UPI

A decade after its launch, India's flagship payments system faced a moment of pushback, with users signalling they would abandon UPI if charges were introduced

RBI's proposal for lagged credits in digital payments could require switch-level changes, raising costs for UPI ecosystem and banks, industry sources say

RBI unveils medium-term Utkarsh 2029 strategy focusing on CBDC expansion, UPI globalisation, ULI scale-up, and modernising currency management and regulation

In India, over 10 billion UPI transactions are processed every month, each accompanied by a confirmation sound that has become one of the most widely heard audio cues in everyday life

A decade after launch, UPI dominates digital payments but slowing growth and lack of MDR incentives raise questions over its next phase

Growth in QR codes and transaction volumes underscores rising merchant adoption and expanding digital payments ecosystem across India

UPI transactions reached an all-time high of ₹29.52 trillion in March, with strong growth in both volume and value, according to NPCI data

Businesses can now use UPI, debit or credit cards for paying Customs duty on the ICEGATE portal, the Central Board of Indirect Taxes and Customs (CBIC) has said. The CBIC in a circular said ICEGATE e-Payment platform has enabled 'Payment Aggregator' as an authorised mode to facilitate customs duty payment. ICEGATE essentially functions as the digital backbone of Indian customs and acts as an interface through which importers and exporters file documents, track clearances, and discharge duty payments. While the system has evolved significantly over the time, the payment mechanism remained largely anchored to a limited set of authorised banks and conventional channels such as net banking and NEFT/RTGS. "With the rollout of a payment aggregator on ICEGATE, duty payments are no longer confined to specific banking channels. Businesses can now use UPI, debit or credit cards, and access a significantly wider banking network bringing a greater degree of ease and convenience in making paymen

Cred introduces biometric authentication for UPI payments, allowing users to use Face ID or fingerprints instead of PINs for added security and convenience

India’s digital payments system will see tighter security from April 1, 2026, with the Reserve Bank of India (RBI) making two-factor authentication (2FA) compulsory for all transactions.

From April 1, 2026, major banks like HDFC Bank, PNB, and Bandhan Bank are changing ATM rules. UPI withdrawals will now count toward limits, daily caps are being cut, and fees may kick in faster.

According to the latest data, BHIM currently holds a 0.86 per cent share of UPI transactions

Jio Payments Bank, a wholly-owned subsidiary of Jio Financial Services, has introduced UPI-based cash withdrawal through its business correspondent touchpoints, marking an important step towards strengthening digital payments ecosystem and advancing financial inclusion. The feature enables customers, particularly in rural and semi-urban areas, to conveniently withdraw cash by simply scanning a UPI QR code and authorising the transaction through their UPI application, eliminating the need for debit cards or access to traditional ATM infrastructure, Jio Financial Services Ltd (JFSL) said in a statement on Tuesday. By enabling cardless cash withdrawals at business correspondent (BC) touchpoints, the initiative bridges the gap between digital payments and physical cash access, while providing first-time digital users with an assisted and secure way to experience UPI transactions, it added. Through this initiative, Jio Payments Bank Ltd (JPBL) continues to leverage the digital payments .

Parliamentary panel urges government to create a sustainable revenue model for the UPI ecosystem, warning that current incentives cover only a fraction of industry costs

The clarification follows industry representations seeking clarity on whether PA norms apply to P2PM transactions, which typically involve small merchants and low ticket sizes

Digital payments giant PhonePe has reported strong revenue growth and sharply narrowing losses over the past three fiscal years, signalling a shift towards sustainable monetisation and operational efficiency, according to its draft red herring prospectus (DRHP). Revenue from operations rose to Rs 71,14.85 crore in FY25 from Rs 2,914.28 crore in FY23, reflecting a compound annual growth rate (CAGR) of 56.25 per cent. According to the company's DRHP, PhonePe is successfully transitioning towards long-term monetisation and operational efficiency. The company's revenue mix has diversified significantly beyond core UPI payments. Merchant Payments contribution increased from 14.75 per cent in FY23 to 30.78 per cent by September 2025. Financial Services, including lending and insurance distribution, expanded from 0.96 per cent in FY23 to 11.55 per cent in the first half of the current fiscal year. Together, merchant payments and financial services accounted for 42 per cent of revenue, .

UPI's international transaction volumes crossed one million for the first time in FY26, nearly doubling from the previous year, as the payments system expanded across eight countries

NHAI is considering a complete shift to FASTag and UPI toll payments from April to curb leakages, reduce congestion and create a fully digital, seamless tolling system across National Highways

NPCI will use Nvidia's Nemotron open models to develop a sovereign, payments-focused AI foundation model aimed at enhancing trust, resilience and scalability across India's payments network

Speaking at the AI Impact Summit, NPCI's Executive Director-Growth said that the Corporation is pursuing both bilateral and multilateral models, including work with other countries' payment systems