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Tag: Unified Payment Interface

  • Paytm Launches Festive Offer: Win Free Gold Coins on Digital Payments and UPI Transactions

    A new gold coin incentives feature has been introduced by Paytm (One 97 Communications Limited) for all transactions conducted through its platform, including bill payments, recurring payments, online purchases, money transfers, recharges, and Scan & Pay.

    Credit card and RuPay credit card payments made through UPI receive double gold coins, and all payment methods—UPI, debit cards, credit cards, and net banking—are accepted.

    According to the release, users receive 1% of the transaction value in gold coins. In practice, INR 10,000 buys 100 gold coins, and INR 1.5 lakh must be spent in total to redeem 1,500 coins. This results in an effective payback of 0.01%, or INR 15 in gold for every INR 1.5 lakh spent.

    Right Time for Paytm’s Gold Initiative

    The campaign is ideally timed for India’s holiday season, which is often when demand for gold is at its highest. According to the corporation, the programme takes place before the holiday season, when India’s demand for gold often increases.

    Paytm emphasised that the functionality enables consumers to channel GST-driven savings into long-term investments and to progressively amass digital gold. The company claims that by enabling customers to exchange pennies for digital gold, the offering fits in with the saving habits of Indian households.

    Reminders for regular spending, monthly spend summaries, customised UPI IDs, downloadable UPI statements, and aggregated views of bank accounts connected to UPI are further features of recent Paytm app updates.

    Paytm Backing Digital Finance and Savings Optimisation

    In order to promote national priorities in digital banking and savings optimisation, Paytm presents the gold coin incentives and associated digital features.

    According to the corporation, these modifications will help people and companies use digital payments more effectively in the context of changing regulations. The rollout, according to the corporation, is in line with larger government programmes like Atmanirbhar Bharat and GST reforms, which are meant to streamline compliance and promote savings for both households and businesses.

    Current Financial Dynamics of Paytm

    The number of UPI transactions on Paytm increased significantly in August. In August, there were 1.4 billion UPI transactions, compared to 1 billion the previous year.

    Following the closure of its banking division, Paytm’s share of the payments market fell from over 13% in early 2024 to roughly 7%. The corporation is fighting to regain its market share even though it has cut its marketing costs through merchant payments, consumer credit, and buy-now-pay-later.

    The fintech company was able to resume its growth trajectory with net profitability at the corporate level after a significant setback in 2024 brought on by regulatory constraints on its affiliate Paytm Payments Bank.

    After reporting a loss of INR 840 crore for the same period the previous year, Paytm recorded its first net profit from core operations for the quarter ending June 2025 at INR 123 crore.

    Due to a 38% increase in net payment revenue to INR 529 crore and a tripling of financial services revenue to INR 561 crore, operating revenue increased 28% year over year to INR 1,918 crore.

    Quick
    Shots

    •Double gold coins on credit card and
    RuPay credit card payments made via UPI.

    •1,500 coins require INR 1.5 lakh
    spend, offering an effective return of 0.01%.

    •The scheme is timed with the festive
    season, when India’s gold demand peaks.

    •Encourages users to convert everyday
    spending into long-term digital gold savings.

  • UPI Rules Changing from Nov 3: Big Impact for PhonePe, GPay, Paytm Users — What You Must Know

    New settlement cycles have been announced by the National Payment Corporation of India. Recently, the new UPI (Unified Payments Interface) cycles for both authorised and contested transactions were revealed. For RTGS customers, who previously had to exercise caution when transacting, the revisions are welcome news.

    Currently, UPI uses RTGS to perform 10 settlement cycles every day, each of which consists of both authorised and contested settlements. In order to expedite the daily settlement process, it has been determined to separate approved and disputed settlements in light of the notable increase in transaction volume.

    New Rules Framed by NPCI

    First off, only permitted transactions will now be included in the settlement cycles between 1 and 10. As a result, these cycles will not process any disputes. The current cut-over times and RTGS posting schedules won’t be altered. Second, as indicated in the above table, settlements pertaining to disputes will be conducted twice a day during settlement cycles 11 and 12.

     Only disputed transactions will be included in these cycles. The identifiers DC1 and DC2, where DC stands for dispute cycle, will be incorporated into the NTSL file naming scheme.

    Thirdly, three other settlement regulations, such as GST reports, reconciliation reports, and settlement timeframes, remain unaltered. The deadline for terminating any autopay mandates associated with the former @paytm UPI ID handles has also been extended by NPCI by two months, until October 31, 2025.

    How it will Impact Users and Banks?

    The majority of users will continue to have the same experience while paying in physical stores, online, or via peer-to-peer transfers. Since they won’t be in competition with refund settlements within the same batch, these transactions should actually appear in banks’ systems more quickly.

    Reconciliation processes will be less congested, which will be advantageous to banks. The new structure is intended to decrease the possibility of settlement delays, enhance operational efficiency, and reduce bottlenecks by separating disputes from ordinary transactions. UPI volumes are at all-time highs at the moment of the revamp.

    According to NPCI data, UPI processed payments totalling INR 24.85 trillion in August, marking the first time it has surpassed the 20 billion monthly transaction milestone. Since digital payments are now the foundation of India’s financial system, it is anticipated that the more precise settlement structure will improve customer satisfaction and increase bank operating stability.

    Quick
    Shots

    •Authorised and disputed transactions
    will now be settled separately to speed up processing.

    •Only approved transactions will be
    processed — no disputes included.

    •GST reports, reconciliation, and
    settlement timelines remain unchanged.

    •Autopay mandate closure deadline for
    old @paytm UPI IDs extended to October 31, 2025.

    •Banks benefit from reduced
    reconciliation congestion and improved operational efficiency.

  • NPCI Plans to Introduce EMI Option on UPI Payments to Boost Digital Lending

    According to reports, the National Payments Corporation of India (NPCI) is working on enabling customers to convert their payments into EMIs in an effort to further boost the adoption of the Unified Payments Interface (UPI).

    According to the Economic Times, the payments authority will permit fintech firms to incorporate the capability that enables consumers to convert their UPI payments into EMIs. As per the report, the capability would be comparable to card payments made at PoS terminals. Interestingly, the NPCI already offers two UPI credit products: RuPay credit cards and UPI credit lines.

    Commented on the development, Rohit Pateria, Founder & CEO, Lark Finserv stated, “NPCI’s initiative to enable EMI on UPI is a transformative step that will democratize access to credit at the point of digital payment. By allowing consumers to instantly convert their UPI payments into manageable monthly instalments, this innovation is set to deepen financial inclusion, empower merchants with higher sales, and expand the credit ecosystem within India’s most widely used payment platform. It marks a pivotal evolution from a payment system to a comprehensive credit network, fostering sustainable growth in the digital economy.”

    “Currently, UPI handles approximately 20 billion transactions monthly, with an active user base of 250-300 million. The ability for these millions of users to convert their UPI payments into EMIs at the point of sale, similar to how credit card EMIs work, will be greatly beneficial for the credit industry. This will impact individuals and MSME businesses who may not possess a credit card. For instance, or a family making a high-value appliance purchase could now opt for EMI through their UPI app by simply scanning a QR code, without needing additional paperwork. Similarly, a small vendor could offer their regularcustomers the option to pay in instalments, thereby improving cash flow for both parties. This can position UPI as an important credit tool for micro and small enterprises,” said Dipal Dutta, CEO & Founder- RedoQ.

    How UPI Credit Line Works?

    In 2023, the UPI credit line feature was introduced. It enables banks to provide pre-approved credit lines to consumers and small enterprises, which can then be used for UPI transactions.

    The credit line on UPI service is currently available from several finance businesses, including Paytm and PhonePe. Actually, just week ago Paytm reintroduced its BNPL offering as a UPI credit line. In the meanwhile, in 2022, the RuPay credit card for UPI was introduced.

    Many startups are now pushing the feature, which is widely used. In order to mainstream UPI-linked credit cards, Kiwi raised INR 208.5 Cr (about $24 million) last month.

    Expanding Network of UPI

    Earlier this year, Dilip Asbe, MD and CEO of NPCI, stated that the RuPay network handled about 16% of all credit card transactions in India. According to Asbe, UPI was used to process about half of these credit card transactions.

    The introduction of the EMI function for UPI payments is anticipated to fuel UPI’s upcoming growth phase and bring the NPCI one step closer to its goal of 100 billion UPI transactions per month.

    In August, UPI transactions reached a new all-time high of 20.01 billion, up 2.8% month over month. This represented a 34% YoY increase. Compared to INR 25.08 Lakh Cr in July, the value of UPI transactions in August was INR 24.85 Lakh Cr.

    Quick
    Shots

    •NPCI is working to allow UPI payments
    to be converted into EMIs.

    •Fintech firms can offer this feature
    similar to card PoS EMI options.

    •RuPay credit cards and UPI credit
    lines already available.

    •Launched in 2023; provides
    pre-approved credit lines for consumers & small businesses.

    •Paytm, PhonePe, and other fintechs
    already offer UPI credit lines; Paytm recently reintroduced BNPL via UPI.

    •RuPay handled around 16% of all
    credit card transactions; UPI processed around 50% of these.

  • UPI Transactions Ban: Services Users Can’t Use Starting October 1, 2025

    Users using UPI might want to monitor any updates to the National Payments Corporation of India’s (NPCI) UPI payment regulations. Peer-to-peer (P2P) transactions, one of the most popular UPI features, are reportedly going to be eliminated by the NPCI.

    Sending a request for money to a UPI account holder is a common usage for this functionality. In an effort to improve user security and lower financial fraud, this feature will be eliminated from UPI apps starting on October 1, 2025.

    What NPCI’s New Rule States?

    “By October 1, 2025, UPI P2P Collect shall not be allowed to be processed in UPI,” the NPCI said in a circular dated July 29. This implies that starting on the specified date, banks’ and payment apps’ “collect request” functionality will be completely eliminated. Sending money requests to other UPI app users and reminding them to split a bill or share the amount is a common usage for the P2P feature. However, scammers are taking advantage of this capability to defraud UPI customers and drain their accounts.

    Why Peer-to-Peer Collect Requests Are Being Removed?

    This feature is frequently used by scammers to send user requests under false pretences of an emergency or a fictitious role. Without understanding they have fallen for a scam, the user immediately begins to lose money after agreeing to the solicitations. Thus, eliminating the P2P function will lower the likelihood of scams.

    P2P transactions were formerly restricted to INR 2,000 each. Although this has reduced a number of fraud cases, it was insufficient to completely prevent them. From October 1, users will no longer be able to send money using the UPI PIN unless they choose to utilise a QR code or the contact number.

    How This Will Affect UPI Users

    Flipkart, Amazon, Swiggy, and IRCTC are among the merchants whose transactions will not be impacted by the new UPI payment regulations. To finish the payment, these platforms will be permitted to exchange a collection request. Users will still be charged, though, since they must authorise the request and provide their UPI PIN in order to finish the payment.

    Other Recent UPI Updates You Should Know

    For processing UPI transactions on merchant applications and websites, ICICI Bank has begun charging payment aggregators (such as Google Pay, PhonePe, Mobikwik, Razorpay, etc.) a fee.

    This regulation went into effect on August 1, 2025. “Mony,” a UPI-based app for travellers and non-resident Indians (NRIs), was released by Smart Payment Solutions, a business governed by the RBI.

    It is no longer necessary to have an Indian bank account to make payments in India. They can pay immediately at stores, restaurants, and shops by scanning UPI QR codes. This is a component of the “UPI One World” program, which seeks to facilitate foreign tourists’ usage of India’s digital payment system.

  • 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.

  • 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.

  • UPI Rule Changes from August 1: Daily Limits, Auto-Debit & API Restrictions Explained

    Members of the UPI ecosystem must abide by a new set of rules established by NPCI, which include restricting balance inquiry queries and controlling the use of APIs such as Autopay Mandate Execution and Validate Address.

    To enhance the functionality of UPI transactions, the National Payments Corporation of India (NPCI) has made a number of modifications to the Unified Payment Interface (UPI) ecosystem.

    Members of the UPI ecosystem must abide by a new set of rules established by NPCI, which include restricting balance inquiry queries and controlling the use of APIs such as Autopay Mandate Execution and Validate Address. The specifics of the significant changes that UPI users will encounter starting on August 1 are covered in this article.

    New Balance Inquiry Limits for UPI Users

    Through a particular bank in the UPI app, customers can examine the list of bank accounts connected to their mobile number thanks to the List Account API. The usage is restricted to 25 requests per customer per app per day (on a rolling 24-hour basis) in accordance with NPCI norms.

    Only when the user has chosen their bank in the UPI app should these requests be made. Retries must only be made with the customer’s permission if the account list does not load in order to prevent needless system load. One first attempt and a maximum of three retries per mandate (designated by each sequence number) are the limits specified by NPCI.

    Restrictions on Autopay and Retry Attempts

    This implies that a single mandate may be carried out up to four times. All autopay executions should be planned during off-peak times exclusively in order to further alleviate congestion. As NPCI implements new API guidelines to avoid downtime, certain UPI transactions will be subject to limitations starting on August 1.

    Peak hours, which are recorded between 10:00 and 13:00 and between 17:00 and 21:30, are the times of day when UPI financial transactions achieve their peak transaction volume per second.

    What NPCI Expects from PSPs?

    The NPCI has directed Payment Service Providers (PSPs) to implement the relevant changes in their system by July 31, 2025. Failure to comply may lead to actions such as restrictions on UPI API access, penalties, suspension of new customer onboarding, or other appropriate measures.

    The NPCI press release on May 21, 2025, stated that members are requested to take note of this compliance requirement and communicate it to relevant stakeholders and their respective partners for implementation by 31 ‘July 2025.

    In the event of non-compliance with the above guidelines, NPCI may take necessary action, including UPI API restrictions, penalties, suspension of new customer onboarding, or any other measures deemed appropriate.

  • PayPal Integrates UPI via ‘PayPal World’, Easing Global Payments for Indian Users

    In order to facilitate easy cross-border money transfers and international payments, global payments company PayPal unveiled on July 23 ‘PayPal World’, an interoperability platform that links India’s Unified Payments Interface (UPI) with some of the biggest digital wallets worldwide.

    How UPI Integration Benefits Indian Users?

    The initiative’s five founding partners include PayPal, Venmo, Tenpay Global (Weixin Pay) of China, Mercado Pago of Latin America, and India’s NPCI International Payments Ltd (NIPL), the international division of the company that runs India’s UPI railroads. These platforms together account for about two billion users worldwide.

    According to Ritesh Shukla, CEO and managing director of NIPL, UPI’s integration on PayPal World’s platform will be a major step in the company’s global expansion. It supports NIPL’s mission to increase the ease, security, and inclusivity of cross-border payments.

    He went on to say that this partnership will make it easier for Indian users to send money overseas and give international companies and retailers access to a burgeoning UPI user base. In an effort to create what it describes as a first-of-its-kind payments ecosystem, PayPal has made India the focal point of its worldwide interoperability campaign.

    Why This Move Matters for India’s Digital Economy?

    PayPal claims that the platform is made to enable customers to send money internationally using their local wallets and currencies, purchase online, and make in-store payments without the need for extra integration from retailers. According to PayPal president and CEO Alex Chriss, transferring money across borders is a very complicated task, but the new platform will make it tremendously easy for around two billion customers and businesses.

    Over time, PayPal thinks the reforms it is introducing today could truly transform the game. The usage of Indian apps like PhonePe, Paytm, and Google Pay overseas is still restricted, despite UPI’s progress towards worldwide development through bilateral partnerships with nations like Singapore, the United Arab Emirates, and France.

    Real-World Use Cases for Indian Consumers

    These apps usually only function in a few areas, and more recently, NPCI has restricted their global capability by, for example, banning QR-based “Share & Pay” for international UPI merchant transactions in April. PayPal World provides a platform-level integration to fill this gap.

    Users will be able to access UPI via the PayPal interface, enabling international use immediately without the need for credit cards or additional remittance channels, rather than waiting for each UPI app to independently grow into new locations.

    In describing a use scenario, the business stated that an Indian UPI user wishes to purchase a pair of sneakers from an American online retailer.

    They will see the UPI button they are familiar with to finish the transaction when they click the PayPal button at checkout. Similarly, a PayPal user may use their PayPal app to scan a Weixin Pay QR code at a local café while visiting China.

  • India Tops Global Fast Payment Rankings with UPI Powering 18 Billion Transactions Monthly: IMF

    The exponential expansion of the Unified Payments Interface (UPI) has made India the world leader in quick digital payments, according to a recent International Monetary Fund (IMF) study titled “Growing Retail Digital Payments: The Value of Interoperability.”

    India Takes the Lead in Real-Time Payments, Says IMF

    The National Payments Corporation of India (NPCI) introduced UPI in 2016, and it has completely changed how Indians conduct business. With only a few touches, customers may connect several bank accounts to a single mobile app, facilitating quick, safe, and inexpensive transactions.

    The Press Information Bureau (PIB) reports that UPI handles more than 18 billion transactions every month at the moment. It facilitated 18.39 billion transactions in June 2024 alone, totalling INR 24.03 lakh crore, a 32% year-over-year growth over June 2023’s 13.88 billion transactions.

    Commenting on the development, Chandra Bhushan, Country Head at Enigmatic Smile(Single.id) stated, “One-fifth of India’s population is on UPI! These numbers validate the powerful role that a digital public infrastructure like UPI has played in transforming a developing nation like India into a digital-first powerhouse. For retailers too, UPI has not only enabled last-mile financial inclusion, expanding their consumer base but also opened up a plethora of opportunities to help them build customer loyalty through technology-backed reward platforms. In a highly competitive, yet hugely potential retail landscape like ours, a robust, safe, and seamless rewards technology like Single.id can be the biggest differentiator for success, helping accelerate the next phase of India’s retail economy.”

    From Cash to Code: How UPI Transformed India’s Economy

    According to the PIB, UPI has driven India away from cash and card-based payments and towards a digital-first economy. The system has grown to be a potent force for financial inclusion, especially for small enterprises and people.

    With 491 million users, 65 million businesses, and 675 banks connected, UPI now makes up 85% of all digital payments in India. Additionally, it has a strong global footprint, powering almost half of all real-time digital payments globally.

    UPI Goes Global: 7 Countries and Counting

    The reach of UPI has expanded outside India. With France being its first foray into the European market, it operates in seven countries: the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, and Mauritius. For Indians who live or travel outside, this development is making cross-border payments easier.

    Namibia Signs UPI Deal, Africa Joins the Real-Time Payments Wave

    In order to create a real-time payments platform similar to the Unified Payments Interface (UPI), the Namibian central bank and the National Payments Corporation of India (NPCI) have inked a licensing deal.

    According to Dammu Ravi, secretary in the external affairs ministry, during a press briefing on the outcomes of Prime Minister Narendra Modi’s visit to the African nation, NPCI and the Namibian central bank have signed a licensing agreement to implement UPI in Namibia for real-time payments, making it the first country of its kind in the world.

    Namibia would be able to create a real-time payment system thanks to the agreement. Notably, more than a year ago, the Bank of Namibia and NPCI International Payments Limited (NIPL), the organisation’s international arm, originally inked a deal to create a digital payments system.

    As part of the collaboration, the NPCI committed to providing the Bank of Namibia with technology and other knowledge to aid in the creation of a digital payments system. In an effort to boost UPI use globally, the NPCI has inked agreements with a number of nations.