Page 6 - Upi Transactions

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

UPI outages lasted 282 minutes across two incidents in 2022, 2025

The longest outage, lasting 187 minutes, was in January 2022

UPI down again: Google Pay, Paytm, PhonePe hit amid widespread disruption

Users reported failed payments and problems with fund transfers as the most common issues

One-third of digital payments in 2024 are driven by credit use: Report

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

Now, NPCI can revise transaction limits on UPI based on evolving user needs

P2P transactions on UPI shall continue to be capped at Rs 1 lakh

PM Modi proposes UPI link to boost trade and tourism at BIMSTEC Summit

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

Paytm unveils silent 'Mahakumbh Soundbox' with screen for discreet payments

The new product, launched at Startup Mahakumbh event in Delhi, can be useful for vendors who prefer not to have payment details spoken out loud, especially for transactions involving big amounts

PM Modi offers linking UPI with payment systems of BIMSTEC nations

Seeking to impart fresh impetus to the BIMSTEC grouping, Prime Minister Narendra Modi on Friday proposed linking India's UPI with the payment systems of the member nations, a move that could boost trade, business and tourism within the region. Addressing the sixth BIMSTEC Summit here, the Prime Minister also proposed to set up a BIMSTEC Chamber of Commerce, organise annual business summits and explore promoting trade in local currencies within the region. At the outset, the Prime Minister offered his condolences for the loss of lives and property in Myanmar and Thailand in the devastating earthquake on March 28. Modi also proposed establishing a BIMSTEC Centre of Excellence for Disaster Management in India to collaborate on disaster preparedness, relief and rehabilitation. The BIMSTEC Summit, hosted by Thailand, is attended by leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka and Bhutan. The BIMSTEC Summit adopted the Bangkok Vision 2030 to realise the shared commitment to

Small transactions drive 7.8% drop in UPI payments' average ticket size

The ticket size for peer-to-peer UPI payments was recorded at Rs 2,666 in H2 2024

NPCI expands AI use to enhance customer safety in digital transactions

The National Payments Corporation of India (NPCI) is leveraging Artificial Intelligence in a "big way" to enhance customer security in digital transactions, amid a surge in UPI usage. NPCI is conducting a pilot study in collaboration with public and private sector banks to integrate Artificial Intelligence (AI) and Machine Learning for strengthening customer safety, NPCI Chief Risk Officer Viswanath Krishnamurthy said here. Established in 2008 by the Reserve Bank of India and Indian Banks Association, NPCI oversees retail payment systems in the country. Providing some statistics, Krishnamurthy noted that in March alone Unified Payments Interface (UPI) transactions reached 18.30 billion, marking a 36 per cent year-on-year growth. The transaction value stood at around Rs 24 lakh crore, reflecting a 25 per cent increase in growth year-on-year. Over the past five years, UPI adoption has soared with a compound annual growth rate of 74 per cent, making it the largest retail payment syste

UPI outage hits transactions as year-end rush strains bank servers

A surge in UPI transactions and year-end bank closures led to a system outage, causing transaction failures, which the NPCI attributed to high volumes and financial year-end settlements at banks

UPI transaction volume grows 42% to reach 93 billion in Jul-Dec 2024

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

UPI outage due to financial year-end transaction rush at banks, says NPCI

Transactions volumes declined 7 per cent on March 26 after the UPI network had reported an outage

UPI clocks new record in value and volume in March after dip in Feb

Digital payments system tops Rs 24 trn in value and 19 billion in volume for first time

NPCI attributes fin year-end processing load for UPI transaction failures

In March, the UPI network recorded more than 591 million average daily transactions

BHIM will continue to be sandbox or reference app: CEO Lalitha Nataraj

The latest version of BHIM 3.0 will be rolled out in phases to its customers, with the body planning a complete launch by April 2025

UPI incentive cut worries industry again; calls for MDR grow louder

Industry's concerns surfaced after the government approved ₹1,500 crore in a scheme for the promotion of low-value BHIM-UPI transactions when made from peers to merchants

Union Cabinet approves Rs 1,500 cr scheme to boost low-value BHIM-UPI txns

This is the first time the Centre has defined small and large merchants in the context of outlining BHIM-UPI incentives

Incentive scheme for low-value UPI transactions to boost ease of living: PM

The Union Cabinet headed by Modi on Wednesday approved an incentive scheme worth approximately Rs 1,500 crore to promote UPI transactions below Rs 2,000 for 2024-25

NPCI's international arm partners with Singapore firm to expand UPI

UPI services will be expanded to more than 12,000 merchants in Singapore