Digital Payments

RBI Governor Sanjay Malhotra calls for collaborative efforts to boost public confidence in digital payments as the central bank launches a rural awareness pilot

NPCI plans a major branding revamp to strengthen its identity as a technology-led digital payments infrastructure provider and boost visibility at home and abroad

In this session of Gurugyaan, Mr TV Ramachandran, President, Broadband India Forum shares his views on “How sub-sea cable and digital cloud is indispensable for today’s digital economy"

UPI transactions fell month-on-month in February due to the shorter month, but daily volumes and values increased, reflecting steady digital payment adoption across channels

The DGGI's arrest of Fino Payments Bank MD Rishi Gupta in a probe linked to banned online gaming has intensified scrutiny of GST liability, programme managers and compliance networks

Govt sources say rural-focused feature phone solutions such as UPI 123Pay, IVR systems and offline payments will drive the next phase of India's digital payments expansion beyond smartphones

NPCI is working on an SMS-less, silent device-binding process for UPI to improve security and onboarding, with rollout expected over the next 12-18 months

The new norms are slated to kick in from April 1

A DFS report shows UPI has overtaken cash as the most preferred payment mode and recommends focused merchant enablement and stronger support for RuPay debit card usage in rural and semi-urban India

India's currency in circulation reached a record ₹40 trillion in January even as the cash-to-GDP ratio fell to 11%, signalling incremental GDP growth increasingly financed through digital payments

Despite UPI's dominance, the digital payments game is far from over, Ghosh tells Manojit Saha, pointing to the opportunity that lies in cash conversion

NPCI International Payments Ltd (NIPL), the international arm of NPCI, has signed an agreement with Payments Network Malaysia Sdn Bhd (PayNet), Malaysia's national payments network, to enable QR-based merchant payments between India and Malaysia. The rollout of this initiative will happen in a phase-wise manner, National Payments Corporation of India (NPCI) said in a statement. In the first phase, Indian travellers visiting Malaysia will be able to use their UPI apps to make seamless cross-border merchant payments at DuitNow QR acceptance touchpoints, it said. "DuitNow QR is Malaysia's national QR standard, operated by PayNet. In the subsequent phase, Malaysians visiting India will be able to scan UPI QR codes to make merchant payments using their DuitNow apps," it said. With this integration, Indian tourists will gain access to millions of DuitNow QR merchant touchpoints in Malaysia, across restaurants, retail stores, tourist attractions, and other establishments, it said. Simila

Walmart-backed PhonePe, which aims to float its initial public offering (IPO) in April, plans to deepen its presence in India's digital payments market while expanding into financial services and new consumer platforms. In its draft papers, the company said digital payments will remain the core driver of growth, supported by investments to expand its user base, addressable market and platform scale. India's total addressable market for digital consumer payments stood at Rs 301 lakh crore in fiscal 2025 and is projected to grow to Rs 602-681 lakh crore by fiscal 2030, the company said, citing industry estimates. According to sources, PhonePe is aiming to launch its IPO in April. The proposed offering will be entirely an offer for sale of 5.06 crore shares by Walmart, Microsoft and Tiger Global, with no fresh issue component. In January, the company received regulatory approval from the Sebi to proceed with its maiden public offering, following its confidential filing in September.

Decision on UPI MDR in govt's domain: RBI governor

A moderation in UPI growth is worrying industry players, who warn that low incentives and lack of monetisation could slow expansion of India's digital payments ecosystem

UPI transactions rose marginally in January, with volumes at 21.7 billion and value touching ₹28.3 trillion, underscoring steady momentum in India's digital payments ecosystem despite month-on-month m

Transactions through the popular Unified Payments Interface (UPI) touched a record Rs 28.33 lakh crore and 21.70 billion in value and volume terms, respectively, in January, according to data released by the National Payments Corporation of India (NPCI). NPCI said the value of transactions was at Rs 27.97 lakh crore in December. On a month-on-month basis, the growth was 21 per cent in value terms. The average daily transaction in January was 700 million with an average value of Rs 91,4033 crore. Worldline CEO Ramesh Narasimhan said, "UPI's growth momentum continues to strengthen. In January 2026 alone, Indians made 21.7 billion UPI transactions worth Rs 28.33 lakh crore -- an increase over December and a solid 28 per cent growth year-on-year.

A decade of rapid growth gives way to partnerships, governance, and the contours of Fintech 2.0. Raghu Mohan weighs in

With thin margins in the UPI era, Indian fintechs are looking overseas, betting on cross-border payments, CBDCs, and new digital rails for sustainable growth

The survey added that complementary investments in digital capabilities and institutional capacities should be a priority to expand gains from digital payments