Latest news with #GPay
Mint
3 days ago
- Business
- Mint
UPI Circle goes cross-platform: Here's how it works across BHIM, GPay and PhonePe
Managing daily payments for elderly family members or dependents, long a logistical challenge for many Indian households, just got easier. The National Payments Corporation of India (NPCI) has expanded the UPI Circle feature, previously exclusive to the BHIM app, to work interoperably across major platforms like PhonePe and Google Pay. The upgrade transforms UPI Circle into a practical, everyday tool for families who use different apps to manage shared expenses. 'UPI Circle now enables interoperability between apps like BHIM, GPay, and PhonePe. This allows primary and secondary users to link and transact even if they are on different UPI platforms,' a spokesperson from PhonePe said. UPI Circle allows a primary user to authorize trusted secondary users, such as family members, friends, or caregivers, to make payments from their bank account within pre-set limits. Previously, this feature could only be accessed on the BHIM app. That limitation posed a barrier to many users who preferred other UPI apps like PhonePe or GPay. This means a caregiver using BHIM can now transact on behalf of an elderly parent who prefers PhonePe, or vice versa, without switching platforms. With UPI Circle now supporting cross-platform functionality, users can link across different UPI apps to enable delegated payments. A common scenario is where a primary user on PhonePe authorizes a secondary user on the BHIM app to make transactions on their behalf. The setup process and payment flow have been designed to be intuitive and secure, enhancing convenience for families managing shared financial responsibilities. To initiate the process, the primary user on PhonePe begins by navigating to the UPI Circle section on the home screen. From there, they select the option to 'invite a secondary contact'. The primary user can either pick a contact saved on their device or manually enter the secondary user's UPI ID. Alternatively, they can scan the secondary user's QR code, which can belong to any UPI app that supports the UPI Circle feature, including BHIM, GPay, or PhonePe. In this case, the secondary user is on the BHIM app. Once the invitation is sent, the secondary user receives a notification on the BHIM app and accepts the invite. The primary user on PhonePe is then alerted that the invite has been accepted, completing the linking process. From this point onward, the secondary user is authorized to initiate payments using the primary user's account, in accordance with the permissions granted. The payment flow between the two apps is also seamless. The secondary user on BHIM initiates a payment by either scanning a QR code, entering a VPA, or typing in a mobile number. When prompted to choose a payment instrument, they select the primary user's account, which was previously linked via UPI Circle. After confirming the payment request, the primary user receives a real-time notification on the PhonePe app. The primary user can then approve or decline the transaction by entering their UPI PIN. Once approved, the transaction is completed, and both parties—on BHIM and PhonePe—receive confirmation messages. The transaction is also recorded in the history section of both apps, ensuring transparency and easy tracking. This interoperability between apps like PhonePe and BHIM makes UPI Circle significantly more accessible and useful in real-world settings, especially for households where family members use different UPI platforms. UPI Circle supports two types of access—partial and full. In partial delegation, the secondary user can initiate a payment, but the transaction must be approved by the primary user, who completes it by entering their UPI PIN. This setup is ideal for situations where the primary user wants to maintain direct control over every transaction while still allowing someone else to initiate payments. For instance, a child making a payment request on behalf of a parent, who then authorizes it in real time. In full delegation, the primary user gives the secondary user complete authority to make payments independently, within a defined limit—up to ₹ 5,000 per transaction and ₹ 15,000 per month. This is useful in scenarios where the primary user may not always be available to approve transactions, such as an elderly parent authorizing a caregiver to make daily purchases without needing frequent PIN approvals. However, as of now, full delegation is only supported on the BHIM app. PhonePe and GPay currently support only partial delegation, with full delegation expected to roll out on these platforms soon. Real-time alerts for every transaction and the ability to revoke access at any time provide reassurance to primary users, particularly those who may be less tech-savvy and concerned about fraud. The adoption of UPI Circle by apps like PhonePe and GPay is expected to drive broader usage of the feature, especially among users who rely on different UPI apps for daily transactions. The move also reflects the growing maturity of India's digital payments ecosystem, where interoperability and user control are increasingly prioritized. The cross-platform availability of UPI Circle strengthens its core value proposition: simplifying financial delegation while preserving user oversight. For millions of Indians managing payments for others, it's no longer just a feature—it's a much-needed solution that fits seamlessly into their digital lives.
Mint
26-05-2025
- Business
- Mint
TPG-backed lending fintech firm Fibe gears up to join UPI services race
TPG-backed Fibe is gearing up to launch its own UPI (Unified Payment Interface) services app within the next three months, according to a top executive of the lending fintech firm. The move comes amid a wave of new entrants in the space, including and Navi, even as established players like PhonePe and Google Pay maintain their stranglehold over the market. Also Read: Using GPay, Paytm? 5 UPI payments safety tips and tricks. Read here 'We power nearly 8-10 other LSPs (loan service providers) in the market," Akshay Mehrotra, co-founder and CEO of Fibe. 'We've built a strong backend ecosystem, which is why our scale is so significant. Since we deeply understand lending and monetization, the idea is to explore doing one or two things directly in the payments space, starting with UPI." Mehrotra added that the company has received preliminary approval from NPCI, and will roll out a UPI payment feature after receiving the final license expected in the next three months. The National Payments Corporation of India (NPCI), an organization established by the Reserve Bank of India (RBI) and Indian banks to facilitate digital payment services in the country, issues UPI licences. Also Read: UPI transactions to get faster with lower response time from June 16 Prashanth Ramdas, partner at Khaitan & Co., an expert in fintech and financial regulatory laws, said a growing number of existing and new-age players have received the Third-Party Application Provider (TPAP) licence, for companies to operate within the UPI ecosystem in India. 'Today, we have over 37 registered players, and the numbers have been growing over the past few years. From NPCI's standpoint, the intent hasn't been to limit access to the UPI ecosystem," said Ramdas. 'But at the same time, it does evaluate the potential customer base and business use case for awarding the licence." Positive about Fibe Fibe has close to 2 million monthly active users on its platform. Founded in 2015 by Mehrotra and Ashish Goyal, it offers both short- and long-term personal loans across segments like health, edtech and insurance financing, among others. In the last funding round, a $90 million round with participation from Hong Kong-based TR Capital, Trifecta Capital and Amara Partners, Fibe was valued at over $600 million. The company entered Buy Now, Pay Later (BNPL) products in the education and healthcare categories last year. The category now accounts for about 15% of the total revenue and will grow to 25-30% this year. Also Read: Buy Now, Pay Later: How BNPL influences your credit score For future incremental revenue, the company also plans to introduce two secured lending products. The first is a mass-market loan against mutual funds, starting at ₹15,000. The second is a residential rooftop solar loan, enabling households to install solar panels with net metering, offered with a 36-month zero-cost EMI option. To be sure, RBI has cracked down on Indian lending fintechs, especially those operating in the unsecured category. In November 2023, RBI directed banks and NBFCs to provision more capital against unsecured loans and moderate their exposure to riskier retail segments. RBI measures Hit by the crackdown, fintech lenders spent most of 2024 cleaning up their books, cutting back on risky loan portfolios, and pivoting toward co-lending and secured loan products like home loans. Mehrotra added that while the company is entering the secured lending space, it will primarily continue to focus on unsecured products, leveraging AI to enhance their security without the need for collateral. As for its initial public offering (IPO), the company is in wait-and-watch mode. 'I'd say we need to be prepared for an IPO, but unlike some of our peers, we're not under pressure to list early," Mehrotra said. 'For us, the next 24 months will be about staying IPO-ready. If the market is favourable, we'll consider it—but we're not in a rush." This comes as several mid-sized fintech firms—particularly those with valuations under $1 billion—are preparing to go public, despite volatile markets and mixed investor sentiment. As Mint reported over the past two months, firms such as Moneyview, KreditBee, Kissht, and Turtlemint are also in various stages of tapping the public markets.
Time of India
25-05-2025
- Time of India
Giving phone & GPay PIN to auto driver costs exec 90k
Mumbai: A 30-year-old legal executive lost Rs 90,500 in a fraudulent transaction a day after he had handed his cellphone to an autorickshaw driver to help him make a payment through GPay. The executive, who lives in the western suburbs, has said that he had handed his phone to the rickshaw driver, and also revealed the pin because he (the lawyer) had forgotten his spectacles and was unable to see clearly. While this transaction was done early in the morning on Apr 10 when the lawyer had taken the autorickshaw to travel from Andheri to Bandra, he lodged a criminal offence at Bandra police station on Thursday, after returning from a vacation of over a month. In his complaint, he has expressed suspicion that the rickshaw driver did the fraudulent transaction. The executive had first approached his bank regarding this matter, but the bank failed to redress the complaint, he has alleged. The money was transferred to an account held in the name of 'Mohammed Furkan Shaikh', suspected to be the autorickshaw driver. The bank has told the police that the money was passed on to different bank accounts before it was withdrawn. A police team is trying to track down the rickshaw driver by looking at footage from the spot on that day in April. The complainant said that the driver deviated from the usual route and even got "aggressive". He asked the driver to stop and got off before his destination. "The driver insisted that I pay an excess fare of Rs 1,500...," he said. As he had forgotten his spectacles, he handed over his mobile, along with the PIN, to the driver to make the payment. . "Instead of a transfer of Rs 1,500, the driver transferred Rs 90,500 to some account," his complaint says, adding that he realised a day later that he had been conned.
Indian Express
05-05-2025
- Business
- Indian Express
5 hidden Google Pay features you probably didn't know about
Google Pay, commonly known as GPay, is one of the most popular digital payment platforms in India. It offers a simple, fast, and secure way to send and receive money, pay bills, recharge mobile services, and more using UPI. While many users are familiar with the basic features, Google Pay also includes several lesser-known functionalities that can enhance your money-sending or receiving experience. Here are five hidden Google Pay tips and tricks worth trying: You don't need a separate app to split bills Google Pay has a built-in feature to split bills with friends and family. You can create a group, add people, and the app keeps track of who has paid and who hasn't—making it easier to track the money you spent on your last trip. I used it for a dinner outing recently, and it made life a lot easier. Tap on New Payment & gt; New Group, add everyone involved and enter the amount to split. Google Pay is available on both Android and iOS platforms (Image credit: Vivek Umashankar/Indian Express) Scratch the cards for rewards Not every payment on Google Pay gives you a reward, but some transactions unlock unique scratch cards—especially when you make a utility payment such as a phone recharge or electricity bill. These scratch cards often offer cashback or product discount coupons from partner brands. Check the Rewards section to find all of your scratch cards, including the special ones. Autopay for your favourite subscriptions Hate remembering payment dates for your favourite subscriptions? You can simply pay and subscribe via Google Pay, without the hassle of remembering renewal dates. It supports all the major apps like JioCinema, Netflix, Spotify, YouTube Premium, Google One Cloud, and more. Click on your profile picture in the top right corner and select the Autopay option to manage all your subscriptions. Check bank balance without logging into net banking You can check your linked bank account balance directly from Google Pay without logging into your banking app or website. It's a small feature, but surprisingly useful when you just want to confirm funds before making a payment. Tap on your bank account from the Payment Methods section, then select View Account Balance. Enter your UPI PIN, and you'll get the balance instantly. Add a note to your transaction You can add custom notes or labels to your payments to keep track of why you made a transaction—useful for budgeting, taxes, or business reimbursements. This helps you remember all your payments and their reasons. Just enter a custom text before sending the money, which could be as simple as an emoji.
Time of India
04-05-2025
- Time of India
Duo offer job in Australia, defraud woman of 55k
Mumbai: A Kanjurmarg-based homemaker has lodged a complaint against a couple for cheating her of nearly Rs 55,000 after offering to send her son to Australia for a job. Police have registered an FIR against the couple who are based out of Mira Bhayander. Tired of too many ads? go ad free now The 43-year-old complainant told the police that her husband is a driver and they come from modest means. She wanted to send her older son, aged 23, overseas to work. She inquired with a relative who gave her the reference of one Sujata from Mira-Bhayander. The complainant met her. Sujata told her she would have to pay Rs 50,000 to send her son to Australia to work. She also showed some documentation to the complainant, which later turned out to be fake. The complainant paid her the money as she did not understand what the documents said. Later, Sujata's partner, Aakash, texted the complainant's son and asked for a sum of Rs 4,720 to appear for an online exam. He added that his bank account had been freezed and the money should be sent via GPay to an acquaintance. Accordingly on April 20, the complainant paid the money. But her son never got any job. And the couple did not repay her the amount even after four months. Hence, she approached the police. tnn
