Tag Archives: UPI transactions

Riding on the festive shopping wave, Unified Payments Interface (UPI) transactions soared to an all-time high of Rs 27.28 lakh crore in October, clocking 20.7 billion transactions, according to data from the National Payments Corporation of India (NPCI), reported PTI.This marks a 9.5% month-on-month rise in transaction value from Rs 24.9 lakh crore in September and a 16% jump year-on-year …

Mumbai: UPI transactions reached a new peak in July 2025, with a record 1,947 crore transactions worth nearly Rs 25.1 lakh crore. This marked a 35% year-on-year growth in transaction volume and a 22% rise in transaction value.The average daily transaction count in July stood at 62.8 crore , higher than June’s 61.3 crore. Likewise, the average daily transaction value …

MUMBAI: An SBI report has cautioned that aggressive tax enforcement targeting small businesses could undermine the gains of formalisation under the GST. In a research note, the bank cautioned that such measures risk pushing informal players back into the cash economy. “A recent case from Karnataka illustrates this tension, where numerous small traders and shopkeepers in Bengaluru have received disproportionately …

India has become the world’s top player in real-time digital payments, largely due to the rapid growth of the Unified Payments Interface (UPI), according to a recent International Monetary Fund (IMF) note titled ‘Growing Retail Digital Payments: The Value of Interoperability’.Launched in 2016 by the National Payments Corporation of India, UPI has revolutionised the country’s payment ecosystem by enabling users …

UPI transactions hit new high in May but cash still thriving MUMBAI: Even as the country hurtles toward a digital future with the Unified Payments Interface (UPI) clocking 60 crore transactions a day, a curious contradiction persists: cash is thriving.In the month of May, UPI transactions hit a a record 1868 crore transactions for Rs 25.1 lakh crore, up from …

MUMBAI: The Payments Council of India (PCI) which represents digital payments companies has written to Prime Minister Narendra Modi, seeking introduction of merchant discount rate (MDR) on UPI transactions and RuPay debit cards. The industry body has sought an MDR of 0.3% on UPI transactions only for large merchants and a nominal MDR on RuPay debit cards for all merchants. …

Introduction of platform fees for bill payments by Google Pay indicates a wider movement towards monetising UPI transactions. Google Pay, a prominent UPI (Unified Payments Interface) platform, has begun implementing a convenience fee for utility bill payments, including electricity and cooking gas bills. Previously free for low-value transactions, the service now charges between 0.5% and 1% plus GST for payments …

MUMBAI: NPCI has extended by two years the deadline for third-party apps PhonePe and Google Pay to bring down their market share in UPI. The apex payments body has also lifted the onboarding limit, capping the maximum number of users at 10 crore for WhatsApp in respect of UPI.This is the second time NPCI has extended the timeline, even as …