Upi

RBI gives compliance breather for small-merchant UPI transactions

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

Merchant payments, financial services power 42% of PhonePe revenue

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 global volumes cross 1 mn in FY26, nearly doubling from last year

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

Govt may end cash toll payments from April to enable digital highway tolls

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, Nvidia tie up to boost sovereign AI infra for payment ecosystem

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

NPCI exploring multilateral routes to link UPI with global payment systems

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

Payments industry adopts AI-led interfaces, LLMs to reshape transactions

Fintechs, NPCI are deepening AI integration across India's payments stack, from agentic interfaces and conversational payments to domain-specific LLMs designed to streamline disputes and transactions

Targeted interventions needed to bolster Rupay debit card: Report

A DFS report shows UPI has overtaken cash as the most preferred payment mode and recommends focused merchant enablement and stronger support for RuPay debit card usage in rural and semi-urban India

Cash in circulation at record high despite rise in UPI use: SBI report

India's currency in circulation reached a record ₹40 trillion in January even as the cash-to-GDP ratio fell to 11%, signalling incremental GDP growth increasingly financed through digital payments

UPI emerges as the most preferred mode for transactions now: Report

UPI has emerged as the most preferred mode of transaction, surpassing cash transactions, and there is a need for targeted interventions to strengthen RuPay debit card usage, particularly in rural and semi-urban areas, a report said. The Department of Financial Services (DFS), Ministry of Finance, released a report titled "Socio-Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI (Person-to-Merchant) transactions" during the Chintan Shivir held on 13-14 February 2026. The socio-economic impact analysis is based on an extensive primary survey covering 10,378 respondents across 15 States, including 6,167 users, 2,199 merchants, and 2,012 service providers, representing the key stakeholders of India's digital payments ecosystem along with in-depth secondary research. The evaluation indicates a significant and sustained increase in the adoption of digital payments across diverse socio-economic segments. Among surveyed users UPI has .

NPCI Int'l inks pact with PayNet Malaysia to enable UPI, DuitNow acceptance

NPCI International Payments Ltd (NIPL), the international arm of NPCI, has signed an agreement with Payments Network Malaysia Sdn Bhd (PayNet), Malaysia's national payments network, to enable QR-based merchant payments between India and Malaysia. The rollout of this initiative will happen in a phase-wise manner, National Payments Corporation of India (NPCI) said in a statement. In the first phase, Indian travellers visiting Malaysia will be able to use their UPI apps to make seamless cross-border merchant payments at DuitNow QR acceptance touchpoints, it said. "DuitNow QR is Malaysia's national QR standard, operated by PayNet. In the subsequent phase, Malaysians visiting India will be able to scan UPI QR codes to make merchant payments using their DuitNow apps," it said. With this integration, Indian tourists will gain access to millions of DuitNow QR merchant touchpoints in Malaysia, across restaurants, retail stores, tourist attractions, and other establishments, it said. Simila

ULI lender base grows to 89; interface has supported over 12 loan journeys

RBI's ULI onboards 89 lenders, supports 12+ digital loan journeys, enabling MSME, agri and retail credit via common tech infrastructure

New EPFO app to allow members to withdraw EPF money via UPI: Report

Subscribers of retirement fund body EPFO will be able to withdraw their employees' provident fund (EPF) directly into their bank accounts through UPI payment gateway using its newly designed mobile application to be launched in April this year, a top source said. The labour ministry is working on a project where a certain proportion of the EPF will be frozen, and a large chunk will be available for withdrawal through their bank account using Unified Payment Interface (UPI), the source told PTI. The source further informed that the Employees' Provident Fund Organisation will roll out a new mobile phone application through which the member would be able to withdraw their EPF money using UPI gateway as well as avail other services like passbook balance. Currently, the member uses either the Universal Account Number (UAN) portal or the UMANG app to access their EPF accounts and avail of their services. The source said that these services will remain available on both platforms, while t

What is Alipay+ and why India is weighing UPI link with this payment system

India is reportedly in talks to link UPI with Alipay+, a global payments platform operated by Ant International. The move could allow Indian users to make cross-border payments more easily

Slow UPI growth: Industry frets as monetisation remains elusive

A moderation in UPI growth is worrying industry players, who warn that low incentives and lack of monetisation could slow expansion of India's digital payments ecosystem

Govt in talks to allow Alipay+ link to its instant payment systems: Report

The talks between Indian government and central bank officials and Singapore-based Ant International, which was founded by China's fintech giant Ant Group

Budget 2026: UPI, RuPay subsidy for FY27 at ₹2,000 crore; MDR unchanged

Budget stays silent on MDR, industry to pursue bid in coming months

UPI transactions marginally up to 21.7 billion, value at ₹28.3 trillion

UPI transactions rose marginally in January, with volumes at 21.7 billion and value touching ₹28.3 trillion, underscoring steady momentum in India's digital payments ecosystem despite month-on-month m

UPI transactions hit record high of ₹28.33 trillion in January: NPCI

Transactions through the popular Unified Payments Interface (UPI) touched a record Rs 28.33 lakh crore and 21.70 billion in value and volume terms, respectively, in January, according to data released by the National Payments Corporation of India (NPCI). NPCI said the value of transactions was at Rs 27.97 lakh crore in December. On a month-on-month basis, the growth was 21 per cent in value terms. The average daily transaction in January was 700 million with an average value of Rs 91,4033 crore. Worldline CEO Ramesh Narasimhan said, "UPI's growth momentum continues to strengthen. In January 2026 alone, Indians made 21.7 billion UPI transactions worth Rs 28.33 lakh crore -- an increase over December and a solid 28 per cent growth year-on-year.

Post UPI, Indian payment players look to foreign shores for growth

With thin margins in the UPI era, Indian fintechs are looking overseas, betting on cross-border payments, CBDCs, and new digital rails for sustainable growth