UPI

NPCI is upgrading the UPI system to make transactions faster. As per its April 26, 2025 circular, all banks and payment apps like PhonePe, Google Pay, and Paytm must improve their systems to meet quicker response times.

Despite this small decline, there was strong year-on-year growth. April saw a 34% increase in transaction count and a 22% rise in transaction value compared to the same month last year.

The meeting followed three major outages in recent weeks. Officials discussed improving real-time monitoring and expanding UPI’s user and merchant base.

The clarification came after some media reports claimed that UPI payments above Rs 2,000 in a single transaction might be taxed under GST to improve tax compliance and formalize digital payments.

The total transaction value hit a record Rs 24.77 lakh crore in March, a 12.79% increase from Rs 21.96 lakh crore in February.

India and Maldives have recently taken a significant step towards strengthening their economic partnership by signing an agreement to introduce the Unified Payments Interface (UPI) in the Maldives.

The National Payments Corporation of India (NPCI) has approved additional 60 million users on UPI for the Facebook-owned platform WhatsApp