'India needs at least 70,000 to 80,000 eyewear stores; our 2,000 stores are just a drop in the ocean.'
Let's work flat out and create a policy framework that fosters the growth of Indian non-family business VC and private equity firms. This will allow our Indian startups' dreams to flourish, explains Ajit Balakrishnan.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
'This marks a turning point for Paytm, with the regulatory environment looking much clearer than it has been in the last two years.'
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
'The only solution is for the government to allow us to charge a low controlled MDR of 25 bps on UPI P2M transactions only for merchants with more than a Rs 40 lakh turnover.'
Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent.
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.
'The larger and more opaque this shadow economy becomes, especially online, the greater the risk to India's national security.'
Shariful Islam Shehzad Mohammad Rohilla Amin Fakir, the man arrested for stabbing actor Saif Ali Khan, slept soundly after the attack and changed his clothes before heading to Worli, a police official said. The accused, a Bangladeshi national, had entered Khan's home in Bandra with the intention of theft. The police have remanded the accused in five-day police custody.
'One has to be very mindful because it will be applicable for big tech platforms and even for banks and insurers, whose business is completely different.'
From next year all UPI transactions will have new limits, features, and more.
The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform. At present, UPI facilitates transactions by linking savings or current accounts through users' debit cards. "...it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review.
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.
The Enforcement Directorate (ED) has frozen Rs 110 crore and seized 1,200 mule credit cards following searches against the Indian operations of Parimatch, a Cyprus-based online betting platform, for alleged money laundering and cheating investors.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from phishing calls. Most of the UPI-related frauds, however, have a low ticket size.
The Centre on Sunday said there are no plans to levy charges for making payments through Unified Payments Interface (UPI) while saying the service is a "digital public good with immense convenience". The ministry of finance said the concerns of service providers for cost recovery have to be met through other means. "UPI is a digital public good with immense convenience for the public & productivity gains for the economy.
The NPCI has permitted non-residents from 10 countries, including the US, Canada and UAE, to digitally transfer funds using the UPI platform from NRE/NRO accounts. The National Payments Corporation of India (NPCI) in a circular said it has been receiving requests for allowing non-residents to use international mobile numbers for transacting in Unified Payments Interface (UPI). Accordingly, the NPCI in a circular dated January 10 has asked the UPI participants to put in place a mechanism by April 30 under which non-residents having NRE/NRO accounts will be allowed to transfer funds using their international mobile numbers.
Capital markets regulator Sebi on Wednesday streamlined the payment of processing fee through the Unified Payments Interface (UPI) system for shares applied for and allotted during an initial public offering (IPO). In addition, the regulator has devised a new reporting format for capturing the data of all ASBA (Application Supported by Block Amount) applications unblocked by Self Certified Syndicate Banks (SCSBs) and their corresponding date of actual unblock. The new format has been put in place after reviewing the performance of SCSBs on timely unblocking of application amounts and feedback received from market intermediaries, Sebi said in a circular.
Sent money to wrong UPI ID? Don't panic! Learn what to do next and how to recover your funds
There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyber frauds. Speaking at the Digital Payments Awards 2025 ceremony here, the minister credited fintechs with helping speed up financial inclusion and taking the payment system to even the far-flung areas of the country.
SBI customers faced difficulties in accessing UPI and mobile banking services for more than four hours on Tuesday due to some "technical issues". The country's largest lender later said the technical issues have been fully resolved.
India's flagship payment platform, the Unified Payments Interface (UPI), ended the 2022 calendar year on a high note as the volume of transactions touched a record 7.82 billion in December, amounting to Rs 12.82 trillion, again a record high. Data released by the National Payments Corporation of India (NPCI), the umbrella body for retail digital payments in the country, showed volume of transactions in December was up 7.12 per cent compared to November, while value of transactions was up 7.73 per cent during the same period.
Festive sales are expected to surge 27 per cent to cross Rs 120,000 crore in 2025, driving Amazon and Flipkart to expand warehousing capacity by millions of cubic feet and extend delivery networks to thousands of new pin codes -- an infrastructure buildout that could reshape India's retail landscape for years.
Digipin promises to revolutionise location-based services in India with safeguards.
Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), made a record in volume and value of transactions in July as digital payments rise in the pandemic. UPI processed a record 3.24 billion transactions in July up 15.7 per cent from June when it processed 2.8 billion transactions. In value terms, in July, the platform processed transactions worth Rs 6.06 trillion, up 10.76 per cent from June.
"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.
'The Bhashini Mission has delivered a working technology at large scale, which is as good as or better than the one with MNC tech giants.'
French president Emmanuel Macron arrived on Thursday in a decked-up Jaipur city, where he will spend several hours savouring the sites -- and perhaps some roadside chai -- before engaging in talks with Prime Minister Narendra Modi on strengthening India France ties.
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
The Reserve Bank of India's (RBI's) recent decision to allow credit cards for payments through the Unified Payments Interface (UPI) is likely to attract a merchant discount rate (MDR), said a top payment industry source. For smaller merchants, a subsidy for MDR could be provided. "With credit card-UPI linkage, UPI will not only be a payment instrument but also a lending platform. "How can banks lend without a commercial model? Also, the government has said MDR will be zero for payment products but not for lending products," the source said, indicating the MDR regime for credit card-linked UPI payments.
The Indian AI market is expected to grow to over $17 billion by 2027, more than tripling its current size, driven by increased investments in enterprise technology, a flourishing digital ecosystem, and a strong pool of skilled professionals, according to BCG.
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.
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).
Non-banking entities such as fintech firms will have to tap into use cases beyond peer-to-peer (P2P) and peer-to-merchant (P2M) transactions to scale up the presence of the retail version of the central bank digital currency (CBDC), which is also known as the e, said industry players. These use cases will enable programmable transactions across domains, including the government's direct benefit transfer (DBT) schemes, with subsidies restricted to specific purposes such as food coupons, hospital bills, fertilisers, pesticides, and cross-border remittances.
Prime Minister Narendra Modi on Monday said Parliament's Monsoon session is like a 'Vijay Utsav' as the Indian armed forces achieved their objectives under Operation Sindoor 100 per cent, and expressed confidence that the MPs will articulate this sentiment in one voice.
