NPCI BHIM Services Ltd is expanding the BHIM app to feature phones to increase financial inclusion and diversify revenue through financial product distribution. The app aims to double its market share and is focusing on partnerships with banks and new features like UPI Circle.
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).
UPI transactions in India reached record highs in May, driven by summer travel and the IPL, with transaction value hitting Rs 29.90 lakh crore and volume reaching 23.2 billion.
India and Nepal have launched a peer-to-peer (P2P) cross-border remittance mechanism, linking India's UPI with Nepal's NPI. This system allows real-time money transfers via mobile banking, enhancing convenience for travellers and businesses, fostering financial inclusion, and strengthening economic ties between the two nations.
Zelle, a major US peer-to-peer payment service, is set to launch in India by the end of this year, marking its first international expansion. The move aims to tap into India's large remittance market, offering a service similar to UPI but integrated with bank apps. Zelle also introduced ZelleUSD, a stablecoin for future global payment capabilities.
The National Payments Corporation of India (NPCI) is set to consider linking the ATM interchange fee to the Wholesale Price Index (WPI), alongside a potential hike from the current 19 to 21-22, which could impact customer charges for transactions beyond the free limit.
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.
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.
Unified Payments Interface (UPI) transactions reached a record high in March, driven by festivities and the financial year closure, according to the National Payments Corporation of India (NPCI).
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.
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.
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.
Users experienced difficulties with UPI payments due to technical issues in some banks' systems. NPCI stated that its systems are operational and it is working with banks to resolve the problems.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
The National Payments Corporation of India (NPCI) has granted approval to Paytm to onboard new UPI users, subject to the adherence to all procedural guidelines and circulars, according to the company. The move is expected to come as a relief to Paytm, which had suffered a blow following the Reserve Bank of India's restrictions earlier this year on associate company Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on the Paytm app. In March, the NPCI gave approval to Paytm to participate in UPI as a Third-Party Application Provider (TPAP).
One97 Communications (OCL), the company that operates brand Paytm, received a nod from the National Payments Corporation of India (NPCI) to onboard new Unified Payments Interface (UPI) users. This comes nearly nine months after the Reserve Bank of India (RBI) placed an embargo on OCL to add new customers.
'This will bring in a lot of net new users to UPI.'
As India's biggest Unified Payments Interface (UPI) app PhonePe prepares to list, the updated draft red herring prospectus (DRHP) shows the impact of regulations on the business, and concentration of payments-linked revenue even as UPI lacks MDR (merchant discount rate).
While UIDAI has given a nod for face authentication, banks need to join the process.
To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
'There is a debit execution failure which is because there is not enough money in the user's bank account.'
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
Nearly 7 out of every 10 P2M UPI transactions take place in high frequency categories like groceries, restaurants, pharmacies, fuel service stations, bakeries and utility services such as electricity, gas, water and sanitation.
'When you think of cross-border payments, the first things that come to mind are risk, compliance, taxation, speed, and cost.'
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
Investors will be able to authenticate if the entity receiving the payment is a valid entity under the ambit of Sebi.
Reserve Bank Governor Sanjay Malhotra on Wednesday exhorted the fledgling fintech ecosystem to focus on the underserved sections of the society to deepen financial inclusion. Speaking at the annual Global Fintech Fest in Mumbai, Malhotra accepted that serving the "privileged" will be a lucrative business, but urged the smaller companies to focus on the underserved.
An hour-long disruption could affect around 40 million UPI transactions.
Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
'This marks a turning point for Paytm, with the regulatory environment looking much clearer than it has been in the last two years.'
UPI topped Rs 24 trillion in value of transactions and 19 billion in volume for the first time after becoming operational in April 2016.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
In 2024, the National Payments Corporation of India (NPCI) approved 20 third-party Unified Payments Interface (UPI) applications, a record since UPI's launch in 2016. This surge reflects growing interest from financial technology (fintech) companies, driven by the integration of credit products like UPI-linked credit cards and pre-approved credit lines.
Traders in Karnataka are raising concerns over GST demand notices based on UPI transaction data. A tax official defends the action, stating it's within the law and recipients can respond with documentation.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
'The introduction of a reasonable MDR for large merchant transactions will allow the industry to continue investing in innovation, cybersecurity, grievance redressal, and merchant support, ultimately ensuring that UPI continues to thrive.'
