The proposed MDR fee has been deferred until after Diwali, citing the festive season, but the bigger test remains: Can India fund its payments ecosystem without losing public trust?
NPCI has launched e-NACH Lite at the Global Fintech Fest 2026 in Mumbai, eliminating the need for clunky web pages in auto-debit mandate setups. Meanwhile, Hyderabad-based Viyona Fintech India Private Limited has already built and tested the system, enabling banks and lenders to onboard seamlessly from day one.
Digital payments to merchants in India rose 19.6 per cent year-on-year to Rs 11.73 lakh crore in July 2026, driven by UPI-P2M and credit card spending. UPI accounted for 77.3 per cent of total digital merchant payments.
UPI’s annual transaction volume surged nearly 13,000-fold to over 24,162 crore in FY 2025-26, Ministry of Finance data showed. Transaction value also rose sharply, while the number of banks on the platform increased to 703 during the decade
UPI accounted for 85.5 per cent of India’s digital payment transaction volume in H2 2025, according to the RBI. While RTGS dominated transaction value, India’s digital payments ecosystem recorded massive growth over the last decade, driven by smartphones and cashless infrastructure
India’s UPI is set to complete 10 years on April 11, witnessing exponential growth in transactions and value. The platform recorded record monthly volumes in March 2026, highlighting the continued expansion of the country’s digital payments ecosystem
