Page 2 - Digital Payments

RBI recognises SRPA as self-regulatory body for payment system operators

The RBI has recognised the Self-Regulated PSO Association (SRPA) as an SRO for payment system operators, marking a key step in strengthening oversight and governance in digital payments

Festival season brings UPI boom, transactions hit record Rs 27 trn in Oct

Volume was up by 5 per cent and value by 10 per cent in October versus September this year

Trump pushes for US-led digital economy free of tariffs and new taxes

As Trump tries to rewire the global trading system, digital commerce has become another battleground for geopolitical fragmentation where US and China are jockeying for global influence

Need to promote wider use of digital solutions: RBI Deputy Governor

Swaminathan says steps like ULI facilitate cash-flow-based lending

NPCI says teething issues persist in same-day cheque clearing system

NPCI says minor issues remain in the T+0 cheque clearing process introduced on October 4, assuring customers that all cheques are being cleared the same day

RBI flags geopolitical tensions as key risk to cross-border payments

The RBI's latest Payments System Report warns that geopolitical tensions could disrupt global payment systems, even as India's digital payments and UPI transactions surge

RBI initiatives helping cross-border trade, payments: Governor Malhotra

RBI Governor Sanjay Malhotra said linking UPI with global fast payment systems and building sovereign platforms will boost cross-border trade, improve efficiency, and lower costs

Centre to allow digital payments via biometric authentication from today

Authentications will be done using biometric data stored under the Government of India's unique identification system - Aadhar

NPCI to roll out biometric authentication for digital payments from Oct 8

The move follows recent guidelines from the Reserve Bank of India permitting alternative methods of authentication and will mark a departure from the current system

UPI races ahead, accounts for 84% of total digital payments in FY25

The UPI digital payment system has been fast replacing cash as a preferred mode of payment, and has now taken the lead in overall digital payments

New RBI rules make banks fully liable if payment safeguards fail: Details

RBI on Digital Transactions Fail: Banks will be responsible for compensating customers if fraud occurs due to them not following authentication process

India boosts ties with SICA nations; focus on trade, digital payments: EAM

Over the past decade, India's relations with SICA countries have seen a marked improvement, and Jaishankar acknowledged this growing cooperation

RBI mandates stronger two-factor authentication in new guidelines

RBI has mandated two-factor authentication for all digital payments from April 2026, with guidelines allowing biometrics, tokenisation and risk-based checks alongside OTPs

Digital payments jump to ₹11 trillion on first day of new GST rates

Digital payments surged to ₹11 trillion on the first day of new GST rates, with RTGS, UPI, NEFT, IMPS, debit and credit card transactions all seeing sharp increases

UPI's new high value transaction limits kick in: Here's what changes

Starting September 16, UPI is no longer just for small daily payments. With raised limits for insurance, investments, and even jewellery purchases.

RBI grants PhonePe final approval to operate as payment aggregator

Fintech major PhonePe has secured the Reserve Bank of India's final approval to act as an online payment aggregator, expanding its reach to enterprises and merchants nationwide

Fintech firm MobiKwik freezes 2,000 merchant accounts after ₹40 cr loss

MobiKwik froze 2,000 merchant accounts after a technical error caused unauthorised settlements worth Rs 40 crore, with Rs 14 crore recovered and FIRs filed in Haryana

Cabinet clears restructuring, extension of PM SVANidhi scheme till 2030

The Union Cabinet on Wednesday approved the restructuring and extension of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme till March 31, 2030, with a total outlay of Rs 7,332 crore. The decision was taken at a meeting chaired by Prime Minister Narendra Modi, an official statement said. It said the first tranche loan limit has been raised from Rs 10,000 to Rs 15,000 and the second from Rs 20,000 to Rs 25,000, while the third tranche remains at Rs 50,000. Street vendors repaying their second loan on time will be eligible for a UPI-linked RuPay credit card to meet emergent business and personal needs, it said, adding that incentives of up to Rs 1,600 will also be offered to vendors opting for digital payments on retail and wholesale transactions. The restructured scheme, which was earlier valid till December 31, 2024, aims to benefit 1.15 crore beneficiaries, including 50 lakh new street vendors. According to the statement, the implementation of the scheme

We don't get a penny for UPI infra: Axis Bank MD & CEO Amitabh Chaudhry

Axis Bank MD Amitabh Chaudhry said banks earn nothing from UPI transactions despite bearing the infrastructure costs, as subsidies and incentives shrink further

Banks fund India's digital payments while fintechs reap the revenue

UPI cost burden reaches Rs 8,500 crore annually as third-party apps dominate customer engagement