A recent fintech report reveals a significant trend in India’s digital payments landscape. Credit-based transactions, including credit cards and EMIs, constitute one-third of merchant payments in 2024. UPI dominates with 65% of digital transactions, while recurring payments increasingly utilize UPI autopay, particularly in utilities and government sectors.
NPCI has recently disabled QR-based international share and pay UPI transactions, impacting P2M payments starting April 4, 2025. This change restricts users from making payments by scanning shared QR codes, though live scanning at physical locations remains possible. Additionally, loading wallets via collect requests is now prohibited to enhance transaction security and reduce fraud risks.
HDFC Bank will conduct system maintenance, impacting UPI services. Customers are advised to use PayZapp as an alternative. Kotak Mahindra Bank also schedules maintenance on the same day, from 1:00 AM to 4:00 AM, affecting a wider range of banking services.
Pine Labs becomes the second major fintech company after Groww to reverse flip its parent entity to India in recent times. Another fintech firm, Razorpay, is currently in the process of reverse flipping its holding entity to India from the United States.
Deepak Chand Thakur expects significant growth in India’s digital payment industry over the next five years, fuelled by innovations like real-time credit lines embedded in customer journeys.
While AI has long supported fraud detection, it is now enabling personalised financial services—from budgeting tools to virtual assistants capable of executing transactions via voice commands.
Rapid technology innovation that has enabled these devices to process all forms of payments from cards and buy-now-pay-later to UPI, as well as consumer preference for card payments for large-ticket purchases and banks’ push to issue credit cards have helped PoS terminals remain relevant. India had 10.7 million PoS terminals deployed at the end of …
Fintech firm Wise is setting up a technology and operations hub in Hyderabad, which will serve as a full-stack centre for product, engineering and servicing teams. It is also introducing a new feature that allows small and medium businesses (SMBs) and freelancers to receive overseas payments in foreign currencies.
IDfy, an Indian integrated identity verification platform, on Wednesday announced the appointment of Malcolm Gomes as its new Chief Operating Officer (COO).
Resilient Payments will launch its online Payment Aggregator platform under the brand ‘BharatPe X’. This announcement comes after BharatPe acquired an NBFC license (Trillion Loans) and a stake in a Small Finance Bank (Unity SFB).
