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  • NPCI Blames Partner Bank Glitches for UPI Outage Affecting Millions

    The widespread UPI outage on 7 August was attributed by the National Payments Corporation of India (NPCI) to internal technical issue at a “few” partner banks.

    The payments organisation stated that the problem has been resolved and that the NPCI systems were “functioning perfectly” in a post on X. We apologise for any difficulty caused by the sporadic UPI connectivity issues, as a few banks had internal technical challenges. The post stated, “NPCI systems have been operating smoothly, and we have collaborated with these banks to guarantee prompt resolution.”

    Widespread Impact on Digital Payments Across India

    This comes after a significant UPI that affected digital payments nationwide and prevented users from accessing fast payments. Nearly 200 customers reported issues with the payments interface during the height of the disruption, with 61% of users reporting trouble completing payments, according to outage tracking tool DownDetector.

    UPI Faced Four Major Outages in 2025

    This year, there have been four significant UPI outages. Two such events occurred in April after the first significant disruption to the payments rails occurred in March. Major digital payments company PhonePe also went offline in May, citing a lack of network bandwidth.

    NPCI and Government Urge Resilience in UPI Infrastructure

    According to reports, in April, NPCI officials met with representatives of major banks and UPI apps to discuss the outages, which had increased. Nirmala Sitharaman, the finance minister, even stepped in and told the NPCI to “reinforce” UPI’s resilience and stop any more disruptions.

    To expedite UPI transactions, the payments organisation established a new set of guidelines for acquiring banks and payment service providers (PSPs) in May. The huge volume of “check transaction status” APIs used by PSP banks at extremely high transactions per second (TPS) and other problems were brought to the attention of NPCI.

    July 2025 UPI Stats: 19.47 Billion Transactions Hit All-Time High

    Transactions over the Unified Payments Interface (UPI) increased 5.8% to reach a new all-time high of 19.47 billion in July. Year-over-year (YoY), the number of transactions increased by 35%. The number of transactions decreased to 18.40 billion in June.

    UPI transactions in July were INR 25.08 Lakh Cr, up 4.3% from INR 24.04 Lakh Cr in the previous month, according to data from the National Payments Corporation of India. Prior to this, the amount of UPI transactions reached an all-time high of 18.68 billion transactions in May.

    Compared to 613 million in June, the average daily transaction count increased to 682 million in the reviewed month. In addition, the average daily transaction value in July was INR 80,919 Cr.

  • Fintechs, NPCI Seek Exemption from DPDP Consent Clause Over Digital Payments

    The National Payments Corporation of India (NPCI) and digital payment companies Google Pay, PhonePe, and Amazon Pay have requested an exemption from the provisions of the Digital Personal Data Protection (DPDP) Act that demand user consent for every transaction, claiming that doing so would be excessively burdensome, according to ET.

    According to the companies’ submissions to the Ministry of Electronics and Information Technology (MeitY), the regulation will also apply to recurrent payments and result in increased complexity and cost. According to them, the problem will be more noticeable for startups and smaller businesses. Since the guidelines that were floated in January for stakeholder engagement have not yet been notified, the law has not yet been operationalised.

    In this regard, MeitY met with company representatives last week. Amazon Pay, PhonePe, Google Pay, and NPCI all refused to answer questions. The Unified Payments Interface (UPI) and the payment and settlement system are operated by NPCI.

    Recurring Payments at Risk Under New Data Law

    The Act’s emphasis on obtaining express consent for each data processing activity is at the heart of the problem. Despite the clause’s seeming simplicity, industry participants contended that its current interpretation and use might seriously impair current digital payment processes. After initial consent, recurring payments, such as subscriptions or electricity bills, are usually automatically deducted.

    The industry is concerned that this will demand new user consent under the DPDP Act’s consent requirements. According to ET’s report, although this multi-level identification and approval process improves security, it also adds a lot of friction and extra expenses.

    Startups Fear High Costs, Friction in User Flow

    Startups and smaller businesses in particular would find it difficult to absorb these expenses and modify their technical infrastructure, which could impede their ability to develop and compete. If the smaller players must obtain consent each time, the data processing will become even more difficult. It will affect the flow of digital data.

    Larger businesses, on the other hand, would be able to handle… yeah, there would be more expenses, but they would be in compliance. However, it will be more difficult for some of the smaller and less experienced players.

    MeitY Holds Talks with Industry Stakeholders

    Uncertainty regarding compliance also arises from what seems to be ambiguity in the way industry and the government are interpreting the law’s terms. According to experts, the current consent-related talks are reminiscent of the initial argument over data localisation that the Act sparked, in which the government concentrated on the volume of data and the business on its criticality.

    The DPDP Act’s Section 17, subsection 5, gives the central government the authority to exclude particular data fiduciaries or groups of data fiduciaries from particular rules for a predetermined amount of time. Before five years have passed since the law’s inception, this exemption may be granted by notification.

    According to the ET report, the sector hopes that this clause would provide a window of opportunity to create and execute substitute solutions that adhere to the principles of data protection without impeding digital innovation.

  • UPI Records All-Time High with 19.47 Billion Transactions in July 2025

    Transactions over the Unified Payments Interface (UPI) increased 5.8% to reach a new all-time high of 19.47 billion in July. Year-over-year (YoY), the number of transactions increased by 35%. The number of transactions decreased to 18.40 billion in June.

    Transaction Value Rises to INR 25.08 Lakh Cr

    UPI transactions in July were INR 25.08 Lakh Cr, up 4.3% from INR 24.04 Lakh Cr in the previous month, according to data from the National Payments Corporation of India. Prior to this, the amount of UPI transactions reached an all-time high of 18.68 billion transactions in May.

    Compared to 613 million in June, the average daily transaction count increased to 682 million in the reviewed month. In addition, the average daily transaction value in July was INR 80,919 Cr.

    PhonePe, Google Pay, and Paytm: Who Dominates UPI?

    Nearly 50% of the overall transaction amount and 46.5% of all UPI transactions in June were made through PhonePe. Paytm maintained a 6.9% volume and 5.6% value share, while Google Pay held a 35.6% volume and 35% value share. The nation’s most popular digital payment system for merchant and peer-to-peer transactions is still UPI, which was created by NPCI.

    UPI’s Global Expansion via PayPal, Venmo, Tenpay

    The government is pursuing a number of steps to expand UPI’s reach globally, even as it continues to gain traction locally. The international division of the National Payment Corporation of India (NPCI) and the US-based online payment gateway PayPal collaborated last month to create PayPal World, a global digital payment platform.

    Users will be able to utilise UPI and their other native payment systems, such as PayPal’s Venmo, China’s Tenpay Global, and Latin America’s Mercado Pago, to send money abroad or pay for foreign commerce.

    UPI will record more transactions with new international users as a result of this improvement. RBI governor Sanjay Malhotra stated in March that the central bank intends to keep extending UPI’s reach “bilaterally” by connecting its payment infrastructure with other countries’ quick payment systems.

    RBI Raises Concerns on UPI’s Sustainability

    Although NPCI’s digital payment system keeps growing, the RBI is apprehensive about its long-term viability. The RBI governor stated last month that modifying the free digital transaction system to include minor fees is essential to UPI’s financial viability.

    According to him, the government has been paying for the smooth, real-time payments infrastructure by subsidising banks and other stakeholders, as the UPI system is currently free for customers.

    However, in order to provide consumers with digital payment choices through smart devices, including as wearables, linked cars, and smart applications, NPCI is developing an internet of things (IoT) version of the UPI.

  • UPI Rule Changes from August 1, 2025: Key Updates for Google Pay, PhonePe, Paytm Users

    According to directives issued by the National Payments Corporation of India (NPCI), a new set of UPI regulations went into effect today, August 1, 2025. The purpose of today’s UPI regulation amendments is to enhance the functionality of the online payment system.

    If you use PhonePe, Google Pay, Paytm, or any other UPI app, the new UPI regulations that go into effect on August 1st will have an impact on your regular payment system. However, if you follow the NPCI guidelines, the UPI regulation changes won’t cause any problems, and payments might even go more smoothly.

    Balance Check Limit Set to 50 Per Day

    Numerous revisions to UPI rules have been adopted by the NPCI. You will no longer be able to check your bank balance on your PhonePe, Google Pay, and other apps indefinitely, as the restriction is set at 50. To make up for the inconvenience, a new UPI rule has been implemented that requires you to view your bank balance following every transaction.

    Time Restrictions on Scheduled Bill Payments

    According to the new UPI regulations, planned bill payments must be processed between 10 a.m. and 9:30 p.m. Furthermore, consumers will only have the option to check the status of a pending transaction three times, separated by ninety seconds.

    GPay and Other UPI App Changes

    GPay customers will have to follow the NPCI adjustments since the new UPI regulations will apply to Google Pay transactions. These include verifying the status of pending transactions, showing the bank balance, and calculating the bank balance cap.

    The number of UPI transactions permitted daily has not been modified by the NPCI in its new UPI regulations, which went into effect on August 1. A user has a daily restriction of INR 1 lakh and is only permitted to perform a maximum of 20 UPI transactions.

    New User Transfer Limits Explained

    A transfer limit for UPI is frequently implemented for new users. For new users, banks typically permit a UPI transfer of INR 5,000 per transaction and a total of INR 5,000 for the first 24 hours.

    The new UPI regulations also mandate that planned bill payments be processed during specific hours. The purpose of this step is to alleviate the strain on the everyday UPI transactions.

    Why NPCI Enforced These UPI Rule Changes?

    Now, during off-peak hours, auto payments to merchants or planned OTT platforms must be made by 10 am or after 9:30 pm. The circular also states that NPCI may take any required steps, such as restricting access to the UPI API, imposing fines, suspending new clients or onboarding, or taking other appropriate action, in the event that these instructions are not followed.

    By implementing these regulations, NPCI hopes to improve online payment efficiency and lower the number of fraud incidents.

  • Fighting Fraud in Real Time: Govt Collaborates with Google Pay, PhonePe, Paytm

    In order to detect and prevent transaction fraud, the central government is collaborating with Third-Party Application Providers (TPAPs) such as Google Pay, PhonePe, and Paytm to create improved security measures.

    The initiative’s goal is to stop fraudulent transactions using TPAPs. TPAP systems may cause minor delays and send out fraud alerts in order to facilitate this.

    According to reports, the Centre is collaborating with third-party UPI apps like Google Pay, PhonePe, Paytm, and others to put in place improved security features that can instantly identify and stop questionable P2P and P2B transactions.

    The campaign aims to reduce fraudulent transactions conducted through TPAPs, specifically targeting schemes that impact consumers with lesser levels of digital literacy, according to a media report that cited persons familiar with the situation.

    Enhancing Security Checks

    The government’s measure is intended to make sure that all transactions—regardless of their value—are subject to more stringent checks and balances, even if they take a few more seconds.

    Platforms like Google Pay, Paytm, and others may purposefully create small delays, send fraud alerts, and ask customers for more confirmation before completing transactions that seem suspicious in order to make this easier.

    A representative of the IT ministry informed a news outlet that the administration is using every signal it can. Even though it’s still early, the government hopes to find a tangible way to significantly reduce payment fraud via UPI apps.

    Additionally, according to the official, Google Pay, PhonePe, and Paytm have implemented a risk-based strategy that enables them to limit or prevent transactions for individuals who are categorised as having medium, high, or extremely high financial risk.

    According to a TPAP executive, they have collected enough signals to identify potentially dangerous transactions with the aid of artificial intelligence.

    Online Payment and Bank Frauds on the Rise in India

    Despite a sharp reduction in the number of reported cases, the Reserve Bank of India (RBI) recorded a sharp increase in the value of bank frauds for the fiscal year 2024–2025.

    Across Indian banks and financial institutions, 23,953 fraud instances of INR 36,014 crore were reported; this represents an almost threefold increase in value compared to INR 12,230 crore the year before.

    The categorisation of 122 fraud cases from previous years, valued at INR 18,674 crore, which were re-reported after a Supreme Court ruling in March 2023, is mostly to blame for the increase.

    The majority of losses resulting from fraud were still borne by public sector banks (PSBs). Even while they reported fewer frauds than private lenders (6,935 incidents versus 14,233), the total amount involved was far larger, at INR 25,667 crore, or 71.3%.

    Nearly 60% of all fraud cases involved private sector banks, which claimed losses of INR 10,088 crore. Although they continued to be modest participants in terms of fraud value, foreign banks, small finance banks, and payments banks consistently increased the number of instances.

  • UPI Hits Record High: 18.68 Billion Transactions in May, Up 4.4% MoM

    The number of transactions using the Unified Payments Interface (UPI) increased 4.4% from 17.89 billion in April to 18.68 billion in May, setting a new record.

     There were 33% more trades than the previous year. UPI transactions experienced a 2.2% month-over-month (MoM) decline in April. The National Payments Corporation of India (NPCI) reported that UPI transactions totalled INR 25.14 Lakh Cr in May, a 5% increase from INR 23.95 Lakh Cr in April.

    Compared to 596 million in April, the average daily transaction count increased to 602 million in the reviewed month. In addition, INR 81,106 Cr was the average daily transaction value.

    PhonePe and Google Pay Lead the Race

    PhonePe and Google Pay are anticipated to remain the top two UPI players, as they have for years, even though the NPCI has not yet released the app-by-app data for the month of May.

    Together, the two companies control around 80% of the UPI ecosystem’s market share, with Paytm coming in second with a roughly 7% stake in recent months. Of the 17.89 billion transactions in total, PhonePe logged 8.36 billion in April.

    6.48 billion transactions of INR 8.42 lakh crore were registered by Google Pay. The competition is fierce outside of the top three players. Navi, CRED, super.money, Amazon Pay, and FamApp are just a few of the companies that keep fluctuating in the rankings.

    Notably, over the past few years, the NPCI has been aiming to limit third-party application providers’ (TPAPs’) market share in the UPI ecosystem to 30%. The idea has, however, been repeatedly delayed; the most recent one was moved to December 31, 2026.

    Industry Requesting for Zero Merchant Discount Rate

    The industry is increasingly calling for zero merchant discount rates (MDR) on these transactions, even as UPI is expanding. Prime Minister Narendra Modi received a letter earlier this year from the Payment Councils of India (PCI) urging him to reevaluate the 0% MDR policy for RuPay and UPI transactions.

    When banks or payment service providers handle digital transactions through UPI, they charge merchants a fee known as the MDR. To encourage digital payments across the nation, the price was reduced to zero in 2020. For large merchants exclusively, the PCI suggested charging an MDR of 0.30% for UPI.

    The Startup Policy Forum (SPF) also endorsed the initiative. The payments sector has long maintained that the zero MDR regime prevents them from making money off of their services, which has an impact on infrastructure upgrade efforts.

    The administration hasn’t made a decision on the subject yet, though. Vijay Shekhar Sharma, the founder and CEO of Paytm, recently stated that the implementation of MDR on UPI payments might lead to more competition.

  • Ambarish Kenghe, VP of Google Pay, Becomes Group CEO of Angel One

    Ambarish Kenghe, a former Google Pay executive, has been appointed as the new group chief executive officer (CEO) of listed online stock broking giant Angel One. Angel One stated in a filing with the exchanges that Kenghe will begin working for the company on March 6, 2025, at the latest. Kenghe, who attended Purdue University, joined Google Pay in 2018 as vice president and general manager for the Asia Pacific (APAC) region. He was involved in the creation of Chromecast and Google TV at Google and was instrumental in growing the digital payments platform. He formerly worked as a strategic consultant for San Francisco’s Bain & Company and as the chief product officer at Myntra.

    Exciting New Era for Angel One: Thakkar

    Dinesh Thakkar, the managing director and chairman of Angel One, commented on the hiring, saying that Ambarish’s appointment as managing director ushers in a thrilling new era for the company. With his extensive industry knowledge and demonstrated ability to drive innovation, he is the visionary leader the company needs to launch into its next phase of expansion. In 1996, Angel One—previously known as Angel Broking—was established. The business provides financial product distribution, investment advising, and broking services. Thanks to its digital play, it has experienced tremendous growth in recent years. As of the end of December 2024, its “total client base” had grown to 29.5 million, a 52% year-over-year (YoY) increase.

    With four patents under his belt, Kenghe is a prolific innovator who epitomises technical know-how and inventiveness. His excellent academic background includes a bachelor’s degree in computer engineering from AMU, a master’s degree in computer science from Purdue University, a master’s degree in computer science and engineering from IIT Kanpur, and an MBA from UC Berkeley.

    “I am incredibly honoured to be a part of Angel One, a brand that has been at the forefront of transforming India’s fintech landscape,” Kenghe said as he stepped into his new role at Angel One. Angel One has established a solid basis via its emphasis on innovation and customer-centricity. In order to propel the next stage of growth and provide users with cutting-edge financial solutions, “I am excited to collaborate with the outstanding team.”

    Financial Developments at Angel One

    Angel One’s net profit increased 8.1% to INR 281.4 Cr in the third quarter (Q3) of the fiscal year 2024–25 (FY25) from INR 260.3 Cr in the same time last year. From INR 1,059 Cr in Q3 FY24 to INR 1,262.2 Cr, operating revenue increased 19%. The most recent appointment was made months after the company hired Arief Mohamad, a former Flipkart executive, to lead its direct business as its chief business officer in October 2024.

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  • The Implementation of a 30% UPI Cap Is Highly Doubtful

    With just over four months to go until the deadline, industry insiders have expressed doubts about the proposed 30% market share cap in the Unified Payments Interface (UPI) category, according to multiple media sources. Multiple newcomers to UPI have been informed, informally, that the limit is not going to be implemented. As a result, they have begun to reassess their growth and investment strategies, according to those briefed on the situation.

    According to earlier media reports, new players in the UPI industry are holding off on making large expenditures until they have a better understanding of the market share rule. UPI payments are dominated by PhonePe and Google Pay.

    However, the National Payments Corporation of India (NPCI), which oversees the UPI railway, has not received any official word from the government regarding its stance.

    Customers’ Choice

    Reportedly, the regulator is of the opinion that new entrants have not been able to reduce the dominance of the top two UPI services, therefore it is left with few choices regarding the implementation of the December 31st deadline.

    In response to enquiries, neither NPCI nor the ministry of electronics and IT provided any information. Implementing this law (market cap) will require significant planning, according to several experts. It cannot be done in a day due to the disruptive nature of the process.

    The Growth Trajectory

    Both the government and NPCI are deeply committed to the expansion of UPI, which reached 14 billion monthly transactions in May. If people keep using the same two or three platforms, what options do we have? So many new entrants are able to set up shop, but they haven’t made a dent just yet.

    In July, out of the 14.4 billion UPI transactions, more than 85% were processed through Walmart’s PhonePe and Google Pay. Google Wallet had 5.3 billion transactions, whereas PhonePe had 6.9 billion. With 1.1 billion UPI transactions, Paytm (One 97 Communications) came in third, and Cred (142 million payments) came in fourth.

    The Reserve Bank of India (RBI) placed restrictions on Paytm Payments Bank in February, making arguments about the market share ceiling more prominent. Paytm is the third largest UPI operator. On February 5, a prominent media outlet said that Paytm’s problems will cause users and businesses to switch to the two most popular applications.

    Why the Cap Cannot Be Implemented?

    To prevent the UPI ecosystem from becoming overly dependent on only one or two platforms, NPCI first proposed a market share cap. In December 2022, NPCI delayed implementation for two years following multiple rounds of negotiations and requests from key corporations operating such apps.

    Some industry executives and specialists in the field have voiced concerns that imposing a market share cap might cause systemic disruption and be technically challenging to achieve.

    Conversely, NPCI has been facilitating the development of UPI solutions by numerous consumer internet platforms with huge user bases, enabling them to become third-party application providers.

    Flipkart, the e-commerce platform that was once PhonePe’s parent company, Groww, Slice, and the Tata Neu superapp are all part of this group. Another company that has introduced its UPI offering through the plug-in channel is Swiggy, a food and grocery delivery firm that has partnered with banks. Similarly, Ola Consumer is in the process of planning a same system.

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  • Google Pay, PhonePe, and Other Companies to Participate in RBI’s Digital Currency Pilot

    According to a media agency, several prominent fintech companies have decided to participate in the digital currency pilot program run by the Indian central bank. These companies include Google Pay, PhonePe, Cred, Mobikwik, and AmazonPay.

    According to sources who spoke with the news agency, the corporations will accomplish this by providing e-rupee transactions.

    Notably, the digital currency pilot program was launched by the Reserve Bank of India (RBI) in December 2022.

    At first, the only financial institutions authorized to sell e-rupee through their mobile apps were the central bank. However, fintechs were also permitted to offer e-rupee transactions after RBI’s permission in April of this year.

    Then, rumor has it that fintech companies are requesting the central bank clarify the norms of interaction with banks so they can implement use cases for central bank digital currency (CBDC).

    Fintech companies are reportedly collaborating with the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), and the domestic payment authorities in preparation for the e-rupee’s launch in the coming three to four months, according to a prominent news agency’s report.

    According to the research, the number of digital currency transactions has dropped significantly from over 1 million per day last year to about 1-2 lakh each day.

    Use Cases for Retail CBDCs

    This news arrives as reports surface that banks are collaborating with fintech entrepreneurs on a range of fronts to launch retail use cases for Central Bank Digital Currency (CBDCs).

    The first round of the CBDC retail trial for NBPSOs is testing two significant use cases. One involves corporate cost management and the other involves subsidy payments for agricultural supplies.

    Banks are presently focussing on deploying these use cases, and they will now also collaborate closely with fintech firms to support the CBDC trial.

    Following the beginning of the Central Bank Digital Currency (CBDC) experiment in December 2022, RBI deputy governor T Rabi Sankar announced in April that 2.2 crore transactions had been handled.

    What is CBDC?

    The Reserve Bank of India (RBI) has created CBDCs, a digital token equivalent to the Rupee. Using distributed ledger technology (DLT), it could one day replace physical currency with digital transactions.

    The CBDC pilot has been serving both the wholesale and retail sectors since its start in 2022, and an increasing number of institutions are rushing to become a part of it.

    The country’s Central Bank unveiled new features, like the ability to make CBDC retail payments offline and using user-defined algorithms, in February of this year to boost CBDC sales.

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  • PhonePe and Google Pay Are Losing Ground to Newcomers in the Online Payment Space

    As smaller companies gained headway in India’s unified payments interface in June, the share of total transactions processed by Walmart Inc.-owned PhonePe and Alphabet Inc.’s Google Pay declined slightly. From 48.67% in May to 48.37% now, PhonePe’s percentage of all UPI transactions has decreased.

    According to data issued by the National Payments Corporation of India, Google Pay’s fraction decreased from 37.18% last month to 36.76%. The total number of transactions processed by the UPI network in June was 13.88 billion, down 1% from the previous month.

    New Entrants Giving a Tough Run to Established Players

    Many new companies have recently entered the UPI payments market. More than 80% of the market is controlled by PhonePe and Google Pay, but new competitors are threatening their supremacy.

    For example, in June, there was a 17% increase to 75 million UPI transactions on the apps of Axis Bank Ltd. and a 20% increase to 35.7 million transactions on the Navi app. Another UPI payment option is super.money, which was introduced by Flipkart, a subsidiary business of PhonePe and an eCommerce giant in India. The JioFinance app, developed by Mukesh Ambani’s Jio Financial Services, also joined the competition, allowing users to access the growing financial scene in India.

    Paytm Comes to a Standstill

    Paytm, which was experiencing a regulatory setback, managed to maintain its 8% market share from the previous month, which indicates that the market loss that has been occurring since the beginning of the year has come to a standstill.

    After the Reserve Bank of India issued an order earlier this year to come close to shutting down Paytm’s banking unit, the company’s net loss for the first quarter of the fiscal year, which ended in June, more than doubled to INR 8.39 billion, which is equivalent to $100 million.

    Cred Becomes the Fourth-Largest Player in the Game

    Based on the information provided by the NPCI, CRED has established itself as the fourth largest player in the processing of UPI payments. It is interesting to note that it has exceeded Amazon Pay, WhatsApp, and BHIM, and it has handled more than one-third of the total value of transactions that Paytm has processed in the past month.

    Praveena Rai, the chief operating officer (COO) of the National Payments Corporation of India (NPCI), has stated that the Unified Payments Interface (UPI) is gaining approximately 6 million new users each month.

    In addition, the NPCI has established a lofty objective of reaching one billion transactions per day within the next several years.

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