UPI TRANSACTION FEE
Major credit card rule changes of big banks that will come into effect in July: SBI Card, HDFC Bank, ICICI Bank, Citibank
New credit card rules: Many major banks have implemented significant modifications to the credit card services. Let's examine the important changes to credit card services offered by these major institutions, which will take effect in July.
HDFC Bank credit card charges, rules to change from August 1, 2024: Know about new late payment fee, bill payment rules
HDFC Bank announced major revisions to its credit cardholders about terms and charges. The following changes to your HDFC Bank credit card charges will come into effect on August 1, 2024.
New RuPay UPI credit card rules: NeuCoins you will earn from UPI transactions on Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024
Here is a look at changes that will come into effect for the Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024, as per FAQs posted on the bank’s website.
New UPI-enabled Rupay credit card launched by Federal Bank: How to apply, cashbank offers, reward points
Federal Bank RuPay Wave Credit Card enhances your transaction experience with convenience and rewarding opportunities. With this card, you can enjoy cashback and unparalleled rewards on your purchases.
UPI integration gives a fillip to RuPay credit cards distribution
RuPay credit cards are seeing a growth in usage after linking with UPI, with its issuance at 30%, up from a mere 5% in 2022-23. The shift towards UPI-based credit cards on third-party apps like Google Pay and PhonePe poses a challenge for banks, raising concerns about customer retention and cross-selling. Fintech startup Fibe, led by Ashish Goyal, foresees a potential share struggle among top UPI apps.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
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HDFC Bank debit, credit cards will not be working on these two days: Check details
HDFC Bank has notified customers via email and SMS that all HDFC Bank debit, credit, and prepaid card transactions would be temporarily unavailable during an update period.
New RuPay credit card on UPI launched: Attractive reward points on online, UPI, offline transactions; lifetime free, other features
IndusInd Bank and Poonawalla Fincorp have launched a co-branded RuPay Platinum Credit card. This card offers reward points on everyday spending on e-commerce websites, including UPI transactions and point-of-sale machine transactions. It has no joining and provides benefits like movie ticket offers and fuel surcharge waivers. All you need to know about IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.
UPI transactions update: HDFC Bank customers will not get SMS alerts for UPI transactions below this amount
HDFC Bank has informed its customers via an email and SMS that it has set a limit on SMS alerts on UPI debit and credit transactions. The new update will be effective from June 25, 2024.
Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
Paytm focuses on UPI Lite wallet for low-value transactions
Paytm promotes UPI Lite for small transactions, collaborating with top banks. The on-device wallet allows quick, PIN-free payments up to Rs 500, enhancing the user experience for everyday purchases.
KukuFM, Shaadi and IBDF appeal NCLAT against CCI’s interim order in Google Play Store case
Google given a week to respond to appeals against CCI order by KukuFM & IBDF. Startups accuse Google of discriminatory fees. The tribunal will address the matter on May 24.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
Virtual RuPay credit card on UPI launched: Earn 8 reward points on every UPI payment of Rs 200; know features, other key details
YES Bank has partnered with ANQ, a Bengaluru-based financial service provider to unveil two unique co-branded credit cards — YES Bank ANQ Pi credit card and YES Bank ANQ Phi credit card. What are the features of these two new credit cards? Find out here? Find out here.
12 most important credit card terms you should know
Credit cards: Words like billing cycle, annual fee, credit score, grace period, and EMI are important for managing your credit card wisely. Here are 12 important credit card terms you should know.
UPI transaction fee debate resurfaces as PhonePe & Google Pay cash in on Paytm's fall
The dominance of PhonePe and Google Pay in the UPI market has sparked discussions about introducing fees on merchant transactions. Fintech companies argue that a merchant discount rate (MDR) is needed for long-term sustainability. Introducing fees could incentivize smaller players to compete and attract bigger platforms, benefiting the overall UPI ecosystem.
70% users say will stop using UPI if fees levied
According to a survey by Local Circles, 7 out of 10 UPI users would stop using the app if transaction fees were imposed. Fintech companies have urged finance minister Nirmala Sitharaman to address the issue of implementing a merchant discount rate (MDR) in UPI transactions.
Majority of users to stop using UPI if it attracts transaction fee: Survey
According to a survey by LocalCircles, a majority of people will stop using UPI if a transaction fee is imposed. The survey also found that 1 in 2 UPI users conduct over 10 transactions every month. In August 2022, the Reserve Bank of India (RBI) published a discussion paper suggesting a tiered fee structure for UPI payments, varying according to different transaction amounts. Subsequent to the release of the RBI discussion paper, the finance ministry clarified that there were no plans to impose fees on UPI transactions.
Paying a price for sending money: The global impact of remittance fees and solutions
Barada Talukdar, a Kuwaiti mud specialist, uses Al Mulla Exchange to send money to his family and friends in Kuwait. However, the exchange rate fluctuations and commissions can be confusing for blue-collar workers like his cook. At the World Trade Organisation's ministerial conference (MC13) in Abu Dhabi, New Delhi discussed the issue of exorbitant fees for crossborder remittances. About 20 nations from Asia, Latin America, and Africa had spoken in favor of India's proposal to cut the cost of remittances.
RuPay credit cards on UPI in HDFC Bank, ICICI Bank, SBI and others: Annual fees, interest rate, key features
With the RuPay credit card on UPI feature, you can simply scan QR codes at merchant outlets and pay with the credit card via the UPI app.
Major changes in UPI 2023: Increase in transaction limits, UPI Lite X, NPS contributions, other big changes made
With more and more people using the Unified Payments Interface (UPI) to make payments, the Reserve Bank of India (RBI) announced various user-friendly measures during the year 2023. Here is a look at some of the important changes made to UPI during the year.
India's first corporate credit card on RuPay network launched; UPI transactions & lifetime free and more
IndusInd Bank claims to be the first bank in India to launch a corporate credit card on unified payment interface (UPI) network. This card can also be used for linking with an supporting UPI app and also offers both domestic and international airport lounge benefits. Check here for details about this RuPay credit card.
UPI payment limits hiked to Rs 5 lakh for these transactions: RBI
The Reserve Bank of India (RBI) has increased the transaction limit for Unified Payments Interface (UPI) payments to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh per transaction. Further no additional factor of authentication (AFA) will be required for transactions of Rs 1 lakh for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments. All you need to know about
No OTP authentication for UPI auto payments up to Rs 1 lakh for these three transactions
The Reserve Bank of India (RBI) has hiked the transaction limit for UPI auto payment limits requiring OTP -based authentication to Rs 1 lakh from Rs 15,000 currently. As per the announcement, new limit will apply on mutual fund subscriptions, insurance premium and credit card repayments. Read on to know the new rules.
Which UPI payments will attract interchange fee? Will you have to bear the cost?
UPI transaction charges: NPCI has advised that UPI transactions made via prepaid instruments, such as wallets and cards will attract an interchange fee of 1.1 per cent for merchant payments from April 1, 2023. The interchange fee will be levied only on specified merchant transactions of above Rs 2,000. Which UPI transactions will attract a fee from April 1, 2023?
UPI-PayNow tie-up gains currency, cuts cost of remittance
In the case of the PayNow-UPI linkage, reports said that for workers staying in Singapore for a brief period, the linkage would help them save at least 10% of the amount paid as bank fees for money transfers. Accounting for persons of Indian origin and non-resident Indians, there are around 650,000 Indians in Singapore.
India, Singapore digital payment link clocking 100 transactions per day
On February 21, India and Singapore launched the real-term linkage between the UPI and PayNow to facilitate instant and cost-effective cross-border fund transfers. Money transfers can be made from India to Singapore using mobile numbers and from Singapore to India using virtual payment addresses.
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