UPI platforms

News and Trends

UPI Transaction Value Reaches INR 130.19 Trillion in Second Half of 2024: Report

This rapid growth reflects India's shift towards a cashless economy, driven by deeper digital penetration and changing consumer behaviour

News and Trends

UPI is Now India's Favorite Payment System With 83% Share in Digital Payments: Report

UPI's contribution to digital payment volumes skyrocketed from 34 per cent in 2019 to 83 per cent in 2024, reflecting a compound annual growth rate (CAGR) of 74 per cent over five years

Technology

How the Affluent Use Their Money In India

A median user manages 27 bills annually, in addition to spending on lifestyle needs directly from their bank accounts, as per a report by CRED, a technology company.

News and Trends

India's Digital Payment Ecosystem Reaches New Heights in December 2024: Report

The exponential growth in digital payments in India can be attributed to several factors, including government initiatives like the "Digital India" campaign, convenience and security features, and expanding digital infrastructure.

News and Trends

How Digital Payments Are Transforming the Indian Festive Season Shopping

The festive season sales have reflected an extraordinary rise in consumer spending, with early estimates suggesting that sales from September 26th to 28th alone crossed INR 26,500 crore

News and Trends

The Role of Digital Payment Infrastructures in MSME Growth

Around 80 per cent of MSMEs reported positive impacts from adopting digital technology, with Aadhaar banking and UPI being the most utilized services at the last mile.

News and Trends

India's Fintech in Promising Place But Needs to Prepare For Decade Ahead: GFF & BCG Report

The report states that Generative AI and API-based open architecture are key drivers of future growth with applications ranging from customer service automation to fraud detection, fintech is exploring strategic international expansion.

News and Trends

Driving Financial Inclusion: NPST's Role in India's Digital Revolution

The digital ecosystem in India, especially in Finance has seen growth due to various factors. The government's push towards mass digitalization, increase in internet penetration, and digital transformation enablers help integrate these technologies.

News and Trends

'Innovation' is driving the Fintech Revolution in India

Indian regulators such as the Securities and Exchange Board of India and the Reserve Bank of India have constantly embraced innovation in the finance and fintech space, paving the way for a mature economy.

News and Trends

India's First UPI-ATM Launched for Hassle-free and Card-less Cash Withdrawals

With the UPI ATMs, any bank customer can experience the convenience of QR-based cash withdrawals.

News and Trends

4 UPI Features Unveiled by the RBI Governor

Developed by the National Payments Corporation of India (NPCI), the features include credit lines on UPI, UPI Lite X, Tap and Pay, and conversational payments.

News and Trends

SBI Introduces UPI Interoperability On CBDC App

The move aims to deliver unprecedented convenience and accessibility to its customers

News and Trends

Universal Postal Union To Evaluate UPI

Ashwini Vaishnaw shared the transformation of the post offices into a digitally powered network, capable of doorstep delivery of government services in remote areas

News and Trends

UPI Dominates Digital Transactions In 2022 Worth INR 126 Lakh Crore: Worldline Report

India's flagship payment platform Unified Payments Interface (UPI) continued to be the most dominant channel for digital payments in 2022 with a 70% increase in the number of transactions to 74 billion and a 54% increase in the value, stated the report

News and Trends

Government May Consider 0.3% Fee To Ensure Financial Viability of UPI: Report

The report also stated that the facilitation fee of 0.3% can generate around INR 5,000 crore in 2023-24