HDFC Bank to stop SMS alerts for UPI transactions up to ₹100
Starting June 25, HDFC Bank will stop sending SMS alerts for UPI transactions up to ₹100. Now SMS notifications will be pushed only for transactions above ₹100 (for money sent/paid) and above ₹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 SMS for transactions below ₹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).