HDFC Bank to stop SMS alerts for Low-Value UPI transactions
HDFC Bank will cease SMS alerts for UPI transactions below ₹100 and receipts under ₹500 from June 25, 2024, continuing email notifications for all transactions. This change is based on customer feedback and the increasing use of UPI for smaller transactions, with UPI transactions reaching 118 billion in 2023. HDFC introduced fully digital PIXEL credit cards via the PayZapp app, offering instant issuance and management. PIXEL Play is available to salaried individuals earning at least ₹25,000 monthly and self-employed individuals with an annual income of ₹6 lakh.
Admin
Jun 4, 2024
241
0
Responding to your feedback, HDFC Bank will discontinue SMS alerts for UPI transactions below ₹100 and for receipts under ₹500 starting June 25, 2024. However, email notifications for all transactions will continue. We value your input and have made this change as UPI apps provide alerts for low-value transactions. This shift also reflects the trend of UPI's average transaction size decreasing, indicating increased use for smaller transactions, with PhonePe, Google Pay, and Paytm leading in transaction volume and value.
The bank added, "Email alerts for all transactions will continue to be delivered." According to data from the National Payments Corporation of India (NPCI), transactions on the unified payments interface (UPI) platform surpassed 100 billion in 2023, reaching approximately 118 billion by the year's end.
HDFC Pixel Pay
In addition, HDFC Bank has introduced fully digital 'PIXEL' credit cards, available in two versions: ‘PIXEL Play’ and ‘PIXEL Go’. Customers can obtain and manage these cards through the PayZapp App, which has features including card controls, rewards, EMI options, statements, and notifications. The 'PIXEL Play' card is available to salaried individuals earning at least ₹25,000 monthly and self-employed individuals with an annual taxable income of ₹6 lakh.
Comments (0)