Indian retail payment body offers UPI Autopay as Elon Musk announces blue tick fee on Twitter


Even as a debate rages over Twitter’s decision to charge users for “blue ticks”, the National Payments Corporation of India (NPCI), an umbrella organization for operating retail payments and systems settlement in India, has introduced its UPI automatic payment offering to take care of the monthly installments.

NPCI CEO and Managing Director Dilip Asbe responded to a tweet from billionaire Elon Musk, saying UPI’s recurring payments offering already has 7 million users.

“No worries, India has UPI automatic payment (7 million new collection warrants approved/month) to be collected anytime/month/quarter or year as you wish, dear Twitter,” Asbe wrote in response to Musk’s tweet, also tagging the microblogging site.

“All complainers, please keep complaining, but it will cost $8,” Musk said in a tweet.

It can be noted that the NPCI The exploited Unified Payment Interface (UPI) has been at the center of Indian digital payments history and has taken the electronic alternative to new heights.

Twitter has been giving the “blue tick” to public figures and well-known personalities for many years now. The change in ownership first led to speculation of a $20 fee for the coveted attendance, and later confirmed at $8 by Musk himself.

Musk lambasted the “current system of lords and peasants for knowing who has or does not have a blue tick”, using an expletive.

“Power to the people! Blue for $8 a month,” he tweeted, adding that the price is adjusted by country in proportion to purchasing power parity.

With this price, he said, users will also get priority in replies, mentions and searches, which he says are key to defeating spam/scams, as well as the ability to post lengthy videos and audio, half the ads and a paywall. workaround for publishers wishing to work with the social media company.

He said monthly user payments for the blue tick would also give Twitter a revenue stream to reward content creators.

Yesterday, NPCI released data on UPI payment transactions in October 2022. According to the latest data, transactions through UPI increased by 7.7% to 730 crores and the total value stood at more than 12.11 lakh crore in October.

In September, there were 678 crore of UPI-led digital transactions worth $11.16 million.

The number of instant interbank funds transfers through IMPS (Immediate Payment Service) in October stood at 48.25 crore and the value was at 4.66 lakh crores.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

Source link

Elaine R. Knight