New Delhi:

Starting June 25, HDFC Bank will stop sending SMS alerts for UPI transactions up to Rs 100.

Now SMS notifications will be pushed only for transactions above Rs 100 (for money sent/paid) and above Rs 500 (for money received).

The lender informed its customers through emails that they would continue to receive email alerts for all UPI transactions.

Customers are asked to ensure that their mail is up-to-date to receive all notifications.

The lender however did not reveal the reason behind not sending SMSes for transactions below Rs 100.

Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet.

The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

Among others, a key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore, among others, have partnered or intend to partner with India on emerging fintech and payment solutions.

The share of UPI in digital payments in India has reached close to 80 per cent in 2023. Today, India accounts for nearly 46 per cent of the world’s digital transactions (as per 2022 data).

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

File picture of RBI Governor Shaktikanta Das, who said that India accounts for 40% of all digital payments in the world
| Photo Credit: ANI

Reserve Bank of India Governor Shaktikanta Das said on Monday that digital transactions in India have grown 90-fold in 12 years.

Mr. Das was speaking at the RBI headquarters in Mumbai during the central bank’s Digital Payments Awareness Week programme.

The RBI chief went on to note that India accounts for 40% of all digital payments in the world, and that UPI transactions now account for 80% of all digital payments in India.

“In 2012-13, there were 162 crore digital payments. This number has grown to 14,726 crore in 2023-24 till February,” he sid.