๐ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. ๐ฅ
โ
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator โ
Log In
News on Medial
UPI payments above Rs 3,000 may attract charges: Report
Economic Times
ยท
1m ago
Medial
The Indian government is considering reintroducing merchant charges on Unified Payments Interface (UPI) transactions over Rs 3,000 to enhance revenue streams. Currently exempt, the proposed fees would apply to larger transactions, exempting small-ticket items. This change aims to balance financial sustainability for banks and payment providers, following the removal of Merchant Discount Rates (MDR), while keeping UPI favorable for small merchants. Meetings have been held to reassess the policy framework as UPI transactions dominate the digital payment landscape.
View Source
1
Related News
Govt May Impose MDR on UPI Payments Over INR 3,000 to Cut Banking Strain
StartupTalky
ยท
1m ago
Medial
The Indian government is considering reintroducing the Merchant Discount Rate (MDR) on Unified Payments Interface (UPI) transactions above INR 3,000 to alleviate financial burdens on banks and payment providers. Since January 2020, a zero-MDR policy has been in place, but it has been financially unsustainable. A proposed change could see larger transactions incurring MDR, while smaller ones remain free. The Payments Council of India suggests a 0.3% MDR for large merchants to support digital payment infrastructure.
View Source
PhonePe's Rs 2,193 Cr ESOP bill pushed it into losses in FY24
YourStory
ยท
9m ago
Medial
Digital payments giant PhonePe reported a decrease in losses for FY24. The company's losses dropped by approximately 29%, going from Rs 2,795 crore in the previous year to Rs 1,996 crore. PhonePe announced that it achieved profitability on an adjusted basis, excluding ESOP expenses of Rs 2,193 crore, with a profit of Rs 197 crore. The company faced high costs related to ESOPs and employee benefits, as well as increased payment processing charges. PhonePe processes nearly half of all payments made on the UPI ecosystem. The company has expanded beyond payments into various financial services.
View Source
UPI sets new record in May with 14 billion transactions worth over Rs 20 trillion
Entrackr
ยท
1y ago
Medial
Unified Payments Interface (UPI) has set another record as it processed more than 14 billion transactions worth Rs 20.45 lakh crore or Rs 20.45 trillion in May, according to data issued by the National Payments Corporation of India (NPCI). UPI saw a 5% jump in volume and a 4% surge in value of transactions in May compared to April. This is a new high in terms of volume and value for UPI which began its operations in April 2016. Last month, the volume of transactions declined 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. The transaction count is expected to rise in the coming months as NPCI is expanding UPI services to more countries. Besides India, it is also available in countries such as Singapore, Malaysia, UAE, France, Nepal, UK, Mauritius, and Sri Lanka. Going forward, the Reserve Bank of India along with NPCI have plans to take UPI to 20 countries by FY29. In its annual report, RBI also said that nearly four out of five digital payments in the country were conducted on the UPI in FY24. As of April, PhonePe had 48.87% market share in the UPI ecosystem. This was followed by Google Pay and Paytm which controlled 37.5% and 8.3% market share in UPI respectively. Value wise, PhonePe had close to 51% market share followed by Google Pay and Paytm with 35% and 5% share respectively. The break up data for May is yet to be released by NPCI. NPCI is reportedly considering reviewing its decision to implement a 30% cap on the market share of UPI apps by the end of 2024. Meanwhile, industry stalwarts Adani Group and Mukesh Ambani-backed Reliance Group are also gearing up to enter the UPI and digital bank ecosystem. As per media reports, Adani Group is considering seeking for a license to operate on the UPI while Jio Financial announced a new app called JioFinance.
View Source
UPI transactions rise 4.4% in May to 18.68 Bn
Entrackr
ยท
2m ago
Medial
UPI transactions rise 4.4% in May to 18.68 Bn According to data released by the National Payments Corporation of India (NPCI), the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. Unified Payments Interface (UPI) continued its upward trajectory in May 2025 with 18.68 billion transactions, a 4.4% month-on-month (MoM) increase from 17.89 billion in April. The transaction volume also reflects a 33% year-on-year (YoY) growth. According to data released by the NPCI, the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. This marks a 5% MoM jump, while on a YoY basis, the transaction value registered a 23% growth. The daily average transaction volume in May rose to 602 million, compared to 596 million in April. The daily average transaction value stood at Rs 81,106 crore, up from Rs 79,831 crore in the previous month. In March, UPI processed 18.30 billion transactions worth Rs 24.77 lakh crore, indicating that Mayโs performance has surpassed both the previous months in terms of volume and value. As of April, PhonePe continued to lead among UPI apps, followed by Google Pay, Paytm, Navi, and Super.money. PhonePe held the largest share with 46.73% of all UPI transactions, processing 8.36 billion transactions. Google Pay came next with a 36% share, handling 6.48 billion transactions. Together, PhonePe and Google Pay accounted for almost 83% of the total UPI transaction volume. Recently, gold-saving app Jar also entered the consumer payments space with a UPI app in partnership with Unity Small Finance Bank as the Payment Service Provider. Entrackr exclusively reported the development on May 29.
View Source
Zepto Matches Swiggyโs Employee Salaries Despite Having Much Lesser Headcount
OutlookIndia
ยท
2m ago
Medial
Zepto, despite being a smaller and newer company compared to Swiggy, paid Rs 95 crore in salaries for April to its 3,000 employees, almost 80% of Swiggyโs payroll budget for its larger 5,500-strong workforce. This illustrates Zepto's strategy to attract top talent by offering well above the industry average salaries. Zepto's rapid growth is evident from its $4 billion yearly gross order value, a significant 300% increase from the previous year, as stated by CEO Aadit Palicha.
View Source
Over 70% Users To Stop Using UPI If Transaction Fee Is Levied: Survey
Inc42
ยท
1y ago
Medial
A survey conducted by LocalCircles found that the majority of Indian users oppose the imposition of transaction fees on Unified Payments Interface (UPI) transactions. Approximately 73% of the respondents said they would stop using UPI if a fee is introduced, while only 23% were willing to bear the transaction cost. The survey also revealed that some platforms or merchants have been charging an additional convenience fee for UPI payments. This comes after the Reserve Bank of India proposed levying transaction charges on UPI payments earlier this year. Despite these concerns, UPI transactions continue to increase steadily in India.
View Source
GST Council may consider imposing 18% tax on payment aggregators for small transactions up to Rs 2,000
Inc42
ยท
9m ago
Medial
The Goods and Services Tax (GST) Council may consider imposing an 18% GST on payment aggregators for small digital transactions up to Rs 2,000. The decision is expected to be made during the council's meeting on September 9. Currently, payment aggregators are exempt from GST for transactions below Rs 2,000. This move could impact small businesses heavily reliant on frequent low-value transactions. However, transactions made through Unified Payments Interface (UPI) will remain unaffected as UPI transactions do not incur GST. UPI now constitutes more than 80% of total retail digital payments in India.
View Source
HDFC Bank has revised terms for credit cards: Here are the key changes
Money Control
ยท
1y ago
Medial
HDFC Bank has revised its terms for credit cards, effective from August 1. The changes include introducing charges for rental and educational transactions made through third-party payment apps, charges for large utility bill payments, fuel transactions above a certain threshold, and redemption charges for reward points. The bank has also increased annual and renewal fees for certain credit cards and introduced processing fees for the Easy EMI payment option. Late payment fees have also been revised. One notable change is the levying of charges on third-party payments for education and rent.
View Source
PhonePe partners with eSewa, HAN Pokhara to promote UPI in Nepal
Economic Times
ยท
1y ago
Medial
Fintech firm PhonePe has partnered with Nepal's eSewa digital wallet service and the Hotel Association of Nepal (HAN) Pokhara to promote digital payments through UPI (Unified Payments Interface) on the Fonepay Network. This collaboration is part of the Fewa New Year Festival in Nepal, with over 3,000 merchants participating and an anticipated 100,000 visitors. PhonePe will conduct on-ground activities to educate merchants about digital payments, while showcasing the convenience of UPI for customers. The goal is to raise awareness and increase adoption of UPI on the Fonepay Network.
View Source
UPI AutoPay top of charts in low-ticket recurring payments
Economic Times
ยท
1y ago
Medial
The National Payments Corporation of India's UPI AutoPay feature is gaining popularity for low-value recurring transactions, with top banks like SBI, HDFC Bank, ICICI Bank, Bank of Baroda, and Paytm Payments Bank leading the way. In November, these banks processed 8.1 million AutoPay transactions, up from 3.9 million the previous year. NPCI has asked banks and fintechs to enhance their limits for AutoPay transactions, extending the limit to Rs 1 lakh. UPI AutoPay is expected to attract larger ticket-size transactions and become a comprehensive payment mode.
View Source
Trackers
Active Indian VCโs
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything thatโs happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in