New From Flipkart UPI To New Rules for UPI, Robotics operations, WTO Negotiations Etc

 Flipkart Revolutionizes Payments: Introduces UPI for Seamless Shopping Experience

• Digital Advancement: Flipkart launches UPI handle to enhance digital payment options for its vast user base, aiming to accelerate India's digital transformation.

• Convenient Transactions: Powered by Axis Bank, Flipkart UPI offers Android users hassle-free fund transfers and checkout payments with the @fkaxis handle.

• Rewarding Experience: Post-launch, users can enjoy loyalty benefits like Supercoins, cashbacks, Milestone perks, and brand vouchers, enhancing customer satisfaction.

• Digital Empowerment: Flipkart's Senior VP highlights the company's commitment to fostering a digitally-empowered society, positioning itself as a key player in India's digital journey.

• Enhanced Features: Flipkart UPI offers convenient online and offline merchant transactions, with one-click options for recharges and bill payments, ensuring efficient payments.

• Scaling Growth: In 2023, UPI saw 117 billion transactions totaling Rs 182.84 trillion, highlighting strong involvement from banks, payment providers, and fintech firms in a vibrant digital environment.

• Strategic Partnership: Axis Bank emphasises its strong partnership with Flipkart, introducing co-branded credit cards and the Flipkart UPI service to drive innovation and growth in the payment industry.

 RBI's UPI Revolution: New Rules for 2024 Transform Digital Payments Landscape

• Transaction Limit Boost: RBI increases transaction limits for UPI payments to hospitals and educational institutions, empowering users with a higher ceiling of Rs 5 lakh, up from Rs 1 lakh, aimed at enhancing online payment adoption.

• Inactive UPI ID Deactivation: NPCI mandates banks and mobile payment apps to deactivate inactive UPI IDs and account numbers after one year to prevent inadvertent money transfers, safeguarding customers from unintended transactions.

• UPI Lite Wallets Empowerment: Transaction limit for UPI Lite wallets rises from Rs 200 to Rs 500, facilitating offline payments for users without internet access, with online transfers capped at Rs 2,000.

• Simplified Authentication: RBI eliminates additional factor authentication (AFA) for UPI payments up to Rs 1 lakh for credit card repayments, mutual fund subscriptions, and insurance premiums, streamlining the payment process and enhancing user convenience.

• Interchange Fee Regulation: NPCI imposes a 1.1% interchange fee on UPI merchant payments below Rs 2,000, aimed at standardizing fees and promoting digital transactions, exempting transactions exceeding Rs 2,000 from the fee.

Briefs, You Can’t Miss:

• The number of new corporate subscribers joining the national pension system dropped by 21% in 2023. 

• The government plans to hold a meeting with Google and startup executives on Monday to discuss the app issue.

• India completes a full circle: International technology giants are focusing on the country for manufacturing electronics.

• WTO negotiations ended without agreement on key issues like agricultural and fisheries subsidies. 

• According to a government survey, spending on paan and tobacco by Indians has increased over the past decade, while expenditure on education has declined.

• Women make up 48% of the population but contribute only 18% to the GDP : Study

• PM Modi will inaugurate NTPC projects worth Rs 30,000 crores on March 4.

World Briefs

• The CII President thinks the target of achieving a USD 100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable.

• Shehbaz Sharif, the Prime Minister, promises to rejuvenate the Pakistani economy and aims to secure membership in the G20.

AI Briefs

• CRSA suggests incorporating robotic surgery into the medical curriculum through NMC.