Topic
fintech
Finance Monzo down as users unable to make card payments or transfers
Monzo users were left unable to make card payments or transfers after a technical problem with the digital bank, according to BBC News. The bank activated its Monzo Stand-in backup service, but some customers reported it was not working as expected. Monzo said it was rolling out a fix to restore full service.
E-Commerce & Marketplaces Mobile payments rise in UK as cash decline slows, UK Finance data shows
Two-thirds of UK adults were registered with a mobile payment service last year, according to UK Finance. Debit cards accounted for 54% of payments, while cash use fell to 8% and is forecast to halve by 2035. The decline in cash is slowing, with millions still relying on notes and coins.
Technology AI Financial Advisors Multiply as KPMG Report Shows Finance AI Adoption at 75%
KPMG's 2026 Global AI in Finance report, based on 1,013 senior finance leaders, found active AI use in finance more than doubled since 2024, from 30% to 75%. Experts from AI Accountant and ClearTax detail where AI handles routine tasks and where human judgment remains essential for tax and risk decisions.
E-Commerce & Marketplaces India Paves Way for UPI Merchant Fees as Free Payments Era Nears End
India has paved the way for banks and payment companies to charge merchants a fee on UPI transactions, according to BBC News. The government is considering a merchant discount rate of 0.3-0.5% on larger transactions, while consumers and person-to-person payments remain free. Most UPI payments would stay free under the proposal.
E-Commerce & Marketplaces Parliamentary panel recommends expeditious MDR rollout on high-value UPI transactions
According to Business-Today, a Parliamentary panel has recommended the expeditious introduction of a calibrated Merchant Discount Rate (MDR) on high-value UPI transactions. The report follows Parliament clearing amendments to the Payment and Settlement Systems Act, 2007, that enable banks and payment providers to levy charges on notified digital payment modes. The committee noted the Rs 2,000 crore zero-MDR compensation covers only about 10 per cent of the industry's estimated Rs 20,700 crore operating costs.
Finance RBI Governor Malhotra says AI can do for lending what UPI did for payments
RBI Governor Sanjay Malhotra said AI could do to lending what UPI did to payments, urging banks not to sit on the sidelines. He cited India's digital infrastructure and alternative data to expand credit access, while demanding explainability and human accountability in AI decisions.
E-Commerce & Marketplaces What is the proposed UPI MDR, who pays the final cost, and how does it work?
UPI transactions in India may soon attract a Merchant Discount Rate for certain merchant payments, with a proposed Rs 2,000 threshold and 0.25%–0.4% fee. Consumers and person-to-person transfers will remain free, according to Business Today. The government says the fee is needed to make the UPI ecosystem financially sustainable.
E-Commerce & Marketplaces No Charge on UPI for Consumers, Payments Council Clarifies in New FAQs
The Payments Council of India released FAQs reiterating Finance Minister Nirmala Sitharaman's stance that consumers will not pay for UPI. The clarification follows the government's lifting of the legal restriction on merchant discount rates. Small merchants also remain exempt from MDR, while larger merchants face commercial service-charge arrangements.
E-Commerce & Marketplaces UPI MDR Charges: 0.25–0.4% Levy Proposed on Transactions Above Rs 2,000 for Merchants
The Lok Sabha cleared a Bill amending the Payment and Settlement Systems Act, 2007, enabling charges on UPI and other notified payment modes. The government is expected to permit a Merchant Discount Rate of 0.25–0.4% on UPI transactions above Rs 2,000 made to businesses, while consumers and small merchants remain exempt, according to Business-Today.
E-Commerce & Marketplaces UPI MDR Clarified: Sitharaman Says Merchants Will Bear Fee, Customers Won't Pay
Finance Minister Nirmala Sitharaman clarified that any Merchant Discount Rate on UPI transactions would be levied on merchants, not customers, responding to Congress leader Jairam Ramesh's concerns. No decision on MDR has been made yet; the NPCI-headed UPI and Services Steering Committee will examine the matter only after Parliament passes the Taxation and Other Laws (Amendment) Bill, 2026.
E-Commerce & Marketplaces Lok Sabha passes bill to let banks levy merchant charges on UPI transactions
The Lok Sabha approved a Bill amending the Payment and Settlement Systems Act, 2007, empowering the government to allow banks and payment service providers to levy Merchant Discount Rate on UPI transactions. The Times of India reported a likely 0.25%–0.4% fee on business payments above Rs 2,000 — a threshold covering only about 5% of transactions but nearly 65% of UPI's processed value.
E-Commerce & Marketplaces RBI Governor Malhotra Says Consumers Already Bear UPI Costs Indirectly
RBI Governor Sanjay Malhotra says consumers already bear UPI costs indirectly through the broader economy, even without explicit merchant fees. The government has proposed amendments to allow UPI merchant fees, with reports of a Rs 2,000 threshold, while Malhotra says the fee decision is premature.
Technology Wove AI Platform Cuts 2,000-Line Invoice Processing to 30 Seconds
FreightWaves reported that Wove, an agentic orchestration platform for global trade, automates customs entry and invoice processing, handling 2,000-line documents in about 30 seconds. The company's tariff engine ingested a 431-page federal notice in about an hour, and its annual recurring revenue grew sevenfold over the past year.
E-Commerce & Marketplaces Consumers already bearing UPI costs via broader economy: RBI governor
RBI governor Sanjay Malhotra said consumers already bear the cost of UPI transactions indirectly through the broader economy, even when no merchant fee is charged. He called any decision on enabling merchant fees premature, while the government has proposed amendments to the law that barred fees and reports suggest a fee could apply to transactions over Rs 2,000.
E-Commerce & Marketplaces RBI Governor Says 'Someone Has to Pay' on UPI MDR Above Rs 2,000
India is expected to allow a Merchant Discount Rate of 0.25% to 0.4% on UPI transactions above Rs 2,000 made to businesses. RBI Governor Sanjay Malhotra said the costs have to be paid by someone, while P2P payments are likely to remain exempt.
E-Commerce & Marketplaces MDR to help fintechs recover costs, boost their IPO hopes
India plans to introduce a merchant discount rate on large-value UPI transactions, helping fintechs recover transaction costs and boosting IPO prospects for PhonePe, Razorpay, PayU, PayNearby and Innoviti. Jefferies estimates a 15-30 bps MDR on P2M transactions above Rs 2,000 could generate Rs 5,000-10,000 crore annually.
E-Commerce & Marketplaces India moves to allow UPI merchant discount rate via payments act amendment
India has moved a step closer to allowing merchant charges on UPI transactions after proposed amendments to the Payment and Settlement Systems Act were introduced in Parliament by Finance Minister Nirmala Sitharaman. The amendment would create the legal framework for a merchant discount rate; sources quoted by Reuters say no fee quantum or transaction categories have been decided, while a government source cited a possible 0.3%–0.5% MDR on transactions above Rs 2,000 for merchants with turnover above Rs 15 million.
E-Commerce & Marketplaces UPI averages 76.3 crore daily transactions in July; NETC FASTag volumes decline
UPI processed 2,366 crore transactions in July 2026, up 4.1% month-on-month and 22% year-on-year, with daily average transactions at 76.3 crore, according to a report by TNN. NETC FASTag transaction volumes fell 4.1% month-on-month and 6% year-on-year to 34.7 crore, while transaction value declined 1% to Rs 7,143 crore.
E-Commerce & Marketplaces UPI Hits Highest-Ever Monthly Transaction Value of Rs 29.88 Lakh Crore in July
India's UPI reached its highest-ever monthly transaction value of Rs 29.88 lakh crore in July, according to NPCI data. The platform processed 23.66 billion transactions, surpassing June's 22.72 billion and May's previous high. UPI is now operational in about 10 countries, expanding its cross-border footprint.
E-Commerce & Marketplaces NTT Data Payments to globalise India's UPI with hub-based cross-border model
NTT Data Payment Services is working on a hub-based architecture to link India's UPI with fast payment systems in Japan, Thailand, Malaysia, and India, potentially replacing bilateral cross-border payment arrangements. The company launched Adaptis as its unified digital payment brand. The strategy aims to let merchants and consumers transact seamlessly across borders.
Business BasicBlock acquires TrueNorth to expand beyond freight factoring into AI dispatch
Freight factoring firm BasicBlock has acquired TrueNorth, an AI dispatcher and free loadboard platform, to expand services for independent carriers beyond financing. The deal, announced Monday, unites two transportation tech startups with a shared focus on truckers. Financial terms were not disclosed.
E-Commerce & Marketplaces BNPL Rules Bring Refunds and Rejections as FCA Regulation Takes Effect
New Financial Conduct Authority rules effective from Wednesday require Buy Now Pay Later lenders to be authorised, giving shoppers stronger refund rights and access to the Financial Ombudsman Service. However, instant affordability checks on each transaction may reject 10% to 30% of users, according to Fair4All Finance, raising concerns about pushing consumers toward unregulated alternatives.
Finance Auto Lenders Push for Embedded Finance Innovation to Transform India's Auto Loan Market
Auto financiers in India are calling for a shift from traditional EMI-based loans to embedded finance and digital credit at the point of sale. Nearly 80% of new cars are financed, but leasing and subscription models remain minuscule. Industry leaders at the Fada Finance and Insurance Summit highlighted the need for seamless, integrated products and faster rate transmission.
Manufacturing Auto Financiers Urge Industry to Embed Financing Seamlessly into Car Sales Process
Speaking at the FADA Finance and Insurance Summit 2026 in Mumbai, auto financiers urged the industry to move beyond generic EMI products toward embedded finance that integrates digital credit at the point of sale. Rajan Pental of Yes Bank noted that while customers arrive fully informed about cars, the multiplicity of lenders delays transactions. India's auto finance market remains dominated by traditional loans, with leasing at about 1.5% and subscription at 0.1%, contrasting with maturing platform-led models in Europe and the US.
E-Commerce & Marketplaces EMI and instalment-based smartphone purchases nearly at par with one-time payments in India
According to Counterpoint Research, smartphone financing via NBFCs and credit/debit card EMIs will account for 42% of total smartphone sales in India in 2026, up from 35% in 2025. The trend is driven by rising smartphone prices, attractive no-cost EMI schemes, and increasing consumer preference for monthly payments. Samsung leads in financing penetration with its Samsung Finance+ and other options.
E-Commerce & Marketplaces ToneTag eKosha turns UPI soundboxes into banking touchpoints for Indian MSMEs
Bengaluru-based fintech ToneTag has launched eKosha, a tech stack that turns existing UPI soundboxes into always-on banking touchpoints. The platform uses sound-based data transfer and edge AI to allow merchants to access credit, overdrafts, and other services via voice commands, covering 3 million touch points across 73% of India's pin codes.
E-Commerce & Marketplaces UPI daily volumes rise 1.2% to 75.7 crore in June, value steady at Rs 96,405 crore
Average daily UPI transaction volumes increased 1.2% month-on-month to 75.7 crore in June, while average daily value held steady at Rs 96,405 crore, the National Payments Corporation of India reported. Monthly volumes and values declined from May's strong levels, but year-on-year growth remained robust at 23% and 20% respectively. FASTag and IMPS also saw monthly dips.
Technology AI Is Changing Financial Regulation as Watchdogs Build Tools to Fight Cyber Threats
Financial regulators are racing to adopt artificial intelligence to counter rapidly evolving cyber threats. Marlene Amstad, president of FINMA, says regulators must embrace new technologies and have helped establish an IOSCO forum covering 95% of global markets. A hackathon this week developed AI tools for crypto supervision, while concerns over AI models like Anthropic's Mythos have led to US export restrictions.
E-Commerce & Marketplaces Kunal Shah Exits CRED CEO Role to Run WhatsApp as Meta Invests $900 Million
Kunal Shah is leaving CRED's CEO position to head WhatsApp globally, as Meta invests roughly $900 million for a 20% stake in CRED, valuing it at $4.5 billion post-money. Mark Zuckerberg announced the move, with Will Cathcart stepping aside for a new product role and Miten Sampat taking over as interim CRED CEO.
Business Meta Invests $900 Million in Cred, Elevates Founder Kunal Shah to Lead WhatsApp Globally
Meta Platforms is investing $900 million in fintech Cred, valuing it at $4.5 billion, and elevating founder Kunal Shah to lead WhatsApp globally. Shah will succeed Will Cathcart, relocating to California, while Miten Sampat becomes interim Cred CEO. The deal underscores Meta's push to monetize WhatsApp in India through payments and business messaging.
E-Commerce & Marketplaces Kunal Shah Appointed Global Head of WhatsApp, Stepping Away From Cred Day-to-Day
Meta Platforms appointed Kunal Shah as global head of WhatsApp, replacing Will Cathcart. Shah will relocate to Meta's California headquarters and step away from day-to-day responsibilities at Cred while remaining a shareholder. The move marks a high-profile transition of an Indian startup founder into a top bigtech product leadership role.
Finance Pension Services Go Multilingual as PFRDA Rolls Out AI-Powered Grievance Platform
Pension sector regulator PFRDA has launched 'PFRDA Pension Sahayak', an AI-powered grievance redressal platform that supports 22 Indian languages via voice commands, integrated with Bhashini. The platform includes automated escalation of unresolved complaints and is part of the NextGen CPGRAMS initiative.
Finance Indian Trading Apps Groww, Zerodha, Angel One, Upstox Get GIFT City Licences for US Stock Investing
Leading Indian brokerages, including Groww, Zerodha, Angel One and Upstox, have obtained licences from the IFSCA to offer US stock investments via GIFT City. The approvals, granted in June 2026, align with a surge in overseas equity outflows, which reached $440 million in March 2026, a 43% year-on-year increase, according to RBI data.
Finance Razorpay Confidentially Files Draft IPO Papers With Sebi, Eyes Up to Rs 6,000 Crore
Razorpay has confidentially filed draft IPO papers with markets regulator Sebi, aiming to raise up to Rs 6,000 crore. The Y Combinator and Peak XV Partners-backed fintech was last valued at $7.5 billion. The company shifted its domicile from the US to India in May last year and joins peers Zepto and Prism in pursuing a public listing.
Technology Pine Labs Launches India’s First Agent-to-Agent UPI Payment Protocol for AI Deals
Pine Labs has launched the Pine Labs Payment Protocol (P3P), India's first agent-to-agent payment capability built on UPI mandate architecture. The system allows users to authorize an AI agent to independently execute transactions based on predefined conditions, removing the need for human authentication at the point of transaction.
Technology OpenAI agents to make Visa payments via ChatGPT and Atlas browser
Visa and OpenAI have partnered to enable AI agents within ChatGPT and the Atlas browser to make secure Visa payments on behalf of users. The deal introduces tokenized credentials, spending limits, and merchant restrictions, aiming to standardise agentic payments. Mastercard announced a similar platform a year ago.
E-Commerce & Marketplaces Relay Payments Partners with Platform Science for Enhanced Payment Solutions
Relay Payments has partnered with Platform Science to enhance payment solutions for truck drivers. This integration allows drivers to use Platform Science tablets for secure transactions, reducing fraud risks.
E-Commerce & Marketplaces Windscribe Introduces Cash Payments for VPN Subscriptions
Windscribe has introduced cash payments for its VPN subscriptions, providing users with complete financial anonymity. However, the company warns that this method is slow and risky, with potential for lost or stolen payments.
E-Commerce & Marketplaces UPI Transactions Surge to 30L Cr, Marking 19% Growth
Unified Payments Interface (UPI) transactions in India have surged to 30 lakh crore, marking a 19% year-on-year growth. This increase highlights the expanding role of digital payments in the Indian economy.
E-Commerce & Marketplaces LIC Eyes Fintech Expansion with Strategic Investments
LIC is exploring strategic investments in fintech to modernize its IT infrastructure and enhance returns for policyholders. CEO R Doraiswamy emphasizes the need for agility and innovation.
E-Commerce & Marketplaces UPI Transactions Surge to Record Rs 29.90 Lakh Crore in May
Unified Payments Interface (UPI) transactions in India reached a record Rs 29.90 lakh crore in May, driven by increased consumer activity and seasonal spending. The National Payments Corporation of India (NPCI) reported a significant rise in both transaction volume and value.