Page 6 - Upi

Post offices across India to start accepting digital payments from August

Post offices across India will start accepting digital payments at counters from August after completing the rollout of a new application in their IT system, official sources said. Post offices have not been able to accept digital payments as they don't have their accounts synced with UPI (unique payment interface) system. "The Department of Posts is implementing its IT infrastructure which will have new applications that are enabled to perform transactions with Dynamic QR Code. Rollout will be completed at all post offices by August 2025," an official source told PTI. Pilot rollout of the new system under IT 2.0 has been started in the Karnataka circle. QR-based booking of mail products was successfully carried out at the Mysore head office (HO), Bagalkot HO and its subordinate offices. Initially, the Department of Post had introduced static QR code at the point of sale counters at the post offices to enable digital transactions. However, due to recurring technical difficulties

Govt, UPI apps to lay real-time digital tripwire for every payment tap

Extra layers of scrutiny to guard the digitally unversed

1 in 5 UPI users faced fraud; 51% victims didn't report, reveals survey

One in five UPI users in India faced fraud in the past 3 years, with 51% not filing complaints. A LocalCircles survey highlights growing risks and urges simplified, one-click reporting mechanisms

IDFC FIRST Bank launches UPI for Indians in 12 countries: How service works

Indians abroad can use service by linking their international mobile numbers to bank accounts in India

Finance Ministry, RBI discuss scaling up unified lending interface

The finance ministry together with Reserve Bank held a meeting with various stakeholders, including state government representative to deliberate on ways to scale up Unified Lending Interface (ULI). ULI is a new digital public infrastructure (DPI) designed to streamline the lending process, similar to UPI in the payment space. It is a technology platform built to facilitate easy access to authenticated data from various sources, through standardised APIs to which all lenders can connect seamlessly through a plug and play' model. Financial Services Secretary M Nagaraju and RBI Deputy Governor T Rabi Sankar co-chaired a meeting with officials from various ministries/departments of Government of India and state governments on scaling up ULI, the finance ministry said in a post on X. ULI is envisioned as a DPI for credit delivery designed to integrate technology, data, and policy into one seamless platform, Nagaraju said during the meeting which saw participation of senior officials of

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

Fintech industry seeks UPI merchant discount rate levy on large sellers

MDR refers to a fee that merchants pay banks or companies processing payments for executing a transaction

Fintech POP raises $30 mn from Razorpay to build loyalty-first model

POP to use Razorpay's $30 million investment to drive innovation, expand rewards ecosystem, and deepen merchant ties in the fast-growing D2C payments segment

NPCI's new rules speed up UPI: How it impacts your daily transactions

Banks and payment service providers asked to cut response times for key processes so that payment service's quality improves

UPI to get faster from today; Daily caps on usage roll out from July 31

NPCI reduces UPI API turnaround times to 10 seconds; limits on balance checks, account listings, and autopay retries to be enforced across apps by end-July

Curbing frauds: Sebi brings more checks for investors via valid UPI handle

Investors will be able to authenticate if the entity receiving the payment is a valid entity under the ambit of Sebi

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, ...

Paytm stock crashes 10%, sharpest intra-day fall in 16 months; here's why

The Finance Ministry on Wednesday rejected reports suggesting that a fee would be imposed on UPI transactions, calling them "completely false, baseless, and misleading".

Sebi to launch UPI authentication tool for safer securities transactions

To curb cyber fraud, market regulator Sebi has mandated a new Unified Payments Interface ID format for all registered intermediaries collecting investor funds

Paytm rolls out customised UPI IDs: Here's how to create one for yourself

Users can now mask their phone numbers during UPI payments with Paytm's new personalised IDs

Digipin: A new digital way to set accurate addresses in the country

It is a digital version of the pin code system and a more accurate address for a person or organisation. The 10-digit alphanumeric code will be useful for people on the move

PhonePe acquires GSPay IP to launch UPI payments for new feature phones

PhonePe on Friday said it has acquired the IP of GSPay -- a proprietary technology stack from conversational engagement platform Gupshup -- to enable UPI-based payments on new feature phones. The company in a statement said it plans to customise the stack and launch its own UPI payment app for new feature phones in India in the next few quarters. The new app will offer essential UPI features such as peer-to-peer transfers, offline QR payments, and receiving money via mobile numbers or self-QR codes. Industry research indicates that there were over 24 crore feature phone users in India in 2024, and in the next five years, another 15 crore feature phone shipments are anticipated. PhonePe CEO Sameer Nigam said the acquisition will help bring millions of feature phone users into the digital payments ecosystem, a segment largely underserved so far.

UPI numbers hit all-time high in May, cross ₹25 trn for the first time

The previous record was in March 2025, when it clocked 18.3 billion in volume and ₹24.77 trillion in value

UPI transactions rebound in May with 18.68 bn payments; 33% yearly surge

The rebound follows a dip in April, when UPI volumes declined from 18.3 billion in March. That slump was attributed to multiple service disruptions that affected payment flows

Key financial changes in June 2025: Aadhaar, UPI, FD rates & more

From Aadhaar updates to new mutual fund timings and credit card rule changes, here's what taxpayers, investors, and bank customers need to know in June 2025