NPCI UPI Delegated Payment Launch: To make UPI transactions easier for customers, NPCI on Wednesday launched a new feature UPI Delegated Payment. In this UPI Delegated Payment feature, you can add your loved ones to the UPI circle.
In which you can do full or partial delegation. In full delegation, the secondary user will not need the authorization of the primary user at the time of any payment, while in partial delegation, the secondary user will need the security pin of the primary user on every payment.
NPCI launched Bharat Bill Pay For Business
To further strengthen the traders in the country, NPCI has also launched Bharat Bill Pay for Business. Which will give two businesses the power to deal with each other.
In this, every business will have a B2B ID, which will contain the necessary details of the business. By entering this ID on any business platform, all the details of that business will be fetched, through which a business will be able to send a bill to another business, which will accept or pay the bill. This is a completely secure system, which will end the hassle of Invoice Reconciliation.
Big announcement from #GFF24!
The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, today announced the launch of two new products built by NPCI at GFF 2024.
These new offerings include Bharat BillPay for Business designed to streamline business-to-business (B2B)… pic.twitter.com/ZOSecntJg4
— NPCI (@NPCI_NPCI) August 28, 2024
UPI transactions expected to reach 439 billion by 2028-29
Total transactions on UPI are expected to grow from around 131 billion last fiscal to 439 billion by 2028-29 and account for 91 per cent of total retail digital payments, a PwC India report has estimated.
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The report titled ‘The Indian Payments Handbook – 2024-29’ also said that India’s digital payments landscape has seen significant growth over the last eight years and the industry estimates that the volume will expand more than three times. Digital payments are projected to grow from 159 billion in 2023-24 to 481 billion by FY 2028-29.
27th August 2024: DAILY PAYMENTS STATISTICS #AePS #BHIMUPI #NETC #IMPS pic.twitter.com/NgTBTFNPXj
— NPCI (@NPCI_NPCI) August 28, 2024
The growth of the payment transaction market in terms of value is expected to double. It will grow from Rs 265 lakh crore to Rs 593 lakh crore during this period.
The PwC India report said that UPI continued its remarkable growth with transaction volume growing 57 per cent year-on-year.
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