India’s Unified Payments User interface (UPI) is a mobile real-time payments system released in June 2016 by the National Payments Corporation of India (NPCI), which in turn is controlled by the Reserve Bank of India. NPCI just recently upgraded to UPI 2.0, which adds overdrafts and associated invoices, among other things. This piece, which was published in ETRetail.com, discusses the adoption of UPI by Walmart as a payment tool for the business’s signed up e-commerce members.Walmart India, a wholly-owned subsidiary of Walmart Inc, on Thursday triggered unified payments interface( UPI)for all its registered members. This payment service will allow members, especially kiranas/resellers, who go shopping online at Walmart India’s B2B e-commerce website bestprice.in, to make direct and safe payments online from their savings account without sharing bank details, the international retail giant said in a news release on Thursday.The’ kiranas ‘mentioned are basically mom and pop retailers who seek

to stockpile for their goods via Walmart’s e-commerce website, but likely do not have a credit card relationship. So the UPI acceptance enables these little businesses to pay direct via a bank account without the have to get in account information. This is a continuance of the move towards a digital economy in India, an effort that began numerous years back, most notoriously highlighted by the demonetization of certain picked banknotes in 2016.”This initiative restates our dedication to allow small companies, particularly kiranas, prosper. This payment solution will assist our members invest more time with their consumers and serve them better as they do not need to step out of their shops to check out banks for making payments.” Introduction by Steve Murphy, Director, Commercial and Business Payments Advisory Service at Mercator Advisory Group Featured Content

Breaking News Reality In Information