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June 12, 2025
On the web
Paytm Shares Plunge 10% as Government Denies MDR on UPI
NewsBytes
"Shares of One97 Communications, the parent company of digital payments platform Paytm, fell by as much as 10% on Thursday. The decline came after the Finance Ministry rejected rumors about the possible introduction of a Merchant Discount Rate (MDR) for Unified Payments Interface (UPI) transactions. The ministry called such reports "baseless and sensational speculations" that create unnecessary uncertainty among citizens."
June 11, 2025
On the web
Will UPI Transactions Be Costly? Govt May Consider Charges on Payment Above This Amount
India TV News
"The Payments Council of India (PCI) has suggested a 0.3 per cent MDR for big merchants. Currently, credit and debit cards have an MDR of 0.9 per cent to 2 per cent, but RuPay cards are exempt from this."
June 6, 2025
On the web
India Leads in Remittances - But Trump’s Tax Could Deal a Blow
BBC
"Tucked deep in Donald Trump's sprawling "One, Big, Beautiful Bill Act" is a clause that could quietly take billions from money sent abroad. It proposes a 3.5% tax on remittances sent abroad by foreign workers, including green card holders and temporary visa workers such as those on H-1B visas. For India - the world's top remittance recipient - the implications are serious, say experts."
June 5, 2025
On the web
Wise Gets RBI Nod for Cross-Border Payment Aggregation in India
IBS Intelligence
"Global FinTech Wise has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Cross Border for export transactions. The approval marks a significant step in Wise’s deepening commitment to India’s fast-growing cross-border payments landscape."
May 29, 2025
On the web
Reserve Bank of India to Roll Out New Use Cases for Digital Rupee
Cointelegraph
"The Reserve Bank of India (RBI) is set to broaden the reach of its digital rupee pilots by introducing new use cases and features for both its retail and wholesale central bank digital currencies (CBDCs), according to the central bank’s Annual Report for 2024–25. The central bank said it aims to explore programmability and offline capabilities for the digital rupee, features that may increase its applicability in areas with limited internet access and tailor payments for specific use cases such as government subsidies or corporate spending controls."
May 19, 2025
On the web
BharatPe App Launches UPI Rewards Plan: How to Earn Zillion Rewards on All Qualified UPI Transactions
Content Media Solution
"BharatPe has launched Zillion Rewards, a pioneering UPI loyalty program that offers guaranteed, transparent rewards on all qualified transactions. Designed to enhance user experience, this industry-leading program allows users to earn “Zillion Coins” on UPI payments via the BharatPe app, incentivising everyday transactions."
May 12, 2025
On the web
FamApp Overtakes Amazon Pay In April’s UPI Count, PhonePe Continues To Lead
Inc42 Media
"FamApp By Trio (erstwhile FamPay) surpassed Amazon Pay to become the eighth biggest Unified Payment Interface (UPI) player in April. The month of April saw a marginal decline of 2.2% in the UPI transactions. Maintaining the domination streak, PhonePe and Google Pay continued to hold the duopoly in the UPI market."
April 29, 2025
On the web
Indian Authorities Keen to Charge Merchants Fees to Bolster Homegrown Payments Network, Sources Say
MarketScreener
"India's payments authority, the central bank, and industry are pushing the government to allow a fee on digital payments to large merchants made via its homegrown network to help boost growth, five sources told Reuters. The charge, known as Merchant Discount Rate (MDR), is considered crucial to boosting investment for payments firms, and reviving slowing growth in payments made via the Unified Payments Interface (UPI), India's own network, the sources said. "
April 28, 2025
On the web
NPCI’s Netbanking 2.0 Looks to Replicate UPI Success, but Challenges Loom
Policy Circle
"The National Payments Corporation of India is set to give the net banking system a major makeover, aiming to replicate the revolutionary success of Unified Payments Interface and make online transactions even easier for users. The ambitious project, called Netbanking 2.0, is being spearheaded by NPCI’s subsidiary, NPCI Bharat BillPay Ltd, and is expected to go live within the next three to four months. Trial runs have already been completed."
April 22, 2025
On the web
Fast Payments in Action: Emerging Lessons From Brazil and India
Atlantic Council
"As the rise of instant payment systems transforms the global financial sector, more governments are considering launching their own central bank-led immediate payment systems. Pix and Unified Payments Interface (UPI), Brazil and India’s respective instant payment systems, provide two key lessons for governments interested in implementing new fast or immediate payment systems."
April 16, 2025
On the web
Air India Adopts Agentic AI to Enhance Customer Experience
APAC Media
"Leveraging agentic AI, Air India has gone live with Agentforce to automate its core customer service processes. Refund requests often require multiple handoffs between Air India ‘s contact centre, the refunds team and the customer. This often slows down the resolution process. Air India is now reimagining this process through the adoption of agentic AI. The solution streamlines and accelerates the end-to-end handling of such requests."
April 10, 2025
On the web
RBI Eases UPI Rules To Enable High-Value Merchant Payments [India]
IBS Intelligence
"The Reserve Bank of India has introduced a significant update to its Unified Payments Interface (UPI) framework by allowing banks and payment service providers more control over transaction limits for in-person payments at merchant outlets. Under the new guidelines, financial institutions can set their transaction caps for UPI-based payments at physical stores, provided they stay within the overarching limit defined by the RBI."
April 9, 2025
On the web
NPST Secures Multi-Year Contract from Central Bank of India to Scale Offline Payment Acceptance Network
NPST
"NPST, India’s leading provider of banking and payment technology solutions, has secured a strategic multi-year contract from the Central Bank of India to deploy its flagship Qynx platform—an industry-leading Payment Platform-as-a-Service (PPaaS) offering designed to scale offline payment acceptance across the country."
April 3, 2025
On the web
NPCI Developing 'Federated Model' to Counter Fraud Transactions Using UPI
The Times of India
"The National Payments Corporation of India (NPCI) is piloting a 'federated model' in collaboration with banks to eliminate frauds using Unified Payments Interface (UPI) transactions. India's umbrella organisation for operating retail payments and settlement systems is also leveraging on Artificial Intelligence (AI) and Machine Learning (ML) tools to detect suspicious transactions through UPI."
Reserve Bank of India Raises ATM Fees
ATM Marketplace
"The Reserve Bank of India has raised the interchange fee for ATMs, raising them from 21 rupees to 23 rupees, an increase of about 2 cents, according to a report by Times of India. However, customers will be allowed five free ATM transactions per month at their bank, and three transactions at other bank ATMs in metro areas, and five in non-metro areas. This increase will take place on May 1."
India’s Credit Card Spend Slumps to 7-Month Low as Tax Season Squeezes
IBS Intelligence
"Credit card spending in India declined in February 2025, in line with historical trends. The latest industry data reveals a 9% month-on-month (MoM) drop in total card spending to Rs 1,672 billion ($19.52 billion), marking the lowest spending levels in seven months. However, on a year-on-year (YoY) basis, spending showed a 12% increase, albeit at a slower pace compared to previous months."
April 2, 2025
On the web
New UPI Rule Starting April 1: Here’s What’s Changing
MSN
"National Payments Corporation of India (NPCI) has issued an addendum to its previous circular on the Numeric UPI ID solution, introducing new guidelines to increase interoperability and customer experience for UPI number-based payments. These will be effective from April 1, 2025, and must be followed by UPI member banks, UPI apps, and third-party app providers (TPAPs)."
March 28, 2025
On the web
India Pushes To Ease International Payments Through Homegrown Network to Rival Visa, Mastercard
Yahoo Finance
"India is asking the Financial Action Task Force (FATF) to reduce compliance requirements for cross-border payments made through its homegrown system. Launched in 2016, the Unified Payment Interface (UPI) accounted for 83% of India's digital payments volume in 2024. The government wants to increase the use of its own payments network by Indians travelling abroad, which could make the global cross-border payments market more competitive."
March 27, 2025
On the web
India’s Digital Payments Face Sustainability Test as Zero MDR Bites
IBS Intelligence
"Zero MDR (Merchant Discount Rate) Policy refers to the government’s directive that payment service providers cannot charge merchants any fee (MDR) on transactions made through certain digital payment methods, such as UPI and RuPay debit cards. While this policy encourages digital payment adoption among small businesses by making transactions free for them, it has raised concerns about the sustainability of payment service providers."
On the wires
India’s Axis Bank, J.P. Morgan Roll Out Anytime Dollar Payments for Clients
Reuters
"India's Axis Bank has partnered with J.P. Morgan to offer real-time U.S. dollar payment capabilities to commercial clients in the country, facilitated by Kinexys, the U.S-based lender's blockchain and digital assets unit. This is the first instance where an Indian company will have the flexibility to make or receive dollar payments at any time, J.P. Morgan said."
March 20, 2025
On the web
India’s Fraud Risks Rise, But Gen AI Could Be the Game-Changer, Study Shows
IBS Intelligence
"India’s financial sector is witnessing a paradigm shift in fraud prevention, driven by the rapid adoption of Generative AI. As digital transactions surge and cyber threats grow more sophisticated, Experian’s latest report highlights how Indian banks and FinTech are leveraging GenAI to bolster security, with India emerging as a key player in the adoption of GenAI-powered fraud detection systems."
March 14, 2025
On the web
Rise of Digital Wallets Integrating Payments and Digital Identities Across Asia
Biometric Update
Digital payment wallets are advancing financial transactions, with China’s Alipay and WeChat Pay, India’s Paytm and PhonePe, and Indonesia’s GoPay leading the way in mobile payments. Some countries are now linking digital identity and payments, including China Alipay’s digital ID integration, Singapore SingPass’ financial services extension, and India’s Aadhaar-linked united payment interface (UPI) wallets to create a single digital landscape.
March 11, 2025
On the web
Government Weighs Return of Merchant Charges on UPI, RuPay
MSN
"The government is considering a proposal to bring back merchant charges on Unified Payments Interface (UPI)-based transactions and RuPay-powered debit cards, said two senior bankers in the know. No MDR is currently levied on transactions using UPI and RuPay debit cards that are facilitated by retail payments network National Payments Corporation of India."
March 7, 2025
On the web
RBI Strengthens Payment Systems Oversight With Revised Penalties
Law.asia
"The Reserve Bank of India (RBI) has introduced a comprehensive framework for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act, 2007, aiming to bolster regulatory compliance within the digital payments landscape."
March 6, 2025
On the web
Banks Discuss Swift Move to New System [India]
The Economic Times
"Indian banks are collaborating with the international messaging system SWIFT to migrate to the ISO 20022 instant settlement system by November 25. Only four Indian banks have made partial transitions, prompting discussions for smoother transitions and potential deadline extensions. SWIFT encourages expedited adoption, with possible penalties for non-compliance after the global deadline."
March 3, 2025
On the wires
Paypal-Backed Mintoak Strikes India’s First E-Rupee Related Deal, Worth $3.5 Million, Sources Say
Reuters
"Indian startup Mintoak, which provides merchant payment services to lenders, said on Tuesday it has bought Digiledge, marking the first acquisition in the nascent central bank digital currency space in a deal that sources said was worth around $3.5 million."
February 28, 2025
On the web
16% of Card Spends Happen on RuPay, Half of It on Credit via UPI: NPCI
Business Standard
""Almost 16 per cent of total credit card spends are happening on RuPay now and 50 per cent of that is happening on UPI. Over 30 banks are issuing RuPay cards," NPCI chief Dilip Asbe said."
February 10, 2025
On the web
Trust Bank and TerraPay Launch First-of-its-Kind International Payment Solution for Bangladeshi Students Going Abroad to Study
PR Newswire
"Trust Bank, a commercial bank in Bangladesh and TerraPay, a global money movement company, have partnered to offer an innovative payment solution for students in Bangladesh. This collaboration provides students and families a streamlined solution to pay tuition fees and manage living expenses abroad without delays associated with traditional processes."
India’s Banking On the bank.in Domain Cleaning Up Its Financial Services Sector
The Register
"India’s Reserve Bank announced a plan to use adopt dedicated second-level domains – bank.in and fin.in – in the hope it improves trust in the financial services sector. The reserve bank also decided that it would require two factor authentication for cross-border card-not-present transactions, which should also help to address some fraud."
February 3, 2025
On the web
India, Russia in ‘Active Discussion’ Over RuPay & MIR Mutual Transactions
The Print
"In a significant move, India and Russia are in negotiation over the use of their respective payment systems, RuPay and MIR, in both countries, as Moscow continues to face Western sanctions over its banking systems since the start of the war with Ukraine in February 2022."
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