Digital Payments News - Latest Updates, Headlines & Analysis

No GST on UPI transactions over Rs 2000, clarifies Ministry of Finance

New Delhi, April 18: The claims that the government is considering levying Goods and Services Tax (GST) on UPI transactions over Rs 2,000 are completely false, misleading, and without any basis, said the Ministry of Finance in a statement Friday.

Indian startup ecosystem raises over $180 mn this week

New Delhi, April 12: The domestic startup ecosystem continued the funding momentum this week, with raising more than $180 million by 24 new-age companies.

UPI services suffer nationwide outage, NPCI cites 'technical issues'

New Delhi, April 12: Digital payments via Unified Payments Interface (UPI) service suffered a nationwide outage on Saturday which affected millions of users.

RBI announces six key measures to strengthen India's banking, fintech, payments ecosystems

Mumbai, April 9: In a move to strengthen India's financial ecosystem, Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday announced six additional measures focused on banking regulation, fintech, and payment systems.

NPCI to decide on person-to-merchant payments cap on UPI transactions: RBI

New Delhi, April 9: In order to further boost digital payments, the National Payments Corporation of India will be enabled to set the limit on person-to-merchants transactions via Unified Payments Interface (UPI), RBI Governor Sanjay Malhotra said on Wednesday.

India ranks 3rd highest-funded fintech startup ecosystem globally in Q1 2025

Bengaluru, April 8: India secured the third position globally in terms of funding raised for the fintech sector in Q1 2025, following the US and the UK, a report showed on Tuesday.

PM Modi offers UPI link to BIMSTEC nations as booster shot for trade, tourism

Bangkok, April 4: Prime Minister Narendra Modi on Friday proposed linking India's UPI with the payment systems of the BIMSTEC member nations in an initiative to strengthen trade, industry and tourism in the regional grouping.

UPI transactions grow 42 pc, mobile payments reach 88.5 bn in 2nd half of 2024

New Delhi, April 2: The Unified Payments Interface (UPI) transactions soared by 42 per cent year-on-year (YoY) in the second half of 2024, totalling a remarkable 93.23 billion transactions, a new report said on Wednesday.

UPI transaction volume up 13.5 pc in March, value at record Rs 24.77 lakh crore

New Delhi, April 1: The Unified Payments Interface (UPI) saw a 13.59 per cent increase (on-month) in transaction volume at 18.3 billion in the month of March, from 16.11 billion in February, the National Payments Corporation of India (NPCI) data showed on Tuesday.

RBI played key role in making India global leader in digital payments: Prez Murmu

Mumbai, April 1: President Droupadi Murmu on Tuesday lauded the Reserve Bank for its key role in making India a global leader in digital payments with innovations like UPI revolutionising financial access.

Women's share in digital transactions doubled from 14 pc to 28 pc in last 7 years

New Delhi, March 31: The digital payment landscape in India has witnessed a significant transformation, with women rapidly closing the gap with their male counterparts in recent years, according to a Crisil report.

Know all about new UPI guidelines effective from April 1

New Delhi, March 29: The National Payments Corporation of India (NPCI) recently issued new guidelines on numeric UPI ID solution with the aim of enhancing customer experience for UPI number-based payments. These new guidelines will be effective from April 1.

Youth wants UPI for daily transactions but credit card dominates bigger purchases due to interest-free facility: Survey

New Delhi, March 27: The youngsters in India prefer UPI for daily transactions but credit card is also a major choice among youths for bigger purchases due to interest-free credit facility by it, highlighted a survey by Kiwi and Unomer.

Praveen Khandelwal urges Centre to exempt small merchants, consumers from paying Merchant Discount Rate

New Delhi, March 26: Praveen Khandelwal, the BJP MP from Delhi and National Secretary General of the Confederation of All India Traders (CAIT), has urged the central government to exempt small merchants and consumers from paying Merchant Discount Rate (MDR) on digital transactions.

BHIM 3.0 now smarter with 15 languages, split bills & family mode

New Delhi, March 25: NPCI BHIM Services Limited (NBSL), a subsidiary of the National Payments Corporation of India (NPCI) on Tuesday launched the latest version of the Bharat Interface for Money (BHIM) app -- BHIM 3.0.

ATM withdrawals to get costlier from May 1 as RBI approves fee hike

New Delhi, March 25: Starting May 1, withdrawing cash from ATMs in India will become more expensive as the Reserve Bank of India (RBI) has approved an increase in ATM interchange fees.

Govt mops up extra Rs 9,118 crore as 9 million taxpayers file updated ITRs

New Delhi, March 25: Over nine million updated Income Tax Returns have been filed over the last four years, which helped the government raise an additional revenue of Rs 9,118 crore, reflecting the success of the voluntary compliance scheme introduced by the Government, Parliament was informed.

PCI submits letter to PM Modi seeking re-evaluation of zero MDR for UPI and RuPay Debit

Mumbai, March 24: The Payments Council of India (PCI), an industry body representing a diverse range of non-banking payment industry players, with 180 members, has submitted a formal letter to the Prime Minister Narendra Modi, seeking urgent reconsideration of the Zero Merchant Discount Rate (MDR) policy for Unified Payments Interface (UPI) and RuPay debit card transactions, according to a release.

Enforcement actions against online money gaming firms intensified ahead of IPL season

New Delhi, March 22: The enforcement actions against offshore online gaming entities have been intensified by the Directorate General of Goods and Services Tax Intelligence (DGGI).

Electronic payments in Korea hit new high in 2024

Seoul, March 22: The amount of payments made electronically in the Republic of Korea reached a record high last year, central bank data showed Thursday, as a growing number of people engaged in contact-free commerce.

Citi report sets Rs 1,000 target for Paytm, says big changes in UPI could make It biggest winner

New Delhi, March 20: A Citi Research report has highlighted Paytm's strong position in India's digital payments ecosystem, despite shifts in UPI subsidy policies.

Paytm set to maintain strong contribution margin at 57 per cent by FY27E

New Delhi, March 20: Paytm merchant network expanded by 9 per cent year-on-year (YoY) to 43 million in the third quarter of FY25, with merchants using Paytm's devices increasing by 10 per cent YoY to 11.7 million, according to Motilal Oswal report.

Cabinet okays Rs 1,500 crore incentive scheme to boost low value BHIM-UPI transactions

New Delhi, March 19: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the incentive scheme for low-value BHIM-UPI transactions with an estimated outlay of Rs 1,500 crore.

PM Modi lists benefits of 5 major projects approved by Cabinet

New Delhi, March 19: Prime Minister Narendra Modi on Wednesday praised the Union Cabinet for approving five major projects across India, which aim to boost the country's dairy sector, livestock production, infrastructure development, and digital payments.

Cabinet approves incentive scheme for promotion of low-value BHIM-UPI transactions

New Delhi, March 19: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)' for the financial year 2024-25.

NPCI in talks to remove 'pull transactions' on UPI to reduce digital frauds

Mumbai, March 18: In an effort to curb rising digital frauds, the National Payments Corporation of India (NPCI) is reportedly in early discussions with banks to eliminate 'pull transactions' on the Unified Payments Interface (UPI).

Digital payments surge with over 18,120 crore transactions in FY25 till Jan, UPI leads

New Delhi, March 11: The digital payment transactions (including UPI) surged with over 18,120 crore transactions in 2024-25 (till January this year), with transaction value crossing Rs 2,330 lakh crore, the government said on Tuesday.

Phi Commerce's losses triple in FY24 as expenses surge by 137 pc

Mumbai, March 7: Phi Commerce, a SaaS-based omnichannel payment solutions provider, saw its losses surge threefold in the fiscal year ending March 2024 (FY24) to Rs 28.9 crore as compared to Rs 9.4 crore in the previous fiscal year (FY23).

Paytm to resolve FEMA allegations linked to Little Internet & Nearbuy; transactions largely before acquisition

Mumbai, March 1: Paytm, a major player in the digital payments and financial services ecosystem, has said it will seek resolution of alleged FEMA contraventions related to two acquired subsidiaries -- Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL). The company in an exchange filing clarified that certain alleged contraventions are attributable to these subsidiaries for transactions during a period before they became part of Paytm.The allegations stem from a show cause notice (SCN) received by Paytm from the Directorate of Enforcement (ED) on February 28, 2025, related to alleged violations under the Foreign Exchange Management Act, 1999 (FEMA) for transactions between 2015 and 2019, the filing added. Paytm stated that it is seeking legal advice and evaluating appropriate remedies through available regulatory processes.

Will resolve FEMA allegations linked to Little Internet and Nearbuy subsidiaries: Paytm

New Delhi, March 1: Digital payments and financial services major Paytm on Saturday said it will seek resolution of alleged FEMA contraventions related to two acquired subsidiaries — Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL).

UPI transactions see 33 pc YoY volume growth in Feb, value up 20 pc

New Delhi, March 1: The unified payments interface (UPI) transactions witnessed 33 per cent growth (year-on-year) in transaction volume in February at 16.11 billion, the National Payments Corporation of India (NPCI) data showed on Saturday.

Other countries can learn from India's UPI experience: Cambridge Professor

New Delhi, Feb 28: The Unified Payments Interface (UPI) provides an opportunity to other countries to learn from India's experience and get ideas on how to adopt it in their own countries, said Professor Carlos Montes, Lead Innovation Hub, University of Cambridge Business School here.

UPI transactions surpass record 16.99 billion in Jan, value exceeds Rs 23.48 lakh crore

New Delhi, Feb 28: For the first time, UPI transactions in the month of January surpassed 16.99 billion and the value exceeded Rs 23.48 lakh crore, marking the highest number recorded in any month, according to the latest government data.

UPI has potential for other countries to learn: University of Cambridge Business School

New Delhi, February 27: Unified Payments Interface (UPI) has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries, said Professor Carlos Montes, Lead Innovation Hub, University of Cambridge Business School.Professor Montes is in India to participate in the inaugural NXT Conclave 2025, set for February 28th and March 1st at Bharat Mandapam in New Delhi.During January 2025 around 17 billion transaction has been made through UPI. After the demonstration of UPI today in national capital, Montes said that glad to see the UPI payment system.

Credit card spending clocks double-digit jump in January

Mumbai, Feb 25: Consumer expenditure through credit cards has shot up by 10.8 per cent year-on-year to Rs 1.84 lakh crore in January 2025 with HDFC Bank and ICICI Bank recording the highest increase, according to the latest data compiled by the RBI.

UPI emerges as dominant force driving financial inclusion in India

New Delhi, Feb 22: Amid a surge in digital payments where nearly four out of five payments in the country were conducted on the Unified Payments Interface (UPI) in FY24, UPI has emerged as the dominant force driving financial inclusion, merchant adoption and cross-border transactions.

NPCI circular has no impact on FASTag customer experience: Centre

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