UPI FEE
Grey zone in Indian payment laws: Crypto goes shopping in rupee using QR-linked loophole
Unified payments interface is now being used for buying cryptocurrencies through applications like goat.cash. Consumers can conveniently convert their cryptocurrencies, such as USD Coins, to pay vendors for goods. This involves scanning QR codes and entering necessary details, which facilitates quick transactions. Intermediaries help complete the process by converting USDC to rupees for vendors. Additionally, stable coins often trade at a premium within the Indian market.
NPCI defends MDR charges in SC, says merchants can't pass on them to customers
The top court on September 28 had sought responses from the Centre and others, including the NPCI, on a petition challenging the decision to impose an MDR on specified UPI person-to-merchant transactions above Rs 2,000.
Government giving Rs 8,000 as diwali bonus? PIB responds to viral claim
The Press Information Bureau issued a warning about fraudulent WhatsApp messages claiming an Rs 8,000 Diwali bonus. These messages ask recipients to click on links to access a fake payment website. The messages aim to collect personal information and trick users into unauthorized transactions. Citizens are advised to verify such claims through official government websites and not to respond to suspicious messages.
Lighting lives beyond Diwali: How everyday Indians are making a difference through giving
An RBI officer, a Bengaluru retailer, a safari lodge owner and a 24-year-old money coach tell us how giving a little, steadily, lights someone else’s life, long after Diwali.
Paytm targets one-third UPI market share as Sharma steps up consumer acquisition
Paytm currently accounts for about 8.1% of UPI transaction volumes, behind PhonePe's 45.6% and Google Pay's 32.2%, according to September data from the National Payments Corporation of India.
Mochatrade raises $5.5 million to bring US stock trading closer to Indian traders
Mochatrade has raised $5.5 million in funding to enhance its trading platform for Indian users. The platform allows users to trade US stocks without needing a US brokerage account. It also permits Indian traders to manage funds in rupees, simplifying the entire trading experience. Future plans include introducing contracts linked to pre-IPO companies and other features.
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Paytm Q2 Results: Profit rockets 976% YoY to Rs 226 crore, revenue jumps 28%
Paytm Q2 Results: Fintech major Paytm on Monday reported 976% year-on-year (YoY) growth in its consolidated net profit at Rs 226 crore. The same stood at Rs 21 crore in the year-ago quarter. Revenue from operations in the reporting period rose 28% YoY to Rs 2,648 crore.
Rs 98,000 curd: Bengaluru woman orders curd on blinkit, receives damaged packet, calls customer care number found online and loses Rs 98,000
A 56-year-old Bengaluru woman allegedly lost Rs 98,000 after ordering curd on Blinkit and finding the packet damaged. Her search for a customer care number led her to fraudsters posing as support representatives, who sent a WhatsApp link and guided her through a process that ended with money debited from her bank account.
7 discount, cashback credit cards for online festive shopping in 2026: One of them is lifetime free
Most of us will engage in festive shopping, making credit cards an appealing choice for discounts and cashback offers. But before choosing a card, analyse fees, rewards, and conditions on cashback. Check these 7 credit cards that are offering up to 10% cashback on online shopping, among other offers. These cards also have a low joining fee and one of them is lifetime free.
Bond investing: 5 online platforms where you can easily open online account and invest in bonds
Many investors are exploring high-yield bonds to secure consistent income through various platforms like Paisabazaar, IndiaBonds, Jiraaf, Grip Invest, and Bondbazaar. Each of these services presents a distinct approach for bond investment. It's crucial for investors to assess bonds based on their credit quality and associated risks, rather than merely their returns. By making informed choices, ongoing bond investments can help solidify long-term financial objectives.
MHA warns of fake welfare scheme ads using deepfake videos of PM Modi, CMs and ministers
The Ministry of Home Affairs has issued a warning concerning increasing financial frauds through deepfake videos. These scams involve fraudulent advertisements impersonating political leaders like Prime Minister Narendra Modi and Union minister Nirmala Sitharaman. Victims often receive calls from international numbers claiming they have won welfare benefits or cashback rewards. They are led to make repeated payments before receiving any promised funds or rewards.
I4C warns of rising financial fraud involving deepfake PM Modi videos, fake welfare schemes, cashback scams
The Indian Cyber Crime Coordination Centre has warned about rising fraudulent advertisements on social media platforms. These deceptive ads feature manipulated videos of public officials and promote non-existent welfare schemes. Victims are lured with false promises of financial rewards, which leads to significant financial losses. The advisory encourages individuals to verify any claims related to government schemes through official sources.
Flipkart-backed Super.money’s FY26 revenue triples to Rs 292 crore but loss widens 78%
Consumer-facing UPI apps such as Super.money spend heavily on marketing to acquire customers before monetising them through credit and commerce. The company’s total income rose to Rs 293.3 crore from Rs 94 crore in FY25, while expenses more than doubled to Rs 557.1 crore, filings with the Ministry of Corporate Affairs (MCA) showed.
'Twelve years, 12 questions': Akhilesh Yadav targets Centre on banking problems in India
Akhilesh Yadav has posed twelve significant questions to the Centre about the current state of the banking sector. His concerns highlight issues like bank privatisation, high fees, and the challenges faced by customers. He queries the closure of rural branches and the accessibility of loans for young borrowers and small traders. Yadav also addresses cyber fraud, loan interest rates, and the pressure on bank employees affecting customer service.
UPI MDR rollout pushed; India’s first quantum computer coming soon
Happy Wednesday! The implementation of MDR on select UPI payments has been deferred beyond Diwali. This and more in today’s ETtech Morning Dispatch.
UPI MDR rollout deferred beyond Diwali; date yet to be notified
NPCI framework, announced on September 15, was scheduled to take effect on October 15. It prescribed a 0.4% fee on eligible bank account-funded merchant payments above Rs 2,000, capped at Rs 300 per transaction.
UPI MDR rollout delayed; Rs 7,131 crore RDI deployment
NPCI has pushed back the UPI MDR rollout until after the festive season. This and more in today's ETtech Top 5.
UPI MDR rollout deferred until after Diwali
UPI MDR charges on eligible merchant transactions above Rs 2,000 have been deferred until after Diwali, with the exact implementation date yet to be announced. The proposed 40-basis-point merchant discount rate will leave more than 95% of UPI merchant transactions by volume free. The pricing change aims to generate revenue for banks and payment companies amid rising digital payments infrastructure costs.
Paytm, Pine Labs, Mobikwik shares crash up to 7% as UPI MPR fee rollout delayed beyond Diwali
Shares of Paytm, Pine Labs dropped after NPCI delayed the rollout of merchant discount rate (MDR) fees on select UPI transactions beyond Diwali. The rollout, earlier scheduled for October 15, was expected to boost fintech companies’ earnings during the festive season. NPCI said the revised implementation date would be communicated to stakeholders soon.
Air India student offer: How to get 10% flat discount on tickets and up to Rs 1,000 extra off on direct bookings
For all students planning their next trip, Air India is now offering a generous 10% discount on eligible domestic fares! This special promotion is available for bookings made before October 20, 2026. Be sure to use the promo code UPIPROMO during online reservations for extra savings. Just a reminder, students must show valid documents at check-in to validate their eligibility.
IIT-Bombay study bats to cut MDR to 0.08 pc from 0.4 pc, exclude banks from taking bulk share
A report by IIT-Bombay professors recommends reducing the Merchant Discount Rate for UPI transactions to improve the ecosystem. The current rate of 0.40 percent should decrease to 0.08 percent for third-party application providers. Additionally, the study suggests that banks should not depend on transaction fees but use funds from CASA deposits. It emphasizes the development of necessary services to enhance trust in digital payments.
UPI MDR framework needs rationalisation to protect public trust: Report
UPI, a public digital infrastructure, has generated significant convenience for users and productivity gains for the economy, with its long-term economic benefits outweighing the incremental income that could accrue from merchant transaction fees, the report titled 'UPI at a Crossroads: Reintroducing the MDR' released by IIT Bombay said.
UPI MDR framework needs rationalisation to protect public trust: IIT Bombay report
The report cautioned that public trust in UPI could be undermined if the proposed MDR framework is implemented in its present form, stressing the need to ensure that the digital payments platform does not attract negative sentiment among users.
Keep UPI free, govt should withdraw proposed charges: GTRI
The Global Trade Research Initiative has urged the government to withdraw the proposed UPI charges set for October 15. Introducing fees on UPI transactions may adversely affect small businesses and consumer spending. Maintaining free UPI supports broader digital payments and benefits banks and payment apps. The anticipated changes could lead to higher prices for consumers and reduced earnings for merchants.
Paytm shares crash 10%, wipe off Rs 10,970 crore from m-cap. More pain ahead?
Paytm shares crashed on Wednesday after reports suggested a possible delay in the rollout of UPI MDR. Analysts said the stock faces immediate support at Rs 1,560-1,550, while a decisive break below could trigger further selling.
UPI MDR rollout may be deferred beyond festive season to Jan 1; shares fall: Report
UPI MDR rollout: A proposal is under consideration to delay the implementation of Merchant Discount Rates for Unified Payments Interface. This decision is expected to relieve retailers during the festive season and was initially set for October 15. Recent protests by traders against MDR introduction led to consultations among industry stakeholders. Payment aggregators like Paytm and Mobikwik saw significant share declines due to this news.
Paytm, Mobikwik, Pine Labs shares crash up to 10%. What’s behind the sharp plunge?
Paytm, Mobikwik and Pine Labs shares fall sharply as reports of a possible delay in UPI MDR implementation raise concerns over the fintech companies’ expected benefits from the new fee structure.
MDR a small fee, will not have major impact on UPI volumes: RBI Guv Malhotra
Sanjay Malhotra, the Governor of the Reserve Bank of India, commented on the impact of MDR fees on UPI transactions. He expressed confidence that transaction volumes will remain stable despite the new fee structure. Additionally, Malhotra discussed strong credit growth and its positive effects on economic activity. He reassured that the adverse effects on asset quality in non-bank lenders are not expected.
UPI volume rises 27% to touch 145 billion in first half of FY27
This is against UPI volume 114 billion in during the April-September quarter of the previous financial year, according to data released by the National Payments Corporation of India (NPCI).
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