UPI TRAN ID – Push for standardisation by NPCI

                  The UPI Technical specifications are very clear on the required length for UPI Transaction ID. The UPI TRAN ID is the key to track the transaction in its life cycle.

Ideally the UPI TRAN ID, should be 35 digits Alpha Numeric.

This simple guideline is not being adhered by UPI PSPs.

What is a PSP?

A high level meaning of UPI PSP is that a  PSP, or Payment Service Provider, is a financial institution or technology company that enables businesses and individuals to accept and process payments from customers.

 

PSPs play an important role in the whole UPI transaction flow.

Apart from other activities, UPI PSPs acts as an intermediary between the merchant (seller) and the acquiring bank or card networks.

PSPs provide a range of services and tools to facilitate seamless payment transactions, both online and offline.

It is very important for PSPs to adhere to the UPI technical guidelines to minimise damages to the sender and receiver of the UPI transaction.

Hence, it is very surprising to note that PSPs are unable to follow a simple guideline regarding the length of the UPI TRAN ID.

Simply put, UPI tech guidelines specify that the UPI TRAN ID should be 35 digits Alpha Numeric.

Yes, not 34 or 36 or some other number, it should be 35 digits only. Nothing More, Nothing Less.

NPCI has observed that the UPI TRAN ID ranged from 4 digits to 35 digits.

Such anomalies cause transactions to fail and upset both the sender and the receiver of the funds.

To bring in uniformity, NPCI has informed to the PSPs that the validation of the UPI TRAN ID will be brought in the central system.

The exact Go Live date will be communicated separately to the participants.

As the tech guidelines are already in place, it is preferred to all the participants to adhere to the 35 Digit rule, and do not wait till the last date.

Please note that the UPI TRAN ID is different from the UPI Reference Number.

Q: What is UPI Reference Number?

Ans: Each UPI transactions should have a UPI Reference Number.

The UPI Reference number is 12 digit long, unique and associated with each transaction.

This NPCI circular focusses on the 35 Digit UPI TRAN ID.

 

It is generated for every transaction and allows users to track their transactions.

 

If users have any queries about a transaction, they can check the UPI Reference Number tracking associated with the payment and use it to fetch all the details.

The relevant NPCI UPI Circular can be read here @ https://www.npci.org.in/PDF/npci/upi/circular/2024/UPI-OC-193-FY-23-24-Non-Compliance-to-TXNID.pdf

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

 

 

 

NPCI Bharat BillPay Partners with SBI for NCMC Recharge

 Revolutionizing Transit Payments: NPCI Bharat BillPay Partners with SBI for NCMC Recharge

In a significant stride towards enhancing commuter convenience, NPCI Bharat BillPay Limited (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), has teamed up with State Bank of India (SBI) to introduce National Common Mobility Card (NCMC) recharge as a new biller category. This collaboration aims to streamline transit payments, particularly for users of SBI NCMC cards.

          Multiple banks in India offer NCMC cards as part of their business strategy. However, it was a pain for the card holders to top up their NCMC cards. This pain minimised the plus points of NCMC cards.  Now, a beginning has been made with SBI NCMC getting onboarded on to the BBPS platform.

 

About NCMC - The National Common Mobility Card, launched by the Ministry of Housing and Urban Affairs of the Government of India, is an inter-operable transport card enabling users to pay for travel, toll duties, retail shopping, and withdraw money.

It offers contactless smart card technology and was launched on March 4, 2019, by NPCI.

 

The initiative, which went live on April 18, 2024, encompasses various metro networks including Noida, Nagpur, Chennai, and Kanpur, along with specific lines of the Mumbai Metropolitan Region Development Authority (MMRDA) and even services at the Parliament Canteen.

Initially available through SBI's Bharat BillPay-enabled application, SBI Unipay, this service will soon extend to other Bharat BillPay-enabled frontend platforms.

 

The introduction of NCMC recharge as a biller category offers a seamless online solution for commuters to conveniently top-up their cards, eliminating the need for long queues and ensuring a hassle-free experience.

With the flexibility to recharge up to INR 10,000 online via Bharat BillPay-enabled platforms, customers can use various payment methods including prepaid, debit, and credit cards.

After a successful recharge, users simply need to tap their NCMC cards on terminals to update their balance. This is a prerequisite for the actual balance up dation in the NCMC card to happen. So, folks do remember this and do not forget.

 

Ms. Noopur Chaturvedi, CEO of NPCI Bharat BillPay, expressed gratitude towards SBI for co-creating and launching this new category, emphasizing the enhancement it brings to the daily transit experience of NCMC cardholders. This move underscores NPCI's commitment to easing digital payments with the reliability and safety of the Bharat BillPay platform.

 

Mr. Mahesh Kumar Sharma, DMD (Transaction Banking & New Initiatives) at State Bank of India, echoed the sentiment, highlighting the industry-first offering's potential to revolutionize commuter experiences. By leveraging SBI Unipay and other Bharat BillPay-enabled platforms, SBI NCMC cardholders can enjoy instant and secure top-up options, bypassing long queues and ensuring a smooth transit experience.

 

The process for recharging NCMC cards via Bharat BillPay-enabled platforms is straightforward:

1. Open SBI Unipay (or other Bharat BillPay enabled frontend platforms)

2. Choose the NCMC category

3. Select the biller

4. Input mobile number & last 4 digits of NCMC card number

5. Enter the recharge amount

6. Make the payment

7. Tap the card on terminals to update the balance on the NCMC card.

 

About SBI Unipay - SBI Unipay is an online bill payment system launched by SBI, offering convenient and accessible services across all banking channels. With the facility to pay bills anytime, anywhere, and support for multiple payment modes, SBI Unipay ensures instant and verifiable confirmation of payments, along with standardized complaint and dispute management processes.

Well, this is an eye opener for me. I did not know that SBI had a separate Bill Payment Portal / APP.

**Multiple Biller Categories Supported**

SBI Unipay supports bill payments for various categories, including recharge & utility bills such as mobile, electricity, DTH, broadband, gas, cable TV, and FasTag, as well as institution fees for schools, colleges, subscriptions, and other categories like life, general, and health insurance, and municipality taxes.

 

**Multiple Payment Modes Supported**

BBPS facilitates a plethora of payment modes including cash, wallet, credit cards, debit cards, UPI, prepaid cards, net banking, and ATM transactions.

 

**Multiple Payment Channels Supported**

Customers can access multiple channels for bill payment, including net banking, YONO, mobile banking, BHIM SBI PAY, RRB, FIGS, agents, business correspondents, and ATMs.

 

**Nation First Transit Card by SBI**

State Bank of India's Nation First Transit Card is a contactless dual-interface prepaid card designed for safe, secure, and seamless payments. Apart from transit usage in NCMC-enabled modes, it offers extended usability for retail payments and e-commerce transactions. The card features chip protection for enhanced security, tap-and-pay functionality, and convenient top-up/recharge options.

 

With a minimum top-up amount of Rs. 100 and a maximum limit of Rs. 2000, the Nation First Transit Card ensures cashless travels in metros, buses, ferries, and offers ease of use at designated SBI branches and metro stations.

 

**About BBPS**

Bharat BillPay is a platform conceptualized by the RBI to simplify collections and settlements by connecting businesses and customers across India.

With technological solutions facilitating payments via physical outlets and digital channels, BBPS offers fast settlements, supports multiple payment modes, and provides access to over 21,000 billers nationwide.

The collaboration between NPCI Bharat BillPay and SBI marks a significant milestone in the realm of digital payments, particularly in transit systems, promising enhanced convenience, efficiency, and security for commuters across India.

As more platforms and biller categories come onboard, the landscape of digital payments continues to evolve, offering greater accessibility and ease of use for consumers nationwide.

Kudos to State Bank of India for taking the first step, this step will motivate other NCMC Issuer Banks to quickly onboard BBPS.

Eagerly waiting for other NCMS Issuer Banks to follow SBI.

 

 

 

 

 

 

 

 

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

Amazon Pay plans to attract volumes via Credit on UPI

As per news articles, Amazon Pay is seriously considering adopting a more aggressive approach to grow its lending portfolio.

The plans seem to be in advanced stage, and I am eagerly waiting for the complete details.

With the recent NPCI Circular on three new features for ‘Credit on UPI’, Amazon Pay has a wide choice.

Link to my blog on the 3 new features on ‘Credit on UPI’

https://prashantnepayments.blogspot.com/2024/04/npci-circular-upi-members-introduction.html

 

 

Revolutionizing Digital Payments: Amazon Pay's Venture into UPI Credit and  NPCI's Innovative Features

 

In the ever-evolving realm of digital payments, innovation and convenience remain paramount.

Amazon Pay, a prominent player in the digital payment landscape, is poised to elevate user experiences further by venturing into offering credit on the Unified Payments Interface (UPI).

With over 100 million customers already utilizing Amazon Pay UPI for various transactions, this move is set to revolutionize how users manage their finances.

The recall value of Amazon Pay is high, and this recall value should enable Amazon Pay to quickly improve the volumes.

Amazon Pay's collaboration with the National Payments Corporation of India (NPCI) underscores its commitment to innovation.

Vikas Bansal, Amazon Pay India's whole-time director, highlights the company's objective to enhance customer experience and value proposition through initiatives like credit on UPI.

This move aligns seamlessly with Amazon Pay's existing offerings, such as Amazon Pay Later, which allows customers to make purchases using equated monthly installments.

 

Despite the potential of credit on UPI, challenges such as the interchange fee structure and lower adoption among smaller merchants have hindered its growth. Bansal emphasizes the importance of setting merchant discount rates to incentivize all players in the ecosystem, ensuring mutual benefits.

 

Amazon Pay's extensive merchant network, comprising over 8.5 million offline merchants and partnerships with over 10,000 online merchants, positions it as a key player in driving the adoption of credit on UPI.

 

Moreover, NPCI's recent circular dated March 29th, 2024, introduces three groundbreaking features tailored for Credit Accounts within the UPI ecosystem.

These features aim to enhance user experiences and provide greater flexibility in managing financial transactions.

 

The first feature, the EMI facility, allows users to convert past purchases into manageable EMIs seamlessly. Whether it's converting past transactions or opting for EMI at the point of sale, users gain unprecedented flexibility in managing their credit accounts.

In my view, the EMI facility for past purchases can be the main differentiator. The guidelines offer Amazon Pay to try out innovative features on EMI facility.

The second feature streamlines the process of settling outstanding bills or installments through the UPI app, offering users enhanced convenience and transparency.

 

Lastly, the limit management feature empowers users to exercise greater control over their credit limits, catering to diverse financial needs and preferences.

 

These features underscore NPCI's commitment to driving digital financial inclusion and innovation. By embracing these advancements, users can navigate the digital payments landscape with confidence and convenience.

 

As these features prepare to roll out, Amazon Pay stakeholders across the digital payment’s ecosystem will be waiting to explore and leverage them to their fullest potential.

 

Together, a future can be shaped where digital financial inclusion knows no bounds.

 

 

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

 

 

 

 

 

 

 

After Chennai Metro folks, now its turn of Kochi Metro folks to experience the magic of ONDC.

  Yes, ONDC Mobility next stop after Chennai Metro is Kochi Metro.

** Kochi Metro Rail Joins ONDC Network: Revolutionizing Urban Mobility **

 

** Introduction: **

In a significant leap forward for urban transportation, the Kochi Metro Rail has joined the Open Network for Digital Commerce (ONDC), marking a pivotal moment in enhancing multimodal mobility experiences.

This partnership underscores the commitment to leveraging digital innovation to transform the way people commute in cities.

 

** ONDC: Empowering E-commerce Inclusivity: **

The Open Network for Digital Commerce (ONDC) is dedicated to increasing e-commerce penetration in India by enabling sellers of all sizes and types to participate in the digital marketplace.

By fostering a network that includes millions of sellers, ONDC aims to create a more inclusive ecosystem for e-commerce.

 

** ONDC Mobility: A Seamless Transit Experience: **

Within the ONDC framework, the Mobility, Transportation & Travel (MTT) sector aims to build a nationwide multi-modal network that provides seamless experiences for commuters.

By bringing together diverse players in the mobility sector, ONDC encourages collaboration, innovation, and the development of new business models.

 

** Kochi Metro Rail Integration: A Game-Changer: **

The integration of Kochi Metro Rail into the ONDC Network represents a significant milestone in the evolution of urban transportation.

Building on the successful integration of Chennai Metro, Kochi Metro Rail becomes the second Metro service to join ONDC, signaling a transformative shift in urban mobility strategies.

 

** Enhanced Convenience for Commuters: **

With the integration of Kochi Metro Rail into the ONDC Network, commuters gain access to seamless ticketing options through various buyer apps, including Yatri, Paytm, Rapido, and redBus.

Additionally, the inclusion of the PhonePe app further enhances accessibility, with plans to integrate with platforms like Google Maps, Uber, and EaseMyTrip in the future.

 

** Government Endorsement: **

The official onboarding of Kochi Metro Rail onto the ONDC Network was graced by esteemed dignitaries, including Shri Sanjiv, Joint Secretary, and Dr. Bejoy John, Director, Department for Promotion of Industry & Internal Trade (DPIIT).

Their presence underscores the government's commitment to fostering digital inclusivity and efficiency in urban transit.

 

** Empowering Urban Mobility: **

Leadership from ONDC and Kochi Metro Rail expressed enthusiasm for the partnership, emphasizing its potential to enhance the commuting experience for Metro travelers.

By providing seamless access to ticketing services through a diverse range of buyer apps, ONDC and Kochi Metro Rail aim to elevate accessibility and convenience for commuters.

 

** Creating a Comprehensive Digital Ecosystem: **

The inclusion of Kochi Metro Rail on the ONDC Network marks a significant stride towards creating a comprehensive digital multimodal transit system.

By fostering faster digitization and interoperability, ONDC empowers commuters with unparalleled travel experiences, setting the stage for a connected and sustainable future.

 

 

And the integration partner between ONDC, Kochi Metro and Chennai Metro is Yaary.

 

Yaary, founded by Hari Prasadh, Madhan Balasubramanian, and Paritosh Verma, who have prior experience with fintech companies like Juspay, Cashfree, Cleartax, and CoinSwitch, is the technical integration partner for Chennai Metro and Kochi Metro. They have enabled the overall ticketing experience on the ONDC Network through their partnership with CMRL, making them the first seller-side technology partner for Metros to go live on the ONDC Network.

Yaary's integration with Chennai Metro marks the first in India, positioning them as the pioneer technology service provider on the ONDC Network to offer seamless Metro integration.

 

Expanding on Yaary's role as the integration partner for both Chennai Metro and Kochi Metro underscores its pivotal role in revolutionizing urban transportation through the ONDC Network.

Building on the success of enabling Chennai Metro's integration, Yaary extends its expertise to facilitate a seamless ticketing experience for commuters on the Kochi Metro as well.

 

As the technical integration partner for Kochi Metro, Yaary replicates its success in Chennai, ensuring that Metro ticketing services seamlessly integrate into the ONDC Network.

With Kochi Metro becoming the second Metro service to join ONDC after Chennai, Yaary's involvement cements its position as a key enabler of digital transformation in India's Metro systems.

 

The collaboration between Yaary and Kochi Metro signifies another milestone in ONDC's mission to digitize and streamline urban transit.

By leveraging Yaary's expertise and experience, Kochi Metro commuters can now enjoy the same level of convenience and accessibility in purchasing tickets through various apps on the ONDC Network.

 

Overall, Yaary's role as the integration partner for both Chennai Metro and Kochi Metro underscores its commitment to enhancing the commuter experience and driving innovation in urban mobility through seamless digital solutions on the ONDC platform.

 

At the launch program, Abhay Sharma from Paytm, Yuvraj Singh Shekhawat from PhonePe, Pavan Guntupalli from Rapido, Prakash Sangam from redBus, Shan M S from Juspay, and Rikant Pittie from EaseMyTrip have all expressed their excitement and support for the collaboration between ONDC and Kochi Metro.

 

- Abhay Sharma emphasized Paytm's commitment to delivering innovative and user-friendly solutions, aiming to make the travel experience for Kochi Metro passengers smoother and more convenient through QR-based ticketing.

 

- Yuvraj Singh Shekhawat highlighted PhonePe's contribution, enabling commuters to conveniently book their tickets through the Switch section of the app, reducing long wait times associated with traditional ticket booking methods.

 

- Pavan Guntupalli expressed Rapido's enthusiasm for enhancing the commuting experience in Kochi by introducing Metro ticket bookings on their app, aiming to make at least 15% of Metro ticket purchases seamless through their platform.

 

- Prakash Sangam conveyed redBus's support for ONDC and Kochi Metro, aligning with their vision of a digitally empowered India and creating better first and last-mile travel experiences for Kochi's citizens.

 

- Shan M S emphasized Yatri's commitment to making public transport as convenient as booking a cab, integrating first and last-mile connectivity with Kochi Metro through ONDC.

 

- Rikant Pittie expressed EaseMyTrip's excitement for the integration onto the ONDC Network alongside Kochi Metro, enhancing travel accessibility and convenience by seamlessly connecting travelers to various transportation options and ancillary services.

 

Shri Sanjiv, Joint Secretary, DPIIT:  Sanjiv emphasizes the importance of integrating Kochi Metro Rail with ONDC to create a future where digital inclusivity transforms urban transport into a personalized experience for every citizen. He sees this integration as a significant step in their mission to digitize and streamline urban transit, making it more accessible and efficient for everyone.

 

Dr. Bejoy John, Director, DPIIT: Dr. Bejoy John views this initiative as an acceleration of their vision for a seamless digital ecosystem. He believes it directly benefits commuters and sets a precedent for future urban transport strategies. Dr. Bejoy John sees this as a prime example of how government-led digital initiatives can transform everyday services, fostering a more inclusive and sustainable urban mobility ecosystem.

 

T. Koshy, MD & CEO, ONDC: Sri Koshy sees the integration of Kochi Metro Rail onto the ONDC Network as a significant milestone in their journey towards revolutionizing urban mobility. He highlights the empowerment of commuters through seamless access to multimodal transportation and ancillary services. Koshy expresses excitement about newer entities joining the Open Network, envisioning an ecosystem where all services are available in one place.

 

Loknath Behera, Managing Director, Kochi Metro Rail Limited:

 Shri Loknath Behera expresses enthusiasm about joining the Open Network to enhance the commuting experience for Metro travelers. He believes that this integration aligns perfectly with their mission to provide seamless, sustainable transportation solutions to the people of Kochi. Loknath Behera looks forward to exploring innovative possibilities with ONDC, including multimodal journeys and ancillary services, to elevate the overall travel experience in the city.

** Conclusion: **

The integration of Kochi Metro Rail into the ONDC Network represents a landmark achievement in the quest for seamless urban mobility. By leveraging technology and collaboration, ONDC and Kochi Metro Rail are pioneering a new era of transit experiences, where digital inclusivity and efficiency converge to shape the cities of tomorrow.

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

NPCI Circular @ UPI Members __ Introduction of 3 New features for Credit Accounts

 

**Empowering Users: Unveiling 3 New Features in UPI for Credit Accounts**

 

In a dynamic financial landscape where convenience and flexibility are paramount, the National Payments Corporation of India (NPCI) continues to spearhead innovations that reshape the digital payments landscape.

With a recent circular dated March 29th, 2024, NPCI has highlighted three groundbreaking features tailored specifically for Credit Accounts within the Unified Payments Interface (UPI) ecosystem.

These features not only streamline transactions but also empower users with greater control over their finances.

 

At the heart of these advancements lies the integration of RuPay Credit Cards or pre-sanctioned credit lines with UPI Virtual Payment Addresses (VPAs).

This foundational linkage serves as the gateway to a plethora of possibilities, ranging from flexible payment options to enhanced financial management tools.

However, the realization of this potential hinges upon the collaborative efforts of UPI App Teams and Credit Institutions, underscoring the importance of synergy in driving innovation.

 

In line with NPCI's commitment to fostering digital financial inclusion and innovation, I am pleased to spotlight three innovative features highlighted in the recent circular dated March 29th, 2024.

These features are specifically tailored for Credit Accounts within the UPI ecosystem, aiming to enhance user experiences and provide greater flexibility in managing financial transactions.

The 3 new features are: -

01)                 EMI Facility

02)                Credit Account Bill Payment/Instalment Payment

03)                Limit Management

 

**1. EMI Facility: **

 

The EMI (Equated Monthly Installment) facility revolutionizes the way users manage their credit accounts through the UPI app. With this feature, users can conveniently apply for an EMI facility directly within the UPI app interface. Upon selecting the desired credit account, users authorize the EMI application process by entering their UPI PIN, thus providing explicit consent as per relevant terms and conditions.

 

i. **Converting Past Purchases into EMI: ** Users gain the flexibility to convert past purchases made using their credit accounts into EMIs seamlessly. By accessing their transaction history within the linked UPI app, users can select specific transactions and convert them into manageable EMIs, spreading payments over a pre-defined period.

 

ii. **Instant EMI at the Point of Transaction: ** Furthermore, users have the option to opt for EMI at the time of making a new transaction. Whether it's purchasing electronics, booking travel tickets, or shopping for essentials, users can choose to convert their transaction into EMI directly within the UPI app interface, ensuring financial flexibility and convenience.

 

Additionally, the UPI app provides a dedicated section to display existing EMIs, offering users visibility and transparency into their repayment obligations. It's important to note that since EMIs are essentially loans, users are restricted from modifying or deleting EMIs, except for foreclosure, in adherence to the terms specified by the issuing entity.

 

**2. Credit Account Bill Payment/Instalment Payment: **

 

This feature streamlines the process of settling outstanding credit card bills or credit line installments through the UPI app, offering users enhanced convenience and flexibility in managing their finances.

 

i. **Creation of UPI ID for Bill/Instalment Payment: ** To initiate the payment process, the Payer PSP (Payment Service Provider) generates a unique UPI ID specifically designated for receiving credit account bill or instalment payments. This UPI ID serves as a secure channel for transferring funds from the user's linked bank account to the designated recipient.

 

ii. **Detailed Overview of Outstanding Bills/Instalments: ** Within the UPI app interface, users gain access to comprehensive details regarding their linked credit card's outstanding bill or credit line installment, including minimum amount due, total amount due, bill due date, and other relevant information. This transparency empowers users to make informed financial decisions and manage their repayment obligations effectively.

 

iii. **Real-time Clearance of Dues: ** Upon receiving payments through the UPI app, the issuing bank processes the transactions in real-time, ensuring prompt clearance of dues. Consequently, users benefit from an enhanced balance available for utilization, further enhancing their purchasing power and financial flexibility.

 

**3. Limit Management: **

 

This feature empowers users to exercise greater control over their credit limits, catering to diverse financial needs and preferences.

 

By enabling users to accept or apply for credit limit enhancements directly through the UPI app, this feature facilitates seamless access to additional credit resources. Whether it's for making large purchases, addressing emergencies, or covering ad hoc expenses such as festivals or family events, users can adjust their credit limits dynamically to suit their specific requirements.

 

Moreover, this functionality enables issuing banks to start with smaller credit limits, providing users with a tailored approach to credit management. Based on the user's spending behavior and repayment history, the bank may subsequently increase the credit limit, fostering a mutually beneficial relationship between users and financial institutions.

 

With the objective of enhancing user convenience and providing better control over their finances, users can initiate changes to their credit limits through the UPI app interface. Whether it's a generic adjustment or a temporary modification for a specific time period, users provide explicit consent by entering their UPI PIN, ensuring a secure and streamlined process.

 

These expanded features signify NPCI's commitment to driving digital financial inclusion and innovation, empowering users to navigate the evolving landscape of digital payments with confidence and convenience.

 

As we continue to evolve the UPI ecosystem to meet the changing needs of users, we encourage all stakeholders to explore and leverage these features to their fullest potential.

By embracing innovation and collaboration, we can collectively shape a future where digital financial inclusion knows no bounds.

Looking forward for the new features to roll out soon, very soon.

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.