Federal Bank has launched unified payment interface (UPI) lite functionality for small value digital payments. UPI Lite functionality is an offline small value UPI payment method which can be used within specified transactional limits. However there is no requirement of installing a seperate app for UPI Lite as existing UPI apps supports this feature.
The Kerala High Court recently directed Banks to limit the freezing orders issued in respect of persons into whose accounts amounts had been transferred via UPI platform as part of a cyber financial.
Several banks have recently enabled a new functionality for their customers who are transacting using e-Rupee or Digital Rupee, which is India s Central Bank Digital Currency (CBDC) product. This new functionality enables Digital Rupee users to scan UPI QR codes to make payments in CBDC. Read here for details.
In August, Mint reported that India was holding discussions with Namibia, Mozambique and Kenya to enter into commercial partnerships for launching UPI in the markets.
India and Thailand on Thursday reviewed the progress of the ongoing efforts on connecting Unified Payment Interface (UPI) of India with Prompt Pay Service of Thailand and the settlement of trade transactions in local currency.