UPI payments Archives - Vizag One https://www.vizagone.com/tag/upi-payments/ Visakhapatnam - City of Destiny Sun, 29 Sep 2024 03:18:35 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.2 https://www.vizagone.com/wp-content/uploads/2023/11/cropped-vizagone-logo-500x500-jpg-32x32.jpg UPI payments Archives - Vizag One https://www.vizagone.com/tag/upi-payments/ 32 32 The Rise of UPI Payments: Challenges and Future Trends https://www.vizagone.com/business/the-rise-of-upi-payments-challenges-and-future-trends/ https://www.vizagone.com/business/the-rise-of-upi-payments-challenges-and-future-trends/#respond Sun, 29 Sep 2024 03:18:33 +0000 https://www.vizagone.com/?p=29580 With the surge in UPI payments, a new debate emerges concerning potential charges. Discover the latest insights from a Local Circles survey and the implications for users and the industry.

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]]> The popularity of UPI payments has soared as smartphones and internet access become ubiquitous. From small tea houses to large malls, UPI is becoming the preferred payment method for many. Gone are the days of long bank queues; now, a simple click enables money transfers. Although UPI services are currently free, discussions are underway regarding the possibility of introducing charges for certain transactions.

A recent Local Circles survey revealed that 75% of users oppose the idea of paying fees for UPI payments. Interestingly, only 22% indicated they would continue to use UPI if charges were implemented. Additionally, 38% of respondents rely on UPI for half of their payment transactions, surpassing traditional methods like debit and credit cards.

The survey, conducted across 308 districts from July to September, gathered 15,598 responses on the topic of UPI transaction charges. Localcircles plans to present these findings to the central finance department and RBI to influence future decisions on merchant discount rates.

NPCI forecasts a 57% increase in UPI transactions by 2023-24, surpassing 131 billion transactions valued at Rs. 199.89 lakh crores. The industry is poised for significant growth, but the debate over potential charges could shape the future landscape of UPI payments.

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]]> https://www.vizagone.com/business/the-rise-of-upi-payments-challenges-and-future-trends/feed/ 0 Bank of Baroda Introduces EMI Service on UPI Payments via RuPay Credit Cards https://www.vizagone.com/business/bank-of-baroda-introduces-emi-service-on-upi-payments-via-rupay-credit-cards/ https://www.vizagone.com/business/bank-of-baroda-introduces-emi-service-on-upi-payments-via-rupay-credit-cards/#respond Mon, 23 Sep 2024 01:41:10 +0000 https://www.vizagone.com/?p=28883 Learn about how Bank of Baroda is revolutionizing UPI payments by offering EMI services through RuPay credit cards. Discover how this new feature is set to simplify transactions and enhance customer experience, especially during the festive season.

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]]> UPI payments, introduced after demonetisation in India, have become very popular. Recently, as per RBI directives, the UPI option has been extended for business payments through RuPay credit cards, making it convenient for users to transact seamlessly. Bank of Baroda, a leading bank, has taken a step further by announcing the availability of EMI services on UPI payments made with RuPay credit cards.

EMI facility on UPI payments allows customers to convert their transactions into manageable installments, offering flexibility in making larger purchases. The service is applicable for both online and offline transactions, catering to a wide range of customer needs. This move by Bank of Baroda is seen as a significant enhancement in the digital payment ecosystem, especially during the festive season.

Ravindra Roy, Wholetime Director of BOB Card Limited, emphasized the importance of providing additional services to customers through innovative solutions like EMI on UPI payments. While EMI options offer convenience, it is essential for users to exercise caution and consider their financial capabilities before opting for such services.

Experts advise comparing interest rates and terms across different banks and UPI apps to make informed decisions regarding EMI payments. Choosing a suitable tenure aligned with one’s financial situation and repayment preferences can help manage the overall cost effectively.

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