HDFC Bank to stop SMS alerts for small UPI payments soon; details here
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HDFC Bank has announced that it will stop sending SMS alerts for UPI transitions up to Rs 100 from June 25. The private lender said that SMS alerts won’t be pushed for incoming payments up to Rs 500 from the said date either.
The lender informed its customers through emails and SMS that they would continue to receive email alerts for all UPI transactions.
UPI, or Unified Payments Interface, has become the backbone of digital transactions in India. Developed by the National Payments Corporation of India (NPCI), UPI is an instant payment system built on the IMPS infrastructure. It allows you to instantly transfer money between any two parties’ bank accounts.
UPI transactions require the authorisation of a Personal Identification Number (PIN), a 4-6 digit pass code set by the customers as a security measure to ensure safe and approved transactions. For normal UPI the transaction limit is up to Rs 1 Lakh per transaction.
Note: Do not share your UPI-PIN with anyone.
India’s Unified Payments Interface (UPI) transactions reached an all-time high in 2023, with a total volume of 117.6 billion transactions and a value of Rs 183 trillion. This represents a significant increase of 59 per cent in volume and 45 per cent in value compared to the previous year, implying the growing popularity of digital payments in the country.
Besides India, the popular digital payment method has spread to seven countries. These include Bhutan, France (for e-commerce), Mauritius, Nepal, Singapore, Sri Lanka, and UAE.
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A reduced majority, or even a loss for the Bharatiya Janata Party (BJP) in Haryana and Jammu & Kashmir (J&K) state elections is unlikely to ruffle the markets much, suggest analysts.
As thing stand, the markets, they said, have much bigger things to worry about such as the developing geopolitical situation in West Asia and its impact on oil prices, outcome of the US presidential polls in November and the upcoming corporate results season back home. Monetary policy of the global central banks, too, will be keenly eyed.
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