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A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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August 21, 2026
On the web
India Built the World’s Biggest Digital Payments Miracle. Now Comes the Bill
BBC
"For most Indians, paying by Unified Payments Interface (UPI) has become almost absurdly routine. Scan a QR code, tap a few buttons and the money moves instantly. There is no card machine, no cash, and - most importantly - for the user, no visible fee. That may be about to change. India has paved the way for banks and payment companies to charge merchants a fee on UPI transactions, potentially ending a decade-long experiment in free digital payments."
August 18, 2026
On the web
WhatsApp Pay Overtakes Cred and Amazon Pay to Race up the UPI Charts
VARINDIA
"WhatsApp Pay has sharply expanded its presence in India’s UPI market. Its transaction volume was more than twice the 74.6 million transactions recorded in the same month last year. The Meta-owned messaging platform’s payments service is now the eighth-largest UPI app in India by transaction volume. The sharp rise in payments activity comes around 19 months after the National Payments Corporation of India (NPCI) removed restrictions on WhatsApp Pay’s user onboarding in December 2024."
August 14, 2026
On the web
India Expands Test of Digital Rupee
Big News Network
"New Delhi has extended the pilot scheme of Central Bank Digital Currency to two more federally administered territories India has expanded a pilot scheme that uses Central Bank Digital Currency (CBDC) to transfer welfare payments to two federally administered territories, as it races ahead with testing the digital rupee among a wider audience."
August 12, 2026
On the web
UPI Transaction Levy: How India’s Proposed Fee Is Linked to US Trade Concerns
The Kanal
"The Finance Ministry has introduced a Bill that would allow banks and payment system providers to charge fees for UPI and RuPay debit card payments. UPI is used in India because transactions are convenient and generally involve zero transaction charges for users. RuPay is also an Indian card network that has expanded its presence in the domestic payments market. According to the report, US payment companies Visa and Mastercard raised concerns about the loss of business as Indian consumers increasingly use UPI instead of card payments."
On the wires
Bank of America Enters into a Joint Venture Agreement with Jio Financial Services Limited to Acquire up to 49.9% in Jio Credit Limited
PR Newswire
"Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) announced that they have signed a definitive agreement whereby BofA will acquire up to a total of 49.9% interest as a joint venture partner in JFSL's wholly-owned NBFC (non-bank financial company) lending subsidiary, Jio Credit Limited (JCL) through a preferential allotment of equity shares and warrants. The venture will combine JFSL's digital reach and knowledge of the Indian market with BofA's global financial services expertise."
August 11, 2026
On the web
Apple Pay Might Finally Launch in India, but Without UPI Support: 3 Key Things to Know
India Today
"Apple Pay could finally be making its long-awaited India debut, with the service reportedly set to arrive by September-end or October. The initial version is expected to focus on credit cards running on networks such as Visa and Mastercard. The reason is that bringing UPI to Apple Pay would require approval from the National Payments Corporation of India (NPCI), along with a banking partner that can sponsor the transactions. Apple therefore appears to be taking a card-first approach instead."
BRICS Is Talking Payments Links, From Fast Rails To CBDCs
Finimize
"BRICS members are weighing ways to link their instant payment networks – and possibly connect central bank digital currencies ahead of India hosting the 2026 BRICS summit. Talks are still preliminary, but the goal is to make cross-border payments cheaper and smoother. One option is to connect existing “fast payment” rails so a transfer can route directly between countries instead of bouncing through multiple intermediary banks. A bigger leap would be making central bank digital currencies (CBDCs) work across borders."
August 5, 2026
On the web
Indian Govt Serves up the UPI MDR Removal That the Payments Industry Has Been Waiting For
Medianama
"The Indian government appears to be preparing to let banks and payment apps charge merchants for UPI transactions again, by amending the Payment and Settlement Systems Act to undo the zero-MDR regime it had initiated in 2019. The government is looking to amend the same section, in order to enable charging of MDR to merchants, with the MDR determined by government notification."
August 4, 2026
On the web
India Paves Way for Return of Merchant Fees on Digital Payments
MarketScreener
"India has moved a step closer to reintroducing merchant fees on transactions made through its Unified Payments Interface (UPI) after proposed changes to the country's payments laws were introduced in parliament on Tuesday. An amendment to India's Payment and Settlement Systems Act, tabled in parliament by Finance Minister Nirmala Sitharaman, would allow the introduction of a merchant discount rate (MDR) on digital payments. No decision has yet been made on the level of fees or where they would apply."
August 3, 2026
Top Post
NTT Data Payments to Take UPI Global
The Times of India
"NTT Data Payment Services is working on linking India's UPI with other fast payment systems across Asia through a hub based architecture to eliminate the need for multiple bilateral arrangements. The company launched Adaptis - its brand for its digital payment suite. Cross-border payments rely on one-to-one country links, slowed by regulatory and settlement gaps. NDPS instead builds a shared-switch layer with central banks or switching firms across Japan, Thailand, Malaysia, or India-linking domestic systems into a single network at scale."
July 24, 2026
On the web
Indian Payments Firms Oppose One-Click UPI Checkout Proposal, Citing Competition Risks
Yahoo Finance
"Several Indian digital payments firms have opposed a proposal that would allow merchants to store customers' preferred Unified Payments Interface option for one-click checkouts, arguing it could entrench the dominance of the bigger payment apps. The proposed framework, referred to as UPI Meta or UPI Checkout, would let users save a preferred payment handle or linked bank account with merchants, eliminating the need to select a payments app each time they make a purchase."
July 23, 2026
On the web
Smaller UPI Apps Urge NPCI to Rethink UPI Meta Launch, Warn of Deeper Phonepe-Google Pay Dominance
Money Control
"Smaller UPI apps urge the National Payments Corporation of India (NPCI) to rethink the launch of the UPI Meta protocol, warning it could inadvertently entrench the dominance of PhonePe and Google Pay. NPCI runs UPI, the country’s most popular digital payments platform. The industry representation follows NPCI's push to roll out UPI Meta, a tokenisation layer, under which users can save their preferred UPI app on merchant platforms such as Amazon, Blinkit or Swiggy and authenticate payments using their UPI PIN or biometrics."
Decoded: How Offline UPI Can Keep Digital Payments Running Without Internet [India]
Business Standard
"The payments body is developing an offline UPI system that could allow users to make tap-and-pay transactions even when both the customer's smartphone and the merchant's point-of-sale (PoS) terminal are offline. Instead of relying on instant bank authentication, the proposed system is expected to use Near Field Communication (NFC), secure offline token storage and deferred settlement once connectivity is restored."
July 20, 2026
On the web
India, Spain Advance UPI-Bizum Payment Talks
GK Today
"India and Spain agreed to advance technical discussions on interoperability between the Unified Payments Interface and Bizum. The proposed UPI-Bizum linkage is intended to support cross-border digital transactions for travellers and businesses and to improve financial connectivity between India and Spain."
July 17, 2026
On the web
PhonePe, Paytm or Google Pay? Which Payment App Is Used Most in India? Data Will Shock You
News24
"India’s UPI market continues to expand at a rapid pace. This has made digital payments a part of everyday life from small tea stalls to large shopping malls. Latest data released by the National Payments Corporation of India (NPCI) shows which UPI apps dominate the market by transaction volume. The figures reveal that PhonePe remains the market leader, followed by Google Pay and Paytm. At the same time, NPCI is also considering bringing back Merchant Discount Rate (MDR) for certain UPI transactions involving large businesses, although ordinary users and small merchants are unlikely to be affected."
July 10, 2026
On the web
India Eyes AI-powered UPI Payments As NPCI Develops Protocol For Agentic Transactions
BW Businessworld
"The National Payments Corporation of India (NPCI) is developing a framework that could enable artificial intelligence (AI) agents to independently initiate and complete Unified Payments Interface (UPI) transactions on behalf of users. The proposed framework is known as the Unified Agent Protocol (UAP). AI agents would undergo verification and registration before being permitted to access UPI payment rails. The protocol will validate whether an AI agent is legitimate, determine the scope of its authority and define transaction limits."
July 7, 2026
On the web
Why Does the RBI Want to Keep Cryptocurrencies Out of India’s Banking System?
Medianama
"The Reserve Bank of India has told the Parliamentary Standing Committee on Finance that virtual digital assets such as cryptocurrencies threaten the economy and should not be legalised. RBI's arguments: Cryptocurrencies are privately issued assets outside central bank control and carry risk for terror funding and narcotics smuggling. Governing crypto held by offshore entities is challenges regulatory authorities. Countries like China have banned crypto activity, while European jurisdictions permit it under stringent regulation."
July 1, 2026
On the web
UPI Launches in Greece, Expands India’s Global Digital Payments Network to 10 Countries
"India’s Unified Payments Interface (UPI) has been launched in Greece, marking another milestone in the country’s push to globalise its flagship digital payments platform. The latest expansion takes UPI’s international footprint to 10 countries, enabling Indian travellers to make instant and seamless digital payments abroad using familiar UPI-enabled applications."
June 29, 2026
On the web
Why Meta’s Cred Investment Matters for WhatsApp Pay in India
The Economic Times
Meta's substantial investment in Cred and appointing its founder Kunal Shah as global head of WhatsApp signals a major push into India's fintech landscape. For Meta, with Shah at the helm, there is a chance that WhatsApp's position in India, its largest market, will go beyond messaging into payments, commerce, and business services.
June 17, 2026
On the web
PhonePe, Google Pay Combined Market Share Falls Below 80% for the First Time
Money Control
"With only six months remaining before the implementation of the NPCI’s 30 percent market cap rule, the loosening grip of the top two players signals early signs of success in the regulator's long-standing effort to diversify the UPI market. PhonePe, Google Pay UPI share dipped under 80% in May 2026. New UPI apps like BHIM, Navi, and super.money gained market share. NPCI sped approvals to boost smaller UPI app participation."
June 15, 2026
On the web
PhonePe, GPay and Paytm Record Their Highest UPI Volumes in May
Entrackr
"Walmart-backed digital payments platform PhonePe retained its dominance in the Unified Payments Interface (UPI) ecosystem in May after it processed 10.73 billion transactions, according to data released by the National Payments Corporation of India (NPCI). UPI recorded 23.2 billion transactions during the month, up from 22.35 billion transactions in April."
June 2, 2026
On the web
Inside Coinbase’s India Play: INR Rails, RBI & Stablecoins [Video]
YouTube
"In this episode of #TheBigC, Manisha Gupta speaks to John O'Loghlen, Head–APAC, Coinbase, to discuss Coinbase’s big comeback to India, its new direct INR rails for Indian traders, and how the global exchange is navigating RBI concerns and local regulations. They also break down Coinbase’s AI-led restructuring, the future of stablecoins and cross-border remittances, and why India is now its most important international market."
May 29, 2026
On the web
RBI Plans Cross-Border CBDC Pilots Amid Digital Currency Experiments
Business Standard
"The Reserve Bank of India (RBI) said it would explore bilateral and multilateral cross-border central bank digital currency (CBDC) pilots in 2026-27, as the central bank expands experiments around digital payments, asset tokenisation and programmable money. Additionally, the RBI, in its annual report, said that in 2026-27 it would widen domestic CBDC pilots to include additional use cases in direct benefit transfer schemes and business applications."
May 18, 2026
On the web
RBI’s ‘Payments Vision 2028’ Ushers Structural Re‑Design of Ecosystem
Deccan Herald
"The vision document...seeks to build an open and interoperable card ecosystem with emphasis on merchant choice, smart tokenisation and orchestration, and transparent pricing. The vision document calls for innovation in card payments. This creates policy space for continued development of tokenised payment models, contactless and embedded experiences, stronger authentication and fraud controls and card-linked innovation aligned with security, inclusion, and efficiency objectives."
Apple Pay India Rollout Delayed Amid Commission Standoff with Banks
CNBCTV18
"The delay comes despite the technology infrastructure for the launch being largely in place. According to one of Apple Pay’s India launch partners, the service could technically go live “the next day”, but talks with large credit card issuers remain stuck over commercial terms. Apple is reportedly seeking 20 basis points (bps) per transaction from partner banks, while large lenders are only willing to offer 15 bps, in line with the commission structure Apple follows globally, including in the US."
April 30, 2026
On the web
Amazon, Meta Join Fight to End Google Pay, PhonePe Dominance in India
Techcrunch
"Amazon and Meta are set to lobby India’s payments body over the dominance of Walmart-owned PhonePe and Google Pay in the country’s fast-growing instant payments network. Executives representing Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart’s Super.money are scheduled to meet the National Payments Corporation of India. The meeting comes over a year after India deferred plans to cap the market share of UPI apps at 30% until December 31, 2026, a measure that would have limited any single app’s share of UPI transactions."
April 24, 2026
On the web
RBI Cancels Paytm Payments Bank Licence
The Indian Express
"The Reserve Bank of India said Friday that it has cancelled the banking licence issued to Paytm Payments Bank Limited, over two years after it imposed business curbs over violations. While the bank remains operational, its activities are severely limited to processing withdrawals of existing deposits and facilitating loan referrals through banking correspondents, according to its website. It cannot take fresh deposits."
April 17, 2026
On the web
Education: From Queues to QR Codes: India’s Payment Revolution
Government of India
"India’s financial journey has evolved over centuries from barter systems and cowrie shells to coins, paper currency, and cheques. For much of its modern history, cash remained the dominant mode of transaction. The early 2000s marked the beginning of digital transformation in payments. The Reserve Bank of India introduced systems like Real-Time Gross Settlement (RTGS) in 2004 and Immediate Payment Service (IMPS) in 2010, enabling faster and round-the-clock transfers."
April 13, 2026
Top Post
India’s Central Bank Mulls Delay for Some Digital Payments to Curb Fraud
MSN
"India's central bank is suggesting the introduction of a delay for certain digital payments above a threshold as part of measures to curb rising fraud, and sought stakeholder feedback on the proposals in a discussion paper. The Reserve Bank of India outlined four possible safeguards, including a lag for certain authorised push-payment transactions above 10,000 rupees ($107.92), additional authentication for high-value transfers by vulnerable users, limits on credits into some bank accounts without enhanced checks, and customer-controlled safeguards such as disabling digital payment channels."
April 7, 2026
On the web
Multicurrency Crypto Wallet: The Future of Flexible and Secure Payments
News18
"The #1 global gaming platform, proudly announces the launch of Multiwallet – an innovative feature that brings all currencies together in one account with separate wallets for INR, USDT, and USDC. This innovative solution lets users easily manage their funds, combining crypto and fiat payments while keeping every transaction safe, transparent, and fully under their control."
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