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NIPL and Uzbekistan's HUMO sign agreement enabling Indian travelers' seamless transactions

NPCI International Payments Ltd. and Uzbekistan's HUMO have signed a commercial agreement. Indian travellers can now use UPI-enabled apps to scan UZQR codes. This pact allows instant merchant payments across Uzbekistan for tourists and students. The agreement removes foreign exchange mark-ups and the need for cash. UPI is now operational…

The Economic Times

No smartphone, no internet, no problem: PhonePe launches UPI 123Pay to let 200 million+ feature phone users make digital payments; here’s how it works

PhonePe has unveiled UPI 123Pay, a new service for feature phone users that enables seamless transactions without an internet connection. The initiative targets more than 200 million users, helping expand access to digital payments across India. It supports both peer-to-peer and merchant payments using mobile numbers or UPI IDs, with…

The Economic Times

UPI’s market share expands more at debit, credit cards’ expense

UPI now dominates India's digital merchant payments, capturing a significant market share. Credit and debit cards are steadily losing their previous positions in this sector. The digital payments market continues to expand, with UPI capturing much of this growth. Proposed changes may introduce nominal charges on select higher-value UPI merchant…

The Economic Times

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Golgappa and vegetable sellers far intelligent than Rahul Gandhi: BJP attacks Congress for 'mocking' UPI

The Bharatiya Janata Party criticised the Congress for its past doubts about the Unified Payments Interface. This digital payment system has become the world's largest real-time platform. UPI transactions have seen a massive increase in volume and value over ten years. The party highlighted its widespread adoption and availability in…

The Economic Times

UPI transactions in value terms witnesses more than 4,000 fold jump over the decade

UPI has completed 10 years, with annual transaction value soaring from ₹0.07 lakh crore in FY17 to around ₹314 lakh crore in FY26. Transaction volumes have jumped nearly 13,000-fold, making UPI the backbone of everyday digital payments across India.

The Economic Times

UPI completes 10 years: PM Modi calls it a major turning point for India’s digital payments

Prime Minister Narendra Modi on Tuesday termed the Unified Payments Interface (UPI) a "major turning point" in the country's digital payments journey, as the interface completed 10 years since its launch.

The Economic Times

UPI completes 10 years, clocks nearly 13,000-fold rise in transaction volume

UPI has completed a decade of transforming India’s digital payments ecosystem, with annual transactions surging from 1.78 crore in 2016-17 to 24,162 crore in 2025-26. Transaction value rose to Rs 314 lakh crore, while monthly volumes hit a record 2,366 crore in July 2026. UPI now operates across 11 countries…

The Economic Times

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The 'trustworthy' changes in the lives of India's middle class

Digital payments and tax reforms have significantly altered middle-class spending habits. GST has streamlined consumption taxes, impacting everyday purchases and larger items. Real estate regulations offer homebuyers greater protection during significant financial commitments. JAM trinity and telecom reforms increased formal financial access for many citizens. Infrastructure upgrades and digital services…

The Economic Times

Navi’s FY26 loss widens fourfold on UPI investments; eyes FY27 profitability

Navi reported a notable increase in net losses for FY26, largely attributed to its strategic investments in UPI and new market initiatives. Despite this setback, the company projects a turnaround to profitability in FY27. UPI is recognised as a vital mechanism for attracting customers, and lending remains a core source…

The Economic Times

Qatar launches new UPI route to send money to India

Qatar Post, in partnership with India Post, has launched PosTransfer, a new remittance service aimed at simplifying money transfers. This service focuses on enabling direct transactions to UPI-linked bank accounts in India, with transfer amounts ranging from QAR 10 to QAR 4,000 for a nominal flat fee. This collaboration not…

The Economic Times

How India's digital infrastructure opened global markets to Indian investors

Indian residents' outward remittances have significantly increased, reaching a record USD 31.73 billion by FY2023-24. Digital reforms and infrastructure upgrades have streamlined the process for investing abroad. Online Form A2 submissions and remote identification now allow faster transactions. Recent changes have removed value caps and widened permissible remittance purposes. These…

The Economic Times

Independence Day 2026: The road to UPI — India’s payments revolution was centuries in the making

India’s payments ecosystem has evolved dramatically, from hundis and merchant networks that moved value across long distances to formal banking, electronic transfers and the digital infrastructure behind UPI. Each technological leap solved the same fundamental challenge: enabling money to travel securely and efficiently without physically moving cash from one place…

The Economic Times

Man loses Rs 9,800 after scratching a fake UPI cashback card; consumer commission orders Federal Bank to pay 17,800; know why

A man lost Rs 9,854 after falling for a fake UPI cashback scratch card scam. Federal Bank initially refunded the amount as required under RBI guidelines, then quietly reversed the credit weeks later, blaming the customer. A Kerala consumer commission has now ordered the bank to restore the full amount…

The Economic Times

India won political freedom in 1947. Financial freedom is the next frontier

Navneet Munot, MD and CEO of HDFC AMC, writes on how Indian households are building financial freedom through capital markets, UPI, and systematic investment plans. With mutual fund assets crossing Rs 82 lakh crore and strong domestic flows, Indian investors are steadily securing their future, one SIP at a time.

The Economic Times

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The Economic Times

Travelling to Sri Lanka? Indian tourists can now save 20% on PickMe rides with UPI payments

Indian tourists can now enjoy a flat twenty percent discount on PickMe rides in Sri Lanka. This offer is valid for rides paid for using UPI, up to a limit of seven hundred fifty Sri Lankan rupees. The initiative aims to encourage digital payments and reduce cash reliance for Indian…

The Economic Times

Slice posts Q1 profit of Rs 51 crore as banking pivot gathers pace

Slice’s Q1 results come as the company explores a $50-100 million fundraise at a valuation below $1 billion, ET reported in April. If completed, the round would mark a drop from its last-known $1.3 billion valuation, as Slice expands its digital banking business across lending, deposits and UPI-led payments.

The Economic Times

RBI Governor Malhotra outlines which Indian banks will win the AI era

RBI Governor Sanjay Malhotra said banks that succeed in the AI era will be those that understand the technology they deploy and maintain clear accountability for its outcomes, rather than simply adopting AI faster. Speaking at FIBAC 2026, he said AI will reshape risk assessment, customer service, capital pricing and…

The Economic Times

Indian diaspora could be UPI’s ticket to the global payments map

NPCI plans to expand UPI internationally by targeting countries with large Indian diaspora populations, with CEO Dilip Asbe saying it could enter 15-20 markets over the next decade. NPCI is in talks with Japan, Malaysia and Bahrain, while exploring AI-enabled payments and building on UPI’s presence in nine countries.

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The Economic Times

UPI to remain free for users; nominal MDR may apply to select merchant transactions

Consumers will not face any charges for UPI payments. Most merchant transactions will also remain free of cost. Any future charges will apply to limited merchant transactions above a threshold. This move aims to ensure UPI's long-term sustainability and technological advancement. The government stated UPI will remain free for citizens.

The Economic Times

PhonePe, Razorpay chiefs say UPI will stay free for users, back sustainable model

PhonePe and Razorpay leaders affirmed UPI payments will stay free for consumers. They support sustainable revenue models for payment infrastructure and businesses. Larger businesses may face merchant charges, while small merchants remain exempt. This follows parliamentary approval to allow charges on digital payment modes. Future charges will be borne by…

The Economic Times

Withdrawal of zero MDR may jeopardise one of India’s most successful public policy innovations

The Payment and Settlement Systems Amendment Bill has revived debate over MDR on UPI. While charges could support banks and fintech firms, the article argues they may burden small merchants, weaken financial inclusion and undermine the affordability behind UPI’s growth.

The Economic Times

Payments Council backs UPI merchant charges, says users, small businesses will remain exempt

PCI said small merchants, including kirana stores, should not be charged for accepting UPI payments. Any merchant service charge would be a commercial arrangement between merchants and payment providers, not a charge on customers.

The Economic Times

UPI to remain free for consumers, says Payments Council of India

The Payments Council of India clarified UPI transactions will remain free for consumers. Small merchants, including kirana stores, will also not face charges for digital payments. This assurance addresses concerns about potential merchant fees within the digital payments ecosystem. Banks and payment providers have invested heavily in maintaining the UPI…

The Economic Times

India must not rewrite its UPI policies under US pressure: GTRI

India's UPI policies should not be altered due to United States pressure. A think tank advises defending competition and policy autonomy for the payments ecosystem. Recent legislation allows charges on UPI and other electronic payment modes. This change follows criticism from the US Trade Representative's report. India should maintain data…

The Economic Times

FM says MDR on UPI applies to merchants, not customers; fintechs, banks will invest more on security

Finance Minister Nirmala Sitharaman stated Merchant Discount Rate applies to merchants, not customers. This charge will support banks and fintech companies in infrastructure investment. A committee will decide on MDR after Parliament passes a taxation bill. The bill provides legal backing to modify the zero-MDR framework for digital payments. This…

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