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Economic Times
01-08-2025
- Business
- Economic Times
UPI transactions rebound in July after June dip
Agencies The Unified Payments Interface (UPI) posted an increase in both transaction volume and value in July, rebounding from a decline in June, according to data released Friday by the payment railroad's operator, the National Payments Corporation of India (NPCI).The platform processed 19.47 billion transactions in July, up from 18.40 billion the previous month. Transaction value rose to Rs 25.08 lakh crore from Rs 24.04 lakh crore in June. On a year-on-year basis, transaction volume rose 35%, while value grew 22%. The average daily transaction volume stood at 628 million, with a daily average value of Rs 80,919 crore. The uptick comes amid growing discussions around the cost of processing UPI transactions. Banks are beginning to levy charges on certain UPI transactions due to a cut in the government incentive for processing small-value UPI-based finance ministry has reduced the incentive for processing small-ticket UPI transactions at small merchant outlets to 0.15% per transaction from 0.25% last year, ET reported on Friday. ICICI Bank has started passing on some of the charges to its payment partners, news platform The Head and Tale reported earlier this week. Other digital payment channels also recorded growth in July, excluding Immediate Payment Service (IMPS) processed 482 million transactions worth Rs 6.31 lakh crore, compared with 448 million transactions and Rs 6.06 lakh crore in June. Transactions via the Aadhaar Enabled Payment System (AePS) rose to 103 million from 97 transactions declined to 371 million from 386 million the previous month. Last month, ET reported that Fastag's growth had stagnated, with minimal traction in the last financial year due to the lack of new use cases beyond toll its launch in 2016, UPI has grown rapidly, driven by government initiatives following demonetisation, increasing smartphone penetration and adoption by private players such as Google Pay, PhonePe and Paytm. As of May 31, UPI had 65 shareholders, including public sector, private and foreign the financial year ended March 2025, NPCI reported a 41.7% increase in net profit to Rs 1,552 crore, as per credit ratings firm ICRA. As a not-for-profit entity, NPCI classifies profits as revenue surplus. Its standalone revenue rose 19% to Rs 3,270 crore in FY25 from Rs 2,749 crore in of July, Google Pay and PhonePe continued to dominate the UPI ecosystem, together accounting for more than 80% of the market. Emerging players such as Flipkart-backed Navi, Bhim and Cred are gradually expanding their presence by offering cashbacks and other incentives. NPCI has yet to release app-wise transaction data for discussions around the long-term sustainability of UPI have gained momentum. Speaking at an event in Mumbai last week, Reserve Bank of India governor Sanjay Malhotra highlighted the need to make UPI payments financially viable, suggesting that either the government or end-users would have to bear the cost of running the digital payments industry has also been urging the government to reinstate the merchant discount rate on UPI payments. However, the government has reiterated that UPI will continue to be free for platform has experienced service disruptions in recent months, affecting all major UPI apps and several banking applications. NPCI attributed a major outage on April 12 to a surge in application programming interface (API) requests, particularly from banks excessively using the 'Check Transaction' API, which led to a slowdown in the system and a drop in payment success rates. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. US tariff hike to hit Indian exports, may push RBI towards rate cuts Is Bajaj Finance facing its HDFC Bank moment? Tata Motors' INR38k crore Iveco buy: Factors that can make investors nervous Trump tariffs: End of road or a new journey ending Russia reliance? Stock Radar: PI Industries stock showing signs of momentum; takes support above 50-DEMA – time to buy? Long-term investing: Volatility, even threats, have limited shelf life; 5 large-caps from different sectors with upside potential of up to 38% These large- and mid-cap stocks can give more than 21% return in 1 year, according to analysts Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Time of India
01-08-2025
- Business
- Time of India
UPI transactions rebound in July after June dip
Academy Empower your mind, elevate your skills The Unified Payments Interface (UPI) posted an increase in both transaction volume and value in July, rebounding from a decline in June, according to data released Friday by the payment railroad's operator, the National Payments Corporation of India (NPCI).The platform processed 19.47 billion transactions in July, up from 18.40 billion the previous month. Transaction value rose to Rs 25.08 lakh crore from Rs 24.04 lakh crore in a year-on-year basis, transaction volume rose 35%, while value grew 22%. The average daily transaction volume stood at 628 million, with a daily average value of Rs 80,919 uptick comes amid growing discussions around the cost of processing UPI transactions. Banks are beginning to levy charges on certain UPI transactions due to a cut in the government incentive for processing small-value UPI-based finance ministry has reduced the incentive for processing small-ticket UPI transactions at small merchant outlets to 0.15% per transaction from 0.25% last year, ET reported on Friday. ICICI Bank has started passing on some of the charges to its payment partners, news platform The Head and Tale reported earlier this digital payment channels also recorded growth in July, excluding Immediate Payment Service (IMPS) processed 482 million transactions worth Rs 6.31 lakh crore, compared with 448 million transactions and Rs 6.06 lakh crore in June. Transactions via the Aadhaar Enabled Payment System (AePS) rose to 103 million from 97 transactions declined to 371 million from 386 million the previous month. Last month, ET reported that Fastag's growth had stagnated, with minimal traction in the last financial year due to the lack of new use cases beyond toll its launch in 2016, UPI has grown rapidly, driven by government initiatives following demonetisation, increasing smartphone penetration and adoption by private players such as Google Pay, PhonePe and Paytm. As of May 31, UPI had 65 shareholders, including public sector, private and foreign the financial year ended March 2025, NPCI reported a 41.7% increase in net profit to Rs 1,552 crore, as per credit ratings firm ICRA. As a not-for-profit entity, NPCI classifies profits as revenue surplus. Its standalone revenue rose 19% to Rs 3,270 crore in FY25 from Rs 2,749 crore in of July, Google Pay and PhonePe continued to dominate the UPI ecosystem, together accounting for more than 80% of the market. Emerging players such as Flipkart-backed Navi, Bhim and Cred are gradually expanding their presence by offering cashbacks and other incentives. NPCI has yet to release app-wise transaction data for discussions around the long-term sustainability of UPI have gained momentum. Speaking at an event in Mumbai last week, Reserve Bank of India governor Sanjay Malhotra highlighted the need to make UPI payments financially viable, suggesting that either the government or end-users would have to bear the cost of running the digital payments industry has also been urging the government to reinstate the merchant discount rate on UPI payments. However, the government has reiterated that UPI will continue to be free for platform has experienced service disruptions in recent months, affecting all major UPI apps and several banking applications. NPCI attributed a major outage on April 12 to a surge in application programming interface (API) requests, particularly from banks excessively using the 'Check Transaction' API, which led to a slowdown in the system and a drop in payment success rates.
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Business Standard
01-08-2025
- Business
- Business Standard
UPI transactions rise 6% in July to 19.47 bn; value nears ₹25 trillion
Transactions on the Unified Payments Interface (UPI) stood at 19.47 billion in volume and ₹25.08 trillion in value in July, data from the National Payments Corporation of India (NPCI) revealed on Friday. This marked a rise of 6 per cent in volume and 4 per cent in value compared to 18.63 billion and ₹24.04 trillion in June this year. However, July's value remained slightly below the all-time high of ₹25.14 trillion recorded in May, when transactions touched 18.68 billion in volume. The number of daily transactions also increased from 613 million in June to 628 million in July, leading to a rise in value from ₹80,131 crore in June to ₹80,919 crore in July. The July UPI numbers reflected a 35 per cent rise in volume and 22 per cent increase in value compared to the same month in 2024. There were 482 million Immediate Payment Service (IMPS) transactions in July, up 8 per cent from 448 million in June. IMPS transaction value also rose 4 per cent to ₹6.31 trillion, up from ₹6.06 trillion in June. In May, the figures stood at 464 million and ₹6.41 trillion. Compared to July 2024, this year's IMPS data showed a 2 per cent dip in volume but a 6 per cent increase in value. The number of daily transactions rose from 14.94 million to 15.55 million, resulting in a marginal rise in daily value from ₹20,212 crore to ₹20,368 crore. During the period under review, FASTag transactions declined by 4 per cent to 371 million, down from 386 million in June. The value also dipped 2 per cent to ₹6,669 crore, compared to ₹6,783 crore in June. In May, volumes and value stood at 404 million and ₹7,087 crore respectively. The July FASTag numbers were 15 per cent higher in volume and 20 per cent higher in value compared to the same month in 2024. The number of daily transactions fell from 12.88 million to 11.95 million, with the daily value down from ₹226 crore in June to around ₹215 crore. During July, the Aadhaar Enabled Payment System (AePS) saw a 6 per cent increase to 103 million transactions, up from 97 million in June. However, the transaction value dipped marginally to ₹26,585 crore, down from ₹26,616 crore in June. The number of daily transactions stood at 3.31 million in volume and ₹858 crore in value, compared to 3.24 million and ₹887 crore in June. AePS recorded a 6 per cent increase in volume and 10 per cent rise in value over July 2024.
India.com
01-08-2025
- India.com
Aadhaar Scam Alert: No OTP required to empty your bank account savings! These easy methods can save your money...Know how to access...
Aadhaar Scam Alert: No OTP required to empty your bank account savings! These easy methods can save your how to access... Internet scams and fraud have posed a significant danger to everyone. In many examples reported, scammers posing as police officers may video call you to lure you into providing your own personal details, and then empty your bank account. At other times, they have been able to find your Aadhaar details from the internet, making it easier for them to steal your money. Being vigilant and protecting your information should be a constant effort. What is the Aadhaar-linked AEPS scam and how does it work? Numerous people's bank accounts were emptied without any visible transactions. How can this occur? The people's Aadhaar biometric data fell into the wrong hands. How does someone's bank account get emptied with no visible activity? The reason is an Aadhaar-linked AEPS scam. With the Aadhaar Enabled Payment System, money can be withdrawn with just an Aadhaar number and a fingerprint, which is an easy way for criminals to steal money. The Aadhaar-linked AEPS scam is a type of scam that allows scammers to exploit the Aadhaar Enabled Payment System (AEPS), which allows individuals to steal money from people's bank accounts without the use of OTP, debit card, or PIN. What leads to Aadhaar-linked AEPS scam? Cyber cafes, print shops, hotels, and similar places are common places where Aadhaar numbers can be stolen. After acquiring the Aadhaar number, the scammers often trace the victim to learn about their bank details. The last piece in the AEPS fraud puzzle is a fingerprint pattern. This is where the scammers start to get clever. They try to accumulate fingerprint data from places such as land registry offices or other sites that require fingerprints for authentication purposes. Once they obtain this data, they recreate these fingerprints on artificial silicone thumbs. Then using these thumbs they can withdraw money from the victim's bank account utilizing the Aadhaar Enabled Payment System (AEPS) – no OTP or PIN required. It can be locked online, after which your Aadhaar biometrics, fingerprint, and iris will be locked, and no one will be able to withdraw money with your fingerprint without your consent. What steps can you take to lock your Aadhaar biometrics? How to Lock your biometrics: Go to the UIDAI website. Click on My Aadhaar. Click on Lock/Unlock Biometrics. Enter your Aadhaar Number and log in using the OTP. Click Enable biometric lock. Services Even After Locking: Even if you have enabled a biometric lock, you can still avail services like eKYC, LPG subsidy, and other Government services using OTP without inconvenience. Temporary Unlock If Required. When your bank or SIM requires biometric verification for KYC, you can temporarily unlock your biometrics for a specified time. Scammers often use fake fingerprints (e.g., silicone replicas) to steal funds, but this will not occur if your biometrics are locked.
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Business Standard
06-07-2025
- Business
- Business Standard
Players on the payments turf: UPI, AePS, PPIs boost digital outreach
UPI and AePs together have changed India's payments landscape. AePS's playing field is rural and semi-urban India Tamal Bandyopadhyay Listen to This Article In the last week of June, the Reserve Bank of India (RBI) issued guidelines to strengthen the Aadhaar Enabled Payment System, or AePS. All of us are familiar with UPI – Unified Payments Interface. What's AePS? We can call AePS UPI's elder brother. Launched in 2011, five years before UPI came into being, it's a bank-led model that allows online, interoperable financial transactions at MicroATM terminals using Aadhaar authentication. Aadhaar is a 12-digit unique identity number for all residents of India, based on their biometrics and demographic data. UPI, in contrast, is a system that allows for real-time, person-to-person and
