PayPal has confirmed that UPI will be part of its new global payments platform, PayPal World. This platform is designed to connect major digital wallets and payment systems worldwide, starting with PayPal, Venmo, UPI (via NPCI International), Mercado Pago, and Tenpay Global.

With this integration, Indian users will be able to make international payments using UPI. For example, someone in India shopping on a US-based website that supports PayPal will see the familiar UPI button at checkout and can complete the transaction using their usual payment app. This removes the need for a credit card or international payment account.

The platform will also support cross-border peer-to-peer payments. A Venmo user in the United States will be able to send money directly to a PayPal user in another country. This is the first time PayPal and Venmo will work together like this.

Businesses that use PayPal will automatically be able to accept payments from nearly two billion users who rely on domestic wallets like UPI and Weixin Pay. There is no need for extra coding or integrations. This helps businesses reach new customers without changing how they operate.

PayPal World will use open APIs and a cloud-based setup to support fast, secure transactions across multiple regions. The platform is built to work with different devices and will be compatible with new features over time, such as stablecoins and dynamic payment buttons.

Ritesh Shukla, CEO of NPCI International, said the move will help grow UPI’s reach beyond India and make global payments easier and safer for Indian users. PayPal World will begin rolling out this fall. More wallet and payment system partners are expected to join as the platform grows.

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Paytm, a leading Indian digital payments firm, recently encountered a significant regulatory challenge that led to a sharp decline in its market value. The Reserve Bank of India (RBI) has directed Paytm Payments Bank to stop onboarding new customers and halt accepting fresh deposits, sparking concerns over the company’s future profitability and its expansive app ecosystem.

Paytm’s stock price dipped by a whopping 20% after this news

This move by the RBI, which follows a history of non-compliance issues including customer due diligence and technology infrastructure, has cast a shadow over Paytm’s operations. The immediate effect was a 20% plummet in Paytm’s stock price, wiping out approximately $1.2 billion in market value and bringing the shares to a six-week low. This drastic drop indicates the general gravity of regulatory challenges and their impact on investor confidence. When it happens, there’s a big blow to the companies involved.

Paytm’s response to the situation has been one of cautious optimism. CEO Vijay Shekhar Sharma described the RBI’s order as a temporary setback and outlined plans to forge new banking partnerships to ensure the continuity of its services. This strategic pivot aims to mitigate the repercussions on Paytm’s wallet accounts, essential to its payment and financial services ecosystem.

The broader implications of the RBI’s scrutiny are significant. Analysts speculate on the potential hesitancy of banking and financial partners to engage with Paytm, given the regulatory concerns. This situation places additional pressure on Paytm to address compliance issues swiftly and effectively to restore trust among its partners and customers.

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(Via)

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Samsung Pass, the recently rebranded mobile wallet app for Galaxy smartphones in India, has expanded its mobile payment capabilities. Users in India who have the Samsung Pass feature can now make UPI transactions using their RuPay credit cards.

Previously, UPI payments through Samsung Pass were limited to bank accounts and specific debit cards. This update opens up a new payment method for RuPay credit cardholders, allowing them to enjoy the convenience of contactless transactions and potential benefits like rewards points and purchase protection offered by their credit cards. Linking the card is also straightforward, and done within the Samsung Wallet UPI. 

For those unfamiliar, UPI is a popular Indian payment system enabling instant inter-bank transfers through virtual payment addresses. Transactions are secured by a PIN, similar to ATM withdrawals.

Beyond payments, Samsung Pass serves as a versatile digital wallet. Users can store various documents like driver’s licenses, loyalty cards, membership cards, and even boarding passes and movie tickets.

While this update offers a new payment option for RuPay credit cardholders, it’s important to note that the feature is currently limited to them. Mastercard and VISA credit cardholders, for now, can only utilize UPI payments through linked bank accounts within Samsung Pass.

In summary, Samsung Pass has expanded its mobile payment options in India by integrating RuPay credit cards into the UPI platform. This move offers Galaxy smartphone users with RuPay credit cards an additional way to make convenient and potentially rewarding contactless payments.

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The Unified Payments Interface UPI) will soon be accepted as a payment system in France. The Indian Prime Minister Narendra Modi made the announcement earlier this week. So here’s all you need to know about this decision.

France’s Eiffel Tower will be the first to accept UPI

The Indian leader addressed the Indian community at the La Seine Musicale, which is a performing arts center. Modi announced that tourists from India will soon be able to use the Indian UPI system in France. In other words, you can make payments in Indian Rupee using the UPI in France. This move arrives following an agreement with the Indian and French governments. UPI payments in the European country will now be accepted in the Eiffel Tower.

This means that tourists can make payments in Rupees in the Eiffel Tower now. For those unaware, UPI is a mobile-based payment system that is popular across India. It basically let’s users make payments through a virtual payment address at any given time.

As per the official announcement from Modi, “Be it India’s UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction. India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward. Friends, in the coming days its beginning will be made from Eiffel Tower which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower”

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The Unified Payment Interface aka UPI has become the most popular payment method next to cash for daily transactions in India. And in a recent push to make the service even more accessible, Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday launched a new digital payment mode called UPI 123Pay for features phones, which, he said, will allow India’s 40 crore feature phone users to access the payment service.

Governor Das also launched a helpline for digital payments, ‘DigiSaathi’ in a special RBI event. He said that ‘excluded people’ from the lower rung of society, especially in rural areas, will now be able to access UPI services.

UPI 123Pay will also help RBI reach its objective of a less-cash economy, Das added, saying that more limited payment options will be available to feature phone users.

How “UPI 123Pay” will work

Feature phone users will now be able to undertake a host of transactions based on four technology alternatives. They include calling an IVR (interactive voice response) number, app functionality in feature phones, missed call-based approach, and also proximity sound-based payments, the RBI said.

Such users can initiate payments to friends and family, pay utility bills, recharge the FAST Tags of their vehicles, pay mobile bills and also allow users to check account balances, it said, adding customers will also be able to link bank accounts, set or change UPI PINs.

Further, the 24×7 helpline ‘Digisaathi’ will assist the callers/users with all their queries on digital payments via website and chatbot.

Users can visit www.digisaathi.info or call on 14431 and 1800 891 3333 from their phones for their queries on digital payments and grievances.

An interesting fact mentioned by the RBI is that UPI 123Pay will also be available on feature phones as an app. Considering the nature of feature phones, we know that the app can’t be downloaded onto them, so we soon might see new feature phones released with the app functionality already present on them.

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WhatsApp is one of the world’s largest instant messaging platforms but the Facebook-owned platform doesn’t have a good monetization model, despite having billions of monthly active users globally.

However, the company has been bringing several new features that have the potential to become a revenue stream for the application. One of them is WhatsApp Pay which was officially launched in India last year after being stuck for a couple of years because of regulatory issues with the Indian government.

Despite WhatsApp being the most used mobile application in India, the payment service built into the app didn’t take off. Now, to encourage more people to use its payment service, the company is reportedly considering offering cashback rewards.

As per the report, the company could be offering a one-time cashback reward of ₹10 (~$0.14) which will be crediting into the account with 48 hours. Also, it could be available only to those who are transacting through WhatsApp Pay for the first time.

The reward suggested for using the payment service is quite low when compared to what other players in the Indian market offered during their initial launch. But there’s a possibility that the reward amount could get increased.

In India, the WhatsApp Pay feature is based on the Unified Payments Interface (UPI) standard — the same system that is used by other payment apps such as Walmart’s PhonePe, Google’s Google Pay, and PayTM, among others.

Do note that the feature is currently under work so whenever the company decides to release it for the users, it could get changed to something else. It’s just speculation from our side, but we expect the feature to get released in the coming weeks or months.

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Leaving behind the time-consuming money transfer methods, the Indian Government announced a new payment method – UPI to provide rapid and safe money transfers a few years ago. UPI stands for Unified Payment Interface and is primarily available for use via smartphone applications. It has received an overwhelming response from the users due to its easy availability and stress-free banking.

Must See: Best apps to save money while shopping!

It is the cheapest way to transfer funds. The user can transfer as low as Re 1 using the UPI payment system. There are various other benefits of the UPI system that funds transfer becomes faster, easier, and smoother in India. It even facilitates Online Mobile, DTH, and other recharges ranging from Re 1 to Rs 10000. The user can also pay utility bills using the UPI gateway via apps like PhonePe, Paytm, Google Pay, and others.

Benefits of UPI Payments

Unified System Across All Banks and Apps: You want to transfer money within different banks? Do you have different UPI apps like PhonePe, Google Pay, and others? Then, you need not worry as UPI payments offer seamless compatibility across different platforms and banks. Anyone can transfer money using the dedicated UPI ID.

Fast, Reliable and Easiest Funds Transfer: The users only need to enter a four or six-digit pin for a successful transaction on the mobile app. The money gets transferred within milliseconds using a UPI supported app on the smartphone.

Moving towards Stress-Free Banking: It has opened ways for stress-free banking as the user can send money using just a UPI ID. Gone are the days when the users have to wait for a few minutes or even hours to get money transacted through NEFT or IMPS.

Multiple App Choices: The users can choose the best app from the vast brochure of UPI based apps on the Play Store. All the apps differ on the additional features, and the basics remain the same.

Requirements for UPI 

The bank should have the following information saved with the account to use the UPI system.

1. You should have linked Mobile Number.
2. You should have access to the same Mobile Number.
3. A debit card is also a must while registering the UPI.

Points to Note:

1. The transaction limit is Rs 40000 per transaction and per day. (Threshold may vary for different banks.)
2. There’s a limit for 10 transactions within 24 hours on a single bank account.

There are plenty of UPI based apps in India. All these apps offer a different set of features alongside the primary money transfer. The user sometimes gets puzzled while choosing the best as nowadays every bank has its own UPI App for Android and iOS. We have curated a list of some best UPI payments apps in India.

Best UPI Apps in India

PhonePe

• CashBacks: Yes
• Payment Gateway Support: Yes
• Third-Party App Support: Yes
• In House Online Recharge, Bill Payments support: Yes
• FastTag: Yes
• Financial Investment Schemes: Yes
• Web Interface: No
• Multiple Language Support: Yes

PhonePe is the best UPI apps present right now in India. Its broad set of features, along with the standard UPI transfers, make it stand out against others. All the transactions on PhonePe are based on the Unified Payments Interface (UPI). A dedicated PhonePe Wallet service helps to keep money in the wallet for faster transactions and checkouts.

Apart from sending money, the user can recharge mobiles, dongles, DTH, FASTag, and can even pay Electricity, Credit Card, Piped Gas, Landline, Broadband, Water, and other bills. It is also a den for making Insurance payments, loan repayments, and donations. PhonePe can also be used across popular restaurant chains like Domino’s, OvenStory and others. It even works with all the major eCommerce websites across India.

The app also offers discounts and coupons while transacting money through the app. The app supports more than 10 Indian local languages.

Its simple yet useful interface is another significant advantage of the app. However, the user gets prompt support if any transaction fails or any other error occurs.

Download

Android | iOS

Paytm UPI

• CashBacks: Yes
• Payment Gateway Support: Yes
• Third-Party App Support: Yes
• In House Online Recharge, Bill Payments support: Yes
• FastTag: Yes
• Financial Investment Schemes: Yes
• Web Interface: Yes
• Multiple Language Support: Yes

Paytm is India’s eCommerce giant with services from e-ticketing to online recharges, and from FastTag to Insurance premiums. It’s inhouse Paytm Mall offers eCommerce experience to the users. Paytm Payments Banks is another entity of the Paytm group.

Paytm is widely known as the frontrunner for digital payments in India. The user can use different payment methods such as UPI, Credit Cards, Debit Card, and Net banking to Top Up Paytm Wallet. Paytm is in service before the advent of UPI services. However, the Unified Payment Interface services were recently added to the app.

The user can now top FastTag, recharge mobile phones, pay bills, book movie tickets, and shop online using the Paytm services. It is widely accepted across small retail stores within the country. From a minor service provider to large MNCs, all are accepting payments using Paytm. It supports different local languages like Marathi, Telugu, Punjabi, Odia, Kannada, Gujarati, Tamil, Bangla, and others.

It’s an excellent User Interface, and support for various services is a significant pro for the app. According to recent research data, Paytm users did 5.93% of total UPI transactions in 2019.

Download

Android | iOS

Google Pay

• CashBacks: Yes
• Payment Gateway Support: Yes
• Third-Party App Support: Yes
• In House Online Recharge, Bill Payments support: Yes
• FastTag: Yes
• Financial Investment Schemes: No
• Web Interface: No
• Multiple Language Support: Yes

The search giant initially announced Google Pay as Google Tez in India. It was recently renamed in the wake of strengthening the Google Pay brand image in the country. It is the most secure digital payments platform, and it even supports a PIN or fingerprint lock. It is even denoted as a pure UPI based app as most of its features revolve around the UPI payment system. It also offers wallet facility or support for any third-party payment source.

The app is continuously receiving new features and recently got support for FastTag. The users can also recharge their mobile smartphones, pay bills including electricity, postpaid mobile, DTH, Landline, Broadband, Piped gas, Water, Insurance, Loan Repayment, and even tax.

However, users can also use it to pay at popular restaurants, grocery stores, and all nearby stores. It even supports invoicing to get the payments from a person. Google Pay also allows users to control privacy, notifications, and security from the settings. It supports multiple local languages, including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.

Download

Android | iOS

BHIM UPI App

• CashBacks: No
• Payment Gateway Support: Yes
• Third-Party App Support: No
• In House Online Recharge, Bill Payments support: Yes
• FastTag: No
• Financial Investment Schemes: No
• Web Interface: No
• Multiple Language Support: Yes

It is the official and government-supported UPI payments app. The word BHIM stands for Bharat Interface for Money and purely facilitates the users on UPI enabled initiatives. It supports more than 20 local languages in India.

The app is primarily used to send and receive money, pay utility bills, check balance, and set payment reminders. Apart from the basic amenities, then the app also offers Home screen personalization, bill splitting feature, validation before making the payment, and much more.

The major pro of the BHIM UPI is its intuitive UI and ability to recognize transaction status quickly. Instant UPI or Bharat QR code support to pay instantly.

Download

Android | iOS

MobiKwik

• CashBacks: Yes
• Payment Gateway Support: Yes
• Third-Party App Support: Yes
• In House Online Recharge, Bill Payments support: Yes
• FastTag: Yes
• Financial Investment Schemes: No
• Web Interface: No
• Multiple Language Support: Yes

It’s another useful app for UPI payments. MobiKwik offers the users to recharge mobiles, pay bills, and provides all other necessary facilities. Surprisingly, the app provides instant loans and insurance payments with just a few taps.

It is the best app to invest in digital gold, insurance, mutual funds directly by transacting via the UPI method. However, the users can book buses, trains, flight, and other travel tickets from the MobiKwik interface.

MobiKwik also offers a personal wallet for instant transactions.  The users get cashback and discounts while using the app for booking tickets, transferring money, and more. It’s a great competitor to PayTm.

It offers in house utilities like Expense Manager, Auto Recharge, and others. The Expenses Manager record all the expenses, including the past months.

Download

Android | iOS

Generally, every bank has its UPI app, but the features are limited to the same bank. If the users are interested in the same bank UPI apps, then they can download their own apps. However, for extended functionality, the users can use any of the above app suiting your requirements.

If we missed something in our guide of best UPI payments APps, then do let us know via the comments below.

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