The Central Board of Indirect Taxes and Customs (CBIC) has enabled UPI, debit, and credit card payments for Customs duty on the ICEGATE portal, enhancing ease of doing business for importers and exporters.
Finance Minister Nirmala Sitharaman clarified that the Merchant Discount Rate (MDR) on digital transactions applies to merchants, not customers, and aims to support banks and fintech in infrastructure investment. She countered Congress leader Jairam Ramesh's claims, stating that a committee will decide on MDR only after Parliament passes the Taxation and Other Laws (Amendment) Bill, 2026, a process currently stalled by parliamentary disruptions.
Some of the fintechs that will get impacted include Cred, Paytm, Phonepe and Amazon Pay, among others.
The Lok Sabha has passed a Bill to amend the Payment and Settlement Systems Act, 2007, authorising the government to permit banks and service providers to levy charges on UPI and other electronic payment modes. This move aims to create a sustainable revenue model for the digital payments ecosystem, shifting from the current exemption of UPI transactions from such charges.
The Indian government has clarified that consumers will not be charged for UPI transactions, and most merchant transactions will also remain free. This comes amidst speculation following an amendment to the Payment and Settlement Systems Act, 2007. Any future merchant discount rate (MDR) would be nominal, threshold-based, and aimed at ensuring UPI's long-term sustainability and infrastructure development.
The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.
Jharkhand students are protesting alleged recruitment exam irregularities with creative and non-violent methods, including mock job "rate cards," satirical posters, and recitations from the Mahabharata. Their agitation, spearheaded by the JPSC-JSSC Reforms Manch, focuses on demanding reforms, cancellation of the 14th JPSC Civil Services Examination, and an independent probe, while adhering to a strict code of conduct against abusive language.
Parliament was informed that UPI has onboarded 55.49 crore users by June 2026, with transactions reaching 24,162 crore in volume and Rs 314 lakh crore in value in FY 2025-26. The platform, operated by NPCI, is expanding internationally through NIPL, facilitating cross-border payments and assisting other nations in building similar systems. Significant efforts are also underway by the Government, RBI, and NPCI to enhance the security and transparency of UPI transactions, including risk-based limits, security frameworks, and public awareness campaigns against cyber-crime.
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.
A think tank, GTRI, has urged India to resist US pressure regarding its UPI policies, advocating for competition, policy autonomy, and a sustainable payments ecosystem. This comes as the Lok Sabha passed a bill allowing charges on UPI, and the US has criticised India's digital payment systems, raising concerns about the future of India's digital payment landscape.
Credit card transactions in India have surged over 2.6 times between 2021 and 2025, driven by private sector banks, while debit card usage declines due to growing adoption of UPI and digital wallets, according to an RBI report.
The Reserve Bank of India (RBI) has introduced its 'Payments Vision 2028' document, outlining initiatives to enhance digital payment security, introduce electronic cheques, and expand regulatory oversight to include e-commerce entities.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
Credit card adoption is rapidly expanding beyond India's major metropolitan areas into Tier-II and Tier-III cities, driven by increasing incomes, digital awareness, and the integration of RuPay credit cards with UPI, according to a new report by SBI Card.
PhonePe has launched the 'RuPay On-The-Go' Card, a National Common Mobility Card (NCMC) aimed at digitising transit payments across India. The card enables quick, tap-and-pay transactions on NCMC-enabled services like metros, buses, and trains, even without internet connectivity.
Credit card transactions in India have surged over 2.6 times between 2021 and 2025, reaching 570 crore volumes and Rs 23.2 lakh crore in value, with private sector banks significantly increasing their market share, according to a recent RBI report.
The Delhi Metro Rail Corporation has partnered with Airtel Payments Bank to launch co-branded RuPay National Common Mobility Cards (NCMC), enabling seamless payments across various transit networks nationwide.
A think tank, GTRI, has urged India to resist US pressure regarding its UPI policies, advocating for the defence of competition, policy autonomy, and the long-term sustainability of its payments ecosystem. This comes as the Lok Sabha passed a bill allowing charges on UPI transactions, a move GTRI suggests should not be influenced by foreign trade complaints.
The CPI(M) has strongly opposed the Union government's proposal to levy charges on UPI transactions, calling it a "breach of public trust" and demanding the immediate withdrawal of the legislation. The party highlighted that the government had previously promoted UPI as a free public utility, encouraging widespread adoption, and now seeks to monetise this infrastructure. They also linked this move to a broader trend of increasing banking charges.
Anthropic has introduced Rupee-denominated pricing for its Claude AI assistant in India, making its Pro and Max plans more accessible to one of its largest user communities. This move, alongside the opening of its Bengaluru office and increased revenue, highlights Anthropic's growing focus on the Indian market, a sentiment echoed by rival OpenAI.
Flipkart-backed Scapic Innovations, operating as super.money, has launched splitStore, a credit-linked e-commerce platform targeting Gen Z. It allows customers to split payments into interest-free installments, with the goal of contributing 20% to total revenue by December and transforming how India shops by providing instant access to products for new-to-credit users.
The most financially successful borrowers will not necessarily be those who have the easiest access to credit. They will be the ones who understand how to manage it wisely
Mizoram has long maintained one of the country's strictest prohibition regimes.
The Reserve Bank of India has updated its e-mandate framework, allowing card issuers to map existing mandates to reissued cards and clarifying rules around transaction limits and customer grievance redressal.
'Users should protect their savings goals before allocating money to discretionary expenditure.'
The Reserve Bank of India (RBI) has proposed several measures to develop a more conducive framework for the long-term growth of Prepaid Payment Instruments (PPIs), including enhanced transaction security and clearer rules on refunds and grievance redressal.
'First-time applicants may witness longer approval times or higher rejection rates and requests for more documentation.'
The incident involved compromise of an employee's email account, resulting in unauthorised access to certain data.
A 20-year-old man was arrested for allegedly posing as an employee of a digital payment platform and duping shopkeepers in East Delhi by claiming to check defective sound boxes.
One 97 Communications Ltd, operating Paytm, is set to issue its first bonus shares, following a landmark year of achieving its maiden full-year profit and gaining significant market share. The board will meet on July 20 to decide on the bonus issue, reflecting confidence in its financial strength and aiming to improve stock accessibility for retail investors.
Mastercard and Visa are introducing passkeys that will allow users to authenticate card payments with face scans or fingerprints, eliminating the need for one-time passwords (OTPs).
Jio Payments Bank introduces UPI-based cash withdrawals at business correspondent touchpoints, enhancing financial inclusion and simplifying access to cash for rural and semi-urban customers.
Harshala Chandorkar of CIBIL on why you must not delay your credit card payments
As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
The National Testing Agency (NTA) is sending reminders for the NEET-UG 2026 re-examination admit cards while cautioning candidates against fraudulent messages and fake communications, urging them to use only official channels for information.
Central tax authorities detected input tax credit (ITC) fraud worth Rs 74,781.56 crore across 30,162 cases in FY26, more than doubling the number of cases from the previous year, according to the Ministry of Finance.
...and 3 lakh for harassment.
Three alleged cyber fraudsters, including the mastermind, have been arrested in Gorakhpur for operating a fake merchant QR code racket. They used forged documents and mule accounts to channel money from cyber crimes, with transactions worth crores of rupees linked to cases across several states.
A new report indicates that UPI has become the dominant payment method for lenders, accounting for over 90% of transactions. The report also highlights trends in investment amounts, diversification strategies, and geographic participation in peer-to-peer lending.
Motorola's latest Moto G37 duo arrives equipped with the capable MediaTek Dimensity 6400 processor and boots the fresh Android 16 platform straight out of the box.
