Rajiv Ranjan’s Post

Nice work with this National Payments Corporation Of India (NPCI) this #UPIbrandedATM will help a lot of people. we shall get ready to witness a game-changing shift in the world of finance! 🌐💳 The #UPIbrandedATM will transform the card game as we know it. With its convenience, security, and accessibility, UPI ATM will be reshaping the way we handle transactions. Saying goodbye to the physical cards will be the next steps and effortless, 24/7 banking from your smartphone will help everyone. It's time to embrace the future of payments and experience a new level of financial freedom. 💪💰 #UPIATM #DigitalPayments #FinanceInnovation #UPIbrandedATM #npci

At a time when fintech major Paytm is facing mounting regulatory scrutiny over KYC-related lapses, the One97 Communications-owned company has shifted its focus on its UPI Lite wallet feature. Paytm’s UPI Lite wallet enables users to make secure and fast transactions without the need for personal identification number. Explaining the rationale behind its renewed focus on the UPI Lite facility, Paytm said it will cater to users who prefer wallet for making low-value payments on a daily basis. In my report for Inc42 Media, I explain how you can activate the UPI Lite feature on the Paytm app and take a look at other fintech players offering the UPI Lite facility. Click the link below to read the full story. #Paytm #One97Communications #UPI #Fintech

#UPIbrandedATM is a new initiative by the National Payments Corporation Of India (NPCI) to enable customers to withdraw cash from ATMs using their UPI apps, such as Google Pay, PhonePe, Paytm, BHIM etc. The customers do not need to use their debit cards or enter their PINs, but instead scan a QR code displayed on the ATM screen and authorize the transaction using their UPI app. The UPI branded ATM is being rolled out in phases in India, started from March 2020. UPI branded ATM reduces market share and revenue from card-based transactions of Visa & Mastercard. Today Visa and Mastercard are the two dominant players in the Indian card payment industry, with a combined share of over 80%. However, they have been facing stiff competition from UPI, which is a homegrown payment system that has grown rapidly since its launch in 2016. UPI has surpassed Visa and Mastercard in terms of transaction volume and value, as it offers a fast, convenient, and low-cost way of transferring money between bank accounts using mobile phones. UPI branded ATM can further challenge Visa and Mastercard by offering a cardless and PINless way of withdrawing cash from ATMs, which can appeal to many customers who prefer cash over digital payments. UPI branded ATM can also reduce the dependency of banks and customers on Visa and Mastercard for ATM network and services, as they can use UPI as an alternative platform. UPI branded ATM can also save costs for banks and customers, as they do not have to pay any fees to Visa and Mastercard for using their cards or networks. UPI branded ATM can disrupt Visa/Mastercard business model & market position in India. High Time To Innovate & Collaborate with UPI & other players/partners to retain relevance and competitiveness in the Indian payment industry.

After 10 Bn monthly transactions in August 23 , NPCI is now targeting 100 Bn monthly transactions: National Payments Corporation Of India (NPCI) has launched a slew of new products aimed at boosting digital payments in the country. The new offerings include credit line on #UPI, near-field communication (#NFC)-based offline payment modules UPI LITE X and Tap & Pay, and conversational payment products Hello! UPI and BillPay Connect. These products aim to create an inclusive, resilient, and sustainable digital payments ecosystem in the country. This move is part of the NPCI’s bid to achieve 100 billion monthly transactions in the near future and to bring more Indians into the fold of digital payments. One of the key products launched today is Hello! UPI, which allows users to give voice commands to transfer funds and input UPI PIN through the UPI app, telecom calls, and IoT devices in Hindi and English. The feature is expected to be soon rolled out in other Indian languages as well. Another key product launched today is BillPay Connect, which allows users to fetch and pay bills through voice commands on their smart home devices. Feature phone users or offline users can also use the product by messaging or calling a pan-India single number to fetch and pay their bills. Credit line on UPI is another important product launched today. It will enable users to avail pre-sanctioned credit lines from banks through UPI. This will expand access to credit and foster a more streamlined and digital banking ecosystem. UPI LITE X and Tap & Pay are built at the intersection of NFC and offline payments. UPI LITE X allows offline users to make digital payments of up to INR 500 to anyone with an NFC-enabled compatible device. Meanwhile, UPI Tap & Pay allows customers to simply tap NFC-enabled QR codes at merchant outlets to complete their payments. The developments come just days after UPI achieved a major milestone of 1,000 crore monthly transactions in August 2023. The slew of offerings have been introduced with an eye on scaling monthly transactions on the UPI network to 10,000 crore in the near future. In addition to the new products launched today, the #NPCI also announced its partnership with fintech major Paytm to launch these products on its app. This will help to further drive adoption of digital payments in India. Overall, the launch of these new products is a significant step towards making digital payments more accessible and convenient for all Indians. It is also a major boost to the government’s goal of achieving a cashless society. Ram Rastogi 🇮🇳Reserve Bank of India (RBI) Reserve Bank Innovation Hub (RBIH) Fintech Association for Consumer Empowerment (FACE) Dilip Asbe Network People Services Technologies Ltd. Spice Money Electronic Payment and Services (P) Ltd. Kiya.ai Crunchfish AB

[COFFEE] #FPS (Fast Payment Services) FPS acronym of Fast Payment Services designates all payment services allowing the use of account to account (#A2A) payment cleared instantly or quasi instantly allowing potential instant settlement. FPS are not always opened system to clear merchant servicing type transactions. So FPS is still an ongoing subject for many countries, pushed by the necessity to guarantee for consumers or businesses : ▶ Frictionless ▶ Affordable ▶ Safe ▶ Timely transactions Characteristic of FPS: 🛠 API Based but also USSD based (Unstructured Supplementary Service Data) for inclusion of low tech equipped population 🔄 Transfer from one account to another with initiation from both parties (request to pay or payment initiation) ⚡ Cleared instantly at Central Bank  ▶ Most of FPS are settled instantly to the receiving party, ▶ Most of the time via a unique rail ▶ Distinct from traditional system used for bulk remittance between Financial Institutions.  📱 With one simple alias, most of the time phone number 💵 For low value transactions (up to 15k$/€ equivalent potentially less) 🚦 Supporting multiple use cases : P2P, B2C, B2B including merchant services but can exclude each other.  ✳ Supporting multiple channels : E-commerce/mobile commerce, Face to Face transaction, bill payment, direct debit, credit transfer Why FPS over card payments? ✅ Safer and less prone to fraud, as most of transactions are double authenticated ✅ Allows new models of operations including request to pay ✅ Cheaper price for parties in the transaction ✅ Better inclusion for unbanked or underbanked population ▶ some of operators allows topping up payment means with cash without paying for interchange or having a card. ✅ Allows emergence of added value services and potentially super app to aggregate services under one umbrella app  ✅ Easier to use and implement Example of FPS type payment 🇰🇪 Pesalink in Kenya  🇲🇾 DuitNow in Malaysia 🇸🇬 PayNow in Singapore 🇹🇭 PromptPay in Thailand 🇮🇳 UPI in India 🇹🇷 FASTT in Turkiye 🇧🇭 BenefitPay in Bahrein 🇧🇷 PIX in Brazil  🇪🇺 SCT Inst in EU 🇸🇪 Swish in Sweden 🇦🇺 New Payment Platform (NPP) in Australia Thanks Tam Luong 🇻🇳 & The World Bank to help me building this post ——————————— Follow me to share more nice 🍵 of tea  Like this content, share it, it is free of charge darling 💖 I am JORDAN GRAISON, you can find me here :  https://lnkd.in/enMP6dUy

One97 Communications Limited, the parent entity of fintech major Paytm, is now planning to shift its focus to unified payments interface (UPI) Lite wallet aimed at catering to users who prefer wallets for low-value transactions 👇 To be sure, the UPI Lite wallet feature enables users to make secure and fast transactions without the need for a personal identification number. Paytm’s UPI Lite wallet is designed to handle transactions up to INR 500 each. Tapping this feature, users can add up to INR 2,000 to their wallet twice a day, with the total daily limit set at INR 4,000. The streamlined approach, Paytm claims, will benefit users who frequently handle small payments such as buying groceries, paying for parking tickets and daily commute fares. #paytm #upi #transactions

🌍 Exploring Real Time Payment (RTP) Monetization Models Worldwide 📊 I've taken a look at RTP & Account to Account (A2A) models across the world, and there are a few interesting trends. The banked population %, and reliance on cash dictates product structure, seem to drive innovation in traditional payment rails. 🌐 In the USA, Scandinavia, and other parts of Europe, where > 80% of the population is banked, payment methods such as digital wallets storing card details are prevalent. 🌐 In areas like SEA, India, and parts of LATAM, where a big % of the population is unbanked and has high cash reliance, A2A methods & E-Wallet are popular. And in many cases third-party apps have seize opportunities to serve the unbanked with tailored solutions. 🌏 Regional Observations: 📌 SEA: E-Wallets dominate real-time payments, resembling India pre-UPI era. Encouraging a shift to A2A payments could parallel India's success with UPI. 📌 Scandinavia: MobilePay and Vipps lead instant payments, offering streamlined card-based transactions with PIN authentication. 📌Rest of Europe: Integration within banking apps or standalone apps like Twint characterizes A2A payment services. 📌 LATAM: Evolving infrastructure like Pix and PLIN in Brazil and Peru showcases the growing demand for real-time A2A payments, while E-Wallets remain popular in regions like Mexico. 💡 Monetization Insights: In most cases of A2A payments (such as UPI) the end user enjoys free service, while merchants or entities bear transaction fees. For instance, Pix charges 0.33%, while Twint charges 1.3%. However, Blik has a unique approach, charging merchants $0.10 per transaction and consumers $0.15 per transaction plus 1% of the purchase value. 📱 Trending Features: 📌 Mobile Numbers as Identifiers: Across models, mobile numbers serve as primary identifiers for money transfers, enhancing P2P payment convenience. 📌 Scan & Pay vs. Tap & Pay: QR codes are gaining prominence globally, simplifying transactions, especially in regions where NFC-enabled devices are less prevalent. 🌐 Empowering Global Transactions through interoperable QR codes So what are the next innovations in RTP & A2A payments? The next steps seem to be Interoperable QR's powered by bilateral agreements between regions: Tourists do most transactions offline. And we've established that the world has moved more towards Scan & Pay vs Tap & Pay. In fact foreign payment enablement on QR is something ASEAN has already done with their interoperable QR code system. ASEAN has signed bilateral cross border agreements for pilots within RTP and included QR's as an extension of these to enable payment in local currency. To read the full article, and other pieces like this click and subscribe here: https://lnkd.in/gSi-BHJD 🚀 #DigitalPayments #Fintech #GlobalTrends #GlobalPayments #QRRevolution 💳🌍

✅ 52.3 million cards across VISA, Mastercard, and RuPay —that is the number of cards that Indian fintech giant PayTm had tokenized last year to fall in accordance with the Reserve Bank of India’s deadline to purge saved card data. ✅ PhonePe, another payment gateway company, tokenized 14 million debit and credit cards as of September 2022. 👉 So, what’s the fuss about credit card #tokenization? Read the blog to find out. https://lnkd.in/gEEzjmdW #datasecurity

Paytm Gets Third-Party UPI App License From NPCI as Payments Bank Ceases Operations Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country's payments authority, which will enable it to facilitate payments after its banking unit ceases operations. The license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), after Paytm Payments Bank ceases operations by March 15, following regulatory action due to non-compliance with certain norms. Axis Bank, HDFC Bank, State Bank of India and Yes Bank will act as payment system provider banks to Paytm, the National Payments Corporation of India (NPCI) said in a statement. Yes Bank shall also act as a merchant acquiring bank for existing and new UPI merchants for Paytm, it added. Paytm has been advised to complete the migration for all existing handles and mandates, wherever required, to new payment system provider banks at the earliest, the NPCI said. UPI is India's real-time payments system that allows users to transfer money across banks. Paytm, the third-largest app for UPI payments in the country, processed 1.41 billion monthly transactions worth 1.65 trillion rupees in February, down from 1.57 billion transactions worth 1.93 trillion in January, according to data on the NPCI website. PhonePe and Google Pay are the two largest UPI payment apps in India. Last month, the Reserve Bank of India (RBI) had asked the NPCI to examine a request from Paytm to become a third-party application provider. Early this week, Reuters was the first to report that the NCPI was likely to approve a third-party application provider (TPAP) license for Paytm. for more news visit www.2yodoindia.com #2YoDoINDIA #Paytm #PaytmPaymentsBank #UPI #NPCI #India #RBI

✅ 52.3 million cards across VISA, Mastercard, and RuPay —that is the number of cards that Indian fintech giant PayTm had tokenized last year to fall in accordance with the Reserve Bank of India’s deadline to purge saved card data. ✅ PhonePe, another payment gateway company, tokenized 14 million debit and credit cards as of September 2022. 👉 So, what’s the fuss about credit card #tokenization? Read the blog to find out. https://lnkd.in/dfxjbrSC #datasecurity