Recent Current Affairs related to UPI

PhonePe has launched ‘UPI 123Pay’, a service enabling feature phone users to conduct UPI transactions without internet connectivity. The service uses a Short Message Service (SMS)-based system to ensure secure transactions even in low network coverage areas.

This initiative aims to promote financial inclusion by providing digital payment capabilities to the non-smartphone user demographic in India.

The Unified Payments Interface (UPI), launched by the National Payments Corporation of India (NPCI), has completed 10 years of operations.

In FY26, the share of UPI in the digital payments of India is recorded at 84%, the annual transaction volume of UPI reached 24,162 crore transactions, with the total transaction value estimated at ₹314 lakh crore.

President Droupadi Murmu has granted assent to the ‘Taxation and Other Laws (Amendment) Act, 2026’ and a legislation amending the ‘Payment and Settlement Systems (PSS) Act, 2007’.

The ‘Taxation and Other Laws (Amendment) Act, 2026’ replaces the ‘Income-tax (IT) (Amendment) Ordinance, 2026’. The Act provides exemptions from income tax on interest and capital gains (arising from the sale, exchange, or transfer) to Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) for their investments in government securities.

The Qatar-India Postal Remittance Service, utilizing PosTransfer powered by the UPI, has been operationalized in Doha, Qatar to facilitate faster, secure, and cost-effective cross-border remittance services between both countries.

IndusInd Bank and dining platform EazyDiner have jointly launched a lifetime-free co-branded credit card named 'EazyDiner IndusInd Bank Platinum RuPay Credit Card'.

The card offers dining discounts, entertainment benefits, and UPI payment functionality.

SBI Cards and Payment Services Ltd has partnered with Google Pay to launch a co-branded credit card named 'Google Pay Flex SBI Card'. The card is designed to make daily spending more rewarding for users.

Eroute Technologies Pvt Ltd has launched India's first 'Flexi Benefits Basket' on the UPI via its OmniCard platform.

It is an employee-controlled digital wallet designed for tax-efficient spending across multiple benefit categories. The platform is built on a RBI-licensed Prepaid Payment Instrument (PPI) infrastructure and is accepted at 60 million UPI-enabled merchant outlets.

Enkash, a business payments and spend management platform, has become the first company in India to launch UPI-based payments on meal cards.

This feature allows employees to make direct payments from their meal card balance by scanning eligible UPI Quick Response (QR) codes at food and grocery merchants.

Dilip Asbe, the MD & CEO of the National Payments Corporation of India (NPCI), has been appointed to the Supervisory Board of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

It is to be noted that the Supervisory Board comprises 12 members, with a provision to expand to 15 members in exceptional cases.

The National Payments Corporation of India (NPCI) has partnered with HSBC India and JPMorgan Payments to simplify the UPI transaction process for Indian travelers abroad.

These collaborations will introduce real-time foreign exchange (FX) conversion and settlement, allowing users to view the exact transaction amount in ₹ before finalizing their payments.

jUMPP, an AI-driven fintech platform, has received approval from the National Payments Corporation of India (NPCI) to operate as a Third Party Application Provider (TPAP). This authorization allows the platform to integrate UPI payment capabilities into its application.

PM Narendra Modi has visited France to strengthen the India-France Special Global Strategic Partnership, focusing on trade, technology, and security. He held bilateral talks with President Emmanuel Macron in Nice and participated in the 52nd G7 Outreach Summit as a guest partner.

PM Modi and President Macron co-launched the 'Bharat Innovates' initiative in Nice, featuring participation from over 120 Indian startups. At the VivaTech 2026 expo in Paris, the largest technology exhibition in Europe, India was designated as the 'AI Country of Focus'.

The visit resulted in 13 key outcomes, including the adoption of the 'India-France Innovation Roadmap 2030', the establishment of a Joint Working Group (JWG) on AI Governance, and the expansion of the UPI in France. PM Modi also addressed the Indian diaspora during the 'Bonjour Modi' event held in Paris.

Nepal Foreign Minister (FM) Shisir Khanal visited India at the invitation of Union Minister S Jaishankar to review bilateral relations. During the visit to New Delhi, he held talks with S Jaishankar and the National Security Advisor (NSA) Ajit Doval.

A key outcome of the discussion was the launch of a Person-to-Person (P2P) linkage between the UPI of India and the National Payments Interface (NPI) of Nepal. Furthermore, 84 reconstruction projects funded by India, initiated after the 2015 earthquake, were formally handed over to the Government of Nepal.

BharatPe has launched ‘BharatPe Flex’, a UPI solution, in partnership with YES Bank. This allows eligible customers to use a pre-approved credit line for daily UPI transactions.

NPCI International Payments Ltd (NIPL) has partnered with ACLEDA Bank Plc to facilitate the acceptance of the UPI in Cambodia.

With this, Cambodia has become the 9th international destination to integrate the Indian UPI system. The other countries where UPI is enabled include Singapore, the UAE, France, Mauritius, Nepal, Bhutan, Qatar, and Sri Lanka.

Bank of Baroda (BoB) has introduced biometric payment authentication and Internet of Things (IoT)-based payment capabilities on its UPI application, ‘bob इ Pay’.

The biometric feature uses Unique Identification Authority of India (UIDAI)-based face authentication to secure transactions, allowing users to authorize UPI transactions up to ₹5,000 using fingerprint or facial recognition.

Viyona Fintech India Pvt Ltd has received certification from the National Payments Corporation of India (NPCI). The certification covers integrations for UPI Acquirer, UPI Issuer, Immediate Payment Service (IMPS), and Interoperable Mobile Banking (IBMB). This development aims to provide secure and seamless digital payment solutions for banks, fintech companies, and merchants.

The RBI has signed an MoU with the European Central Bank (ECB) to enhance collaboration in the field of central banking. This agreement replaces the previous MoU signed in 2015. The updated MoU establishes a framework for regular policy dialogue and exchange of information between the two institutions.

Jio Payments Bank Ltd (JPBL) has partnered with the Ezeepay to serve as a Business Correspondent (BC). The collaboration aims to strengthen last-mile digital banking in rural and semi-urban India by providing access to basic banking facilities through local merchant outlets.

Punjab National Bank (PNB) has partnered with the fintech firm Kiwi to launch a co-branded RuPay credit card named “PNB Kiwi Credit Card” integrated with the UPI. The initiative aims to expand digital credit access and strengthen the digital payments ecosystem in India.