Latest news with #Mony
Mint
5 days ago
- Business
- Mint
UPI collect request for P2P transactions banned from Oct 1. What it means?
From October 1, 2025, the National Payments Corporation of India (NPCI) has banned UPI peer-to-peer (P2P) Collect transactions. The collect transaction feature enabled the UPI users to seek money from other individuals via UPI. Earlier meant to introduce convenience, for example, to remind friends about due repayments or splitting bills, this has lately been often abused by fraudsters, and hence it is set to be discontinued. In its latest circular, NPCI has issued instructions to all UPI member banks, PSPs, and third-party app providers. 'All member banks, payment service providers (PSPs) and UPI apps are directed to implement the necessary changes in their systems and operational processes to ensure that no P2P collect transaction is initiated, routed or processed beyond Oct 2, 2025,' reads the circular. Signed by Kunal Kalawatia, chief of products, the latest instructions will come into force with effect from October 1. The latest circular dated 29 July 2025 also recalls users that NPCI has earlier imposed limits on UPI Collect transactions based on their types. Although verified merchants were permitted to generate collect requests for a higher amount, P2P collect requests could be made under a limit of ₹ 2,000, per the NPCI's circular dated 31 October 2019. In other news, ICICI Bank started charging payment aggregators (PAs) a fee for handling Unified Payments Interface (UPI) transactions that these PAs facilitate on merchant platforms w.e.f. Aug 1. PAs include Google Pay, PhonePe, Mobikwik, and Razorpay, among others. The bank has reportedly sent letters to payment aggregators intimating them of this decision. Quoting a source familiar with the development. In other news, Smart Payment Solutions, an RBI-regulated entity, launched Mony, a UPI-based mobile app that enables tourists and non-resident Indians (NRIs) to make payments across the country without requiring an Indian bank account. Built on India's UPI and part of the UPI One World initiative, the Mony app will let foreign nationals pay for goods and services by scanning QR codes at local shops, restaurants, and retail stores. The service is designed to reduce the challenges faced by international visitors who often find it difficult to access India's fast-growing digital economy. For all personal finance updates, visit here
Mint
06-08-2025
- Business
- Mint
Smart Payment Solutions launches ‘Mony' UPI app for NRIs and tourists visiting India
International travellers visiting India now have a new digital payment option at their fingertips. Smart Payment Solutions, an RBI-regulated entity, has launched Mony, a UPI-based mobile app that enables tourists and non-resident Indians (NRIs) to make payments across the country without requiring an Indian bank account. Built on India's Unified Payments Interface (UPI) and part of the UPI One World initiative, the Mony app will let foreign nationals pay for goods and services by scanning QR codes at local shops, restaurants, and retail stores. The service is designed to reduce the challenges faced by international visitors who often find it difficult to access India's fast-growing digital economy. The app is available for download on both the Google Play Store and the Apple App Store. To activate the payment service, users must complete a Know Your Customer (KYC) process. This can be initiated by booking an appointment through the app. To assist with the onboarding, Smart Payment Solutions has deployed teams at major airports and cities across India to complete KYC verification for travellers on arrival. India is witnessing steady growth in international tourism. In 2023, around 9.52 million international visitors arrived in the country, which contributed approximately $28 billion in tourism receipts. With projections estimating over 30 million international arrivals by 2030, digital payment accessibility has become increasingly relevant. 'We are happy to partner with Mony to offer UPI payments for foreign nationals visiting India. With UPI One World, international travellers can easily manage their finances, from convenient loading of funds to seamless refunds of unused balances to their original payment source. This initiative allows foreign visitors to experience India's real-time payments infrastructure and marks a meaningful step towards a more connected global digital payments ecosystem,' said an NPCI spokesperson. In addition to payment services, the Mony app offers travel assistance powered by artificial intelligence. Based on the user's location, the app provides curated recommendations for dining, sightseeing, and accommodation. It also supports public transport navigation, offering a practical tool for tourists looking to explore India beyond the major landmarks.
Time Business News
12-06-2025
- Business
- Time Business News
Travel Smart in India: How Mony Is Revolutionizing UPI Payments for International Tourists
If you've ever traveled to India, you know the thrill of discovering ancient temples, vibrant street markets, and flavourful local food. But for many international tourists, one major roadblock stands in the way: making everyday payments. From ATMs that don't work with foreign cards to shops that only accept UPI, travelers often find themselves frustrated or stuck. Enter Mony: Your ultimate travel companion for seamless UPI payments across India. Mony is a revolutionary app that lets foreign travelers pay across India using UPI (Unified Payments Interface)—without needing an Indian bank account or SIM card. Just link your international card, and you're ready to go. No long KYC delays. No paperwork. No hassles. To make travel in India stress-free, immersive, and cashless. 1. Unlock the Real India Tired of overpriced tourist traps? Mony lets you shop and eat where locals do—from bustling bazaars to street food stalls. You can pay anyone with a simple QR scan. 2. No Cash, No Cards, No Problem No need to hunt for ATMs or worry about card rejections. Just top up your Mony wallet and start spending like a local. With UPI acceptance at 98% of merchants, your adventure has no boundaries. 3. Safe and Secure Mony keeps your payments protected with bank-grade security. No physical cards to lose, no SIM cards to activate. Just your phone and your sense of adventure. Real-Time Expense Tracking – Stay on budget without spreadsheets. – Stay on budget without spreadsheets. Smart Spending Limits – Keep your finances under control. – Keep your finances under control. 24/7 Customer Support – Got questions? We've got your back anytime. – Got questions? We've got your back anytime. Explore Hidden Gems – Get local tips and recommendations right in the app. When you travel with Mony, you're not just saving time and avoiding hassle—you're experiencing India without limits. Whether you're wandering through Jaipur's palaces, shopping in Delhi's markets, or relaxing on a Goan beach, Mony makes it easier to be spontaneous, connected, and fully immersed. Download Mony today and explore India like never before. No Indian bank? No SIM card? No problem. Mony is travel freedom—redefined. Q: Can I use Mony if I don't have an Indian SIM or bank account? A: Yes! That's exactly what Mony is designed for—foreign tourists without local banking or mobile setup. Q: Is Mony secure? A: Absolutely. Mony uses encrypted connections and follows industry-standard payment protocols for your peace of mind. Q: Can I use Mony anywhere in India? A: Yes. Mony works with any merchant accepting UPI QR codes, covering millions of outlets across India. TIME BUSINESS NEWS
The Independent
17-02-2025
- Business
- The Independent
MoneySupermarket firm raises dividend as insurance boosts revenues
The parent firm of MoneySupermarket has said it will hand out higher shareholder dividends and launch a share buyback after revealing a jump in profits. Shares in Mony Group lifted higher in early trading on Monday as a result. The London-listed firm told shareholders that it reported recorded revenues in 2024, as it benefited from growth in its insurance arm. We are proud to have helped customers save a record £2.9 billion - the more customers save, the more the group grows Peter Duffy, Mony chief executive Group revenues increased by 2% to £439.2 million for the year, compared with 2023. Insurance revenues grew by 7% to £235.6 million in the year, driven by a strong first half of 2024. This helped to offset weaker sales in its money, home services and travel comparison businesses over the year. It added that its breadth of business areas is set to help the company continue recent momentum 'despite headwinds in the car insurance switching market'. Mony revealed that its pre-tax profits grew by 11% to £80.2 million as it offset increases to its operating costs. The company said it will pay out a shareholder dividend of 12.5p per share, up 3%, as it also confirmed plans to hand up to £30 million to shareholders through a buyback. Peter Duffy, chief executive of Mony, said: 'We are proud to have helped customers save a record £2.9 billion – the more customers save, the more the group grows. 'We've done this by delivering strong performance both operationally and financially in 2024 as we continue to execute on our strategy. 'This includes encouraging customers to join our member-based propositions like the SuperSaveClub which, in turn, reduces our reliance on increasingly expensive pay-per-click (PPC) marketing.'
