UPI 2.0

UPI users won't pay a transaction fee for now, but a proposed MDR framework could change how some merchant payments work.

RTGS, mainly used for high-value transfers, had largest share of transaction value in H1CY25

Central bank announces plan to improve steps to improve popular digital payments platform

Industry sources in the know added that more clarity was required in terms of reporting the use of credit line on UPI to credit bureaus in the country.

With Qatar Duty Free onboard, UPI expands abroad, offering Indians cashless payments on overseas trips.

Processes will speed up payments and streamline refunds without altering settlement timelines

Higher caps will make it easier to pay for insurance, investments, and festive big-ticket spends

Popular digital payments platform will raise transaction limits for various services from September 15

Union Minister for Communication Jyotiraditya M Scindia on Monday unveiled the UPIUPU Integration project here, described as a landmark initiative aimed at transforming cross-border remittances for millions worldwide. The initiative was launched at the 28th Universal Postal Congress. Developed by the Department of Posts (DoP), NPCI International Payments Limited (NIPL), and the Universal Postal Union (UPU), it integrates India's Unified Payments Interface (UPI) with the UPU Interconnection Platform (IP), combining the reach of the postal network with the speed and affordability of UPI. Addressing the event, Scindia called it more than a technology launch, but a social compact. The reliability of the postal network combined with the speed of UPI means families across borders can send money faster, safer and at much lower cost. It reaffirms that public infrastructure built for citizens can be linked across borders to serve humanity better, he said. He outlined India's vision for a .

NPCI uploads new data points on UPI from time to time. One of the reasons to do that is to provide an ecosystem-level overview to all ecosystem participants, including banks and fintechs

After posting a Rs 6 crore profit in FY25, BharatPe plans a pre-IPO round and aims for a fully PAT-positive business before listing, says CEO Nalin Negi

Every year, the central government earmarks a certain amount for the promotion of UPI peer-to-merchant (P2M) transactions and RuPay debit card transactions

PayPal is partnering with NPCI International and global wallets to enable Indian users to make cross-border payments using UPI, starting with US-based merchants

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Extra layers of scrutiny to guard the digitally unversed

PM Modi also suggested new steps to increase trade and cooperation among BIMSTEC nations

India's Unified Payments Interface (UPI) continues to dominate the digital payments landscape, with transaction volumes surging 42 per cent year-on-year (YoY) to reach 93.23 billion in the second half of 2024, a recent report has shown. The 'India Digital Payments report for 2H 2024' report by Worldline showed that three UPI platforms are dominant in terms of volume and value: PhonePe, Google Pay, and Paytm. In terms of transaction volume, in December 2024, the three apps accounted for 93 per cent of all transactions. In terms of transaction value, they accounted for 92 per cent in December 2024. "When comparing the volume of UPI transactions in 2H (July-December) 2024 to 2H 2023, it increased by 42 per cent from 65.77 billion to 93.23 billion. During the same timeframe, the value of transactions increased by 31 per cent from Rs 99.68 trillion to Rs 130.19 trillion," the report said. Besides UPI, other forms of payment under digital payments include credit cards, prepaid cards, mob

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The apex payments body recorded 16.73 billion transactions in December 2024. UPI registered over 172 billion transactions in 2024 alone

The Reserve Bank on Wednesday increased the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000 in order to encourage wider adoption of the popular instant payment system through mobile phones. UPI Lite transactions are offline to the extent that Additional Factor of Authentication (AFA) is not required, and transaction alerts are not sent in real time. Currently, the upper limit of an offline payment transaction is Rs 500 and the total limit for offline transactions on a payment instrument is Rs 2,000 at any point in time. The Reserve Bank on Wednesday amended the 'offline framework' issued in January 2022 with an aim at facilitating small value digital payments in offline mode. "...the enhanced limits for UPI Lite shall be Rs 1,000 per transaction, with Rs 5,000 being the total limit at any point in time," said a Reserve Bank circular. An announcement in this regard was made by the central bank in October this year. An offline payment means a transaction whi