India leads global payments domain
Since its launch in 2016, UPI has grown quickly, while some proxies for cash usage have begun to decline. UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India, according to the note titled 'Growing Retail Digital Payments: The Value of Interoperability.'
UPI is an instant payments platform built over the Immediate Payment Service (IMPS) infrastructure.
UPI has transformed the digital payments landscape in India. Evidence from the platform suggests that interoperability can improve users' experience of digital payments and expand overall adoption.
'Interoperability directly increases users' freedom to choose their favourite app, enabling them to take full advantage of the variety and quality of apps available. Interoperability can also facilitate entry by new providers and incentivise existing providers to upgrade their apps, offering indirect benefits to users,' said the IMF note.
UPI volumes in June grew 32 per cent year-on-year. Transaction value rose 20 per cent compared to June last year. The number of daily UPI transactions rose to 613 million in June from 602 million in May.
As a result, interoperability can make adopting digital payments more attractive for users.Hence, increase overall adoption relative to a world with only closed-loop alternatives.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
2 hours ago
- Deccan Herald
Rising South: An order rebalanced
US President Donald Trump has, in his inimitable style, once again taken to social media to issue a threat to the BRICS countries huddled together to devise strategies against the US tariff attacks. 'Any country aligning with the anti-American policies of BRICS will be charged an ADDITIONAL 10 per cent tariff,' he said, hours after the BRICS finance ministers issued a statement that criticised the tariffs, calling them a threat to the global virtually to the BRICS gathering, Russian President Putin reiterated his suggestion of greater financial independence from the US dollar in international trade settlements. Trump is understandably annoyed at the revival of this narrative of criticising Trump's use of tariffs as a coercive policy to force countries to enter bilateral trade deals that favour the US, the BRICS summit proposed a series of reforms in the International Monetary Fund (IMF) and its currency valuation methods. According to the BRICS economic advocacy group, in the current economic uncertainty, the IMF needs to embrace urgent reforms in the quota system to increase the representation and voting power of developing countries, as the present system promotes dominance of advanced economies. The BRICS nations are also calling for an end to the 'gentlemen's agreement' which has historically favoured European countries in the IMF's leadership financial institutions, especially the two Bretton Woods institutions – the IMF and the World Bank (WB) – did play a significant role in the international financial architecture for some years. But they could not prevent the financial crisis nor bail the developed economies out of the crisis, much of which was their own creation. It has also been noted that their working and decision-making process continued to be greatly influenced by the developed 'North' and less relevant to the developing or underdeveloped 'South'. The last two or three decades have seen the global growth engine shift from the North to the South, which now houses three of the world's largest economies. Meanwhile, groupings such as BIMSTEC, BRICS, ASEAN, and SCO have added tremendous muscle to the emerging South-South countries add up to represent about 49% of the world's population, 39% of the global GDP, and 23% of international trade. In a changing geopolitical and geo-economic setting, when the US under Trump's administration is looking to withdraw from global institutions and looking more inwards in its quest for Making America Great Again (MAGA), the post-World War II economic institutions cannot expect to be relevant and succeed in their original objectives by remaining within a seven decades-old organisational structure. They must either reinvent themselves or face the possibility of paling into BRICS financial institutions and efforts under the South-South Cooperation (SSC) are assured signs of a collective leadership that is aligned with a multilateral world order – these are realities of the present era. The rise of the South, the emerging economies, and India's leadership role in SSC promise an alternative to archaic perceptions that are far removed from ground realities, and to the North and its tired leadership. Blocking the progress of BRICS will serve no real purpose for America or the attempts to create roadblocks for BRICS are born out of apprehensions of a challenge to the America-led world order, which is creaking under its own weight of contradictions. The independent non-dollar trade settlement system, which the BRICS is considering, may not be a reality soon, but it is born out of necessity, from the dollar's failure to meet the challenges and needs of the present era. The bilateral and multilateral economic, security, and strategic arrangements under the BRICS agenda need not necessarily hurt the interests of the US or any other grouping unless there is an established clash of interests, which in a highly globalised world would be detrimental for everyone play an important role in understanding the geopolitical and geo-economic dynamics of any given time. The decisions, economic or otherwise, the interpretations of meetings and events, and policy formulations made on flawed perceptions will lead to detrimental results. America and the rest of the Western world have to learn from past errors of judgement and look at the emerging institutions of the South, such as BRICS, from a new perspective. The shift is real – looking away cannot alter that reality.
New Indian Express
9 hours ago
- New Indian Express
Charge-draining ETMs spell trouble for KSRTC in Kerala; plans afoot to install charging points in buses
THIRUVANTHAPURAM: KSRTC is in a fix over the battery-draining electronic ticketing machines (ETMs), which are crucial for cashless payment and live tracking of buses. The conductors are hesitant to use the machines as the new machines drain their battery quickly, defeating the purpose. With over 22 lakh passengers relying on KSRTC services daily, the corporation has been forced to incur additional expenses to keep the ETMs running. Frequent recharging has become necessary, adding to operational strain. ETMs have long posed issues for KSRTC, but conductors earlier managed with traditional ticket racks when machines failed. However, this backup is no longer viable as the corporation has grown increasingly dependent on ETMs following its digitisation efforts. KSRTC recently introduced travel cards, UPI payment options, and live bus tracking on select routes, further embedding ETMs into daily operations. A KSRTC official acknowledged the difficulties but stated that a workaround has been devised. "We cannot revert to the old system of issuing tickets. To ensure the ETMs remain operational, we've decided to install 24-volt charging points in 5,048 buses," the official said.
Time of India
10 hours ago
- Time of India
20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments
List of 20 UPI Rupay credit cards Academy Empower your mind, elevate your skills Card Fee (joining/annual) Rewards Caps/Limits Exclusions / Notes Axis Fibe Rs 0 3% cashback on food/delivery/entertainment/commute and 1% other Capping of Rs. 1500/- per statement cycle 1% fuel surcharge waiver up to Rs 400/mo; 4 lounges/yr IndusInd Platinum Rs 0 2 reward points per Rs 100 UPI transaction; Can redeem up to 2,500 reward points per calendar month for cash credit 1% fuel surcharge waiver 1 reward point on Rs 100 transaction on other spends Edge CSB UPI Rs 499 joining fee and zero annual fee 10% cashback on shopping brands, 5% on travel and 1% on online & offline spends monthly cashback limit of Rs. 3,000 HDFC UPI Joining and Renewal Fee - Rs99/- 3% on Groceries, & Dining spends, 2% on Utility spends and 1% on other spends 5%/3% capped at 500/month; Cashback on other spends, exclude Rent, Wallet loads, EMI, Fuel, Insurance Payments & Government categories 1% UPI capped at 500/month Federal Scapia Rs 0 10% reward on every eligible online and offline spend No limit on rewards unlimited domestic lounge, shopping or spa by spending Rs 15,000 on Rupay card every month Yes Bank Kiwi Rs 0 1% discount on fuel Rewards are capped at 1% of the total credit limit per month - 2% cashback on payments using Kiwi app Axis supermoney Rs 0 3% cashback on upi transactions via supermoney app 500 per statement cycle 1% fuel charge waiver HDFC PhonePe Ultimo Rs 999 joining and renewal fee 10% rewards points on PhonePe spends 1000 cap per category per month 8 airport lounge access in a year and 1% waiver on fuel charges 5% on Flipkart, Amazon, Swiggy, Zomato, Uber, Myntra & AJIO 1% on Scan and Pay through any UPI app HDFC PhonePe Uno Rs 499 joining and renewal fee 2% rewards points on PhonePe spends 500 cap per category per month 1% waiver on fuel charges 1% on Flipkart, Amazon, Swiggy, Zomato, Uber, Myntra & AJIO 1% on Scan and Pay through any UPI app Slice super Rs 0 up to 3% cashback on spends Capp undisclosed If you spend more on fuel and commute cards Card Fee Rewards Caps/Limits Exclusions / Notes IndianOil Axis RuPay Rs 500 Joining fee and annual fee NIL for the 1st year and Rs 500 from 2nd year onwards 4% cashback on fuel and 1% on online shopping. 10% discount on movie tickets with book my show. 15% discount on partner restaurants via eazy diner The fuel waiver applies to transactions between Rs 400 and Rs 4,000, and is capped at Rs 50 per statement. - A monthly cap of Rs 5,000 on eligible online transactions IndianOil Kotak Annual fee of Rs 449 4% Reward Points on IndianOil Fuel Spends, 2% Reward Points on Grocery and Dining spends, On all other spends, 0.5% Reward Points. 1200 reward Points are capped per statement cycle for fuel spends and 800 Reward Points are capped for Grocery and Dining spends. All UPI on Credit Card transactions will accrue 0.5% Reward Points on every INR 150 spent, across spend categories HPCL BOB Energie Annual and joining fee of Rs 449 24 Reward points per rs 150,1% fuel surcharge waiver on Rs 400–Rs5,000 fuel spends, 10 points on Utility & departmental store spends per Rs categories (including UPI) is 2 points per Rs 150 Fuel reward points are capped at 1,000 points per statement 4 complimentary domestic airport lounge entries per year (1 per quarter), tied to minimum quarterly spends. IDFC First Power / Power+ Rs 199 for power/Rs 499 for power+ Power Fuel rewards are capped at up to 700 RPs/month for power and 2,400 for power+ 1 free domestic airport lounge visit per quarter if monthly spends ≥ ₹20,000 (only on power+) - Fuel (HPCL): 21 reward points per Rs 150 - Grocery/Utility/FASTag Recharge: 15 rewards points per Rs 150 Roadside Assistance (both): ₹1,399 cover, 4 times per year - UPI & Other spends: 2 Rewards points per Rs 150 Power+ 30 rewards points on fuel and grocery and 3 on UPI and other spends per Rs 150 BPCL SBI Octane Rs 1,499 25X Reward Points on fuel purchases at BPCL petrol pumps Maximum 2500 Reward Points per billing cycle 4 complimentary visits per calendar year to Domestic VISA lounges 6.25% + 1% Fuel surcharge waiver on every BPCL transaction upto Rs 4000. 10 Reward Points on every Rs. 100 spent at Dining, Departmental Stores, Grocery & Movies Shopping and lifestyle cards: Card Fee Rewards Caps/Limits Exclusions / Notes Tata Neu Infinity Rs 1,499 joining and renewal fee 5% rewards points on Tata brands; 1.5% on UPI Rewards points are cap Rs 500/mo Rental and Government related transactions will not earn rewards Tata Neu Plus Rs 499 joining and renewal fee 2% rewards points on Tata brand and 1% on UPI Rewards points earned on Grocery transactions will be capped to 1,000/month and Utility transactions will be capped at 2000 per calendar month Rental and government-related transactions will not earn rewards Myntra Kotak RuPay Rs 500 Joining and annual fee Instant Discount of 7.5% on all spends done across Myntra Platforms. maximum discount of Rs.750 per transaction HDFC MoneyBack+ Rs 500 joining and annual fee 10X CashPoints (3.3% Valueback) on Amazon, Flipkart, Swiggy, Reliance Smart SuperStore & BigBasket UPI rewards are capped at rs 500/month 2 CashPoints per Rs 150 spent on other spends All UPI spends will earn, 2 Reward points for every Rs.150 spent Federal Signet Rs 0 3x rewards on spends for Electronics & Apparel categories, 2x rewards on Entertainment category and 1x rewards for other categories. Capping only on select categories Buy One Get One on INOX movie tickets, once a quarter and Complimentary Swiggy vouchers on quarterly spend of ₹20,000 Most of us use UPI for everyday payments such as shopping or eating out. What if making payments via UPI can get you cashback and reward points? This is possible if you make payments using UPI RuPay credit cards . Several leading banks are now offering UPI RuPay credit cards, which combine the convenience of UPI for making payments with the benefits of credit card read: These credit card deals can help you make most of Amazon Prime Day sales from July 12 to July 14: check details ET Wealth online provides you with a list of UPI Rupay credit cards that offer cash back, rewards, and airport lounge is a list of 20 UPI Rupay credit cards where you can earn rewards and cash back based on your spending patternCRED has shared the data in all the tables mentioned above. The data is as of July 10, 2025. UPI RuPay Credit Card on UPI apps like Google Pay and PhonePe?To link your UPI Rupay credit card on UPI apps such as Google Pay, Phone Pe or BHIM, you are first required to download the desired app. Once the app is downloaded, you must complete the registration the app, select the UPI Rupay Credit Card option. Enter the credit card details such as credit card number, CVV, expiry date, etc. Verify the card with the OTP and set up the UPI PIN to make payments with the UPI Rupay Credit the linking is successful, you can start making payments via UPI Rupay credit cards to make the payment.
