Latest news with #UnifiedPaymentsInterface
News18
6 hours ago
- Business
- News18
EPFO 3.0: When Will PF Withdrawal Via UPI, ATM Begin? All You Need To Know
Last Updated: One of the most-anticipated features of the EPFO 3.0 is the ability for EPF subscribers to withdraw funds via UPI and ATM, which could revolutionise how PF is managed and accessed. In a significant step towards enhancing funds accessibility for salaried employees, the Employees' Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access. What is EPFO 3.0? EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps. This marks a shift from a partially manual process to a seamless digital interface. How Will ATM and UPI Withdrawals Work? Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance. Benefits of Digital Withdrawals Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians. Implementation Timeline and Future Outlook As per the DD News report, the launch of EPFO 3.0 is anticipated in June 2025, though an official confirmation of the date is pending. A phased rollout or pilot testing in select regions may precede nationwide implementation. This development is likely to impact over six crore EPF account holders across India. First Published:
Time of India
a day ago
- Business
- Time of India
EPFO likely to allow instant PF withdrawals via UPI and ATMs from June 2025
The Employees' Provident Fund Organisation (EPFO) is set to revolutionize the way millions of employees access their provident fund (PF) savings. Starting June 2025, EPF members will be able to instantly withdraw PF funds via Unified Payments Interface (UPI) and ATMs, according to DD News. This major step is being implemented with the support of the Ministry of Labour and Employment and has already received approval from the National Payments Corporation of India (NPCI). The new facility will also allow users to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays. Instant PF withdrawals under EPFO 3.0 Currently, PF withdrawals involve submitting online claims followed by a waiting period for approval from EPFO field offices. This process can take several days or even weeks. However, the upcoming integration with UPI and ATMs is expected to make settlements instantaneous. Members will be allowed to withdraw up to ₹1 lakh instantly—especially helpful in emergencies. 'EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,' said Sumita Dawra, Secretary at the Ministry of Labour and Employment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo 'These efforts have reduced claim processing time to just three days, with 95 per cent of claims now being processed automatically. Further upgrades are also in progress to make the system even more efficient.' Expanded withdrawal purposes Currently, the EPF scheme allows withdrawals for medical emergencies, housing, education, and marriage, but members must meet specific eligibility criteria and provide proper documentation. With the upcoming changes, the scope of permitted withdrawal reasons will be expanded, giving employees greater financial flexibility for key life events. In another significant development, pensioners under the Employees' Pension Scheme (EPS) of 1995 will be able to access their pensions from any bank branch across India starting January 1, 2025. This means retirees will no longer be restricted to specific banks or branches. Even if a pensioner relocates or changes banks, pension disbursal will continue seamlessly through the Centralised Pension Processing System (CPPS), eliminating the need to transfer Pension Payment Orders (PPO) between offices. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
2 days ago
- Business
- News18
How India's ‘Digital Lifeline' UPI Is Transforming Payments At Home & Abroad
Last Updated: A survey by the Ministry of Statistics and Programme Implementation reveals that 85.5 per cent Indian households own at least one smartphone, while 99.5& Indian youth now use UPI From a branded jewellery outlet in a mall to your local paanwala on the street, no area of your life is untouched by UPI. India's swift adoption of digital payments, especially through the Unified Payments Interface (UPI), is transforming the financial landscape and providing a global model for seamless, inclusive, and scalable payment systems. Supported by widespread smartphone usage, targeted policy measures, and private-sector innovation, UPI has become central to India's progress toward a cashless economy. Introduced in India in April 2016 by the National Payments Corporation of India (NPCI), with the backing of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), UPI enabled real-time bank-to-bank transfers using just a Virtual Payment Address (VPA) or phone number; eliminated the need to make cumbersome trips to banks; and allowed QR code payments and bill payments. According to the Economic Times, a recent survey conducted by the Ministry of Statistics and Programme Implementation (MoSPI) reveals that 85.5 per cent of Indian households own at least one smartphone, while a mind-boggling 99.5 per cent of Indian youth now use UPI for transactions—highlighting the role of UPI in everyday life for millions across the country. The figures back the claims. A report in the Financial Express says UPI accounted for a staggering 83.7 per cent of all digital transactions in the country in the fiscal year 2024–25, reflecting its unprecedented growth from just 34 per cent in 2019. The surge highlights the platform's user-friendly design, interoperability, and strong support from both public and private sectors. Data from The Statesman reports that the volume of digital payment transactions in India increased by 34.8 per cent year-on-year, driven largely by UPI. Transaction volumes leapt from 375 crore in 2018 to over 17,000 crore in 2024, while the transaction value soared from Rs 5.86 lakh crore to Rs 246.83 lakh crore over the same period. Bolstered by the response, the Narendra Modi government has now set an ambitious goal for the future. Finance Minister Nirmala Sitharaman is targeting one billion UPI transactions per day within the next two to three years, the Financial Express reported. The vision reflects the government's commitment to advancing financial inclusion and technological innovation across all levels of society. Beyond finance, UPI's influence is spilling over into other sectors, most notably e-commerce. With digital payments acting as a key enabler, the sector is flourishing. Business Standard reported that Walmart International CEO Kathryn McLay recently highlighted that quick commerce now represents 20 per cent of India's e-commerce activity and is growing at an annual rate of 50 per cent, with Flipkart—backed by Walmart—positioned at the center of this expansion. The success of UPI can also be gauged by its international adoption. As of 2025, UPI payments are operational in Singapore, Nepal, UAE, Mauritius, France, Bhutan, and Sri Lanka. India's digital payments success story, anchored by UPI, is a testament to how thoughtful infrastructure, inclusive design, and a forward-looking digital policy framework can catalyse a nationwide transformation. As the world watches, India is not just participating in the digital economy—it's leading it. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! First Published:
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Business Standard
2 days ago
- Business
- Business Standard
Almost-universal UPI usability in 15-29 age group in India, finds survey
Nearly all individuals aged 15 to 29 are capable of using the Unified Payments Interface (UPI) for online banking via mobile phones, according to a recent survey. "Among the persons in the age group 15–29 years who reported the ability to perform online banking transactions, about 99.5 per cent of persons reported to have the ability to perform online banking transactions through UPI," found the 'Comprehensive Modular Survey: Telecom, 2025', released by the statistics ministry on Thursday. Additionally, 97.1 per cent of people in the 15–29 age group had used a mobile phone — either a basic phone or a smartphone — within the three months before they were surveyed. Smartphone ownership is also high among young mobile phone users: 95.5 per cent in rural areas and 97.6 per cent in urban areas of those aged 15–29 reported owning a smartphone. At the national level, the study found that about 85.5 per cent of Indian households have at least one smartphone, while 86.3 per cent have access to the internet within the home. Conducted as part of the 80th round of the National Sample Survey (NSS), the Comprehensive Modular Survey: Telecom (CMS:T) ran from January to March 2025. The total number of households surveyed was 34,950 (19,071 in rural areas and 15,879 in urban areas) and the total number of persons enumerated was 1,42,065 (82,573 in rural areas and 59,492 in urban areas).
Business Standard
2 days ago
- Business
- Business Standard
RBI sustains efforts towards accelerating global outreach of India's domestic payment systems
The Reserve Bank, in its Annual Report 202425 released Thursday said it continued with its initiatives during 2024-25 to enhance the efficiency, security, and accessibility of payment systems, fostering a more inclusive and resilient digital payments ecosystem. Efforts towards accelerating global outreach of Indias domestic payment systems, particularly Unified Payments Interface (UPI) and RuPay cards, were sustained. During the year, DPSS launched many initiatives in line with Payments Vision 2025, across the pillars of integrity, inclusion, innovation, institutionalisation and internationalisation. Indias payment and settlement systems recorded a robust growth of 34.8 per cent in terms of transaction volume during 2024-25 on top of the expansion of 44 per cent in the previous year. RBI noted that retail payment system recorded robust growth in transaction volume as well as value in 2024-25 with UPI transactions recording an increase of 41.7 per cent while NEFT transactions by 32.4 per cent in terms of volume. During 2024-25, the Reserve Bank continued with its endeavour towards enhancing the efficiency, security and accessibility of the payment systems, while further expanding the global outreach, promoting digital payments adoption and strengthening cyber resilience. The efforts towards fostering innovation, reducing operational risks and ensuring robust ICT infrastructure for the smooth functioning of its IT systems and applications were sustained. The work relating to cloud facility for the financial sector, next generation core banking (i.e., e-Kuber 3.0), registration of banks for domain and AI governance policy framework would be initiated in 2025-26, as per the RBI report.
