers will no longer have to retrieve their credit and debit card details to make purchases on their smartphones. The integration with Google Smart Lock will enable greater convenience while maintaining security, by keeping their phones or tablets locked when it is not with them and thereby reducing the possibility of fraud.
Speaking at the launch, Narsi Subramanian, Director, Growth, PayPal India stated, “As payment systems evolve, it is essential for the platforms to simplify the process and render better user experiences for consumers while paying online. At the same time, it is critical that customers feel secure in making their transactions as well. The One Touch feature along with Google Smart Lock addresses both of the above and aligns with our vision of offering a frictionless payments experience.”
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