UPI Hits Record 16.73 Billion Transactions in December – What’s Driving the Growth?
In a remarkable feat for India’s digital payments system, Unified Payments Interface (UPI) transactions soared to an all-time high in December 2024. The total number of UPI transactions reached a staggering 16.73 billion, marking an 8.08% increase from the previous month’s 15.48 billion transactions.
This…
Payments Firms Face GST Scrutiny
Major payment aggregators, including BillDesk and CCAvenue, have recently been served notices by the Goods and Services Tax (GST) authorities. The notices demand that these firms pay GST on fees charged to merchants for processing digital transactions under Rs 2,000, as reported by The Economic Times.
Vishwas Patel, Joint Managing Director of Infibeam Avenues…
In a significant move to reshape the financial landscape, Flipkart’s fintech arm, super.money, has unveiled its inaugural product, the superCard, in collaboration with Utkarsh Small Finance Bank. This innovative co-branded credit card represents a novel approach to financial inclusion and convenience, offering a range of features designed to cater to diverse customer needs and enhance the…
PhonePe Unveils ‘Credit Line on UPI’ Feature, Enabling Short-Term Credit for Merchant Transactions
PhonePe, a leading digital payments platform, has launched a groundbreaking feature called ‘Credit Line on UPI,’ expanding the capabilities of the Unified Payments Interface (UPI) to include short-term credit options for both consumers and merchants. This innovation follows the Reserve Bank…
