UNIFIED PAYMENTS INTERFACE
Regulations slow growth but reward patient founders: Razorpay’s Harshil Mathur at YC Startup School
Razorpay CEO Harshil Mathur highlighted the advantages of operating in regulated spaces, noting the company's explosive growth in India's payments market, now exceeding $180 billion in volume. He shared early challenges, including a bank pulling support, but emphasized how adaptability, like embracing UPI, fueled their success, especially during the pandemic's D2C boom.
Beyond KYC: Why digital trust needs real-time intelligence
Ashok Hariharan of IDfy argues that digital trust must evolve beyond one-time KYC to continuous, intelligence-led risk assessment across the customer lifecycle.
From Rs 20 chai transactions to Rs 285 lakh crore flows; UPI marks a decade of India's payments revolution
In the last 10 years, UPI has registered a 12,000-fold surge in volume and over 4,000 times increase in value — that's 17.86 million transactions worth Rs 6,952 crore in FY17 to 218.98 billion transactions valued at nearly Rs 285 lakh crore in FY26 (April-February). Besides India, it is live in eight countries and has rolled out innovations such as ATM withdrawals and Lite payments. While policy initiatives, like MDR waivers and the Payments Infrastructure Development Fund, have deepened reach, value-added services are expected to drive the next growth phase.
India mulls payment lags, checks for senior citizens as digital fraud rises, RBI paper shows
The Reserve Bank of India is proposing new rules to combat rising online fraud. High-value digital payments may face a one-hour delay. Extra checks are planned for transactions by citizens aged 70 and above. These measures aim to protect customers from sophisticated scams and financial losses. The central bank is seeking public feedback on these proposals.
EPFO 3.0 withdrawal rules explained: When can EPF members withdraw their PF corpus through UPI?
EPFO is set to launch EPFO 3.0, enabling UPI withdrawals and simplifying fund access for members. New rules consolidate withdrawal provisions into three categories: essential, housing, and special needs. Members can now withdraw up to 75% of their balance anytime, including employer contributions, offering greater flexibility for emergencies and life events.
Digital lender Kreditbee in unicorn club with $280 million at $1.5 billion valuation
Digital lending firm Kreditbee has raised $280 million, becoming a unicorn with a $1.5 billion valuation. This funding marks their last private round before a planned public listing. The company is awaiting regulatory approval for its initial public offering. Kreditbee has expanded its offerings and is investing in new technology.
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No cash at toll plazas from April 10; UPI payments to cost 1.25 times more
From April 10, cash payments at national highway toll plazas will stop. FASTag remains the primary method for toll collection. Vehicles without a valid FASTag can pay using UPI. However, this UPI payment will be 1.25 times the standard toll fee. This change aims to reduce queues and improve highway travel for commuters.
India's tech hiring chills; Polymarket's IPL bet
Happy Tuesday! The tech sector is seeing a slowdown in hiring driven by internal cost controls. This and more in today's ETtech Morning Dispatch.
India Post Payments Bank opened accounts without mobile verification: Report
A CAG report has highlighted significant issues at India Post Payments Bank. Accounts were opened without proper mobile number verification, and multiple customers were linked to a single number. The bank also experienced widespread account dormancy and a high rate of declined UPI transactions.
UPI achieves nearly 23 billion transactions in March: DFS
Transaction through the Unified Payments Interface (UPI) touched a record high of 22.64 billion in volume terms in March. In volume terms, 22.64 billion transactions were carried during the month as compared to 18.3 billion a year ago, posting a growth of 24%.
UPI growth stays relentless with 22.64 billion March transactions, says Department of Financial Services
Unified Payments Interface, or UPI, achieved 22.64 billion transactions in March 2026. This shows continued growth in digital payments across India. The total transaction value also increased significantly. UPI's daily transaction count and value saw a rise. Digital payments experienced strong year-on-year growth. India is transforming how it transacts.
Is UPI down? SBI, UCO Bank, other bank users report payment issues
SBI UPI down: Downdetector shows a steep jump in the number of complaints, including over 500 payment issue-related complaints reports for State Bank of India.
IT rules could get tougher; Rubrik’s big India play
Happy Wednesday! Experts have raised concerns over the proposed amendments to the IT rules. This and more in today’s ETtech Morning Dispatch.
UPI processes 218.6 billion transactions till February in FY26; value at Rs 285 lakh crore
January recorded the highest volume with 21.7 billion transactions, followed by December and October with 21.6 billion and 20.7 billion transactions, respectively. In value terms too, January led with Rs 28.33 lakh crore, driven by strong year-end and festive spending momentum.
Zetwerk's IPO filing; UPI FY26 scorecard
B2B startup Zetwerk has filed a confidential prospectus with the markets regulator for a public listing. This and more in today's ETtech Top 5.
ATM rules changing from April 1, 2026: Check HDFC Bank, PNB and Bandhan Bank’s UPI, cash withdrawal limits, revised fees
ATM rules from April 1, 2026: Several Indian banks, including HDFC, PNB, and Bandhan Bank, are implementing changes to ATM withdrawal policies effective April 1, 2026. These modifications involve UPI withdrawal limits, daily withdrawal caps on specific debit cards, and revised free transaction counts.
Bajaj Finserv's AI push; Govt's UPI fix
Bajaj Finserv chairman Sanjiv Bajaj says the company will launch a dedicated fund for AI startups. This and more in today's ETtech Top 5.
UPI cleanup drive: Govt asks banks, NPCI to curb failures, boost success rates
With the digital payment landscape in India experiencing rapid growth, there is a growing call for banks to partner with the National Payments Corporation of India to address the rising number of unsuccessful Unified Payments Interface transactions. This collaboration aims to fortify user trust in the system as smaller banks struggle with increased errors and transaction failures.
UPI, RuPay subsidy shrinks to Rs 8,000 crore over four years
The digital payments industry has received about Rs 8,000 crore in subsidy payments over four years for UPI and RuPay debit card payments, against a higher allocation. The government removed MDR on these payments, and the fintech industry is yet to receive FY26 payouts, amid concerns over costs, slowdown and future growth.
Centre's policies, Jio leadership to usher India into intelligence-based economy: JPL's Mathew Oommen
India is poised to lead in the intelligence economy. Government policies, Reliance Jio's leadership under Akash Ambani, and the nation's youth will drive this transformation. New digital rails, similar to UPI, will be built. Telecom operators will evolve into intelligence infrastructure providers. This future economy will be distributed, interoperable, resilient, and inclusive, shaping new leaders and businesses.
Forgot your UPI PIN? BHIM app now lets you pay up to Rs 5,000 using fingerprint or face—here’s how
Forget your UPI PIN? BHIM app now allows transactions up to Rs 5,000 using fingerprint or facial recognition. This new biometric authentication feature by NPCI NBSL offers a quicker, simpler, and more secure way to make everyday payments, especially when remembering your PIN is a challenge. It enhances user-friendliness for online, merchant, and peer-to-peer transactions.
Micro dramas fastest-growing video segment, to hit $4.5 billion by 2030: Lumikai
Micro dramas are poised for significant growth, projected to reach $4.5 billion by 2030 with 31% annualised growth. This mobile-first content format is rapidly expanding in India's digital entertainment market, already reaching nearly $300 million in 2025.
Mobikwik appoints Anis Pathan as chief risk officer
In a statement, the company said Pathan will lead the company’s enterprise risk management (ERM) framework, overseeing strategic, financial, operational, cyber, and fraud risks. His role will also involve strengthening controls across Mobikwik’s core payments businesses, including Unified Payments InterfaceFi (UPI), wallet and merchant payments, as well as building systems for fraud prevention and regulatory compliance.
The balance sheet is dead. India just hasn’t buried it yet
India has a once-in-a-generation opportunity to become the first major economy to build a credit system genuinely designed around how MSMEs operate, not around how traditional banking systems assume they should.
India’s fast-growing micro-drama segment faces subscription trust hurdle
India’s fast-growing micro-drama segment may face monetisation challenges as concerns over automatic subscription renewals discourage users from signing up for paid plans, according to industry reports. Many micro-drama apps attract viewers with trial offers priced as low as Re 1. However, subscriptions often renew automatically after the trial period unless users cancel in time.
NPCI counts on Bharat, Northeast to accelerate UPI adoption
As the National Payments Corporation of India (NPCI) grapples with a moderation in growth of the Unified Payments Interface, it is turning its focus to the Hindi heartland and northeastern states to drive the next phase of adoption. NPCI is nudging fintech firms to prioritise states such as Uttar Pradesh, Rajasthan and Madhya Pradesh, along with the northeastern region, where penetration remains relatively low.
UPI in Sri Lanka: NPCI International expands payments for Indian tourists
Indian tourists can now use UPI for payments in Sri Lanka. This initiative by NPCI International Payments Limited enhances cross-border transactions. It supports Sri Lanka's digital economy and strengthens ties between the two nations. Indian visitors can scan LankaQR codes using UPI apps. This reduces the need for cash. The system offers real-time payments and transparent exchange rates for travelers.
What led to PhonePe delaying its IPO? Beyond war, valuation a major concern
PhonePe IPO delayed: PhonePe has postponed its $1.3 billion IPO due to volatile markets, valuation concerns and geopolitical tensions. The Walmart-owned firm, valued at nearly $15 billion, saw investor interest closer to $7 billion. Competition with Paytm and regulatory headwinds also affected its profitability outlook and listing timing.
Top 10 wilful defaulters owe Rs 40,635 crore to banks, ABG Shipyard leads
In a troubling financial forecast, top wilful defaulters are on track to owe banks over Rs 40,000 crore by March 2025, with ABG Shipyard at the forefront. Conversely, the digital payments sector is experiencing explosive growth, having reached an astronomical Rs 849.12 lakh crore in retail transactions by FY25.
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