"unified-payments-interface"

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?

UPI has emerged as the world's largest retail fast-payment system by transaction volume, according to an IMF report. As transactions surge, India is considering merchant charges to support long-term sustainability, while UPI's growing international presence expands digital payment cooperation

The Congress accused the government of setting the stage for levying fees on UPI transactions, questioning a notification that bars charges on transactions up to Rs 2,000. The party also alleged the move could open digital payments to American firms.

It may seem unusual that India, a country where hundreds of millions of citizens lacked access to formal banking as recently as 15 years ago, could build a payment infrastructure that many of the world’s wealthiest economies have yet to match

The Finance Ministry has clarified that UPI payments will remain free for consumers, with any future merchant discount rate (MDR) applicable only to select high-value merchant transactions at nominal rates.

South African Reserve Bank Governor Lesetja Kganyago has cited India’s Unified Payments Interface (UPI) as a model for Pretoria’s push to reduce cash usage. The government aims to build a free, real-time national payments system inspired by UPI’s success.

Viyona Fintech has received NPCI approval to operate as a Third Party Application Provider, enabling it to offer UPI services with partner banks. Through its GRAAMPAY platform and new Farmers Marketplace, Viyona aims to support rural and urban financial inclusion

UPI recorded over 20 billion transactions in August for the first time, marking 34 per cent annual growth. Daily transactions averaged 645 million, with Maharashtra leading in digital payments, highlighting India’s rising adoption of cashless transactions, according to NPCI and SBI data.

Corrupt officials in Telangana are using UPI apps to collect bribes, hoping to avoid Anti-Corruption Bureau traps. ACB says such methods fail, as raids are conducted only after collecting voice recordings, bank statements, and other solid evidence

The outage started around midday, prompting a surge of complaints on social media and Downdetector, a platform that tracks service disruptions in real time. At the height of the issue, Downdetector logged more than 2,300 reports—81% related to failed payments and 17% linked to problems with fund transfers. Major banking apps from SBI, ICICI, and HDFC were also affected, pointing to a broader issue within the UPI network infrastructure.

Currently, the transaction limit for UPI stands at ₹1 lakh for both person-to-person (P2P) and person-to-merchant (P2M) payments. However, certain P2M transactions are allowed higher limits, with some capped at ₹2 lakh and others at ₹5 lakh, depending on the use case.

According to a report by fintech consulting and advisory firm The Digital Fifth, UPI is more than just a payment system—it serves as a comprehensive financial ecosystem driving India's digital-first economy.

The immense popularity of UPI is seen from transaction volume ratio which stands at 38.4 times of credit card transaction volumes, according to the report by Axis Securities

On July 1, the TGSPDCL and TGNPDCL stopped accepting electricity bill payments through payment gateways and banks, including UPI apps.

According to Dilip Asbe, Managing Director and CEO of the National Payments Corporation of India (NPCI), credit card spending via UPI has reached ₹10,000 crore per month. He also noted that credit lines on UPI accounts have reached around ₹100-₹200 crore, with the remainder coming from the RuPay credit card on the UPI platform.

NPCI International Payments Limited partners with Network International, a large digital commerce company in Middle East and Africa for this

Speaking at the recent UBS conference, Mastercard CFO Sachin Mehra said that "it is an incredibly painful experience for ecosystem participants who all end up losing money as part of that proposition," reports TechCrunch

The volume of transactions was 7.8 billion, and value was Rs 12.8 trillion in December.

Mumbai: The Reserve Bank of India (RBI) has invited feedback from the public on the various changes proposed in the payments system, including the possibility of imposing tiered charges on transactions done through the Unified Payments Interface (UPI). As announced in the Statement on Developmental and Regulatory Policies dated December 08, 2021, the Reserve Bank […]

New Delhi: Leading crypto exchange Coinbase, which halted payments via unified payments interface (UPI) mode on its app in India in April, on Friday announced to pause hiring for as long as the global macro-economic factors remain in place. The company also revoked accepted offers from some candidates who haven’t joined it yet. “After assessing our […]