UPI TRANSACTIONS
PhonePe UPI payments hit by major outage, investigates cause
The glitch also impacted other unified payments interface (UPI) apps like Paytm and Google Pay. Thousands of users reported issues with UPI on Downdetector. This is the third such disruption in less than a month.
Free unlimited airport lounge access, 1:1 Air India air miles conversion, and more on Kotak Mahindra Bank Solitaire credit card
Kotak Mahindra Bank introduces the Solitaire credit card. It offers unlimited domestic and international lounge access for both primary and add-on cardholders benefit. The card features zero forex mark-up and accelerated air miles. Airmiles can be converted to partner airline miles. Reward points from existing Kotak cards can be transferred. The card is free for Solitaire bank account holders.
Saturday bank holiday: Are banks open or closed today on May 10, 2025?
Bank Holiday Today: There are no national or state-specific holidays scheduled for May 10, 2025, except for the second Saturday closure. However, regional variations may apply, so it’s wise to check with your local bank branch for confirmation.
CaptainBiz launches “Bill2Pay” to help MSMEs accelerate and track payments from Bill to Bank
The feature enables MSMEs to generate and share secure payment links, ensuring seamless payment collection and real-time tracking.
Bank holiday today: Banks will be closed for 3 consecutive days in this state for Rabindranath Tagore Jayanti
Banks in this state will experience an extended weekend of bank closures from May 9, 2025 to May 11, 2025, so customers cannot visit bank branches for a three-day period. This is due to a combination of a regional holiday and standard weekend banking rules set by the Reserve Bank of India.
HDFC Bank maintenance schedule in May 2025: UPI, net banking, and other services will be affected on these days
HDFC Bank has announced scheduled maintenance on May 9th and 10th, 2025, impacting various services. Customers may experience disruptions in UPI transactions, net banking, and debit/credit card usage.
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Blockchain Shardeum opens network for all user at low transaction costs
Shardeum, a Layer 1 blockchain, has launched its Mainnet, targeting payments, remittances, and retail sectors. Aiming to foster blockchain innovation, Shardeum offers low, predictable fees and scalability, appealing to developers in emerging markets like India. The network attracted significant participation during its testnet phase, boasting over 1.4 million users and 171,000 validator nodes.
Amazon Web Services to launch AWS Marketplace for software solutions in India
The marketplace, where customers can discover software, data, and services from across thousands of AWS Partners, will enable transactions in Indian rupees. Customers will be able to pay using options like net banking, credit cards, and UPI.
Built in Dubai, made for the world: Inside the city’s blockchain boom
From regulatory clarity to ecosystem development and experimentation with real-world use cases, we dive deep into Dubai’s burgeoning blockchain space.
Fintech revolution 2.0 is expected to unfold in India in the next 10 years: MobiKwik’s Upasana Taku
India is a very large opportunity, the entrepreneur says, anticipating high growth in the fintech sector in the next 10-20 years.
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.
STICPAY: A trusted E-wallet for international money transfers in India
Digital payments gain traction in India. STICPAY, a global e-wallet, facilitates secure cross-border money transfers. It supports users in over 200 countries. Indian users benefit from fast, low-fee international transactions. STICPAY integrates various payment methods and ensures security. It aligns with India's digital financial inclusion goals. It empowers SMEs and freelancers for global commerce.
Make UPI transactions faster soon: Thanks to this move by NPCI these transactions to be processed 50% faster
Starting June 16, 2025, UPI transactions are set to become faster, with completion times reduced to as low as 15 seconds. NPCI's mandate aims to cut response times for most financial activities, including status checks and reversals, down to 10 seconds. These changes promise quicker transaction confirmations and a more reliable experience for customers. Read on to know how this will impact you while you undertake UPI transactions going ahead.
Bank holiday Today: Are banks open or closed May 1, 2025 in your state? Check State wise list
Bank holidays 2025: Mark your calendars, banks across several Indian states will be closed today on May 1, 2025. This closure is due to Maharashtra Day and Labour Day. Digital banking will remain available for transactions. Plan your bank visits accordingly.
Taxman invokes benami law to get data from payment gateways
The Income-Tax Department is scrutinizing payment gateway companies, demanding details on UPI transactions to uncover potential benami deals. Authorities suspect shell companies are using PGs to move illicit funds, masking true beneficiaries and evading taxes. This investigation leverages the Benami Transactions (Prohibition) Act to identify discrepancies and potential KYC lapses.
Four college students rape 16-year-old Kolkata school girl; force her to pay for guest house & alcohol
In Kolkata, three college students, Soham Banerjee, Rishi Agarwal, and Aryan Mishra, have been arrested for allegedly gang-raping a 16-year-old girl with ADHD and BPD. The crime occurred at a Golpark guest house after the girl was lured through an Instagram group.
This Akshaya Tritiya, know these great deals online, and make smart use of your credit card to get gold at lower rates
On the occasion of Akshaya Tritiya, many online platforms like JioFinance and Amazon Pay are offering attractive deals on digital gold purchases, including cashback and free gold. Users can also benefit from credit card rewards programs from HDFC and ICICI to further enhance savings on gold purchases through platforms like Myntra and Amazon. Read on to know how you can make the best of these deals
To open source or not; Urban Company founders sell stock
Happy Wednesday! With Sarvam’s new government assignment, India is debating open sourcing. This and more in today’s ETtech Morning Dispatch.
Limit usage of non-financial requests to UPI: NPCI to banks
NPCI has directed banks to limit non-financial UPI transaction checks and audit systems annually, after outages in March-April caused network congestion. Banks must delay 'check transaction' API calls by 90 seconds and show only beneficiary names during payments. The move supports UPI’s global expansion and rising transaction volumes.
Indian authorities keen to charge merchants fees to bolster homegrown payments network, sources say
India's payments authority, central bank, and industry are urging the government to allow a fee on digital payments to large merchants via UPI. This Merchant Discount Rate (MDR) aims to boost investment for payments firms and revive slowing UPI growth. A rate of 0.2% to 0.3% is suggested. The final decision rests with Prime Minister Narendra Modi's office.
Less UPI frauds now thanks to this new feature: You will know exactly whom you are making UPI payment to
Soon, UPI payments will only display the beneficiary's verified bank name before transactions, as mandated by NPCI. This aims to curb fraud by eliminating misleading display names, which are currently being exploited by scammers. The move ensures users see the accurate bank-registered name, enhancing transparency and trust. Read on to know how this move could potentially bring down UPI-related frauds.
Indians are submitting hundreds of pages for a Schengen Visa — and it has nothing to do with new rules
Indian travelers are facing visa application challenges due to extensive bank statements filled with numerous UPI transactions. Despite no official changes, applicants submit hundreds of pages to prove financial stability for Schengen visas. This surge in paperwork highlights the need for clearer guidelines as digital payments become increasingly common, creating an uneven experience for applicants.
New players in UPI sweepstakes; Urban Company’s IPO papers
Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today’s ETtech Morning Dispatch.
In fierce UPI fight, new players Flipkart-backed Super.Money, Navi, Cred start to gain ground
New-generation UPI apps such as Navi, Cred, Bhim, and Super.Money have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments market. NPCI data shows that these smaller apps have collectively nearly doubled their market share.
FM Nirmala Sitharaman asks NPCI to address infrastructure gaps to prevent future disruption of UPI
Finance Minister Nirmala Sitharaman urged stakeholders to address UPI infrastructure gaps, aiming for one billion daily transactions in 2-3 years. She stressed enhancing cybersecurity, global expansion, and onboarding more users and merchants to ensure resilience amid recent service disruptions and growing UPI adoption.
BFSI now 27% of GDP and 38% of Nifty: ICICI Bank, Shriram Finance top buys
India's BFSI sector has experienced remarkable growth, driven by digitalization and regulatory reforms, significantly increasing its market capitalization and prominence in equity markets. While banks remain central, NBFCs and fintechs are gaining ground. Retail credit penetration and digital payments have surged, transforming transaction habits and asset quality has improved, making BFSI a compelling investment.
Amazon infuses Rs 350 crore into India payments business amid growing competition
The move comes as rival Flipkart’s fintech app, Super.money, is actively seeking fresh funding. On January 13, ET reported that Flipkart is in advanced talks to lead a $35-40 million funding round for Super.money, which could potentially include external investors for the first time.
Your parents, family members can use your UPI for payments via UPI Circle: Know how to use it on BHIM app
NPCI BHIM Services Limited has introduced UPI Circle, a feature enabling users to delegate UPI access to trusted individuals. Primary users can authorize up to five secondary users to initiate payments, with real-time transaction oversight and approval via UPI PIN. This promotes financial inclusion, benefiting senior citizens and young adults with controlled, secure access and spending limits.
No GST on UPI transactions over Rs 2,000, clarifies govt; terms rumors as baseless
The Indian government has refuted rumors about imposing GST on UPI transactions exceeding Rs 2,000, dismissing the claims as baseless and misleading. The government reaffirmed its commitment to promoting digital payments through UPI. Currently, no Merchant Discount Rate (MDR) is charged on UPI transactions, thus no GST is applicable, reinforcing India's leadership in digital payments.
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