Tag: Unified Payments Interface (UPI)

Current Trends in Indian Economy First Payment Gateway to support Credit cards on UPI Razorpay becomes India’s First Payment Gateway to support credit cards on Unified Payments Interface (UPI) Razorpay in partnership with Axis Bank announced its readiness to support Credit Card Transactions on UPI. Earlier, Reserve Bank of India (RBI) announced the linking of RuPay credit cards to BHIM (Bharat Interface for Money) UPI app. BHIM is a payment app that allows simple, easy and quick transactions through UPI. Benefits: No need to carry credit cards for payments, strengthen digital payments and boost India’s credit penetration. Currently, only 6% Indians have access to credit cards. In a similar development, RBI will introduce ‘single-block-and-multiple debits’ feature on UPI platform. Under this, customers will create payment mandates against a merchant by blocking funds in their bank account for specific purposes which can be debited, whenever needed. Benefits: Improve ease of making payments for online shopping, build trust among consumers etc. RBI also announced an expansion of Bharat Bill Payment System (BBPS) to include all payments and collections. BBPS is a one-stop ecosystem for all recurring bills with multiple features (see image). About UPI UPI is a real-time payment system, launched in 2016 by National Payments Corporation of India (NPCI). It links multiple bank accounts into a single mobile application NPCI is an initiative of RBI and Indian Banks Association under Payment and Settlement Systems Act (2007). It is an umbrella organization for operating retail payments and settlement systems in India. One District One Product Scheme The Ministry of Commerce and Industry informed that ODOP initiative is operationally merged with ‘Districts as Exports Hub (DEH)’ initiative. ODOP initiative is aimed at fostering balanced regional development across all districts of the country. It focuses on the district as a unit for converting into…