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The Latest Breaking News from UPI

Travelling to Sri Lanka? Indian tourists can now save 20% on PickMe rides with UPI payments

Indian tourists can now enjoy a flat twenty percent discount on PickMe rides in Sri Lanka. This offer is valid for rides paid for using UPI, up to a limit of seven hundred fifty Sri Lankan rupees. The initiative aims to encourage digital payments and reduce cash reliance for Indian…

The Economic Times

Slice posts Q1 profit of Rs 51 crore as banking pivot gathers pace

Slice’s Q1 results come as the company explores a $50-100 million fundraise at a valuation below $1 billion, ET reported in April. If completed, the round would mark a drop from its last-known $1.3 billion valuation, as Slice expands its digital banking business across lending, deposits and UPI-led payments.

The Economic Times

RBI Governor Malhotra outlines which Indian banks will win the AI era

RBI Governor Sanjay Malhotra said banks that succeed in the AI era will be those that understand the technology they deploy and maintain clear accountability for its outcomes, rather than simply adopting AI faster. Speaking at FIBAC 2026, he said AI will reshape risk assessment, customer service, capital pricing and…

The Economic Times

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Indian diaspora could be UPI’s ticket to the global payments map

NPCI plans to expand UPI internationally by targeting countries with large Indian diaspora populations, with CEO Dilip Asbe saying it could enter 15-20 markets over the next decade. NPCI is in talks with Japan, Malaysia and Bahrain, while exploring AI-enabled payments and building on UPI’s presence in nine countries.

The Economic Times

UPI to remain free for users; nominal MDR may apply to select merchant transactions

Consumers will not face any charges for UPI payments. Most merchant transactions will also remain free of cost. Any future charges will apply to limited merchant transactions above a threshold. This move aims to ensure UPI's long-term sustainability and technological advancement. The government stated UPI will remain free for citizens.

The Economic Times

PhonePe, Razorpay chiefs say UPI will stay free for users, back sustainable model

PhonePe and Razorpay leaders affirmed UPI payments will stay free for consumers. They support sustainable revenue models for payment infrastructure and businesses. Larger businesses may face merchant charges, while small merchants remain exempt. This follows parliamentary approval to allow charges on digital payment modes. Future charges will be borne by…

The Economic Times

Withdrawal of zero MDR may jeopardise one of India’s most successful public policy innovations

The Payment and Settlement Systems Amendment Bill has revived debate over MDR on UPI. While charges could support banks and fintech firms, the article argues they may burden small merchants, weaken financial inclusion and undermine the affordability behind UPI’s growth.

The Economic Times

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Payments Council backs UPI merchant charges, says users, small businesses will remain exempt

PCI said small merchants, including kirana stores, should not be charged for accepting UPI payments. Any merchant service charge would be a commercial arrangement between merchants and payment providers, not a charge on customers.

The Economic Times

UPI to remain free for consumers, says Payments Council of India

The Payments Council of India clarified UPI transactions will remain free for consumers. Small merchants, including kirana stores, will also not face charges for digital payments. This assurance addresses concerns about potential merchant fees within the digital payments ecosystem. Banks and payment providers have invested heavily in maintaining the UPI…

The Economic Times

India must not rewrite its UPI policies under US pressure: GTRI

India's UPI policies should not be altered due to United States pressure. A think tank advises defending competition and policy autonomy for the payments ecosystem. Recent legislation allows charges on UPI and other electronic payment modes. This change follows criticism from the US Trade Representative's report. India should maintain data…

The Economic Times

FM says MDR on UPI applies to merchants, not customers; fintechs, banks will invest more on security

Finance Minister Nirmala Sitharaman stated Merchant Discount Rate applies to merchants, not customers. This charge will support banks and fintech companies in infrastructure investment. A committee will decide on MDR after Parliament passes a taxation bill. The bill provides legal backing to modify the zero-MDR framework for digital payments. This…

The Economic Times

Mastercard says UPI complements digital payments ecosystem, not a competitor

Mastercard sees India's UPI as a complementary platform for digital payments. This homegrown system has significantly expanded the country's digital payment ecosystem. Mastercard continues to invest heavily in cybersecurity to ensure system trust. Enhanced security innovations balance user convenience and friction effectively. India's digital payments framework is considered among the…

The Economic Times

UPI no challenge to Mastercard, has expanded digital payments: Exec

Mastercard India head Gautam Aggarwal sees UPI as a complementary system. UPI has educated consumers and expanded the digital payments market significantly. India possesses the world's largest digital payments ecosystem in absolute terms. Mastercard invests heavily in cybersecurity to ensure user convenience and security. A strong regulatory framework and consumer…

The Economic Times

Will UPI Payments Above Rs 2,000 Cost You More? The Truth

For years, UPI has made digital payments simple, instant and completely free for millions of Indians. Whether paying for groceries, booking a cab or shopping online, users never had to think about extra transaction charges. Now, a new government proposal has sparked fresh discussions about Merchant Discount Rate (MDR) on…

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The Economic Times

CAIT backs nominal MDR on high-value UPI transactions if proposed, says await bill details

The Confederation of All India Traders will support a nominal Merchant Discount Rate on higher-value UPI transactions. This support is contingent on the government's proposal and examination of the legislation's details. Praveen Khandelwal expressed confidence that digital payments will become more convenient for users. He noted that smaller transactions should…

The Economic Times

UPI MDR explained: What potential charges above Rs 2,000 payments on Paytm, GPay & other apps mean for you and merchants

Government proposes changes to the Payment and Settlement Systems Act. This could allow a Merchant Discount Rate on select UPI transactions. Payments above Rs 2,000 to large merchants are a possible focus. This aims to support the payment ecosystem's continued investment and growth. Everyday UPI payments and person-to-person transactions will…

The Economic Times

India paves way for return of merchant fees on digital payments

India has laid the legal groundwork to reintroduce merchant fees on UPI payments through proposed amendments to the Payment and Settlement Systems Act. While no decision has been taken, the government is considering charging MDR only on large merchants or high-value transactions, potentially creating a ₹5,000-10,000 crore revenue pool for…

The Economic Times

UPI hits record Rs 29.9 lakh crore in July, 23.66 billion transactions

UPI transactions reached a new high of Rs 29.9 lakh crore in July. The volume of these transactions also saw a significant increase during the same month. This growth solidifies UPI's position as India's preferred digital payment method. UPI has expanded its operations to nearly ten international nations.

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The Economic Times

After ditching UPI for over two months, this Delhi woman reveals the money habits she never noticed before

A Delhi content creator found that using cash for daily expenses reduced her impulse spending. She believes this simple shift made her more aware of where her money was going. Sadaf now keeps eighty percent of her spending money in cash for better budgeting. Digital payments are still used for…

The Economic Times

Maldives launches Favara-UPI payment service with India

Maldives has launched real-time fund transfers to India using UPI. This integration connects Maldives' Favara system with India's popular payment platform. Individuals can now send money instantly to UPI-enabled accounts in India. This initiative strengthens digital financial connectivity and bilateral economic cooperation. Future phases will introduce more cross-border payment solutions.

The Economic Times

UPI now accepted for online Burj Khalifa bookings before Indians arrive in Dubai; first for UAE attraction

Indian travellers can now book Burj Khalifa tickets online using UPI. This integration makes the Dubai attraction the first in the UAE to accept UPI for e-commerce. The move expands UPI's reach beyond in-store payments to online travel bookings. It allows Indian visitors to complete purchases before their travel to…

The Economic Times

UPI MDR could raise business costs, hurt consumption if introduced: Experts

Experts suggest focusing on who bears UPI merchant discount rate costs. Introducing this fee could increase business operating expenses and squeeze margins. Small merchants and kirana stores may face significant challenges with this change. UPI's success as a public digital infrastructure is at stake. Policymakers must balance sustainability with UPI's…

The Economic Times

Biometric UPI transactions top 600 million in June, says NPCI

Biometric UPI transactions surpassed 600 million in June, indicating strong user preference. This secure authentication method reduces reliance on UPI PINs for faster payments. The feature supports various transactions, including RuPay Credit Card on UPI payments. Banks and UPI apps are increasingly adopting this convenient and efficient payment solution. Wider…

The Economic Times

Indonesia looking to gain from India's developmental success stories

Indonesia is increasingly viewing India as a key partner for technology, policy, and development solutions. Prime Minister Modi's upcoming visit highlights this deepening relationship, moving beyond traditional ties. Areas of collaboration include digital payments via UPI-QRIS linkage, digital governance inspired by Aadhaar and ONDC, and even defense manufacturing. India's successful…

The Economic Times

From QR codes to fraud risks: 7 essential UPI facts every user should know

We begin this new series with Bala, a curious young learner, as he explores money concepts. His first lesson: understanding UPI and digital money. UPI (Unified Payments Interface) is an instant payment system that allows you to transfer money between any two bank accounts using a mobile app. It acts…

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