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NPCI Launches New UPI Features to Achieve 100 bn Monthly Transactions

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NPCI Launches New UPI Features to Achieve 100 bn Monthly Transactions

The National Payments Corporation of India (NPCI) has recently announced the launch of new features for the Unified Payments Interface (UPI) to achieve a target of 100 billion monthly transactions. This move is aimed at further promoting digital payments in India and making UPI the preferred mode of payment for individuals and businesses.

One of the key features introduced by NPCI is the UPI AutoPay. This feature allows users to set up recurring payments for various services such as utility bills, insurance premiums, and subscription fees. With UPI AutoPay, users can now schedule automatic payments, ensuring timely payments and avoiding late fees.

Another significant feature introduced by NPCI is the UPI Mandate. This feature enables users to create e-mandates for making payments. E-mandates are similar to standing instructions given to banks for automatic debits, but with UPI Mandate, users can set up and manage these mandates directly from their UPI apps. This feature will be particularly useful for businesses that need to collect recurring payments from their customers.

In addition to these features, NPCI has also introduced the UPI Cash Collection functionality. This feature allows businesses to collect cash from their customers by generating a UPI QR code. Customers can simply scan the QR code using their UPI apps and make the payment instantly. This feature eliminates the need for businesses to handle physical cash and provides a seamless payment experience for customers.

Tags:

  • UPI
  • NPCI
  • Digital Payments

Category:

Technology

SEO Keywords:

  • UPI features
  • NPCI UPI
  • digital payments India
  • recurring payments
  • UPI Cash Collection

 Description:

The National Payments Corporation of India (NPCI) has launched new features for the Unified Payments Interface (UPI) to achieve a target of 100 billion monthly transactions. The new features include UPI AutoPay, UPI Mandate, and UPI Cash Collection, aimed at promoting digital payments in India and providing a seamless payment experience for individuals and businesses.

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