upi

May 27, 2025 4:39 PM

Fintech driving growth for MSMEs and merchants, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday said that India’s fintech companies are playing a crucial role in expanding the country’s Digital Public Infrastructure (DPI) and empowering merchants as well as micro, small, and medium enterprises (MSMEs). The Finance Minister visited the office of Pine Labs, a digital fintech company based in Noida, and interacted with its employees and staff members. She acknowledged “India’s fintech firms’ contribution to expanding the country...

May 6, 2025 2:43 PM

UPI QR codes record 91.5% surge to 657.9 million, credit card growth slows

Unified Payments Interface (UPI) QR codes recorded the fastest growth in digital payments infrastructure in the financial year 2024-25, with a 91.5 per cent jump over the previous year, reaching 657.9 million, according to the latest data from the Reserve Bank of India (RBI). This sharp surge in UPI QR code adoption was accompanied by a slowdown in credit card transaction growth, which registered a year-on-year increase of just 7.94 per cent. Debit card growth remained modest as well, rising on...

May 1, 2025 3:20 PM

Daily UPI transactions rise to 596 million in April; value reaches ₹24 lakh crore

The number of daily Unified Payments Interface (UPI) transactions in India climbed to 596 million in April, up from 590 million recorded in March, according to data released on Thursday by the National Payments Corporation of India (NPCI). Despite a slight dip in the overall transaction value—from ₹24.8 lakh crore in March to ₹24 lakh crore in April—the volume surge marks the twelfth consecutive month of payments exceeding ₹20 lakh crore. Year-on-year growth remained robust, with the...

April 29, 2025 4:00 PM

NPCI directs banks to limit ‘check transaction’ API usage to avoid UPI outage

The National Payments Corporation of India (NPCI) has directed banks to limit the use of the 'Check Transaction' application programming interface (API) following a major outage in the Unified Payments Interface (UPI) on April 12. The outage, which lasted over five hours, was caused by a surge in transaction status queries sent by banks. The spike in API calls overwhelmed the system, leading to a sharp drop in transaction success rate. During the disruption, which lasted from 11:40 am to 4:40 ...

April 4, 2025 2:52 PM

PM Modi offers linking UPI with payment systems of BIMSTEC nations

Prime Minister Narendra Modi on Friday proposed linking India's Unified Payments Interface (UPI) with the payment systems of BIMSTEC member nations to strengthen trade, industry, and tourism in the region. Addressing the sixth summit of the seven-nation group, the prime minister also proposed establishing a BIMSTEC Chamber of Commerce and exploring the promotion of trade in local currencies within the region. Additionally, the prime minister recommended establishing a BIMSTEC Centre of...

April 1, 2025 7:57 PM

The next UPI? How an India energy stack can lead the digital energy revolution

At the United Nations' first International Conference on Digital Public Infrastructure (DPI) in April 2024, held under India’s leadership, the global discussion centered on how this framework can accelerate sustainable development and promote inclusivity. As a participant in these discussions, it was evident that India’s success in building open, interoperable, and citizen-centric DPIs has set a global benchmark. While Aadhaar has transformed delivery of public services, social security an...

April 1, 2025 6:24 PM

UPI transaction volume up 13.5% in March, value at record Rs 24.77 lakh crore

The Unified Payments Interface (UPI) saw a 13.59% increase in transaction volume in March, reaching 18.3 billion transactions, compared to 16.11 billion in February, according to data from the National Payments Corporation of India (NPCI). March recorded a record Rs 24.77 lakh crore worth of UPI-based transactions, marking a 12.79% increase from Rs 21.96 lakh crore in February. On a daily basis, the UPI network saw more than 590 million average transactions, totaling Rs 79,910 crore in daily t...

February 1, 2025 1:22 PM

Budget 2025: FM proposes ID cards for gig workers, UPI-linked credit cards for street vendors

Finance Minister Nirmala Sitharaman, during her Budget 2025 presentation, announced a range of initiatives aimed at empowering gig workers and street vendors, signaling a continued push toward inclusive development. In a landmark move, the government will issue ID cards to gig workers, granting them access to healthcare and other social security benefits through a newly proposed welfare scheme. The initiative aims to support urban and online platform workers by providing identity cards and faci...

January 28, 2025 12:41 PM

UPI’s share in India’s digital payments surged to 83%: RBI report

The share of the Unified Payments Interface (UPI) in India’s digital payments has surged from 34 per cent in 2019 to an impressive 83 per cent in 2024, with a remarkable compound annual growth rate (CAGR) of 74 per cent over the last five years, according to the RBI’s payment system report. In contrast, the share of other payment systems like RTGS, NEFT, IMPS, credit cards, debit cards, etc., in digital payments volume declined from 66 per cent to 17 per cent during the same period, the rep...

January 28, 2025 12:12 PM

Number of credit cards more than doubled to 10.8 crore in 5 years, transactions surge: RBI

The number of credit cards has more than doubled to around 10.80 crore at the end of December 2024, compared to December 2019 when there were 5.53 crore cards in circulation, according to a new RBI report. In contrast, number of debit cards has remained relatively stable, with a marginal increase from 80.53 crore in December 2019 to slightly more than 99.09 crore in December 2024. A similar growth trajectory is witnessed in card transactions as well, said the RBI report. During CY2024, there w...