NPCI Expands UPI-PayNow Corridor with 13 New Banks, Boosting Cross-Border Access Between India and Singapore

NPCI International Payments Limited (NIPL) the international arm of National Payments Corporation of India (NPCI) has further enhanced the UPI-PayNow real-time payment linkage by adding 13 more banks on the platform, extending its reach and simplifying cross-border remittances between India and Singapore. With this development, which will go live on July 17, 2025, users in both countries can remit funds to a wider base, making the service more accessible and convenient.

The expanded network for remittances to India now includes 19 banks – Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC FIRST Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

Recipients in India can receive remittances from Singapore in their accounts held with any of these 19 banks through their preferred UPI enabled apps such as BHIM, Google Pay and PhonePe, as well as bank apps. Outward remittances from India to Singapore is available through Canara Bank, HDFC Bank and Karur Vysya Bank along with ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can avail this service.

The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It facilitates real-time cross-border fund transfers between individuals, where Indian users can receive funds via UPI ID and send funds to users in Singapore via their mobile number or Virtual Payment Address (VPAs). As the world’s first cloud-based, real-time cross-border payment system, the initiative is a pioneering step in global payment connectivity.

This development is particularly beneficial for the Indian diaspora in Singapore, including migrant workers and students, bringing the ease of digital payments to everyday remittances. UPI is already accepted via QR codes at select merchant outlets in Singapore, further extending its utility.

Ritesh Shukla, MD & CEO, NPCI International said, “The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries. This brings added convenience to users through a seamless and trusted platform”.

UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient’s bank account within seconds. The service leverages strong security protocols to ensure safe and reliable transfers. It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime.

About NPCI International:

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI) and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India. Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure.

For more information visit, nipl.com

EximPe Secures RBI PA-CB In-Principle Licence to Build Cross-Border Payments Infrastructure for Asian Emerging Markets

• The company plans to expand its business across the India-Asia corridor by 10X by the end of FY2026

EximPe, a cross-border payment startup, today announced that it has secured the Reserve Bank of India’s (RBI) Payment Aggregator Cross-Border (PA-CB) In-Principle licence (Export and Import). This achievement makes the company one of the first to receive this new regulatory authorization without any existing payments licences. With this licence, EximPe plans to enable compliant cross-border pay-ins and pay-outs for digital services, e-commerce, and B2B goods trade, serving businesses across Asian emerging markets.

The PA-CB licence will significantly enhance the company’s ability to facilitate seamless cross-border payments and simplify compliance for businesses engaged in international trade. The licence will enable EximPe to transition from a technology platform enabling cross border payments to being able to provide a fully regulated cross border infra play. This capability is expected to benefit a wide range of businesses in sectors such as e-commerce, digital services, and manufacturing, ultimately reducing transaction friction and enhancing the global competitiveness of Indian SMEs.

Arjun Zacharia, CEO and Founder of EximPe, said, “Securing the PA-CB licence is a significant milestone in our journey. This validation of our hard work reaffirms our commitment to building a robust cross-border payment infrastructure. With this licence, EximPe is uniquely positioned to support businesses in expanding in the highest growth global corridor between India-Asia, while simplifying complex regulatory and financial requirements. With the PA-CB licence, we want to expand our business by 10X by the end of FY 2026.”

The platform has already processed over $450 million in transactions and serves more than 5,000 SMEs, manufacturers, and service providers. The company aims to further strengthen its position as a leading cross-border payment infrastructure provider by expanding its capabilities with this new licence.

About EximPe

Founded by Arjun Zacharia, EximPe is a B2B cross-border fintech that partners with banks to provide a technology platform that provides seamless cross-border payments, The All-in-one platform provides real time rate booking, compliance, and trade documentation for businesses. The company serves a range of businesses who trade or sell services globally.

For more information, visit eximpe.com

Axis Bank, boAt & Mastercard Launch Smartwatch That Lets You Pay with a Tap—No Wallet Needed

Axis Bank, one of the largest private sector Banks in India, today announced that it has collaborated with boAt, India’s No.1 wearable brand, and Mastercard, a global technology leader in payments, to seamlessly integrate tap & pay NFC enabled payments for its newly launched ‘Wave Fortune’, a cutting-edge smartwatch. Priced competitively at ₹3,299 (₹2,599 during special offers), Wave Fortune is designed to empower users with convenience, security, and a next-level smartwatch experience

Axis Bank cardholders can now securely tokenize and store their debit and credit cards on the WAVE Fortune Smartwatch via Crest Pay, boAt’s official payments app and make contactless payments effortlessly. This feature, powered by Mastercard’s tokenization technology and supported by the robust token requestor infrastructure of TAPPY Technologies, allows single-step payment of up to ₹5,000 on a POS device without entering card PIN, ensuring both speed and security.

Powered by Mastercard, the payment system allows users to securely tokenize and store their cards within the smartwatch strap for quick and seamless transactions. Axis Bank credit and debit cardholders on Mastercard and VISA networks will continue to enjoy the rewards and benefits of their linked card while making payments with the Wave Fortune smartwatch.

Commenting on the partnership, Arnika Dixit, President & Head - Cards, Payments and Wealth Management, Axis Bank, said, “At Axis Bank, we have been continuously working on innovation-led partnership models to offer innovative and secure digital banking solutions to customers. In this effort, we are delighted to have partnered with boAt to truly make payments on-the-go, seamlessly integrating contactless payments into people’s day-to-day lives. Bringing in our expertise in tokenized contactless payments, ‘Wave Fortune’, a cutting-edge smartwatch will allow the users with the highest standards of safety and security, combined with a quick and convenient payment experience.”

Sameer Mehta, Co-founder and CEO, boAt, said, "At boAt, we are always striving to push the boundaries of technology to enhance everyday convenience. Our partnership with Axis Bank brings secure, effortless payments to the wrist, making contactless transactions more accessible than ever."

Gautam Aggarwal, Division President, South Asia at Mastercard said, “In the near future, payments will be gesture-based — integrated into our daily routines, with transactions occurring in a frictionless manner. Wearable devices, irrespective of the form factor, will play a key role in this evolution, offering quick and secure payment experiences. As a company committed to shaping this future of commerce, Mastercard is delighted to power the tokenization enabled smartwatch, empowering users to pay with their credit or debit cards.”

Wave Fortune Smartwatch

In addition to its contactless payment functionality, the Wave Fortune smartwatch is designed to keep users connected, stylish, and productive - whether at the gym, on the move, or in business settings. It brings secure, on-the-go payments to the wrist and reflects boAt’s vision of merging convenience with innovation to create lifestyle-driven wearables.

A Display That Shines, Features That Deliver

• Vivid 1.96” HD display with 240x282 resolution and 550 nits brightness for exceptional clarity - even under direct sunlight
• Wake gesture for quick access to time and notifications
• DIY Watch Face Studio to personalize your home screen with images, themes, or artworks

Fitness and Utility 

• Built-InEarn boAt Coins by achieving fitness milestones - redeemable for boAt offers
• Ultra-clear Bluetooth Calling, interactive dial pad, contact saving, and direct access to Crest Pay

The Wave Fortune smartwatch is now available in Active Black on the [boAt website].

Top–10 Payments Trends for 2025

The ongoing transformation of the payments industry, driven by technological advancements and the need for greater efficiency, security, and sustainability, the year 2023-24 saw varied trends.

From the rise of decentralized finance (DeFi) and Artificial Intelligence (AI) to Quantum-Secure Encryption and Biometric Authentication, the year 2023-24 witnessed various technological advancements.

Considering the ongoing evolution of the payments industry, driven by technological advancements and the need for greater efficiency and security, here are the top 10 payments trends for 2025, as highlighted by industry experts:

1. Outsmarting AI–Fraudsters with AI:

Generative AI is being used to combat cybercrime, with companies deploying AI-driven fraud prevention tools to predict and neutralize threats in real time.

Fraudsters are increasingly using AI to create sophisticated scams, such as deepfake videos and personalized phishing messages. However, the same technology is being harnessed to combat these threats.

For instance, Mastercard's Decision Intelligence Pro uses generative AI to analyze 1 trillion data points in less than 50 milliseconds to predict whether a transaction is genuine. This has boosted fraud protection rates significantly. Similarly, AI-powered fraud detection tools are being used to analyze vast amounts of data in real time, helping businesses and individuals stay ahead of fraudsters. 

2. Empowering Small Businesses with Digital Tools:

Centralized platforms are providing small businesses with tools to automate tasks, launch personalized marketing campaigns, and gain actionable insights.

3. Unified Commerce:

Unified commerce, also known as omnichannel commerce, refers to the integration of all retail channels to provide a seamless shopping experience for customers. It ensures that customers have a consistent experience across all channels, whether they are shopping online, in-store, or through a mobile app.

Unified commerce is transforming the retail landscape by merging online and offline channels into a cohesive system that enhances customer satisfaction and operational efficiency.

In Unified Commerce, retailers use integrated systems to manage inventory, orders, customer data, and payments in real-time. This integration allows for better inventory management and reduces the risk of stockouts or overstocking. It allows for flexible fulfillment options such as buy online, pick up in-store (BOPIS), ship from store, and curbside pickup, catering to customer preferences and improving convenience.

4. Digital Identity on Demand:

Biometrics and passkeys are replacing traditional passwords, offering enhanced security and convenience.

Digital Identity on Demand refers to the ability to access and verify digital identities in real-time, providing secure and seamless authentication for various services. Using biometrics like fingerprints, facial recognition, or iris scans for identity verification. This method is highly secure and convenient for users.

Digital versions of driver's licenses stored on mobile devices, allowing for quick and secure verification during transactions or identity checks.

Technologies that minimize the collection of personal data while still providing robust identity verification, such as zero-knowledge proofs.

Zero-knowledge proofs (ZKPs) are cryptographic methods that allow one party to prove to another party that a statement is true without revealing any additional information about the statement itself. ZKPs are widely used in blockchain technology to enhance privacy and security. For example, zk-SNARKs (zero-knowledge succinct non-interactive arguments of knowledge) are used in cryptocurrencies like Zcash to enable private transactions.

ZKPs must satisfy two properties: soundness (if the statement is false, no cheating prover can convince the verifier otherwise) and completeness (if the statement is true, the honest prover can convince the verifier.

These advancements are making digital identity verification more secure, efficient, and user-friendly.

5. Simplifying B2B Payments:

The evolution of B2B payments is accelerating, making transactions smoother and more efficient. The evolution of B2B (Business-to-Business) payments has been remarkable over the past few decades, driven by technological advancements and changing business needs.

Virtual cards are becoming more popular in the B2B sector, offering secure payment options and revenue-generating opportunities.

AI is being used to automate and optimize payment processes, detect fraud, and provide personalized payment experiences. Machine learning algorithms can analyze transaction patterns to improve efficiency and security.

Advanced security measures, such as multi-factor authentication, tokenization, and biometric authentication, are being employed to protect sensitive financial data.

Open banking initiatives and APIs are enabling seamless integration between financial institutions and non-financial businesses, allowing for more flexible and efficient payment solutions.

6. Embedded Finance:

Businesses are embedding financial products directly into their ecosystems, offering seamless financial services.

Embedded finance is a rapidly growing trend where financial services are integrated into non-financial platforms and applications.

For example, a retail app might offer a "Buy Now, Pay Later" option at checkout.

Companies like Stripe and Plaid offer APIs that enable non-financial businesses to integrate banking services into their platforms. This allows users to access financial services seamlessly within the tools and services they already use.

An another example of embedded finance is White-Label Neobanking where businesses launch their own branded financial products without building the infrastructure from scratch. This is often done through partnerships with licensed banks and technology providers.

Embedded finance platforms can facilitate real-time transactions, reducing delays associated with traditional banking. For instance, DailyPay allows workers to access their earned wages instantly through their employer's app.

7. AI-Powered Payments:

AI is transforming fraud prevention, personalized checkout experiences, and customer service in payments.

Mastercard uses AI to analyze billions of historical transactions to identify patterns and detect potential fraud in real-time. This helps in minimizing payment fraud while reducing friction for genuine customers. PayPal has an AI assistant named "PayPal Claude" that handles over 30 million customer requests annually. Mobile wallets like Apple Pay and Google Wallet use AI to enhance security and personalize user experiences.

Companies like Ripple use AI to facilitate cross-border payments by optimizing transaction routes and reducing processing time.

8. Sustainability:

Sustainability is becoming a key focus, with companies adopting eco-friendly practices in their payment systems. For example, Digital wallets or mobile payments significantly reduced the use of physical credit and debit cards, thereby cutting down on plastic waste.

Services like Paytm, BHIM UPI in India and M-Pesa in Kenya allow users to make payments via their mobile phones, reducing the need for physical banking infrastructure and promoting financial inclusion.

Some companies are producing payment cards made from recycled materials or biodegradable plastics to reduce environmental impact.

9. Cross-Border Payments:

Advances in technology are making cross-border payments faster and more accessible.

Countries like China, Thailand, Hong Kong, the UAE, and Saudi Arabia are collaborating on Project mBridge, which uses distributed ledger technology (DLT) to enable direct interbank transactions in local currencies.

Tokenized ecosystems are becoming more prominent, with initiatives like the Bank for International Settlements' (BIS) Project Agorá exploring how tokenized commercial bank deposits and wholesale CBDCs can coexist on a unified Ledger.

10. Super Apps:

Apps that offer a wide range of services, including payments, are becoming more popular. Think of it as a "Swiss army knife" for apps, combining functionalities like messaging, payments, e-commerce, social networking, and more.

Super apps are gaining popularity because they provide a seamless and integrated user experience, reducing the need for multiple separate apps. Alipay, Wechat and Grab are examples of such Super Apps.

India has seen a rise in super apps, offering a wide range of services within a single platform. Some of the notable examples are Tata Neu, Paytm, PhonePe and Clap Messenger.

Mastercard Unveils Near Real-Time Cross-Border Payments for Banks

Mastercard has introduced a groundbreaking innovation called Mastercard Move Commercial Payments. This new solution aims to revolutionize cross-border payments for banks by enabling near real-time, predictable, and transparent commercial cross-border payments.

The solution facilitates payments that are almost instantaneous, 24 hours a day, 365 days a year. Banks and their customers gain end-to-end visibility, making cross-border transactions more predictable and transparent.

The innovation simplifies operations for banks, optimizing liquidity and reducing counterparty risk. It is fully compatible with existing correspondent banking arrangements between respondents and correspondents. Large clearing banks can extend the service to their institutional customers with minimal changes to their current processes.

Value added services tailored for a bank’s unique needs, including innovative risk control services and fraud analytics.

The solution is designed to support the growing demand for cross-border payments as businesses expand their international operations.

This innovation was revealed at the annual Sibos conference in Beijing and is expected to bring the efficiency of domestic payments to the cross-border payment space.

 

In a pilot in the UK with Lloyds Banking Group and UBS, using Fnality as the settlement venue, Mastercard Move Commercial Payments is being used to deliver near real-time, around-the-clock cross-border transfers.

Mastercard Move Commercial Payments is part of the Mastercard Move portfolio of money transfer capabilities that enables people and businesses to move funds quickly and securely, both domestically and internationally.

To recall, Citi and Mastercard have joint solutions for Mastercard debit cards aim for near real-time transfers. Besides Citi, Alipay too have partnered with Mastercard to expand its services to allow consumers to receive money in their digital wallets, facilitating cross-border transactions.

Visa Direct enables near real-time cross-border money movement, allowing funds to be available within 30 minutes. PayPal too offers near real-time transfers, especially when linked to debit cards. Western Union generally provides near real-time transfers, depending on the recipient's location and delivery method.

However, Mastercard Move Commercial Payments stands out from other cross-border payment solutions in several ways. While other solutions offer near real-time transactions, Mastercard Move Commercial Payments emphasizes 24/7 availability and 365 days a year.

Mastercard Move provides end-to-end visibility and predictable transaction times, which is crucial for businesses managing international operations. The solution optimizes liquidity and reduces counterparty risk, simplifying operations for banks. It includes a multilateral arrangement to reduce counterparty risk and ensure certainty in end-to-end transaction clearing.

Additionally, Mastercard Move has Flexible Settlement Options. Banks can optimize liquidity without affecting foreign exchange and deposit-related revenues.

These features make Mastercard Move Commercial Payments a comprehensive solution designed to address the pain points of cross-border payments more effectively than some of its competitors.

Mastercard Selects India for Debuting Its New Payment Service That Uses Biometrics

Mastercard has chosen India for the global launch of its Payment Passkey Service. This innovative service aims to enhance online shopping security by using biometric authentication methods such as fingerprints and facial recognition, replacing traditional passwords and one-time passwords (OTPs).

The service was unveiled at the Global Fintech Fest in Mumbai and is being piloted with major Indian payment players like Juspay, Razorpay, and PayU, as well as online merchants such as bigbasket and banks like Axis Bank. This move is expected to significantly reduce online fraud, which has surged by nearly 300% in India over the past two years.

It is to be noted that despite the rising popularity of one-time passwords (OTPs) due to their ease of use, they are increasingly vulnerable to online scams such as phishing, SIM swapping and message interception. In India, the incidence of fraud cases has surged by nearly 300% in the last two years, as reported by the Reserve Bank of India’s Annual Report for 2023-2024.

By leveraging tokenization and biometric authentication, Mastercard's Payment Passkey Service aims to make online transactions faster and more secure, providing a seamless checkout experience for millions of shoppers.

The Mastercard Payment Passkey Service uses tokenization to secure a consumer’s payment details and biometric data, ensuring that no data is shared with third parties and is useless to fraudsters and scammers. The service is a game changer for online checkout:

1. Shoppers choose their Mastercard when checking out as a guest or select a card already stored securely on file with a merchant.

2. To confirm the payment, users can use biometric authentication mechanism features on their device – whether it’s a fingerprint, face scan or PIN.

3. Upon successful authentication, the payment is instantly completed.

Other countries are also adopting biometric authentication technologies for online transactions and digital identity systems.

Singapore’s SingPass system is one of the most advanced digital ID systems globally, allowing citizens to access over 700 government and private sector services using biometric authentication.

Similarily, Estonia’s eID system is renowned for its security and efficiency, offering over 600 e-services to citizens and 2400 to businesses. It uses biometric data to ensure secure access.

"We are excited to be partnering with Mastercard to pilot its Payment Passkey Service as an alternate transaction authentication method and provide our customers a non-OTP-based solution for transaction management,” said Sanjeev Moghe, president and head, Cards & Payments, at Axis Bank. “This will allow us to provide more engaging usage and in-app experience for customers who desire enhanced security and frictionless payments.”

“Enabling this industry-first proof of concept underscores Juspay’s commitment to empower merchants with innovation and technology that improves the e-commerce experience,” said Sheetal Lalwani, chief operating officer and co-founder of Juspay. “We believe this solution will help our merchant customers improve payment success rates and overall sales. With this pilot, merchants can significantly improve the payment experience for end consumers, allowing them to make payments easily, without multiple redirects, in a safe and secure way using device biometrics. We are working with Mastercard in shaping a future where digital payments are seamless and accessible to all, enabling merchants to better serve their customers.”

"As the country’s payment ecosystem matures, the demand for advanced and secure payment solutions is greater than ever,” said Manas Mishra, PayU’s chief product officer. “At PayU, we are relentlessly focused on pushing the boundaries of payment security and user experience as a resiliently progressive payments platform. Integrating the Mastercard Payment Passkey Service is a pivotal step in that direction. This partnership reflects our commitment to embracing cutting-edge payment technologies and reinforces our role in setting new benchmarks for security and efficiency in digital transactions."

"We are thrilled to join forces with Mastercard to introduce its Payment Passkey Service in India, a groundbreaking initiative that enhances transaction security and user experience in remote commerce, leveraging the power of biometric authentication,” said Arif Khan, chief innovation officer of Razorpay. “At Razorpay, our focus is on the 3 's's — safety, simplification and success rate — to ensure seamless and secure online payments. We strive to stay ahead of the curve by integrating advanced technologies that not only safeguard our merchants and their customers but also streamline the payment process."

Iran and Russia Developing CBDC, Tokenized Assets for Payments for Cross-Border Transactions

Iran has confirmed its collaboration with Russia on developing Central Bank Digital Currencies (CBDC) and tokenized assets for payments. This initiative is part of their efforts to facilitate trade transactions and mitigate the impact of sanctions, as both countries are currently unable to use SWIFT for cross-border payments and have limitations on trading in dollars or euros.

The two nations are exploring the use of Iran's crypto-rial and Russia's digital ruble for bilateral trade. The move is seen as a way to simplify trade transactions and resolve issues related to fiat currency conversion rates, which can lead to significant business operation costs.

Due to US sanctions, Iran and Russia are unable to make settlements in Dollars and Euros, Russia and Iran have switched to the use of national currencies, said Maxim Chereshnev, chairman of the board of the Council for the Development of Foreign Trade and International Economic Relations. However, difficulties arise with conversion. And also due to the inconsistency of the market rate in Iran with the state. "Starting payments through CFA and digital currencies of central banks can simplify trading", Chereshnev said with surity.

The two countries have strengthened their economic ties, with Russia being one of Iran’s largest trading partners. Russia has invested in Iran’s energy sector, and the two countries have discussed cooperation in areas such as transportation and infrastructure development.

Russia has recently passed legislation allowing the use of digital financial assets (DFAs), such as tokenized gold, for cross-border payments, which is a shift from their previous stance where such assets were not permitted for payments. This change is aimed at circumventing sanctions and facilitating international trade between Russia and Iran.

The practical implementation of these digital currencies and assets is still under development, with cross-border CBDC settlements expected to be possible starting January 1, 2025, following the establishment of the necessary legal framework in Russia. This collaboration marks a significant step in the use of digital currencies in international trade, particularly among countries facing economic sanctions.

Experts say that, CBDCs can significantly improve the efficiency of cross-border payments by reducing the time it takes to process transactions. Traditional cross- border payments can take several days due to the involvement of multiple intermediaries, but CBDCs can streamline this process.

As of March 2024, there are a few countries that have functioning CBDCs and are exploring or using them for cross-border transactions.

The Bahamas, Jamaica, and Nigeria have functioning CBDCs. Moreover, the 5-Nations group – Brazil, Russia, India, China, and South Africa (BRICS), along with new members like Saudi Arabia, Iran, and the UAE, are in the pilot phase of CBDC exploration for cross-border wholesale transactions.

Australia and China are among the countries piloting use cases for their CBDCs, which may include cross-border transactions.

Additionally, SWIFT, the global provider of secure financial messaging services, has been working on solutions to enable financial institutions to incorporate CBDCs and other digital assets into common business practices, which includes cross-border transactions. This indicates a growing trend towards the adoption of CBDCs in international trade and finance.

NPCI To Deploy India’s UPI Stack in Namibia, Partners Bank of Namibia

NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has partnered with the Bank of Namibia (BoN). This collaboration is aimed at developing an instant payment system in Namibia, similar to India's Unified Payment Interface (UPI). The agreement is a significant step towards enhancing Namibia's financial infrastructure and promoting inclusive economic growth.

The partnership will leverage the technology and experience gained from India's UPI to improve accessibility, affordability, and interoperability within Namibia's financial ecosystem. It's also expected to bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in Namibia, a country in Southwest Africa. 

This strategic move is aligned with the Bank of Namibia's goals to modernize the financial sector, ensure a secure and efficient National Payment System, and achieve full interoperability of payment instruments by 2025. It's particularly focused on enhancing financial access for underserved populations and supporting the growth of digital Entrepreneurship.

The robust security features of the UPI platform are anticipated to instill confidence among users and stakeholders, ensuring scalability for future technological advancements and market demands. This initiative is expected to connect individuals, businesses, and government entities across Namibia, facilitating more efficient economic interactions.

Mr. Johannes !Gawaxab, Hon'ble Governor of the Bank of Namibia, said, “Our objective is to enhance accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient National Payment System. This endeavour, aligned with the Bank's Strategic Plan and NPS Vision and Strategy 2025, deliberately employs a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users. This system aims to connect individuals, businesses, and government entities across Namibia, including the payment of social grants, enabling more efficient economic interactions and supporting the growth of digital entrepreneurship.”

Speaking on partnership, Mr. Ritesh Shukla, CEO, NPCI International said, “We are proud to join hands with Bank of Namibia to enable the deployment of UPI-like real-time payments system in Namibia for the Digital Public Good of its citizens. We are excited about this partnership, which will enable Namibian citizens to transact instantly leveraging technology and experiences from India's UPI. By enabling this technology, the country will gain sovereignty in the digital payments landscape and stand to benefit from enhanced payment interoperability and improved financial access for underserved populations. This will also ensure scalability and adaptability to embrace future technological advancements and market demands, thereby propelling economic prosperity in the region.”

Several countries are adopting India's Unified Payments Interface (UPI) technology which include Bhutan, Malaysia, Nepal, Sri Lanka, United Kingdom, Netherlands, Belgium, Luxembourg, and Switzerland (Europe), Oman, and United Arab Emirates (UAE).

These partnerships reflect the growing global interest in UPI's efficient and secure payment system, which has revolutionized digital payments in India and is now finding momentum in international markets.

Cognizant and FICO to Provide Real-Time Payment Fraud Prevention Solution to Banks

Cognizant and FICO have joined forces to address the challenge of real-time payments fraud. Their planned collaboration aims to provide a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager.

The joint offering leverages both firms' artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.

While real-time payments have brought speed and convenience, they have also opened the door for scammers. The Cognizant and FICO solution aims to provide real-time fraud prevention by seamlessly integrating with the real-time payments rails. It is expected to enable the detection and blocking of fraudulent transactions with greater accuracy, minimizing losses and ensuring a secure consumer experience.

The collaboration combines the Cognizant communication layer and clearing gateway with FICO Falcon Fraud Manager, which is a leading payments fraud management solution.

The solution targets multiple payment clearings, including FedNow, RTP, and SEPA Instant Credit Transfer.

Banks of all sizes can implement this proposed cloud-based solution on a pay-per-use or licensing basis, eliminating upfront costs. Additionally, the solution handles complex compliance requirements and integration tasks, allowing businesses to focus on their core operations.

Nageswar Cherukupalli, Senior Vice President & Business Unit Head of Banking & Capital Markets and Strategic Initiatives of Cognizant, emphasizes that the collaboration intends to provide an AI- and ML-based layer of protection against sophisticated threats, enhancing consumer safety and reducing losses.

In summary, this partnership aims to create a safer and more secure future for real-time payments, ensuring that customers are protected in the evolving landscape of digital transactions.

BRICS To Create Blockchain-based Payments To Reduce US Dollar Reliance

BRICS, the five Nations group comprising Brazil, Russia, India, China, and South Africa, will work to create an independent payment system based on digital currencies and blockchain, reported Russian news agency TASS, citing Yury Ushakov, who is the Assistant to the President of Russia for Foreign Policy.

Ushakov said that the specific task for this year is to increase the role of BRICS in the international monetary and financial system.

BRICS officials emphasised the importance of establishing an autonomous BRICS payment system, leveraging state-of-the-art tools like digital technologies and blockchain. The priority is to ensure convenience for governments, individuals, and businesses, along with cost-effectiveness and non-political influences.

The goal is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.

In the 2023 BRICS Summit's Johannesburg Declaration, the leaders set the focus of BRICS countries on increasing settlements in national currencies and strengthening correspondent banking networks to secure international transactions. "Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar."

TASS also reported that Russia’s Finance Ministry, the Bank of Russia, and BRICS partners will create the BRICS Bridge multisided payment platform in an effort to improve the global monetary system.

In the last BRICS Summit, Brazil's President called for the BRICS nations to create a common currency for trade and investment between each other, as a means of reducing their vulnerability to dollar exchange rate fluctuations.

Sound-based PaymentTech Co. ToneTag Launches Payments through Connected Cars and Conversational Payments

ToneTag breaks new grounds in Fintech: Connected car payments and Conversational payments on UPI take center stage

ToneTag, India's fastest-growing wireless sound-based payment service provider, launched two groundbreaking technologies simultaneously at the Global Fintech Fest 2023. These innovations are poised to redefine digital payments and offer unparalleled convenience on a global scale.

ToneTag, renowned for its pioneering work in the fintech sector, continues to set new benchmarks in technological innovation. The company proudly presents its dual technological advancements as follows:

Payments through Connected Cars: Transforming the Way We Pay

ToneTag has unveiled a revolutionary solution for connected cars, setting a new standard in seamless transactions. Users can now make UPI payments directly from their car's infotainment system, eliminating the need for smartphones or wallets during transactions. ToneTag proudly stands as the world's first company to enable UPI payments through car infotainment systems, marking a significant milestone in the world of fintech.

This innovative technology is poised to redefine how payments are made, offering unparalleled convenience to connected car users. Whether it's fueling up at the gas station, paying tolls, or settling utility bills, ToneTag's solution streamlines the entire payment process, enhancing the overall journey for users.

Conversational Payments on UPI: Pay with Just Your Voice

ToneTag is excited to announce its partnership with NPCI to introduce Conversational Payments on UPI. This groundbreaking service allows users to make UPI payments using nothing but their voice. Whether it's transferring funds, settling mobile bills, paying for electricity or piped gas, or even booking LPG gas cylinders, it's now as simple as speaking.

Currently available in Hindi and English, ToneTag's Conversational Payments will soon be accessible in many regional languages. The technology is built on five robust pillars: Acoustics, language understanding, text-to-number conversion for seamless transactions, binary intent comprehension for precise actions, and text-to-speech capabilities for effortless communication.

ToneTag's simultaneous introduction of these two groundbreaking technologies represents a quantum leap forward in the fintech landscape. By simplifying and enhancing digital payments, the company envisions a future where cashless transactions are universally accessible and user-friendly.

About ToneTag:

Operating at the intersection of technology and customer-focused innovation, ToneTag is a global technology solutions provider. It offers sound-based contactless payments, location- based services, and proximity-based customer engagement services, amongst others. Since its inception in 2013, ToneTag has filed 13 global patents for a variety of exciting use cases in the payments ecosystem and the offline retail space and has touched the lives of its over 50 million global consumers. Evolving from a need to create more accessible and hardware-agnostic payment systems, ToneTag is the first company to have enabled contactless payment acceptance on Electronic Data Capture (EDC) machines using sound.

ToneTag enables cashless, digital payments from cards and e-wallets from feature phones without the use of the internet, meaning that it operates with minimal to zero hardware dependency. The technology can enable payments through any device – laptops, PCs, tablets, EDCs, mPOS, smartphones, and so on. Its SDK can be used for online and offline retail, paying for parking, toll, buses, or for making in-flight payments. This combination allows customers from all walks of life to enjoy a seamless payment process that is as convenient, frictionless, and interoperable as the use of cash – a consequence of the company’s vision to improve the quality of life globally through inventing experiences and technology Innovation.

NPCI Launches UPI LITE X, Tap & Pay and Conversational Payments

RBI Governor Launches Key Digital Payment Initiatives at Global Fintech Fest 2023

Launch includes Credit Line on UPI, UPI LITE X and Tap & Pay, and Conversational Payments

Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, today announced the launch of a suite of new product offerings built by the National Payments Corporation of India (NPCI). In keeping with the theme of the Global Fintech Fest 2023, the new products – Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI - Conversational Payments on UPI, BillPay Connect - Conversational Bill Payments, – are aimed at creating an inclusive, resilient, and sustainable digital payments ecosystem. The launch took place in the presence of Shri Nandan Nilekani, Non-Executive Chairman, Infosys and Advisor to NPCI, and Shri Biswamohan Mahapatra, Non-Executive Chairman, NPCI.

The launches aligned with the prior communique by the Reserve Bank of India in its recent monetary policy announcements.

Credit Line on UPI

To expand access to credit, promote financial inclusion and innovation, the RBI Governor launched Credit Line on UPI. This new offering enables pre-sanctioned credit lines from banks via UPI and will revolutionize customer access to credit, fostering a more streamlined and digital banking ecosystem. With this, the process of availing, connecting, and utilizing credit lines will be significantly expedited, driving economic growth and progress. The initiative encompasses several key features, including the linkage of pre-sanctioned credit lines, the creation of digital credit products by banks, the establishment of interest-free credit periods and corresponding interest rates, defined schedule of charges, customer engagement channels for credit sanction requests, and the ability to link various pre-sanctioned credit lines via UPI-enabled apps for transactions. To ensure seamless interoperability, all UPI apps, including bank and third-party apps, will be empowered to discover and link credit lines on UPI, as well as provide end-to-end customer lifecycle services.

UPI LITE X and Tap & Pay

Building on the success of UPI LITE feature, the RBI Governor launched UPI LITE X for Offline payments. Through this feature, users can now both send and receive money whilst being completely offline, therefore, allowing users to initiate and execute transactions even in areas with poor connectivity, such as underground stations, remote areas, etc. UPI LITE X will be accessible to anyone with a compatible device that supports Near Field Communication (NFC). UPI LITE payments are faster than other payment methods, as they require less time to process the transaction.

QR codes have seamlessly integrated into the UPI payments ecosystem, playing a crucial role in facilitating digital transactions. In a significant move towards enhancing QR code and Near Field Communication (NFC) technology adoption, the RBI Governor also introduced UPI Tap & Pay. In addition to the conventional Scan and Pay method, users now have the option to simply tap NFC- enabled QR codes at merchant locations to complete their payments.

Conversational Payments

The next in the line of announcements was Conversational UPI Payments and Conversational Bill Payments. Conversational Payments underscores the emergence of a novel paradigm for human- machine interaction facilitated by AI-enabled transactions which will further deepen the reach and use of digital payments in the country.

Hello! UPI – Conversational Payments on UPI:

The introduction of conversational UPI payments will augment user experience by enabling them to make voice-enabled UPI payments via UPI Apps, telecom calls, and IoT devices in Hindi and English, and will soon be available in several other regional languages. This expansion will broaden payment accessibility for most Indians who are fluent in their native languages, providing significant benefits to senior citizens and digitally inexperienced individuals. Users can simply give voice commands to transfer funds and input UPI PIN to complete the transaction. NPCI has partnered with the Bhashini program – AI4Bharat at IIT Madras, to co-develop Hindi and English payment language models.

BillPay Connect – Conversational Bill Payments:

With BillPay Connect, Bharat BillPay introduces a nationalized number for bill payments across India. Customers can now conveniently fetch and pay their bills by sending a simple ‘Hi’ on the messaging app. Along with this, customers without smartphones or immediate mobile data access will be able to pay bills by giving a missed call. Customers will receive an immediate call back for verification and payment authorization. Additionally, BillPay Connect offers Voice Assisted Bill Payments facility. Customers can fetch and pay bills through voice commands on their smart home devices and get instant voice confirmation. Moreover, instant voice confirmations will be enabled for bill payments made at physical collection centers through payment soundbox devices. This development aims to provide both customers and collection centers with added security and a sense of reassurance. 

About NPCI:

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

Hitachi Payment Services Launches 1st Ever UPI-ATM with NPCI

Hitachi Payment Services, India’s leading payments and commerce solutions provider, today announced the launch of the country’s first-ever UPI-ATM as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI), offering secure card-less cash withdrawals. The UPI-only White Label ATM significantly enhances customer security by eliminating the need for physical cards.

The Hitachi Money Spot UPI ATM would provide customers a unified and secure user experience while offering them the convenience of card-less cash withdrawals. Furthermore, it will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration is limited.

Leveraging advanced and innovative technology, the Hitachi Money Spot UPI ATM delivers a seamless digital experience for customers. Hitachi Payment Services has been at the forefront of bringing innovative offerings in the payments domain and presently is the only White Label ATM operator to offer Cash Deposit facility. This service can be accessed at more than 3,000 ATM locations.

Sumil Vikamsey, MD & CEO - Cash Business, Hitachi Payment Services 

Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services, said, “As India’s leading end-to-end payments and commerce solutions provider, we are happy to launch an industry-first offering in the White Label ATM space with Hitachi Money Spot UPI ATM. This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals. UPI has been the fastest growing payment mode in the country and accounts for more than 50% of digital transaction volumes. The Hitachi Money Spot UPI ATM is a testament to Hitachi Payment Services’ technological capabilities and commitment towards making innovative banking services accessible to citizens across the country.”

Commenting on the announcement, Mahesh Patel, Director – Products and Digital Transformation, Hitachi Payment Services, said “We are excited to launch the country's first-ever UPI ATM on Android platform for our White Label ATM network in association with NPCI. The Hitachi Money Spot UPI ATM is built on Android OS and brings in significant possibilities of transitioning from legacy architecture of transaction processing and ATM management to offering solutions in line with evolving technology. We believe the UPI ATM is a major milestone in the banking landscape.”

National Payments Corporation of India (NPCI), said, "We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the ‘UPI ATM,' will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in the remote areas of India without the need for a physical card. "

Hitachi Payment Services is a pioneer in the payment industry in India, offering a comprehensive range of payment solutions including ATM Services, Cash Recycling Machines, White Label ATMs, POS Solutions, Toll & Transit Solutions, Payment Gateway Solutions and innovative offerings such as SoftPOS, POS Value Added Services and next-gen mobile based merchant platform enabling end-to-end services. The company is committed to delivering exceptional customer experiences and driving financial inclusion across India.

About Hitachi Payment Services Pvt. Ltd.

A 100% subsidiary of Hitachi Ltd., Hitachi Payment Services is an integrated payment solutions provider empowering financial institutions, payment aggregators and fintechs with a comprehensive array of end-to-end payment solutions focused on security, reliability and innovation. A pioneer in the Indian payments space, it has over 65,500 ATMs (including 27,500 Cash Recycling Machines) and 9,500 White Label ATMs under management. In addition, it caters to over 3 Mn merchant touch points and processes over 7 Mn digital transactions daily.

For more information on Hitachi Payments, please visit the company's website at https://www.hitachi-payments.com

About NPCI

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit: https://www.npci.org.in

BharatPe Launches BharatPe Swipe Android Machine for Merchants: Plans to Double Its PoS Network Over the Next 12 Months

BharatPe to add new features to BharatPe Swipe Android in the coming months

BharatPe, India’s leading name in fintech industry, today announced the launch of its new Android Point of Sale (POS) terminal. Known as BharatPe Swipe Android, the device offers multiple modes for digital payment acceptance, including debit/credit cards, UPI, mobile wallets and QR code. The company, which had launched Linux based POS devices in the year 2020, already has a network of over 2 lakh POS machines across 400+ cities in the country, and is one of the top 3 fintech players in the POS category. BharatPe will give its merchants an option to upgrade from the Linux based POS to the new Android POS device. Additionally, it plans to double its POS network count over the next 12 months, with the launch of BharatPe Swipe Android.

Powered by Android 10 operating system, the new device has a 5.5” HD touch screen and a long-lasting battery, supports fast charging, and is compatible with 4G and Wi-Fi for better connectivity. Supported by the BharatPe merchant app, the POS solution offers a simple and intuitive interface with the convenience of instant settlements and single point reconciliation for transactions across BharatPe QR and BharatPe Swipe.

BharatPe Swipe Android

With BharatPe Swipe Android, merchants can also accept QR payments via dynamic QR generated on the machine, as well as generate physical receipts for the QR payments done. The comprehensive merchant dashboard enables efficient management of transactions and settlements with a customizable view as per the requirement of the merchant. Also, accepting payments through the POS machine enables the company to assess the merchant’s creditworthiness and facilitate business loans through its NBFC partners.

Commenting on the launch, Nalin Negi, CFO & interim CEO, BharatPe, said, “Through its robust fintech ecosystem for offline merchants, BharatPe has brought millions of small businesses and retailers under the fold of the digital economy. The latest addition to our product suite, BharatPe Swipe Android, is a powerful yet simple-to-use device that will further enable our merchants to offer their customers a seamless and secure payment experience. It aims to cater to a wide range of merchants across segments including the small merchants, from a neighborhood kirana store to a fine dine restaurant or a supermarket chain. We are confident that with this new POS we will be able to offer a superlative experience to our merchant partners and in turn, help them further grow their business.”

Sandeep Indurkar, Chief Business Officer- Banking and Alliances, BharatPe, added, “The infrastructure for various payment acceptance offerings including point of sales (PoS) has been growing not only in metros and tier 1 cities, but also in tier 2 and 3 cities. We are bullish about our growth in the POS category with the launch of BharatPe Swipe Android devices. In the coming months, we will be launching a pathbreaking POS device along with offerings like pay later EMIs, Digital Receipts and sound notifications that will scale up payment acceptance for millions of offline merchants and kirana store owners. This will further enable our merchants to deliver customer delight and in turn, strengthen their businesses. We stay committed to empower our 10 million+ merchant community and be an important part of their growth story.”

In the next phase of scale-up for its POS business, BharatPe plans to launch integrated inventory, billing and payment solutions that are customized for specific industry segments like restaurants and retail stores.

About BharatPe Group

BharatPe was founded in 2018 to make financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatSwipe. Currently serving 1 crore merchants across 400+ cities, the company is a leader in UPI offline transactions, processing 300 million+ UPI transactions per month (annualized Transaction Processed Value of over US$ 26 Bn in payments). The company has already facilitated the disbursement of loans totaling INR 100B+.

BharatPe’s POS business processes payments of over US$ 3.5 bn annually on its machines. BharatPe has raised over US$ 583 million in equity till date. The company’s list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital. In June 2021, the company announced the acquisition of PAYBACK India (Rebranded to Zillion), the country’s largest multi-brand loyalty program company with 100 million+ members.

In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also entered the Buy Now Pay Later (BNPL) segment with the launch of postpe in October 2021. postpe has over 8 million downloads and an annualized TPV of close to INR 50B+. In January 2023, BharatPe Group received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. Recently, the company announced that it has acquired a majority stake in Trillion Loans, a renowned NBFC (Non- Banking Financial Company)

RBI Proposes Conversational AI & NFC based Payments in UPI, and Transaction Limit Enhancement

India's digital payments ecosystem has been transformed drastically in last 3-4 years by NPCI-developed UPI, which brought ease of usage, safety and security along with real-time feature for users across India. Addition of many new features over time have enabled UPI to facilitate diverse payment needs of the Indian economy such as UPI-lite, which was launched in September last year.

Now, in a latest India's central bank, RBI (Reserve Bank of India) feels the need to utilize Artificial Intelligence (AI) in UPI, as the AI technology is being increasingly integrated into the digital economy. The Central Bank has proposed enabling 'Conversational AI' based Payments on UPI, which will enable users to engage in conversation with AI-powered systems to make payments.

This conversational AI based Payments, according to the RBI, holds immense potential in enhancing ease of use, and consequently reach, of the UPI system.

RBI, thus, proposed to launch an innovative payment mode viz., “Conversational Payments” on UPI, that will enable users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment. This channel will be made available in both smartphones and feature phones-based UPI channels, thereby helping in the deepening of digital penetration in the country. The facility will, initially, be available in Hindi and English and will subsequently be made available in more Indian languages.

Speaking on introduction of 'Conversational payments' in UPI, Akash Sinha, CEO & Co-Founder, Cashfree Payments, said, "The Reserve Bank of India (RBI) has once again emphasised the significance of promoting digital payments in its latest Monetary Policy announcement. By proposing innovative concepts such as Conversational Payments and Offline capability on the Unified Payments Interface (UPI), the Central Bank is wholeheartedly advocating the integration of cutting-edge technologies like Artificial Intelligence (AI) and Near Field Communication (NFC) through 'UPI-Lite' on-device wallet, within the realm of payments.

"In a broader context, the Central Bank's concerted efforts to enhance the adoption and effectiveness of digital payments are fostering a robust and competitive environment for all stakeholders involved. Moreover, the ingenuity and progress achieved in India's digital payments landscape are poised to strengthen our global standing, particularly concerning UPI and digital payments. This collective advancement is set to elevate India's stature on the global stage, underscoring our nation's prowess and leadership in the realm of innovative payment solutions”, Sinha added.

Offline Payments in UPI using Near Field Communication (NFC) Technology

The RBI has also proposed to facilitate offline transaction using Near Field Communication (NFC) technology. This feature will not only enable retail digital payments in situations where internet / telecom connectivity is weak or not available, but will also ensure speed, with minimal transaction declines.

NFC (Near field communication) is a method of wireless data transfer that detects and then enables technology in close proximity to communicate without the need for an internet connection. NFC is what makes tap-and-go services like Apple Pay, Android Pay and Amiibo work. 

Enhancing transactions limits for small value digital payments

Moreover, the RBI has also prescribed a limit of ₹200 per transaction and an overall limit of ₹2000 per payment Instrument for small value digital payments in offline mode including for National Common Mobility Card (NCMC) and UPI Lite. By removing the need for two-factor authentication for small value transactions, these channels enable faster, reliable, and contactless mode of payments for everyday small value payments, transit payments etc.

RBI said that there have been demands for enhancing these limits. To encourage wider adoption of this mode of payments and bring in more use cases into this mode, it is now proposed to increase the per transaction limit to ₹500. The overall limit is, however, retained at ₹2000 to contain the risks associated with relaxation of two-factor authentication. Instructions in this regard will be issued shortly.

For implementation of all these new features, "Instructions to NPCI will be issued shortly", said RBI in a release.

NPCI (National Payments Corporation of India) is an umbrella organization under an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA), under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. NPCI developed the entire UPI system and launched it in 2016 for public use.

PayTm Broadens Offline Payments Distribution, Ties with Samsung Stores to Deploy Smart PoS Devices and Offers Paytm Postpaid

• Drives convenience for consumers and merchants with its smart payments offerings with deployment of PoS devices
• Enables consumers to pay flexibly using Paytm Payment Instruments like Paytm UPI, Paytm Wallet, Paytm Postpaid (buy-now-pay-later) and also all major debit cards, credit cards and prepaid cards
• Offers No Cost EMI options along with attractive offers for payments made through Paytm PoS devices or Paytm Wallet

PayTM, India’s leading digital payments and financial services company and the pioneer of QR and mobile payments, has partnered with Samsung authorized stores across India to facilitate smart payments as well as Paytm Postpaid (Buy Now, Pay Later) at their retail outlets through deployment of PoS devices. With this partnership, Paytm will enable consumers to make digital payments seamlessly at Samsung Authorized stores spread across the country.

Now, consumers purchasing Samsung devices — from laptops, smartphones to television sets, smart watches, refrigerators and more — from any authorized store in the country will be able to pay via a host of flexible payment options offered by Paytm including— Paytm UPI, Paytm Wallet, Paytm Postpaid and also all major debit cards, credit cards and prepaid cards.

The option to pay using Paytm Postpaid or ’Buy now, pay later’ through PoS devices deployed at Samsung stores will be hugely beneficial to consumers, allowing them to purchase products without having to worry about budget. Consumers can easily opt for Paytm Postpaid, which is offered in association with financial partners, and get a monthly credit limit of up to Rs 60,000. They can use this credit for buying products at authorized stores and repay through flexible EMIs at low interest rates. In addition to Paytm Postpaid, consumers can opt for low-cost personal loans up to Rs 2 lakh — offered by Paytm’s financial institution partners — to purchase goods.

To bring further convenience to consumers, Paytm will also offer No Cost EMI options along with attractive offers for payments made through Paytm PoS devices. The company’s PoS devices also bring several exciting features for merchants including simplified billing, integrated payments, targeted promotions or real-time inventory status among others. Paytm PoS devices drive payments as well as transaction and reconciliation — for sound, visual and print-based merchant solutions.

Bhavesh Gupta, CEO - Lending & Head Payments - Paytm said, “We continue to drive innovation in the offline payments market and with our PoS devices, merchants are able to drive higher customer loyalty. The partnership with Samsung stores will enable us to further extend the convenience of smart payments to a larger customer base.”

After having pioneered the QR and mobile payments revolution in India, Paytm’s technology-oriented platform remains focused on delivering innovative solutions to strengthen its payments ecosystem and empower small businesses. Paytm’s devices like the Paytm Soundbox, Paytm POS devices, all-in-one QR code among others are well- recognized and accepted by merchants across the country. Paytm continues to maintain its leadership in offline payments with rapid growth in merchant base and device adoption, enabling the company to maximize monetization opportunities. As of July 2022, the company has deployed 4.1 million devices across the country.

Paytm is India’s payment Super App offering consumers and merchants the most comprehensive payment services. Pioneer of the mobile QR payments revolution in India, Paytm’s mission is to bring half a billion Indians into the mainstream economy through technology-led financial Services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

Innoviti Granted US Patent on its Technology for Secure QR Communication Between Terminal Devices and Target Systems

Innoviti Granted US Patent on its Technology for Secure QR Communication Between Terminal Devices and Target Systems(Patent portfolio expands to 4, with 26 more in pipeline)

Communication security is a key consideration for safe transfer of payment information from a consumer facing product – such as a terminal, website, or mobile app to a payment processing server for authorization. Common security lapses can lead to a) stealing of customer identify, b) change in merchant identity and c) change in transaction amount. Any such lapse would lead to loss of money for the customer and merchant, besides inconvenience to all parties. Security lapses can erode consumer and merchant confidence and are the single biggest factor that can affect the growth of digital payments. 

Innoviti's patent furthers the advancement of secure communications in payment systems.

The patent aims to address certain security challenges that arise in push payment systems, where the merchant (payee) identity capture is disconnected from the payment processing step. Most popular payment methods are pull based, e.g., card payments at a store or online, mobile payments online etc. The merchant sends a debit request to the customer's bank in a single connection-oriented protocol. The challenges if any arise in validating the bonafides of the customer, which are authenticated through a second factor. 

However, in push payments the challenges are related to capture of the merchant's identity. A possible hack of the merchant's identity and its replacement with a false one can lead to the consumer getting debited but a fraudulent account getting credited. A possible use case is in unassisted QR payments, e.g., vending machines, self-check-out, etc., where an unauthorized, random substitution of the QR can cause this issue. Innoviti's patent aims to address these situations through a technology innovation at the network layer that eliminates this possibility.

Commenting on the development, Mr. Amit Ahuja, SVP Technology, Innoviti, said, "Innoviti desires to become the purchase partner to every Indian by helping them make better purchase decisions. We do this by developing sophisticated technology and delivering it through simple, exceptionally crafted purchase experiences. This is hard, very hard to put together. Our patents are a demonstration of the sophisticated technology required to deliver such exceptional experiences. These patents are also a great recognition of the exceptional talent that exists in Innoviti. Further, they not only help us protect our customers against claims by other parties but are also a mechanism for us to deter replication of our technology by competition. We are proud to receive a US grant for this patent. Through these patents, in our own small way, we hope to contribute to the "Make in India, For the World" mission. We have 26 more patents in the pipeline and over the next couple of years plan to increase this to a portfolio of 100+ patents."

Innoviti has developed a collaborative commerce platform that enables businesses to partner on payment transactions and turn them into powerful purchase tools that help consumers buy better products and more products. Merchants, banks, and brands come together on Innoviti's platform to create such purchase tools. The platform is delivered as software applications that run on payment terminals and mobile and web applications, helping the merchants drive more customers, more sales, and more profits than possible otherwise. This technology will further enhance the reliability of Innoviti's products, providing a virtually zero error system that will help boost the consumer-merchant purchase experience.

Based on deep consumer insights, Innoviti's products are crafted using superior technology that has translated into higher GTV per point of purchase than anyone else in the market, and a continuously increasing take rate per $ of GTV. Processing over Rs. 75,000 Cr. of annualized purchase volume, Innoviti's flagship uniPAYNext product commands a dominant market share of 76% in the large enterprise category, providing category specific purchase tools to grocery, fashion, healthcare, and electronics merchants.

Innoviti had raised a Series D round of Rs. 80 Cr. in December 2020, towards fueling the expansion of its mid-market product GENIE. Within the past few months GENIE has rapidly grown to driving Rs. 1,000 Cr. of annualized GTV that is targeted to grow to Rs. 7000 Cr. over next twelve months. Innoviti's highly differentiated product strategy backed by modern enterprise grade technology has not only driven a rapid growth trajectory, but also a highly profitable one with gross margins more than 70%. The company's enterprise business has been EBITDA positive since October 2020.

BHIM UPI Goes Live at NEOPAY Terminals in UAE

NPCI international and NEOPAY, payment subsidiary Mashreq Bank collaborated to offer the acceptance of BHIM UPI in the UAE

The initiative will enable millions of Indian travellers to seamlessly be able to pay for their purchases in UAE using BHIM UPI

NPCI International Payments Ltd (NIPL), the International arm of the National Payment Corporation of India has announced that BHIM UPI is now live at NEOPAY terminals, across the UAE. This initiative will empower millions of Indians who travel to the UAE, to safely and conveniently make payments using BHIM UPI. NIPL and NEOPAY, the payment subsidiary of Mashreq bank, partnered last year to create the acceptance infrastructure in the UAE.

With the acceptance of BHIM UPI in the UAE, Indian tourists can now make seamless payments through BHIM UPI across NEOPAY enabled shops and merchant stores. This partnership will play a key role in transforming the P2M payment experience for Indian travelers in the UAE. The implementation of BHIM UPI in the UAE is a stepping stone toward providing a major boost to digital payments in the country.

Mr. Ritesh Shukla, CEO, NIPL said, “We are glad to witness BHIM UPI going live in the UAE through our partnership with NEOPAY. This initiative will enable Indian tourists to perform payments using BHIM UPI which has emerged as the preferred mode of payment of Indian citizens. NIPL is consistently working towards simplifying digital payments and driving digital public goods across the globe with our cutting-edge solutions. We are dedicated to building a vast global acceptance network for UPI to ensure seamless user experiences when it comes to payments.”

Mr. Vibhor Mundhada, CEO, NEOPAY said, “Our partnership with NIPL is further evidence of our commitment to leverage the latest cutting-edge technology to provide innovative payment solutions for our customers and allowing them to take full advantage of the thriving digital economy. The UAE is consistently one of the top source markets for Indian travelers and our collaboration with NIPL will enable thousands of Indian tourists who visit the UAE every year to enjoy safe and seamless transactions."

UPI is an instant real-time payment system developed by the National Payments Corporation of India for facilitating inter-bank transactions. The simple, safe, cost-effective mobile-based payments system has become one of the most prominent forms of digital payments. In the Financial year 2022 (FY22), UPI enabled 45.6 Billion transactions, worth USD 1 Trillion, making it the best performing real-time payment eco-system in the world.

Innoviti Granted Patent on Its Payment Technology Solution for Double Debits in Digital Payments

Patent portfolio expands to 4, with 26 more in pipeline

Double debit is a common problem in payments. It is used to describe a scenario where due to network unreliability the customer's money gets debited for a purchase while the merchant does not get credit. The merchant does not hand over the goods, asking the customer to pay again, leading to a double debit for the customer. The customer chases their bank to reverse the first transaction, leading to inconvenience. This problem is one of the biggest contributors to customer grievance with digital payments. The scenario also leads to erosion of merchant’s confidence with digital payments. Innoviti’s patent provides a technology solution to this.

The patent aims to address the unreliability of mobile networks. Virtually 100% of mobile and web consumer applications send data over TCP/IP networks. TCP/IP, the most common network protocol was designed in the 1970s by Vint Cerf and Bob Kahn, often called as the fathers of Internet. The protocol was primarily designed for wired networks prevalent at that time. Most modern applications however work on wireless networks, which behave somewhat differently. These applications however use TCP/IP at network level leading to some unusual situations that are the primary cause of this unreliability. Innoviti’s patent aims to address these situations through a novel application layer technology that rides on the same network layer.

Mr. Rajeev Agrawal, CEO & Founder, Innoviti

Innoviti has developed a collaborative commerce platform that enables businesses to partner on payment transactions and turn them into powerful purchase tools that help consumers buy better products and more products. Merchants, banks, and brands come together on Innoviti’s platform to create such purchase tools.

The platform is delivered as software applications that run on payment terminals and mobile and web applications, helping the merchants drive more customers, more sales, and more profits than possible otherwise. This technology will further enhance the reliability of Innoviti’s products, providing a virtually zero error system that will help boost the consumer-merchant purchase experience.

Based on deep consumer insights, Innoviti’s products are crafted using superior technology that has translated into higher GTV per point of purchase than anyone else in the market, and a continuously increasing take rate per $ of GTV. Processing over Rs. 75,000 Cr. of annualized purchase volume, Innoviti’s flagship uniPAYNext product commands a dominant market share of 76% in the large enterprise category, providing category specific purchase tools to grocery, fashion, healthcare, and electronics merchants.

“Innoviti desires to become the purchase partner to every Indian by helping them make better purchase decisions. We do this by developing sophisticated technology and delivering it through simple, exceptionally crafted purchase experiences. This is hard, very hard to put together. Our patents are a demonstration of the sophisticated technology required to deliver such exceptional experiences.

These patents are also a great recognition of the exceptional talent that exists in Innoviti. Further, they not only help us protect our customers against claims by other parties but are also a mechanism for us to deter replication of our technology by competition. The great encouragement and support infrastructure provided by the Government of India to start-ups has been instrumental in our drive to protect technology developed in India. Through these patents, in our own small way, we hope to contribute to the “Make in India, For the World” mission. We have 26 more patents in the pipeline and over the next couple of years plan to increase this to a portfolio of 100+ patents.” – said Mr. Rajeev Agrawal, CEO, Innoviti.

Innoviti had raised a Series D round of Rs. 80 Cr. in December 2020, towards fueling the expansion of its mid-market product GENIE. Within the past few months GENIE has rapidly grown to driving Rs. 1,000 Cr. of annualized GTV that is targeted to grow to Rs. 7000 Cr. over next twelve months. Innoviti’s highly differentiated product strategy backed by modern enterprise grade technology has not only driven a rapid growth trajectory, but also a highly profitable one with gross margins more than 70%. The company’s enterprise business has been EBITDA positive since October 2020.