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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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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."
January 31, 2025
On the web
RBI Issues Stringent Guidelines to Combat Mobile Number Fraud in Digital Transactions
Banking Frontiers
"The widespread adoption of digital transactions, while providing unparalleled convenience and efficiency, has also led to an increase in fraudulent activities, raising serious concerns that require collective action. To mitigate the risks associated with mobile number misuse, the RBI has advised the Regulated Entities to implement the following measures...."
Flipkart Expands Flipkart Pay With Credit Card Bill Payment Feature
India Retailing
"Flipkart, India’s leading e-commerce marketplace, has introduced a credit card bill payment feature on Flipkart Pay, further strengthening its position as a comprehensive digital payment platform."
January 30, 2025
On the web
CARD91 Unveils its Proprietary UPI Switch: Blitz - Empowering Scalable and Seamless Payment Solutions
PR Newswire
CARD91 announcee the launch of its proprietary UPI Switch: Blitz—a platform designed to empower banks and regulated entities with seamless, scalable, and secure payment solutions tailored to India's dynamic digital payments ecosystem.
January 29, 2025
On the web
UPI-Enabled Credit Cards See 20% Monthly Transaction Growth, RuPay Market Share up to 12%
The Economic Times/MSN
"RuPay’s Unified Payments Interface-enabled credit cards are seeing a 20% increase in average monthly transactions, according to a report by digital payments startup Kiwi. While global payment giants Visa and Mastercard continue to dominate the domestic credit card market, RuPay is gaining ground, largely due to the adoption of these UPI-enabled credit cards."
January 22, 2025
On the web
Amazon to Acquire Indian Digital Lending Firm Axio to Expand Credit Solutions
Crowdfund Insider
"Amazon has signed an agreement to acquire Axio, a Bengaluru-based digital lending firm that provides credit access to underserved individuals and households across India. The acquisition, which awaits regulatory approval, is expected to bolster Amazon’s footprint in digital lending and strengthen its efforts to offer affordable credit solutions."
January 10, 2025
On the web
India’s Digital Payments Strategy Is Cutting Out Visa and Mastercard
TechCrunch
"Regulators around the world are notching up scrutiny on Visa and Mastercard over the fees they charge merchants, but India has chosen a different path: Creating rival payment networks that are increasingly sidelining international card networks."
January 9, 2025
Top Post
India Delays UPI Market Share Cap Deadline by 2 Years
CoinGeek
The National Payments Corporation of India (NPCI) has postponed the implementation of the market share cap for the Unified Payments Interface (UPI), extending the deadline by another two years. According to NPCI’s compliance mandate, digital payment firms were not to exceed a 30% share of the transaction volume processed through India’s UPI. Initially set to take effect by the end of 2024, this mandate will now be enforced starting December 2026.
January 7, 2025
On the wires
BRISKPE Launches Unified Platform for Cross-Border Payments [India]
PR Newswire
"Indian MSMEs can now access A2A transfers, card, and wallet-based collections — all under one platform"
January 2, 2025
On the web
WhatsApp Pay Can Now Extend UPI Services to All Users in India
MSN
"National Payments Corporation of India (NPCI) has lifted the limit from onboarding UPI users for the third-party app provider WhatsApp Pay with immediate effect. With this development, WhatsApp Pay can now extend UPI services to its entire user base in India, NPCI said in a statement."
December 6, 2024
On the web
RBI Rolls Out Measures to Check Digital Frauds, Drive Ethical AI Adoption
Your Story
"RBI Governor Shaktikanta Das has announced the formation of the FREE AI commiee for ethical AI adoption in nance and has launched MuleHunter.AI tool to combat digital fraud through advanced AI/ML technologies. The committee, named FREE AI, will address critical challenges such as algorithmic bias, transparency, and data privacy, and create a roadmap for sustainable AI integration in the financial sector."
November 21, 2024
On the web
NPCI Eyes Rupay, UPI Expansion to 10 Countries
Tice
"The National Payments Corporation of India (NPCI) is in discussions with 10 countries to expand the reach of Rupay and Unified Payments Interface (UPI). While three countries have already signed agreements, further implementation will take a few more weeks. The NPCI hopes to tap into a global market for these platforms."
Is Rupay Set to Break the Duopoly of Visa & Mastercard?
Trade Brains
"Third-party transaction facilitators like VISA and Mastercard play a crucial role in the global payment ecosystem, enabling secure and seamless transactions between consumers, merchants, and financial institutions...RuPay, India’s domestic payment network, is gaining significant momentum as an alternative transaction facilitator to global giants like Visa and Mastercard."
October 22, 2024
On the web
NPCI Partners with Times of India to Promote Digital Payment Safety through RK Laxman’s "Common Man”
NPCI
"National Payments Corporation of India (NPCI), the organisation driving innovation and powering India's digital payment revolution, has announced an exciting partnership with The Times of India to launch a nationwide campaign focused on digital payment safety."
October 2, 2024
On the web
India to Grow Consumer Spending Three Times More Than the U.S. Over the Next Decade, Ebanx Shows
PR News Wire
"India is set to surpass the impressive mark of US$ 5.4 trillion in consumer spending by 2034, up from the current US$ 1.8 trillion, according to data from the World Data Lab analyzed by EBANX, a global technology company specializing in payment services for emerging markets."
September 27, 2024
On the web
India Payments Authority Inks Deal to Develop Payments System for Trinidad and Tobago
MSN
"The overseas arm of India's National Payments Corporation of India (NPCI) will build a digital payments system for Trinidad and Tobago, modelled after India's United Payments Interface (UPI), according to a statement on Friday."
September 24, 2024
On the web
India Payments Authority Eyes Africa, S. America for Digital Payment Push, Official Says
MSN
"India is in talks with countries in Africa and South America to help them build a digital payments system using its homegrown Unified Payments Interface (UPI) as a blueprint and expects two launches by early 2027."
September 4, 2024
On the web
India’s Payment Sector Advances With Selfie Biometrics and Authentication Tools
Biometric Update
"India’s payment industry continues to upgrade and introduce advancements in digital payment systems and user verification technologies, with face biometrics as an increasingly common core feature."
UPI: The World’s Favourite Payment Method Hits $964 Billion in Record Time
Mint
"Unified Payments Interface (UPI) processed ₹80.8 lakh crore ($964 billion) in April-July 2024, marking a 37% year-on-year increase. UPI has become the world's leading alternative payments method, surpassing Alipay, PayPal, and Brazil’s PIX in transaction volume."
RBI Governor Launches Key Digital Payment Initiatives at Global Fintech Festival 2024
Ten News
"The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users."
September 3, 2024
On the web
India's HDFC Bank Launches New UPI and CBDC Features [India]
Bitcoin News
"HDFC Bank, a leading bank in India, introduced new features for Unified Payments Interface (UPI) and central bank digital currency (CBDC) developed in partnership with fintech companies like Kreditpe, Tonetag, and Payu. The new offerings include UPI Circle-Delegate Payment, personalized UPI experiences, and user-level programmable CBDC."
HDFC Bank Steps Back From Apple Partnership, Suspends Cashback and EMI Offers
ER-Edge
"HDFC Bank has temporarily suspended its five-year relationship with Apple, which began in 2019, due to worries over the cost-to-income ratio."
August 29, 2024
On the web
Pine Labs and Visa Launch Soundbox Device for QR Payments in India
IBS Intelligence
"FinTech Pine Labs and Visa have joined forces to expand digital payment acceptance across India by launching Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC) and card payments."
August 28, 2024
On the web
Airtel Payments Bank Unveils NCMC-Enabled Smartwatch with RuPay Chip
The New Indian Express
"Airtel Payments Bank, in collaboration with Noise and NPCI, has announced the launch of its cutting-edge NCMC-enabled smartwatch, integrated with the RuPay chip."
On the wires
India’s Paytm Gets Government Nod for Investment in Payments
Reuters
"India's Paytm has received an approval from the country's finance ministry to invest in its payment services business. With the latest approval, the company will resubmit an application with the ministry to regain a license for its payments services business, Paytm said."
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