UNIFIED PAYMENTS INTERFACE
Banks, fintechs push FD-tied credit cards to secure more users
Banks and fintechs in India are offering low-limit secured credit cards, backed by fixed deposits, to expand access to formal credit. With limits starting as low as Rs 90, these cards help users build credit scores safely, especially amid tighter lending norms and rising non-performing assets (NPAs) in unsecured credit.
Amazon completes Axio acquisition, secures access to direct lending business in India
Amazon has finalized its acquisition of Axio, an Indian non-bank lender, securing a direct lending license in India. This move allows Amazon to offer credit products directly on its platform, including checkout loans, and explore new credit solutions for customers and small businesses. Axio will operate as a separate entity under Amazon, expanding Amazon's fintech presence in India.
NPCI raises UPI transaction limit to Rs 5 lakh for high-value payments
The relaxed transaction limit will apply to categories, including insurance, travel, jewellery, and credit card bill payments, among others.
Monthly UPI transactions cross 20 billion for first time in August
According to data shared on social media by the Department of Financial Services, the total UPI transaction count touched 20.01 billion in August 2025. UPI recorded 20.01 billion transactions amounting to Rs. 24.85 lakh crore. The year-on-year (YoY) growth stood at 34% in transaction count and 21% in transaction amount.
UPI sets remarkable new volume milestone in August
Unified Payments Interface transactions have surpassed 20 billion in August. Data from the National Payments Corporation of India shows a rise in volume and value. Transaction amount registered a growth of 21 percent. Volume grew by 34 percent. UPI now accounts for 85 percent of India's digital transactions. It is live in seven countries, including France, marking its European entry.
The ET Startup Awards 2025: Nominees for ‘Startup of the Year’ are here
Happy Wednesday! We at ETtech have been hard at work to bring you the 11th edition of The Economic Times Startup Awards (ETSA).
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Navi plans to push ahead with credit on UPI: CEO Rajiv Naresh
Navi aims to leverage credit on UPI for growth in a saturated market. The company processes millions of UPI payments monthly. Navi wants to scale up its credit line on UPI, launched with Karnataka Bank. It also focuses on expanding its home loan business and direct-to-consumer insurance strategy. Navi plans to increase its assets under management through passive mutual funds.
NaBFID to borrow USD 1 billion from foreign shores in FY26; sees tariffs not impacting disbursements
National Bank for Financing Infrastructure and Development aims to secure up to USD 1 billion from global markets in fiscal year 2026. The Development Finance Institution has received international ratings. Fundraising will occur through external commercial borrowing and bonds. NaBFID will decide the launch based on market conditions. The DFI is raising funds according to disbursement needs.
Fintech startup Kiwi secures $24 million from Vertex Ventures and existing investors
Fintech startup Kiwi secured $24 million in funding led by Vertex Ventures Southeast Asia and India to launch credit lines on UPI. Kiwi, which already issues RuPay credit cards, plans to leverage the new capital to expand its offerings. The company aims to capitalize on the growing adoption of UPI and the increasing demand for credit products in India.
ET WLF 2025: ‘Beyond cards, beyond OTPs,’ says Rajat Taneja
Visa is engaging with Indian stakeholders to revive the New Umbrella Entity (NUE) framework and explore alternative settlement systems, aiming to enhance interoperability with UPI and expedite transaction settlements. Visa envisions a future where digital credentials, enhanced by biometrics and AI, streamline payments and reduce reliance on traditional methods like OTPs and physical cards.
Nominees for The Economic Times Startup Awards 2025; and other top stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories from this week. Let’s take a look at the recap.
'Has a single Indian achieved anything?' Bengaluru founder shuts up American businessman for mocking India's 'talent'
An online spat broke out after American businessman Charles Haywood claimed India had made no major accomplishments in modern times. His remarks on X were countered by Bengaluru-based venture capitalist Dilip Kumar, who cited India’s Chandrayaan-3 Moon landing, the success of the Unified Payments Interface (UPI), and Nobel Prize wins by Indian figures. Kumar’s response drew wide support online, with many highlighting India’s global contributions in science, technology, and leadership.
ET Startup Awards 2025: Unveiling the Bootstrap Champ & Top Innovator nominees
The Economic Times Startup Awards (ETSA) are back! We have been hard at work for the past few months to bring you the 11th edition of the coveted honours.
Prime Minister Narendra Modi urges states to cooperate in implementing proposed GST reforms
Prime Minister Narendra Modi announced the Centre's circulation of the next-generation GST reforms draft to states, seeking their cooperation for implementation before Diwali. The proposed reform aims to simplify the GST law, revise tax rates, and benefit the poor, middle class, and businesses. Modi anticipates a double bonus for citizens this Diwali with the GST reform.
ChatGPT is eyeing its Reliance Jio moment in India
OpenAI is targeting the Indian market with ChatGPT Go, a cheaper subscription. It costs Rs 399 per month. This offers more access than the free tier. India is a key market for OpenAI. They are customizing services for Indian users. UPI payments are now accepted. Competition is increasing from Gemini and Perplexity AI.
Chatgpt Go: OpenAI rolls out its cheapest ChatGPT plan for India at Rs 399
ChatGPT Go at Rs 399/month: OpenAI has launched ChatGPT Go, a new India-only subscription plan priced at Rs 399/month, offering greater access at a lower cost. Designed for the price-sensitive Indian market, it allows significantly more messages and image generations than the free version. India is OpenAI’s second-largest user base after the United States.
Subsidy outlay of Rs 437 crore for UPI, RuPay transactions may be revised upward: SBI economists
SBI economists say the Rs 437 crore subsidy for UPI and RuPay in FY26 may be increased, as UPI participants face costs up to Rs 5,000 crore. They raised concerns over the dominance of PhonePe and Google Pay, urging support for domestic fintech and better data reporting across more merchant categories.
Parliament watch: No proposal on transaction charges for UPI, Navya scheme launched for adolescent girls and more
The government clarified there's no plan to impose transaction fees on UPI transfers. Outstanding unsecured retail loans from commercial banks reached ₹15,08,586 crore as of March 31, 2025, posing no systemic risk. Furthermore, the NAVYA scheme, launched in June 2025, aims to empower adolescent girls in aspirational districts through vocational training, fostering socio-economic independence.
UPI transactions surge in 2025, daily average value crosses Rs 90,000 crore in August: Report
UPI transactions in India have surged in 2025, reflecting a significant expansion in both value and volume. Average daily transaction values climbed steadily, reaching Rs 90,446 crore in August, while transaction volumes hit 675 million. Maharashtra leads state-wise UPI adoption, indicating a widespread shift towards digital payments across the nation.
Credit on UPI; Amazon rushes into quick commerce
Banks are finally looking to disburse loans via UPI, with initial trials in progress. This and more in today's ETtech Morning Dispatch.
Banks are fast warming up to UPI credit line for small value loans
After delays, UPI credit lines may gain traction as banks explore offering small loans to new customers via UPI apps. Banks like ICICI and Karnataka Bank are considering scaling up the product through platforms like PhonePe and Paytm. Clarifications from the RBI regarding product functioning have paved the way for early tests, potentially boosting UPI's transaction volume and adoption.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
UPI powers half of world’s real-time transactions, says PM Modi
Prime Minister Modi announced on Independence Day that India's UPI handles 50% of global real-time transactions, calling it a 'wonder'. With 1,947 crore transactions processed in July 2025 alone, UPI is now operational in seven countries, including France, marking its European debut.
Zaggle Q1 profit jumps 56% YoY to Rs 26 crore; revenue up 32%
During the quarter, the Hyderabad-based spend management platform added strategic clients, including Hindustan Pencils, Apollo Health, Mo Engage, Novozymes, DTDC, CK Birla Healthcare, and Truecaller.
ETtech Explainer: How the rise in online payment frauds pushed NPCI to kill ‘pull’ transactions
A pull transaction, which goes by “collect” or “request money” on some apps, is initiated by the recipient, who sends a payment request. The payer receives a notification asking for approval of the payment. This feature has sometimes led to confusion or enabled manipulation.
NPCI to push out pull transactions from November with eye on reducing UPI scams
NPCI is discontinuing recipient-initiated person-to-person digital payments, known as ‘pull’ transactions, via UPI from October 31. This decision aims to reduce the increasing incidents of online fraud, where users are tricked into authorising payments. While P2P pull transactions constitute a small percentage of total UPI transactions, their misuse has prompted this measure.
Groceries, supermarkets lead UPI merchant payments in July; debt collection tops by value
Among remitter banks, SBI led with 5.21 billion transactions, followed by HDFC Bank (1.54 billion), Bank of Baroda (1.33 billion), and Union Bank of India (1.2 billion). On the payment service provider side, Axis Bank processed the highest volume at 7.23 billion transactions with a 93.26% approval rate, followed by Yes Bank and ICICI Bank.
India, Brazil explore collaboration on digital payment systems amid solidarity push
India and Brazil are exploring collaboration on their digital payment systems, UPI and Pix, respectively, following discussions between Prime Minister Modi and President Lula. This partnership aims to boost financial inclusion and entrepreneurship in both nations. The collaboration occurs amidst growing trade relations and US banks' concerns about losing market share to Pix's increasing popularity.
UPI services restored after brief outage caused by bank-side technical issues says NPCI
UPI services faced a significant nationwide disruption on Thursday due to internal technical issues at certain participating banks, as confirmed by NPCI. This outage resulted in widespread transaction failures, impacting payments, fund transfers, and app access for numerous users. Despite this temporary setback, UPI continues to exhibit strong growth, with July transactions reaching a record high of 19.47 billion.
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