Are you someone who does not have a bank account or still relies financially on your family due to which you are not able to make payments digitally? Well, the National Payments Corporation of India (NPCI) has introduced a new way- UPI Circle that simplifies financial transactions for individuals who may not have a bank account or are hesitant to use digital payment methods.

UPI Circle feature is currently available on BHIM UPI and Google Pay (GPay). This feature allows primary users who have a UPI account to delegate digital payment tasks to trusted contacts such as family or friends. It is useful for individuals who either do not have a bank account or find it difficult to manage digital payments on their own. UPI Circle allows payments to be made through the primary user’s account.

A primary user can add up to 5 secondary users in the UPI circle while each secondary user can only be a part of one UPI Circle at a time. Primary users will be offered two options:

• Partial Delegation– You retain full control, approving each payment request initiated by your secondary user.
• Full Delegation– Set a monthly limit, of up to Rs.15,000, allowing your secondary users to make payments independently within that limit.

This feature is expected to be particularly beneficial for parents providing allowances to children, senior citizens who are cautious about conducting digital transactions, and business owners who need to manage petty cash for their staff. The primary user will have the option to monitor the activity of the secondary users on the app.

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National Payments Corporation of India (NPCI), announced an increase in the transaction limit of certain payments using UPI to Rs 5 lakh. This will be effective from 16 September 2024. The earlier limit was Rs 1 lakh.

The categories for which the limit has been increased include Educational Services, IPOs, Hospitals, Tax Payments, and Government Securities.

The decision is likely taken to adhere to India’s effort to elevate the nation to a digital economy.

UPI transactions have appreciatively contributed to India’s economy and Digital Public Infrastructure. UPI transactions are massively increasing all across the globe.

With this new limit, high-value transactions will be possible and it will open up many different convenient options in the financial sectors.

According to reports by NPCI, in July 2024, UPI transaction value marked a total amount of about Rs 20.6 lakh crore. The transaction count on the other hand was noted as 14.4 billion.

August 2024 also saw an increase of 41% year-on-year amount in the total number of UPI transactions.

According to reports, UPI stands at the top in terms of global transaction volume, surpassing other players like Alipay and PayPal.

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NPCI or national payment corporation of India- the name you might have heard frequently whenever it comes to the payment system of India. NPCI was an initiative taken by the RBI and Indian Bank’s Association to operate retail payments and settlement systems in India. This corporation shares daily payment statistics which show that on which online transaction method the highest payments were made.

NPCI has today shared the Payment systems statistics for 15^th August 2023 via Twitter.

15th August 2023: DAILY PAYMENTS STATISTICS #BHIMUPI #IMPS #NETC #AePS pic.twitter.com/Pt0o2GSsXT

— NPCI (@NPCI_NPCI) August 16, 2023

According to this data, BHIM and UPI modes have once again surpassed the other modes which indicates that UPI still continues to see growth in its transaction numbers when compared to others.

As per the stats 2.78 Mn transactions were made from AEPS (Adhaar-enabled payment system)on 15^th August resulting in a total transaction value of 678.19 crore. While with IMPS (Immediate payment service) 13.91Mn transactions were made on the same day with a total transaction value of 10,754.85 crores. On NETC (National Electronic toll collection)9.96Mn transactions were made with a total transaction value of 161.82 crores.

BHIM (Bharat Interface for money) and UPI (Unified Payment Interface) were once again widely used methods on 15^th August with 328.46Mn transactions made resulting in a total transaction value of 39,607.89 crores. These payment methods account for more than half of India’s digital transactions.

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Apple is in discussions to launch the Apple Card, which is its credit card, in India. The discussions for this are with the HDFC bank. The discussions are in their primary stages and no final decisions have been taken so far.

India has been in focus for Apple for the last 2 years because iPhone sales are growing at a rapid pace from the year 2022. A 50% growth of over Rs 33,500 crore in iPhone sales took place in India.

This amount of money is a significant amount to the total revenue of Apple. Converting this amount through the Apple Card would have a substantial impact on them.

Apple Card

Customers using the Apple Card for making purchases can earn up to 1% of cashback, which increases to 2% if the payment is made with Apple Pay. The customers using this card for payment at Apple stores and selected partners will get a cashback of 3%.

Apple does not charge late fees to Apple card holders along with foreign transactions, returned payments, or annual credit card fees, but the users have to pay interest fees generated for carrying the balance.

Apple card owners can open a 4.15% savings account with no minimum balance limit to deposit their daily cash. Each customer will get a unique card number for each device. The number is stored in a secure element that is used by Apple Pay to handle transactions and on-device cryptographic functions.

Apple is also having discussions with the NPCI (National Payments Corporation of India) regarding the launch of Apple Pay in India. Now is the time when a significant number of payments are being increasingly made through payment apps on smartphones.

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An administration review of India’s leader Payments processor a year ago discovered in excess of 40 security weaknesses including a few it called “basic” and “high” hazard, as indicated by an inward government archive seen by Reuters.

The review, which occurred more than four months to February 2019, featured an absence of encryption of individual information at the National Payments Corporation of India (NPCI) which shapes the foundation of the nation’s advanced payments framework and works the RuPay card arrange supported by Prime Minister Narendra Modi.

The March 2019 government report referred to the putting away of 16-digit card numbers and other individual data, for example, client names, account numbers, and national Identity numbers in “plain content” in certain databases, leaving the information unprotected if the framework was penetrated. The review has not recently been accounted for.

The NPCI said in an announcement to Reuters it is normally evaluated in light of a legitimate concern for security and senior administration surveys all discoveries, which are then “remediated to (the) fulfillment of the evaluators”. This incorporates the discoveries refered to by Reuters, it said.

India’s National Cyber Security Coordinator, Rajesh Pant, whose office composed the review, likewise said in an announcement to Reuters that “all perceptions brought up in a year ago’s report have been affirmed as settled by the NPCI”.

Gasp included reviews are best practice for the moderation of cyberattacks and are led on an intermittent premise by all endeavors.

The review was attempted to furnish PM Modi’s National Security Council with an outline of the NPCI’s resistances against cyberattacks. PM Modi’s office and the money service didn’t react to a Reuters demand for input.

The review’s discoveries underscore the information security challenges looked by the NPCI which forms billions of dollars day by day through administrations that incorporate between bank subsidize moves, ATM exchanges and advanced installments.

In India and past, money related organizations are feeling the squeeze to mount viable guards to secure their clients as the quantity of malignant cyberattacks develop and programmers become progressively modern.

Set up in 2008, the NPCI is a not-revenue driven organization which as of March 2019 considered 56 banks its investors, including the State Bank of India, Citibank and HSBC.

RuPay, specifically, has been excitedly embraced by Modi who has compared its utilization to a national obligation. It has developed to represent very nearly 66% of almost 900 million charge and Visas gave in India as of October, as per NPCI and national bank information.

Administration concerns

The review followed a Reserve Bank of India (RBI) investigation report on the NPCI in July 2017 that discovered failures in its inside evaluating rehearses, operational dangers and inappropriate informant arrangements.

There was “absence of familiarity with dangers and hazard culture in the foundation,” as per a generally redacted form of the 37-page report that was gotten by Reuters by means of the Right to Information Act (RTI) a year ago.

The 2019 government report about the review additionally noted: “There is a solid requirement for appropriate administration.”

The RBI directed another assessment among November and December 2019. A 33-page report on that review incorporated its appraisal of NPCI’s administration and operational and credit dangers. In any case, a large portion of the report, likewise got by Reuters through the RTI Act, was redacted by the national bank which refered to the need to secure India’s and the NPCI’s financial advantages.

The NPCI in its announcement didn’t remark explicitly on the RBI reports, yet said all perceptions refered to by Reuters were remediated. The RBI didn’t remark on the reports.

Issues refered to

The March 2019 government archive said an assortment of card numbers were decoded inside the NPCI database for the nation’s system of right around 250,000 ATMs, while decoded RuPay card numbers could likewise be found in the association’s worker logs.

It suggested that delicate information, client information and individual character data be “appropriately encoded/conceal in the database and logs”.

NPCI said in its announcement to Reuters that it stores card information in accordance with norms set by the PCI Security Standards Council, and has been liable to reviews approved by the chamber. “No non-similarities have been watched and we are completely agreeable to these norms,” the announcement said.

Other high hazard issues in RuPay and other NPCI applications refered to by the administration review included purported “cradle flood” weakness, a memory wellbeing issue that can permit programmers to exploit coding botches.

Working frameworks utilized by the NPCI were not “state-of-the-art” and one of its mail workers had lacking enemy of malware usefulness, it additionally said.

The review was led by a group of 10 to 12 individuals at NPCI’s Mumbai home office and workplaces in two different urban areas, an individual acquainted with the issue stated, declining to be distinguished.

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National Payments Corporation of India (NPCI) has presented another UPI AutoPay highlight in India to ease repeating on the web installments. This element permits clients to set an e-order for repetitive installments of up to Rs. 2,000 on the UPI stage. For repeating installments above Rs. 2,000, clients should execute each order with the UPI PIN. This UPI AutoPay highlight can be utilized for repeating costs like portable bills, shared assets and credit installments, paying for travel/metro installments, EMI installments, protection, power charges, amusement/OTT memberships, and numerous other online exchanges.

The UPI AutoPay highlight will auto charge represents normal installments that have been pre-chosen by clients. Qualified UPI-empowered applications will currently have an ‘Order’ area, through which clients can make, affirm, alter, delay just as disavow auto charge command. NPCI takes note of that orders can be set for one-time, day by day, week after week, fortnightly, month to month, every other month, quarterly, half yearly and yearly too. Clients should set an approved date for auto charge in the ‘Command’ area and the cash will at that point be deducted consequently. NPCI notes UPI clients can make e-command through UPI ID, QR output or Intent.

As referenced, for sums lesser than Rs. 2,000, clients need to confirm their record through UPI PIN for one-time and resulting regularly scheduled installments would be charged consequently. For sum more prominent than Rs. 2,000, an UPI PIN confirmation will be required for each command.

NPCI has presented UPI AutoPay for banks like Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, AutoPe-Delhi Metro, AutoPe-Dish TV, CAMS Pay, Furlenco, Growfitter, Policy Bazaar, Testbook.com, The Hindu, Times Prime, Paytm, PayU, RazorPay, among others. Indeed Bank, State Bank of India, and Jio Payments Bank will present UPI AutoPay soon. This element basically hopes to facilitate the weight of making sure to take care of ordinary tabs consistently from an UPI client.

UPI has gotten a well known decision for computerized exchanges in India. The India Digital Payments Report 2019 uncovered that UPI encouraged exchanges worth Rs. 18,36,000 crores a year ago, up 214 percent from 2018. “UPI is maybe the quickest item to hit 1 billion exchanges a-month in 2019 since its initiation in August 2016,” the report said.

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