From April 1, 2026, the Reserve Bank of India's new authentication directions modernise how every digital payment you make must be verified -- and place the burden of security squarely on your bank, not on you.
Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. In value terms, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 per cent from Rs 5.36 lakh crore in February 2022, the governor told reporters while launching the Digital Payments Awareness Week at the RBI headquarters in Mumbai this afternoon. He also said the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months.
Fintech giant Paytm claimed it is selling more FASTags than all the banks put together on a daily basis.
FASTag is a prepaid tag, affixed on vehicle's windscreen, that enables automatic deduction of toll charges and lets the vehicle pass through the toll plaza without stopping for the cash transaction.
In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year. Digital payments, especially UPI, saw increased adoption in 2020 due to the Covid-19 pandemic.
Surge in UPI transactions is because of an increased consumer interest in making bill payments and recharging mobile phones online, and purchase of non-essential goods on e-commerce platforms.
Here's why VCCs are the best options for credit and debit card holders for avoiding phishing and frauds
