upi | DD News

August 9, 2026 5:40 PM

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

The Centre on Saturday clarified that users will not be charged for making payments through the Unified Payments Interface (UPI), amid concerns over the recent amendment to the Payment and Settlement Systems Act (PSS Act). The government said all Person-to-Person (P2P) UPI transactions would continue to remain free, while the vast majority of merchant transactions would also remain charge-free. The government said any Merchant Discount Rate (MDR) introduced in the future would apply only to a ...

July 31, 2026 5:58 PM

Favara-UPI cross-border payment corridor goes live, enabling real-time transfers between Maldives and India

India and the Maldives have strengthened their digital financial partnership with the launch of the Favara-UPI cross-border payment corridor, enabling individuals in the Maldives to transfer funds instantly to UPI-enabled bank accounts in India through their mobile banking applications. The Maldives Monetary Authority (MMA) announced the successful operationalisation of the integration between the Maldives Instant Payment System, Favara, and India's Unified Payments Interface (UPI) on July 30, ...

July 20, 2026 11:50 PM

UPI user base crosses 55.49 crore; transactions reach record Rs 314 lakh crore in FY26

India's Unified Payments Interface (UPI) continued its rapid expansion in 2025-26, with the number of onboarded users reaching 55.49 crore as of June 2026, while transaction value touched a record ₹314.23 lakh crore during the financial year, according to information shared by the government in Parliament. Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha on Monday, said UPI, operated by the National Payments Corporation of India (NPCI) under the Payment and ...

June 16, 2026 8:57 PM

‘Another significant step’: Commerce Minister Piyush Goyal launches UPI in France

Commerce Minister Piyush Goyal on Tuesday launched Unified Payments Interface (UPI) at the iconic Galeries Lafayette in Nice, France, which will enable Indian travellers visiting the country to make seamless payments abroad through familiar platforms. "Bringing India's world-class digital payments platform to one of France's premier retail destinations marks another significant step in UPI's global expansion. With the participation of Lyra Collect and NIPL, this initiative showcases India's abi...

June 11, 2026 5:05 PM

India, Nepal launch cross-border remittance mechanism linking UPI and NPI

India and Nepal have launched a peer-to-peer (P2P) cross-border remittance mechanism, marking a significant step towards strengthening digital financial connectivity and economic cooperation between the two neighbouring countries. The system, which became operational on June 6, establishes a direct linkage between India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI), enabling real-time and secure money transfers between individuals through mobile banking ap...

May 19, 2026 4:29 PM

UPI accounted for 85.5% of digital transaction volume in H2 2025: RBI report

Reserve Bank of India said the Unified Payments Interface (UPI) accounted for the largest share of digital payment transaction volume at 85.5 per cent in the second half of 2025, highlighting the platform’s growing dominance in India’s payments ecosystem. According to the RBI’s latest half-yearly Payment Systems Report, National Electronic Funds Transfer (NEFT) and Prepaid Payment Instruments (PPIs) each accounted for 3.6 per cent of transaction volume, while Real Time...

April 30, 2026 9:55 PM

Unified Payments Interface at 10: UPI emerges as world’s largest real-time payments platform, anchoring India’s digital economy

A decade after its launch, the Unified Payments Interface (UPI) has transformed from a fledgling digital experiment into the world’s largest real-time payments platform, powering nearly half of global instant payment transactions and redefining how India pays, saves and transacts. Launched on April 11, 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), UPI today stands as the backbone of India’s digital economy - driv...

February 6, 2026 6:34 PM

India signs DPI cooperation agreements with 23 countries; UPI goes live in eight nations

India has signed Memorandum of Understanding (MoUs) and agreements with 23 countries to share and cooperate on its Digital Public Infrastructure (DPI), reinforcing the country’s growing role as a global leader in digital governance and fintech innovation. The agreements aim to facilitate the replication and adoption of India’s digital platforms under the India Stack framework, said Union Minister of State for Electronics and Information Technology Jitin Prasada in a written reply to Rajya Sa...

October 6, 2025 10:32 PM

Piyush Goyal Launches UPI in Doha, Strengthening India-Qatar Economic Ties

Union Minister of Commerce and Industry Piyush Goyal launched India’s Unified Payments Interface (UPI) at the Lulu Mall in Doha, marking a new milestone in digital and financial cooperation between India and Qatar. The launch symbolises growing trust across borders and aims to enhance ease of transactions for citizens and businesses in both nations. Expressing his delight at the occasion, Goyal said, “I’m very delighted at the opportunity to launch UPI and UPI transactions. It is not just...

September 18, 2025 1:44 PM

IMF hails India’s UPI as global model for digital payments

India’s Unified Payments Interface (UPI), which now powers over 20 billion transactions a month, has emerged as the world’s largest retail fast payment system and is drawing global recognition, including from the International Monetary Fund (IMF), for revolutionising digital payments. The IMF, in its June 2025 Fintech Note titled “Growing Retail Digital Payments: The Value of Interoperability”, described UPI as a model that transformed India’s payment landscape. In its September issue...