Mumbai: Leading private sector bank in the country, HDFC Bank has informed customers, it will stop sending SMS alerts for any UPI spend below Rs 100 or receipt of money less than Rs 500. This will be effective from June 25.
Email alerts for all transactions will continue to be delivered. Customers should update their primary email to receive all notifications. The bank said the decision is based on feedback on low-value transactions, as the apps through which the UPI transaction is carried out also send an alert.
The average ticket size for UPI transactions has gradually been falling over the years, down to 8 per cent from Rs 1,648 in H2 2022 to Rs 1,515 in H2 2023. This suggests that UPI is being used for smaller or micro-transactions. PhonePe, Google Pay, and Paytm are the three dominant UPI apps in India in terms of transaction volume and value.
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Transactions through the unified payments interface (UPI) platform crossed the 100 billion mark in the calendar year 2023, closing at around 118 billion, per the data shared by the National Payments Corporation of India (NPCI).
HDFC Bank has launched ‘PIXEL’ credit cards billed as fully digital offerings. PIXEL comes in two versions: ‘PIXEL Play’ and ‘PIXEL Go’. HDFC’s PIXEL Play and PIXEL Go are entirely digital offerings.
The customer will be onboarded for the digital credit cards through HDFC Bank’s PayZapp App and will then receive an instant digital credit card. Using the app, customers can manage their credit cards and access features such as card controls, rewards, EMI (Equated Monthly Instalments) dashboards, statements, and notifications.
Since the card is 100% digital, customers can use it only through the app. The ‘PIXEL Play’ card is available for salaried persons between 21 and 60 years of age with a monthly income of Rs 25,000. For the self-employed, the card is available for those between 21 and 65 years of age with an annual taxable income of Rs 6 lakh.
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