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.
'The Indian consumer is moving so quickly and they have so many options.'
Kunal Varma, CEO, Freo, explains what Hospicash and Day Care Insurance covers are and how they help manage financial and mental stress.
With lower GST rates taking effect, fast-moving consumer goods players face challenges in setting reduced prices for their products in round figures, but expect the magical price points to be restored within two months.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
'United Health Interface is in line with UPI. UPI is a language of money transfer, similarly, UHI is a set of protocols, which is going to create a language of health service delivery'
These top two apps account for more than 78 per cent of the UPI market in terms of volume of transaction, and 86 per cent of the market by value of transactions in December.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
'India needs at least 70,000 to 80,000 eyewear stores; our 2,000 stores are just a drop in the ocean.'
The interface allows you to add multiple banks and transfer money, even between payment wallets, for a fraction of existing costs
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
Facebook-owned messaging platform WhatsApp has been granted permission to double its user base for the payments service to 40 million by the National Payments Corporation of India (NPCI). WhatsApp has a total user base of 400 million and the development will help the platform compete better with entrenched rivals like Google Pay and Phone Pe. The US-based company had been eyeing the payments opportunity for long, but data localisation requirements had initially led to a delay.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
A day after getting permission to raise its Unified Payments Interface (UPI) user base to 100 million, WhatsApp on Thursday said it has plans to make significant investments in 'payments on WhatsApp' across India, including India-first features and driving adoption. The company, however, did not share details of its plans. The Meta-owned messaging app got its first greenlight for its payments service from the National Payments Council of India (NPCI) in November 2020 with a cap of 20 million users. A year later, in November 2021, the limit was raised to 40 million users.
In a significant breakthrough, the Malerkotla Police apprehended two individuals for alleged involvement in espionage activities linked to a Pakistani official posted at the High Commission in New Delhi, said Punjab Director General of Police (DGP) on Sunday.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
Reserve Bank of India on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued UPI operations of the Paytm app. The central bank has barred Paytm Payments Bank from accepting further credits into its customer accounts and wallets after March 15, 2024.
A 30-year-old man, who had kidnapped a child and taken the ransom via UPI on his mobile wallet, has been arrested by the Noida police who used his digital footprints to trace him, officials said on Monday.
Doctors found scratch marks on the body of Monojit Mishra, the arrested prime accused in the gang rape of a student at a Kolkata law college, a well-placed police source said on Tuesday.
For financial institutions, it will be an opportunity to provide better lending options. For instance, customers who pay their overdrafts on time will get access to more credit and probably at a cheaper rate.
Digipin promises to revolutionise location-based services in India with safeguards.
After a gruelling 24 hours, the PhonePe team has fully restored UPI on the payment platform. The app is up and running again with ICICI Bank as its new partner with all payment instruments enabled.
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.
An analysis for the first eight months of CY18 shows that the value of RuPay and UPI transactions constitute 65.2 per cent of all transactions done through debit and credit cards, in value terms, across retail outlets by the end of August.
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
Consumers can effectively make payments using UPI and other debit cards, credit cards and internet banking across 120 banks and over 120 billers, Xiaomi said.
That's the government's goal for the Unified Payment Interface by March. Are they close? A P Hota, the man at the helm, answers.
The start of BHIM's declining share coincided with the launch of Google Tez in mid-Septem
"We currently manage collections for over 98 million retail and small-business loan accounts, covering a loan book of about $250 billion," says Rishabh Goel, cofounder and chief executive officer (CEO) of Credgenics, a software-as-a-service platform for debt collection. With more than 700 million smartphone users and over 450 million UPI users, digital access is everywhere.
UPI transactions are growing faster, but wallets remain relevant for those without a bank account and seeking cashbacks.
Mishra vanished from police radar at that time before resurfacing in 2017 when he took readmission to the college from where he passed out in 2022.
One97 Communications Ltd (OCL), the company that operates the Paytm brand, posted a consolidated loss of Rs 539.8 crore in the fourth quarter of 2024-25 (Q4FY25), slightly lower from the Rs 549.6 crore it reported in Q4FY24. Sequentially, the fintech company's loss widened from Rs 208.3 crore in Q3FY25 on account of a one-time exceptional expense amounting to Rs 522 crore during the quarter ended March 2025.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
An extensive drug trafficking network operating throughout north India, with a particular focus on Shimla, has been busted following the arrest of two individuals - one from Kolkata and one from Delhi. The syndicate used online platforms for booking drugs, misusing innocent people's accounts and delivering drugs through couriers. Police have frozen 21 accounts associated with the network and arrested 16 individuals, including the kingpin, Sandeep Shah.
She has been booked under the relevant sections of the Official Secrets Act and the Bharatiya Nyaya Sanhita, said the police.
21 banks have launched United Payments Interface application.
