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P2P payments being evaluated for UPI One World: sources
Economic Times
·
8m ago
Medial
The UPI One World service in India, currently used by foreign travellers for merchant transactions, may soon be expanded to include interpersonal transactions. Once approved, users will be able to make payments to small merchants, public transporters, and tourist guides using this service. Currently, only five players are enabled on UPI One World, but the potential for growth is hindered by the requirement for physical KYC and the restriction to only merchant transactions. Suggestions have been made to allow P2P transactions with a limit of Rs 5,000 initially. The volume of UPI One World transactions remains relatively small compared to overall UPI payments. Efforts are being made to facilitate digital verification of visas and travel permits. Enabling international travellers to experience UPI during their stay in India is seen as a way to showcase the technology.
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IPO-bound PhonePe announces UPI payments on feature phones
Economic Times
·
2m ago
Medial
PhonePe has announced the rollout of UPI payments for feature phones by purchasing GSPay from Gupshup. Built on UPI 123PAY by NPCI, this technology will be adapted into a new mobile app for feature phones. Offering basic UPI features like P2P transfers and offline QR payments, PhonePe aims to serve India's underrepresented feature phone users, which numbered around 24 crore in 2024. Additionally, Zarin Daruwala joins PhonePe's board as the company plans a public listing in April 2025.
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NPCI to stop UPI P2P 'collect requests' from October 1 to combat fraud
Economic Times
·
18d ago
Medial
The National Payments Corporation of India (NPCI) announced that from October 1, 2025, all member banks and UPI applications, including PhonePe, Google Pay, and Paytm, must stop processing peer-to-peer (P2P) collect requests made through UPI to address financial fraud. This elimination of P2P collect feature is aimed at enhancing security, ensuring all transactions are payer-initiated, thereby reducing fraud risks significantly. The move ensures more user control and security over transactions.
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Groceries, supermarkets lead UPI merchant payments in July; debt collection tops by value - The Economic Times
Economic Times
·
21d ago
Medial
In July, grocery and supermarket transactions dominated India's Unified Payments Interface (UPI) merchant payments, with 3.03 billion transactions totaling Rs 64,882 crore. Debt collection agencies led in value, collecting Rs 93,857 crore. UPI merchant payments (P2M) reached 12.38 billion transactions worth Rs 7.34 lakh crore, while total UPI volumes, including P2P, hit 19.47 billion worth Rs 25.08 lakh crore. Axis Bank processed the highest transaction volume, and digital payment channels like IMPS and AePS also grew.
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NPCI to decide on UPI merchant transaction limits, says RBI Governor
YourStory
·
4m ago
Medial
The Reserve Bank of India has authorized the National Payments Corporation of India (NPCI) to revise transaction limits for Unified Payments Interface (UPI) merchant payments, allowing more flexibility in adapting to economic needs. The NPCI will work with banks and stakeholders to recalibrate person-to-merchant (P2M) transaction limits, currently set at Rs 2 lakh. However, person-to-person (P2P) limits remain unchanged at Rs 1 lakh, as confirmed by RBI Governor Sanjay Malhotra.
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Foreign Tourists Can Use UPI Now Via NPCI’s ‘UPI One World’
Inc42
·
1y ago
Medial
The UPI One World app enables travelers to make payments at merchant locations by scanning QR codes. Initially launched during the G20 summit for tourists from select countries, the app was developed by NPCI in partnership with IDFC First Bank and Transcorp International Limited, under the guidance of the Reserve Bank of India.
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Cryptos pose huge risks for emerging eonomies: RBI Governor
Inc42
·
1y ago
Medial
Reserve Bank of India (RBI) Governor, Shaktikanta Das, has reiterated the central bank's stance on cryptocurrencies, stating that digital currencies pose significant risks for emerging economies. Das opposes the widespread acceptance of cryptocurrencies and has previously called for a ban on virtual digital assets. However, he mentioned that the RBI plans to conduct pilots for the wholesale central bank digital currency (CBDC), e-rupee. Additionally, Das praised the Unified Payments Interface (UPI) as one of the best payment systems globally, dismissing accusations of monopoly and expressing ambition for UPI to become a world leader in the payments ecosystem.
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Exclusive: Major shift in UPI as Govt may allow MDR for large merchants
Entrackr
·
2m ago
Medial
Exclusive: Major shift in UPI as Govt may allow MDR for large merchants As of now, the government provides 15 basis points (bps) of subsidy for UPI transactions below Rs 2,000. One basis point is one-hundredth of a percentage point. Banks may soon find a monetization opportunity in Unified Payments Interface (UPI) transactions, with the Finance Ministry (FM) and the Reserve Bank of India (RBI) likely to permit Merchant Discount Rate (MDR) collection only from large merchants. According to three sources familiar with the matter, the move is under active consideration and targets businesses handling high volumes of UPI payments. "Large merchants such as Amazon, Dream11, Swiggy, Zomato, and Zepto may soon start paying MDR to banks," said one of the sources requesting anonymity. "The Finance Ministry and the RBI are likely to define a threshold such as daily UPI transaction volume/value for MDR applicability on high-UPI transacting merchants," the source added. MDR on UPI refers to the fee that banks charge merchants for processing UPI-based payment transactions. “The new MDR slab comes with a condition that large merchants will not be allowed to pass on MDR to consumers, they must bear it as a cost of doing business,” said the person quoted above. According to sources, the discussion on applying MDR on UPI transactions has been ongoing since the last quarter of FY25. The potential move comes in response to growing concerns from banks and payment aggregators around the sustainability of UPI infrastructure, which currently operates without any revenue model and inadequate subsidy. “Banks are already bearing losses on UPI. Ongoing costs like server upgrades, tech investments, and compliance add up. Without MDR from large merchants, sustaining UPI’s growth will be difficult,” said one of the senior banking executives of a leading private bank requesting anonymity. Last year, the Payments Council of India (PCI) proposed that large merchants, already paying 2% MDR on cards, should also pay 25 bps for UPI, as subsidies aren’t needed given UPI’s popularity and lower cost. In March, PCI wrote to PM Modi highlighting that the government’s Rs 1,500 crore subsidy covers only a small part of the Rs 10,000 crore needed annually to sustain UPI. Ongoing investment in innovation, cybersecurity, compliance, and infra justifies the 25 bps MDR for large merchants. Banks used to charge 30 bps on UPI transactions before it was waived off completely by the FM in 2020. Sources say the government will likely allow banks to charge MDR on large merchants soon, but no exact timeline has been set. Queries sent to RBI and the Finance Ministry received no response. As per sources, the policy is still at a deliberation stage, and no final decision has been made by the Finance Ministry or RBI. Policy decisions may change or evolve before formal notification. Despite soaring UPI volumes, the current revenue model is unsustainable, causing strain on banks, Payment Aggregators, and Payment System Providers (PSPs). Introducing MDR could provide crucial support to banks and enable a revenue-sharing model that benefits PAs, PGs, and PSPs.
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PhonePe dominates UPI ecosystem with 49% market share in April
Entrackr
·
1y ago
Medial
Digital payments platform PhonePe has continued to be the number one player in the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions. PhonePe has maintained the leadership position in the overall UPI transactions for more than 40 months (since November 2020). As per the data issued by the National Payments Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions via UPI out of the total transactions of 13.3 billion in the last month. This roughly translates to 48.87% market share in the UPI ecosystem which also includes players like Google Pay and Paytm, among many others. UPI transactions declined in volume in April by 1% to 13.3 billion from 13.44 billion in March. The total transaction value in the same period also fell 0.7% to Rs 19.64 trillion from Rs 19.78 trillion in March. While PhonePe and Google Pay registered 6.5 billion and 5 billion transactions respectively in March as well as in April, Paytm’s transactions slipped to 1.11 billion from 1.21 billion during the last two months. As of April, Google Pay and Paytm controlled 37.5% and 8.3% market share in the overall (P2M and P2P transactions) UPI ecosystem. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. For Paytm, this is the third consecutive decline in terms of monthly transactions in 2024. The trend can be seen below: In January, RBI had imposed restrictions on Paytm due to compliance concerns. This appears to be the primary reason behind the fall in UPI transactions for the Vijay Shekhar Sharma-led fintech major. The firm also saw a sharp fall in active users after January this year. Entrackr exclusively reported the development in April. Paytm later received permission from NPCI to participate in UPI through the third-party application provider (TPAP) under the multibank model. In April, CRED became the fourth largest UPI-enabled app which processed 138 million transactions. This was followed by Amazon Pay and Fampay with 64.33 and 46.64 million transactions, respectively. Government- promoted BHIM recorded 25 million transactions while WhatsApp reported over 34 million transactions in the last month. Significantly, NPCI is reportedly planning to review its decision to implement a 30% cap on the market share of UPI apps by the end of 2024.
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IPOs of Walmart's Flipkart, PhonePe could take couple of years: Walmart executive
Economic Times
·
1y ago
Medial
Walmart's Flipkart marketplace and PhonePe digital payments platform may go public within the next couple of years, according to a Walmart executive. The initial public offering (IPO) of PhonePe could come before Flipkart, despite Flipkart being a more established business. PhonePe is one of India's largest payment platforms and is tied to the country's Unified Payments Interface (UPI), enabling users to transfer money across multiple banks. The exact timing of the IPO and choice of exchange for listing are still being considered. Executives believe that both Flipkart and PhonePe could become $100 billion businesses.
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Banks wary of UPI credit even as fintech firms make big plans
Economic Times
·
1y ago
Medial
Fintech companies like Freo, Jupiter, and PayU are exploring the possibility of offering credit card-like payment experience for consumers on the Unified Payments Interface (UPI) platform. While fintechs are hopeful about a credit line on UPI, banks are being cautious due to the Reserve Bank of India's warnings about unsecured lending. The activation of a credit line on UPI would allow consumers to use UPI for payments and access the credit line for later payment conversion. However, there are concerns about customers becoming overleveraged and challenges surrounding loan collection.
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