After reaching a record high in May, UPI transactions dropped in volume and value in June 2025, with IMPS, FASTag and AePS data also showing month-on-month declines
In a bid to rein in the increasing incidence of digital payment frauds, major public and private sector banks have been roped to develop Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure (DPI) under the supervision and guidance of the RBI. The proposed platform seeks to bolster fraud risk management by facilitating real-time intelligence sharing and gathering, thereby preventing fraudulent digital transactions, sources said. According to sources, the institutional structure of the proposed entity would be created with the help of both public sector and private sector lenders as fraud is a common monster. Earlier this month, a high-level meeting in this regard was convened to finalise the structure of the platform where senior bank officials, RBI officials and other stakeholders were present. Since the issue is one of the top agenda for both the government and the Reserve Bank of India (RBI), sources said the platform should become operational in the ne
At the Digital Payments Awards, Sitharaman lauds UPI's global success, urges fintech to tackle cybersecurity and deepfakes, and credits RBI's enabling regulation
Branchless banking and digital network PayNearby on Thursday said it plans to expand its national footprint by adding 5 lakh retailers over the next two years. The company also plans to hire an additional 300 to 400 team members by March 2026 to support the next phase of growth, PayNearby Founder, MD and CEO, Anand Kumar Bajaj said. The fintech firm employs more than 850 people as of March 31, 2025. "The company is focusing on strengthening platform capabilities, expanding reach, and accelerating UPI-led adoption aimed at onboarding 500 million users across India," Bajaj said. PayNearby plans to further expand its national footprint by adding 5 lakh retailers over the next two years, the official said. "Our growth plan remains centred on expanding our reach and impact across Bharat. In our next phase, we aim to become the third-largest UPI player in the country," Bajaj said. On financial performance, he said the company has recorded 12 consecutive quarters of profitability, ...
UPI recorded 185.8 billion transactions in FY25, up 41.7% from FY24, with India's digital payments now accounting for 99.9% of non-cash retail payments, according to RBI data
Outlines operational guidelines for 10 APIs linked to UPI
The home-grown payments platform has in the past five years transformed how more than 450 million retail consumers pay for everything from holidays to a cup of tea using their smartphones
Nearly one-third of all domestic digital payment transactions in 2024 were credit-driven, facilitated through credit cards or interest-bearing EMIs, according to a report. According to a report by digital payments fintech Phi Commerce, UPI has become a transformational product in digital payments responsible for 65 per cent of total transactions. While UPI dominates small and mid-value transactions, credit cards and EMIs (equated monthly instalments) are increasingly used for big-ticket purchases, with education, healthcare, and auto ancillary sectors seeing strong growth in digital credit adoption, the report said. Festive shopping, school admissions, and seasonal trends drive spikes in credit usage, showing that consumers rely on short-term credit for high-spend periods, it said. The report is based on analysed transaction data from over 20,000 merchants across the country. As UPI and flexible credit options become mainstream, the future belongs to those who leverage these tools
The real-time confirmation builds efficiency and trust, keeping operations smooth and allowing the merchant to focus on business
Transactions volumes declined 7 per cent on March 26 after the UPI network had reported an outage
The revision in fees follows requests from white-label ATM operators, who sought higher withdrawal charges due to increasing operational costs affecting their business
UPI services will be expanded to more than 12,000 merchants in Singapore
With this registration, Paytm Money Limited can offer Sebi-compliant research services, including investment insights, research reports, and data-driven analysis, the company said in a statement
The value declined to Rs 21.48 trillion in February, compared to Rs 23.48 trillion in January
Set up of UPI Autopay for various services, including OTT subscriptions, insurance premiums, loan repayments, and utility bills has paved the way for UPI dominance
But they're still relying on traditional farming methods, says McKinsey survey
To prevent fraud, we need better know-your-customer (KYC) processes
Digital payments across the country registered an 11.11 per cent year-on-year rise as on September 2024, according to RBI's index that measures the adoption of online transactions. RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 as against 445.5 for March 2024, the Reserve Bank said in a statement on Wednesday. "The increase in RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period, it said. The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country. The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weightage 25 per cent); Payment Infrastructure Demand-side factors (10 per cent); Payment Infrastructure Supply-side factors (15 per cent);
About 11 existing cross-border payment companies can operate as PA-CB with their applications under process, according to the RBI website
The increasing adoption of digital transactions is evident in the robust growth of India's real-time payments system, Unified Payments Interface (UPI)