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UPI integration gives a fillip to RuPay credit cards distribution

RuPay credit cards are seeing a growth in usage after linking with UPI, with its issuance at 30%, up from a mere 5% in 2022-23. The shift towards UPI-based credit cards on third-party apps like Google Pay and PhonePe poses a challenge for banks, raising concerns about customer retention and cross-selling. Fintech startup Fibe, led by Ashish Goyal, foresees a potential share struggle among top UPI apps.

UPI boosts RuPay market share; cost pressure for gaming firms

Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.

Paytm reports almost flat growth in UPI payments in May

After RBI restricted Paytm Payments Bank, the UPI transactions on the Paytm app fell. This is the first month the fall has been arrested since February. In terms of the share of UPI payments by volume, Paytm stood at around 8.1% in May — almost at the same level as the previous month.

UPI transactions set new record, scale 14 billion peak in May

The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.

UPI transactions scale 14 billion peak in May

The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country.

New RuPay credit card on UPI launched: Attractive reward points on online, UPI, offline transactions; lifetime free, other features

IndusInd Bank and Poonawalla Fincorp have launched a co-branded RuPay Platinum Credit card. This card offers reward points on everyday spending on e-commerce websites, including UPI transactions and point-of-sale machine transactions. It has no joining and provides benefits like movie ticket offers and fuel surcharge waivers. All you need to know about IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.

Adani Group plans ecommerce, payments ventures: FT report

Adani Group is considering applying for a license to operate on India's public digital payments network and planning a co-branded credit card with banks, aiming to enter the booming digital payments market.

Digit IPO coming soon; TCS’ Krithivasan earnings

Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.

NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay

India delays market share caps for digital payments, benefiting PhonePe and Google Pay. NPCI extends UPI market share cap deadline. PhonePe's UPI share increases to 48.3%, while Google Pay's decreases. Total transactions volume reaches 11.5 billion.

UPI Service providers sought regulatory intervention to make transactions remunerative

The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.

CCI unable to prove market dominance, Google tells NCLAT

Google argued before the National Company Law Appellate Tribunal (NCLAT) that the Competition Commission of India (CCI) order, which imposed a penalty of Rs 936 crore on the company, was vague and excessive. The company contended that the regulator failed to provide evidence that Google's policies had harmed competition.

Virtual RuPay credit card on UPI launched: Earn 8 reward points on every UPI payment of Rs 200; know features, other key details

YES Bank has partnered with ANQ, a Bengaluru-based financial service provider to unveil two unique co-branded credit cards — YES Bank ANQ Pi credit card and YES Bank ANQ Phi credit card. What are the features of these two new credit cards? Find out here? Find out here.

BHIM looks to bulk up with ONDC to take on digital payment heavyweights

NPCI-built app to foray into ecommerce space via separate division. Despite marketing challenges, BHIM aims to improve user experience through partnerships and new initiatives like BHIM 2.0.

NPCI pushing new UPI players to offer incentives to expand market share

NPCI encourages new UPI apps to invest for user growth. Uncertainty looms over market share deadline extensions, hindering significant capital investment by smaller players like Cred amid concerns about reducing market leaders' share.

UPI rule change: Soon use money in PhonePe, Amazon Pay, any wallet to pay via Paytm, other UPI apps; check RBI new rule

UPI rule change for PPIs: Currently, money in your prepaid wallet (like PhonePe) can only be used for UPI transactions through the app offered by the wallet issuer itself. This limits your options — you can't use PhonePe money on Paytm or BHIM, for example. To address this, the Reserve Bank of India (RBI) has proposed allowing users to link their prepaid payment instrument such as wallets with any third-party UPI app. This means greater flexibility. What changes for UPI customers? How is this move going to help you?

Paytm UPI payments drop further in March; PhonePe, Google Pay show gains

Paytm processed around 1.2 billion UPI transactions in March. This is below 1.3 billion transactions in February and 1.4 billion in January. Overall, UPI payments rose to 13.4 billion in March compared to 12 billion in February, per NPCI data.

ETtech In-depth: Decoding the UPI growth story through the eyes of a duopoly

If the third largest UPI payment app further loses market share, there is a high chance that the likes of PhonePe and Google Pay will benefit, skewing the market share dynamics even more, industry insiders said.

UPI transaction fee debate resurfaces as PhonePe & Google Pay cash in on Paytm's fall

The dominance of PhonePe and Google Pay in the UPI market has sparked discussions about introducing fees on merchant transactions. Fintech companies argue that a merchant discount rate (MDR) is needed for long-term sustainability. Introducing fees could incentivize smaller players to compete and attract bigger platforms, benefiting the overall UPI ecosystem.

Paytm UPI payments drop in February following RBI action

According to data shared by National Payments Corporation of India, One 97 Communication-run Paytm reported 1.3 billion transactions on UPI, a 7.6% drop from 1.4 billion in January.

NPCI eyes a more evenly sliced UPI pie

As of now, Walmart-backed PhonePe and Google Pay already control more than 80% of the UPI market between them, while Paytm has under 12%. However, last month’s regulatory crackdown on Paytm Payments Bank could see the number three player ceding user volume to the frontrunners.

How to activate, make payments using UPI International

UPI payments failing amid server outages; multiple banks affected

Reports of UPI outage have poured in from various places as users struggle with digital payments. Major platforms like Google Pay, PhonePe, and BHIM have been reportedly affected, along with server issues in banks.

Paytm crisis brings 30% market share cap plan back in focus

Following the RBI's order barring Paytm Payments Bank from offering banking services after February, a debate over implementing a 30% market share cap for unified payments interface platforms has been reignited.