Page 2 - Digital Payments

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

Paytm gets RBI nod for payment aggregator licence; what's the road ahead? | Paytm stock

The Reserve Bank of India has granted in-principle approval to Paytm Payments Services to operate as an online payment aggregator, ending a nearly three-year regulatory freeze.

China's Ant Group plans exit from Paytm with ₹3,800 cr share sale: Report

China's Ant Group to fully exit Paytm with ₹3,800 cr stake sale at ₹1,020 per share, following earlier exits by SoftBank and Berkshire Hathaway

ICICI Bank to charge payment aggregators for UPI transactions from August 1

Private lender to charge up to Rs 10 per transaction on PAs; move follows rising infra costs and lack of MDR revenues in fast-growing UPI ecosystem

RBI's digital payments index increases to 493.22 as of March 2025

Index up from 465.33 in September 2024, reflecting rapid digital adoption and stronger payment infrastructure and performance across India

NPCI adds 13 Indian banks to India-Singapore UPI-PayNow platform

NPCI International has added 13 more Indian banks to the India-Singapore UPI-PayNow platform, expanding the remittance network to 19 banks and enabling faster, secure cross-border fund transfers

Explicit consent: Online's new era may shift power from apps to users

For years, the tech industry has operated on a model of "implied consent"

Zomato and Tata Digital Unveil Cashback and Rewards for NeuCard Holders

The partnership between Zomato and Tata Digital offers cashback and loyalty rewards to customers using the Tata Neu HDFC Bank credit card for food orders on the platform

UPI transaction volume dips 1.5% in June, after record rise in May

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

RBI, banks to launch DPIP platform to combat rising digital payment frauds

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

Sitharaman says India's finance future is 'phygital', driven by UPI

At the Digital Payments Awards, Sitharaman lauds UPI's global success, urges fintech to tackle cybersecurity and deepfakes, and credits RBI's enabling regulation

PayNearby plans to add 500K retailers, hire 300-400 people by March 2026

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's contribution to payments ecosystem volume grows to 83.4% in FY25

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

NPCI steps up UPI vigil to prevent future disruptions in core network

Outlines operational guidelines for 10 APIs linked to UPI

India planning to bring 300 million new users onto UPI payments platform

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