Business Standard

National Payments Corporation of India

India's fintech industry projected to reach $420 bn by 2029 at CAGR of 31%

The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said. The sector, he said, is expected to continue to grow due to factors like favourable policies of the government. The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added. "As of 2024, Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent," industry chamber Assocham said in a statement, quoting Choudhary. It said the advent of the fintech ecosystem, driven by technology-linked innovation, has revolutionised traditional financial services and led to improvement in the efficiency of delivery of

India's fintech industry projected to reach $420 bn by 2029 at CAGR of 31%
Updated On : 18 Jul 2024 | 3:46 PM IST

PhonePe's UPI share expands, Paytm sees marginal rise in txn volume in May

The Bengaluru-based digital payments and financial services company has maintained its streak of growth on UPI with its share increasing from 47.35 per cent in February this year

PhonePe's UPI share expands, Paytm sees marginal rise in txn volume in May
Updated On : 06 Jun 2024 | 7:56 PM IST

NPCI issues guidelines for merchant acquisition on BHIM Aadhar Pay

BHIM Aadhaar Pay enables merchants to receive digital payments from customers over the counter through Aadhaar authentication, according to the NPCI website

NPCI issues guidelines for merchant acquisition on BHIM Aadhar Pay
Updated On : 08 May 2024 | 6:41 PM IST

Paytm completes merchant migration to YES Bank: Vijay Shekhar Sharma

NPCI notified in March that YES Bank would act as merchant acquiring bank for existing and new UPI merchants for OCL

Paytm completes merchant migration to YES Bank: Vijay Shekhar Sharma
Updated On : 22 Apr 2024 | 10:59 PM IST

PhonePe, Google Pay creating a duopoly in India's UPI space? NPCI to check

Google Pay and PhonePe, together account for 86% of UPI transactions by volume in India and are also expanding to offer UPI services abroad

PhonePe, Google Pay creating a duopoly in India's UPI space? NPCI to check
Updated On : 17 Apr 2024 | 1:48 PM IST

Paytm gets 5 handles to continue UPI transactions, existing one to continue

Fintech firm One97 Communications, owner of the Paytm brand, has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website. The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end. National Payments Corporation of India (NPCI) has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank. NPCI has also approved @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner. However, these two handles are not active immediately. Paytm spokesperson said users can continue to use @paytm handle seamlessly without the need to make any changes at their end. On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company's users. Paytm's UPI transactions were earlier

Paytm gets 5 handles to continue UPI transactions, existing one to continue
Updated On : 15 Mar 2024 | 11:21 AM IST

UPI can now be used to make payments to Nepalese merchants, says NPCI

The NPCI on Friday announced that Unified Payment Interface (UPI) is now live in neighbouring Nepal. UPI users can scan QR codes to make payments to Nepalese merchants, an official statement said. This follows a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network Fonepay Payment Service in September last year. In its first phase, the partnership will enable Indian consumers to make instant, secure, and convenient UPI payments across various business stores in Nepal by using UPI-enabled apps, the statement said. Merchants acquired by the participating members of Fonepay Network can accept UPI payments from Indian customers, it specified. It called the integration a "revolutionary shift" in cross-border transactions between citizens of both countries. "This initiative not only signifies our commitment to innovating the digital payments space but also reflects our dedication to creating new avenues for trade, ..

UPI can now be used to make payments to Nepalese merchants, says NPCI
Updated On : 08 Mar 2024 | 2:42 PM IST

NPCI joins hands with IISc to conduct joint research on blockchain, AI

The partnership will focus on scalable blockchain platforms and multi-modal analytics over fintech data, NPCI said in a statement

NPCI joins hands with IISc to conduct joint research on blockchain, AI
Updated On : 06 Mar 2024 | 2:35 PM IST

Digital payments: 'A shift in focus crucial to drive next phase of growth'

A policy document, which was published by the UN before the G20 Summit, mentions India has achieved around 80 per cent of financial inclusion in the last six years

Digital payments: 'A shift in focus crucial to drive next phase of growth'
Updated On : 27 Feb 2024 | 12:36 AM IST

Paytm users may take up to 6 months to shift to other service providers

Fintech giant is planning to apply for third-party application provider licence

Paytm users may take up to 6 months to shift to other service providers
Updated On : 20 Feb 2024 | 11:55 PM IST

Kendriya Vidyalaya students can now pay their fees via UPI mobile apps

Currently, there are 1.4 million students enrolled in Kendriya Vidyalayas across the country

Kendriya Vidyalaya students can now pay their fees via UPI mobile apps
Updated On : 15 Feb 2024 | 3:45 PM IST

NPCI appoints Ajay Kumar Choudhary as non-executive chairman of board

Choudhary succeeds Biswamohan Mahapatra who was appointed non-executive chairman in 2018

NPCI appoints Ajay Kumar Choudhary as non-executive chairman of board
Updated On : 08 Feb 2024 | 9:49 PM IST

NPCI working on Digital Payments Score to scale up credit economy in India

DPS may look at a person's finances such as timely payments and periodic bill payments

NPCI working on Digital Payments Score to scale up credit economy in India
Updated On : 07 Feb 2024 | 9:51 PM IST

Large merchants may have to pay reasonable fee on UPI payments: NPCI chief

Asbe said investments will be key to rope in another set of users under the digital payments mode while emphasising that the country has an opportunity to grow ten times in the digital payments space

Large merchants may have to pay reasonable fee on UPI payments: NPCI chief
Updated On : 04 Jan 2024 | 11:27 PM IST

UPI transaction rules 2024: New regulations applicable from January 1

UPI new rules: The RBI and NPCI have announced a number of changes to regulations for online payments via UPI. Here are the top 5 such changes

UPI transaction rules 2024: New regulations applicable from January 1
Updated On : 02 Jan 2024 | 12:43 PM IST

UPI scales new high in December; 2023 value up 59% at Rs 183 trn

Monthly FASTag and IMPS transactions increase too, but those at Aadhaar Enabled Payment System fall

UPI scales new high in December; 2023 value up 59% at Rs 183 trn
Updated On : 02 Jan 2024 | 12:25 AM IST

NPCI kickstarts deployment of 'UPI Tap and Pay' facility for payment apps

The feature is currently live on Bharat Interface for Money or BHIM app along with Paytm where it is open for limited users, according to details on NPCI's website

NPCI kickstarts deployment of 'UPI Tap and Pay' facility for payment apps
Updated On : 26 Dec 2023 | 10:31 PM IST

Financial institutions told to strengthen fraud management system

The FIs consist of central banks, retail and commercial banks, internet banks, credit unions, savings and loan associations

Financial institutions told to strengthen fraud management system
Updated On : 28 Nov 2023 | 11:27 PM IST

RBI and NPCI look for offline methods to boost digital payment adoption

RBI has established a sandbox allowing startups to experiment with various central bank-backed digital currency (CBDC) use cases

RBI and NPCI look for offline methods to boost digital payment adoption
Updated On : 24 Nov 2023 | 12:11 PM IST