UPI TRANSACTIONS
Nirmala Sitharaman flags global risks, says PM Modi Govt ensuring supply stability amid crude, Hormuz pressures
Union Finance Minister Nirmala Sitharaman said India faces risks from crude prices, Middle East tensions and Strait of Hormuz disruptions, but Prime Minister Modi's government is ensuring there is "not a supply disruption" for households and the economy. She made the remarks at the Viksit Bharat event in Karnataka on Sunday while laying out India's economic growth story.
FM Nirmala Sitharaman targets Rahul Gandhi, says India's growth story belies Opposition's doom predictions
Responding to Rahul Gandhi's criticisms, Finance Minister Nirmala Sitharaman confidently proclaimed India as the fastest-growing major economy globally. Citing impressive GDP growth rates and IMF support, she argued that the country's economic resilience is undeniable.
RBI plans simpler cross-border payment approvals to boost MSMEs, exporters: EY report
The Reserve Bank of India (RBI) is looking to simplify cross-border payment approvals and reduce regulatory friction for businesses and exporters as part of its Payments Vision 2028, according to an EY report, which identified cross-border payments as a key strategic priority for the next phase of India's digital payments growth.
UPI and AI: 'Buy Rs 500 worth gold if price drops below Rs 16,000/g'; your wish is AI agent's command, and it can make UPI payments at your target price
The P3P AI agent can complete a UPI payment without any human authentication. However, the human still stays in control. Currently, AI agents need a human authentication step, an MPIN, to make any payments. Pine Labs has removed this wall. It builds on UPI’s existing mandate framework - UPI One Time Mandates (OTM) and Reserve Pay.
India has capacity to repay 94% of its foreign debt in a single day, says Devendra Fadnavis
Maharashtra CM Devendra Fadnavis dismissed economic slowdown fears, stating India can repay 94% of foreign debt in a day and has reserves for 11 months of imports. He highlighted India's robust GDP growth, remaining the world's fastest-growing economy despite recession predictions, and its emergence as the fourth-largest economy.
Jhanvi, Riya, Simran: How a woman and agency used multiple names to ‘maid’ off with money from Delhi homes
A woman, using aliases like Jhanvi and Riya, allegedly ran a fake domestic help racket. Families seeking house helps were defrauded after paying advance fees. The scam was uncovered when a maid disappeared from a Delhi home. Police arrested two individuals, including the alleged mastermind, and are investigating further to identify more victims.
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ATMs hungry, but not for more cash
Many Indians face empty ATMs despite ample cash in circulation. This is due to serious disruptions in cash movement. UPI's rapid rise and increased operating costs weaken ATM operators. Banks are also changing withdrawal rules. The government is working on solutions like hybrid ATMs and post office ATMs to improve cash access across India.
India, Nepal launch cross-border remittance mechanism; links UPI, NPI
India and Nepal have launched a new system for money transfers. This links India's UPI with Nepal's NPI. Citizens can now send money instantly using mobile apps. This makes payments easier for travellers and businesses. It also boosts economic ties between the two nations. This initiative enhances financial inclusion and digital integration.
Tap-and-pay takes off; ADIA to trim Lenskart stake
Happy Thursday! Tap-and-pay card usage is on the rise in India despite UPI's dominance. This and more in today’s ETtech Morning Dispatch.
Contactless card payments on the rise as Indian shoppers swipe less, tap more
Indian shoppers are increasingly opting for contactless 'tap-and-pay' card transactions, with estimates suggesting they now account for up to a third of total card swipes. This trend is driven by younger consumers and a preference for speed, as contactless payment infrastructure expands across the country.
12 years of PM Modi: Bold reforms, decisive decisions and political turning points
After 12 years at the helm, Prime Minister Narendra Modi reflects on a transformative journey filled with key reforms that have altered India's economic landscape, from the sweeping GST to the bold move of demonetisation. His tenure has also witnessed pivotal constitutional shifts, notably the revocation of Article 370, which has reshaped regional dynamics.
A new IPO frenzy: Why is Bharat making a beeline for bourses?
Retail chains from smaller Indian towns are planning to raise over Rs 7,000 crore through IPOs. These companies see capital markets as a fast route to fund expansion into growing markets beyond metros. This trend reflects a structural shift in consumption patterns, with emerging Bharat becoming a durable engine of growth for organised retail.
India, Nepal launch UPI-NPI linkage for real-time cross-border remittances
India and Nepal have unveiled a direct payment link between their respective UPI and NPI systems, revolutionizing cross-border remittances. This partnership by NPCI International and NCHL allows instant, secure, and affordable money transfers via mobile numbers or virtual payment addresses, benefiting families and fostering financial inclusion. The initiative aims to strengthen economic ties and simplify transactions for millions.
India's crime rate falls 6%, cybercrime crosses 1 Lakh cases: SBI
India reports a decrease in overall crime, attributed to public investment, digitization, and enhanced surveillance. Cybercrime, however, is on the rise. Crime against women has also seen a reduction. Increased CCTV cameras and integrated command centers contribute to higher crime detection rates. Economic growth benefits from reduced crime.
Citi leverages AI to transform payments, boost efficiency and enhance cross-border transactions
Citi is leveraging AI to revolutionize its payments business, enhancing developer efficiency by up to 40% and streamlining complex cross-border documentation. The financial giant is deploying AI for client servicing and risk management, processing $6 trillion daily. India's sophisticated payment infrastructure, including UPI and the JAM trinity, offers global lessons in real-time, cost-effective transactions.
Saturday bank holiday: Are banks open or closed today on June 6, 2026?
Banks will be open today, June 6, 2026. This is the first Saturday of the month, a regular working day. Bank holidays vary by state, with the RBI issuing an annual calendar. Customers can visit branches for transactions. Online services remain available for convenience. Plan your bank visits accordingly.
BharatPe Flex launched: Pay via UPI now, settle bills later with credit line and up to 45 days of interest-free usage
BharatPe and YES Bank introduce BharatPe Flex, a new credit-on-UPI service. This facility allows eligible users to make UPI payments even without immediate funds. Customers enjoy up to 45 days of interest-free credit. They can repay in full or opt for flexible EMIs from 3 to 12 months.
Mastercard to look beyond card biz; target tier 3 & 4 markets for growth
Mastercard is targeting India's expanding credit-on-UPI market. The company is looking beyond traditional card payments for future growth. Mastercard is focusing on new customer segments and underserved markets. They are also developing solutions for commercial payments. Mastercard aims to be part of all emerging payment technologies.
Tokenisation could be the next big upgrade to India's market plumbing
Tokenisation represents financial assets as digital tokens on programmable blockchains, simplifying ownership and settlement. India's financial market, with high yields and advanced digital infrastructure, is poised to leverage this for global capital access via GIFT City, mirroring past successes in market expansion.
RBI announces UPI launch in Cambodia: What it means for Indian tourists & businesses
Unified Payments Interface (UPI) services are now live in Cambodia, enabling Indian travelers to make QR code-based payments. This collaboration between NPCI International Payments Ltd and Acleda Bank Plc allows interoperability for person-to-merchant transactions, with over 4.5 million Cambodian merchants now enabled.
SBI Card to revise reward point benefits on these credit cards from July 1, 2026; check details
SBI Card is revising reward point programs for PhonePe SBI Credit Cards, effective July 1, 2026. Both PURPLE and SELECT BLACK cardholders will face new monthly caps on reward points for PhonePe and online spends. Additionally, the SELECT BLACK card will exclude several transaction categories from earning rewards.
MUFG’s new India fund; District goes sporting
Happy Tuesday! Japan’s MUFG is doubling down on India just as a new wave of investors moves into the country’s startup market. This and more in today’s ETtech Morning Dispatch.
Indian travellers can now make UPI payments across Cambodia
Indian travellers can now pay in Cambodia using UPI. This new service allows them to scan Cambodia's KHQR code with their UPI apps. Payments are possible at millions of merchant locations. This initiative simplifies transactions for tourists. It also benefits Cambodian businesses by connecting them to Indian consumers.
Unified Lending Interface is a good start. Now comes the hard part
India's new Unified Lending Interface, ULI, promises to fix credit access. However, its true impact depends on fintech companies.
Banks sanction Rs 35,000 cr loans under ECLGS to MSMEs to deal with West Asia crisis
Banks have disbursed Rs 35,000 crore in loans under the Emergency Credit Line Guarantee Scheme. This initiative supports MSMEs and industries affected by the West Asia conflict. The scheme aims to provide crucial liquidity and prevent job losses. It offers additional credit and guarantees to eligible businesses.
UPI processes Rs 29.9 lakh crore in May; transaction volumes hit 23.2 billion
Daily average transaction volumes rose to 748 million in May from 745 million in April, reflecting higher adoption of UPI for retail consumer payments.
UPI transactions soar to record of Rs 29.9 lakh crores in May
Unified Payments Interface transactions reached record highs in May. Summer travel and the IPL fueled this surge. Value and volume of transactions saw significant growth. This indicates strong organic demand and a maturing digital payment ecosystem. Future growth is expected from credit-on-UPI and cross-border transactions.
Banks are cutting credit card perks quietly; Learn how to get more value from your wallet
Many banks have recently reduced credit card rewards, cashback limits, and perks, prompting cardholders to reassess their spending strategies. Experts advise optimising existing cards rather than cancelling them, diversifying across 2–3 cards, and using rewards strategically. Linking RuPay credit cards to UPI can boost benefits on everyday transactions. Ultimately, maximising value depends on understanding card features and aligning spending with reward structures.
Can you use UPI abroad? Here’s what Indian travellers must know about charges, limits and security risks
Indian travellers are increasingly using UPI abroad for convenient payments, but understanding its limitations and risks is crucial. While cheaper than cards in select countries like UAE and Singapore, UPI acceptance is uneven, and backup payment options are essential. Users must be aware of transaction limits, potential failures, and fraud risks.
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