Two-factor authentication for all digital transactions, including UPI, is now mandatory in India, as per RBI guidelines, to enhance security and curb fraud.
The Reserve Bank of India (RBI) is developing digital public infrastructure and payments intelligence platforms using artificial intelligence and application programming interfaces to improve customer experience and strengthen the payments ecosystem.
Airpay Payment Services has partnered with Maharashtra State Co-operative Bank (MSCB) to enable UPI-based digital payments across the lender's network in Maharashtra, aiming to accelerate financial inclusion in rural areas.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
IDFC First Bank has integrated with ICEGATE 2.0 to enable digital payment of customs duty, central excise, and service tax for its customers.
About 85 per cent of the digital payment transactions take place through UPI in India, and the country can be a case study in inclusive, secure, and scalable Digital Public Platforms (DPPs), Reserve Bank Governor Sanjay Malhotra has said. He was speaking at a "High-Level Dialogue on Forging Economic Resilience through Digital Public Platforms" organised by RBI on the sidelines of the Annual Meetings of the World Bank and International Monetary Fund in Washington, DC on Tuesday.
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.
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.
The Reserve Bank of India (RBI) has proposed new measures to combat financial fraud in digital payments, including lagged credit for authorised push payments and a 'kill switch' for users to disable all digital transactions.
IRCTC is expanding its payments arm, IRCTC Payments, to handle transactions across its ticketing platform and tap government clients, aiming to scale its annual payment processing to approximately 1 trillion.
Digital payments across the country registered an 11.11 per cent year-on-year rise as on September 2024, according to RBI's index that measures the adoption of online transactions. RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 as against 445.5 for March 2024, the Reserve Bank said in a statement on Wednesday.
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.
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.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
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.
The Reserve Bank of India (RBI) on Wednesday issued a draft framework for alternative authentication mechanism for digital payments, wherein it has mandated that all digital payment transactions would have to be authenticated with an additional factor of authentication (AFA), except small value contactless card payments for up to Rs 5,000 at point of sale terminals, e-mandates for recurring transactions, and small value digital payments through offline mode, among others. Additionally, it has said that all digital payment transactions, other than card present transactions, have to ensure that one of the factors of authentication is dynamically created, i.e., the factor is generated after initiation of payment; is specific to the transaction; and cannot be reused.
Moving beyond digital payments, the National Payments Corporation of India (NPCI), the operator of Unified Payments Interface, is planning to add more muscle to the country's digital infrastructure by setting up a fourth subsidiary, NPCI Tech Solutions Ltd (NTSL).
Unified Payments Interface (UPI) transaction value and volume saw a slight month-on-month dip in April after record highs in March, but daily transaction volumes increased, indicating sustained growth in digital payments across India.
Unified Payments Interface (UPI) has reached a record Rs 314 lakh crore in transaction value in FY26, representing more than a 4,000-fold increase since inception.
A government mandate requiring central public sector enterprises to use the Trade Receivables Discounting System (TReDS) for settling small business invoices is expected to significantly increase volumes on these platforms.
With digital adoption fast gaining currency, India is likely to see retail digital payments double to $7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well.
UPI transactions reached 22.35 billion in April, marking a 25 per cent increase compared to April 2025. UPI now accounts for 85 per cent of all digital transactions in India and is live in eight countries.
Cyber intelligence firm CloudSEK reports that online fraudsters are using a new toolkit called 'Digital Lutera' to bypass security features of UPI apps and carry out fraudulent financial transactions.
PhonePe has announced it has surpassed 700 million registered users on its platform. This milestone underscores PhonePe's extensive reach in India and its diverse digital offerings in payments and financial services. The company's growth is attributed to increasing consumer trust, a strong distribution network, and a focus on user-friendly digital payment experiences.
Fintech giant PhonePe has announced it has surpassed 50 million registered merchants on its platform, marking a significant milestone as it expands its financial service offerings beyond QR code payments.
A State Bank of India report indicates a sharp increase in precautionary cash holding in India, with the gap between per capita currency in circulation and ATM withdrawals widening significantly, driven by global uncertainties despite record digital payment transactions.
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.
'It is a tradeoff between convenience and fraud prevention.'
The proposed solution is a one-hour delay for digital transactions exceeding Rs 10,000, particularly when the transfer is made to a new or unverified beneficiary. The idea is simple -- give users a window to reconsider, detect fraud or alert their bank before the funds are irretrievably transferred.
Cash payments will be discontinued at toll plazas on national highways from April 10, with FASTag as the primary mode of payment and UPI as a fallback option at a higher charge.
The government plans to expand its central bank digital currency (CBDC)-based food subsidy programme to Chandigarh, Dadra and Nagar Haveli, and Daman and Diu by June, following its implementation on a pilot basis in Gujarat and Puducherry, official sources said.
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.
Unified Payments Interface (UPI) transactions in India reached a record high in March, with 22.64 billion transactions, marking a significant increase from the previous year and highlighting the growing adoption of digital payments.
Bank of Baroda has partnered with Reliance Jio to provide access to its mobile banking application, 'bob World Lite', for users of Jio feature phones, aiming to promote financial inclusion and digital payments.
Customers will qualify for compensation even if they mistakenly share the OTP.
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs 200 per transaction, subject to an overall limit of Rs 2,000. An offline digital payment means a transaction that does not require internet or telecom connectivity. Under the offline mode, payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, and mobile devices.
In its June 2025 review, the International Monetary Fund spotlighted India's Unified Payments Interface as the world's most dominant retail instant-payment network, moving more transactions than any other system on the globe.
Unified Payments Interface (UPI) transactions in India reached a record high in March, driven by increased adoption and global expansion. The system now accounts for 85% of digital transactions in India and is live in eight countries.
Rediff.com India Ltd, a subsidiary of AvenuesAI Ltd, has filed draft red herring prospectus (DRHP) with SEBI through the confidential pre-filing route, marking an important step towards a potential public listing after its acquisition and strategic shift to an AI-led digital platform.
E-commerce companies have understood the importance of having their own in-house wallet, explaining their acquisition spree, says Manoranjan Mohapatra.
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