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The End of the PIN: Why PhonePe’s biometric authentication for UPI payments is the future

PhonePe’s biometric UPI rollout enables secure, one-touch payments up to Rs 5,000, replacing PIN-based friction with hardware-grade fingerprint and facial recognition.

India’s cash in circulation has hit a record Rs 40 lakh crore despite the rapid growth of UPI payments, according to an SBI research report. The rise is being driven by higher consumption, lower interest rates, and the replacement of Rs 2,000 notes with smaller denominations.

UPI is booming, yet India’s cash in circulation just hit a record high — Here’s why

The Union Budget 2026 has an outlay of Rs 2,000 crore for UPI and RuPay platform transactions for FY27, a nearly 10 per cent decrease over the previous year. Some analysts view this as a "U-turn" in the central support for the country's digital payments ecosystem. Here's what users need to know.&nbsp;

Rs 2,000-crore UPI subsidy offers policy support, but no permanent fix? 4 challenges for digital payment apps 

Highlighting the role of leadership in institution building,Infosys&nbsp;founder N. R.&nbsp;Narayana&nbsp;Murthy stressed that values must be demonstrated through action, not rhetoric.

RBI made UPI a public good by keeping it low cost and accessible: Infosys founder Narayana Murthy

Referring to suggestions that UPI payments could be held temporarily before settlement, Tewari said there have been suggestions from a few quarters.

UPI freeze mechanism must come from RBI, NPCI: SBI’s Ashwini Kumar Tewari

The RBI has announced a major upgrade for BSBD accounts, introducing zero-balance facilities, broader free services and a strong digital-payment framework from April 1, 2026. The overhaul is expected to make banking more inclusive and transparent, especially for low-income and first-time customers.

BSBD accounts to get big upgrade from April 1, 2026? RBI announces new rules — No Minimum Balance, No Hidden Charges

Making digital transactions between India and Europe is set to become easier and more cost-effective thanks to an agreement between the RBI and the ECB to link their UPI and TIPS payment systems.&nbsp;

Making India-Europe transactions to get easier and cheaper? UPI to join forces with ECB's TIPS—Key takeaways

UPI Credit Line is fundamentally a limited credit line that enables banks to grant borrowings to the customers not exceeding a particular amount. This, in turn, implies that even when your bank account shows no money, you will be able to transfer funds via UPI without any hassle.

Explained: UPI credit line to allow payments with zero bank balance

NHAI simplifies FASTag's 'Know Your Vehicle' (KYV) process: now only the front photo is required, with RC details automatically fetched. Users with multiple vehicles can easily select which one to verify. Issuer banks must assist customers to complete KYV before disconnection. Separately, non-FASTag users will pay 1.25x toll with UPI starting Nov 15, an improvement from double charges for cash.


FASTag KYV Just Got Simpler: Banks to Assist Users and New 1.25x UPI Toll Fee from November 15

The report has pointed out that the average UPI transaction size has come down from Rs 1,478 in the first half of 2024 to Rs 1,348 in the same period this year.&nbsp;

UPI transactions hit 106 billion in first half of 2025, up 35% YoY

Digital payment transaction volumes in the country increased 29.7 per cent on a year-on-year basis to 12,520 crore in the six months to June 30, RBI data shows. Read on to learn more about the central bank's Payment Systems Report.&nbsp;

&nbsp;

Cash no longer king? 1 in every 5 UPI transactions made on this service amid falling ATM withdrawals—Key takeaways from RBI H1 report

India’s Unified Payments Interface (UPI) is witnessing a record-breaking festive month, with average daily transactions touching Rs 94,000 crore in October,&nbsp;a 13 per cent jump from September. The growth, fuelled by Diwali spending and lower GST rates, could push monthly payments beyond Rs 28 lakh crore, according to NPCI data.

UPI transactions hit Rs 94,000 crore daily in October; festive spending, GST cuts drive record surge

India's retail payments are now almost entirely digital, led by UPI's explosive growth and government-backed infrastructure initiatives. Yet, cash continues to hold firm, accounting for half of all private consumption.

India's digital payments revolution: 10 key takeaways as UPI surges, cash still holds ground

UPI gets smarter: Face authentication for PIN reset and biometric verification for transactions up to ₹5,000, making payments faster and more convenient

UPI Unlocked: Smarter payments with face authentication and biometrics, key updates 

Between FY23 and FY25, consumer durable loans grew 10x and personal loans 4.4x in high-UPI growth districts.

UPI reaches 500 million consumers, 65 million merchants: Report

Several central government initiatives saw the light of the day on October 7. Among key measures was the launch of a central bank digital currency (CBDC) in peer-to-peer solar trading.

Global Fintech Fest (GFF): Soon, will you be able to buy foreign currency via UPI?

India’s UPI has officially entered Qatar, with Commerce Minister Piyush Goyal launching the service at Lulu Hypermarket in Doha. The move aims to strengthen trade, tourism and digital connectivity between the two countries.

Piyush Goyal launches India's UPI at Lulu Hypermarket in Qatar to deepen digital and trade ties

The Reserve Bank of India has set up a six-member Payments Regulatory Board (PRB) to replace the BPSS. For the first time, three government representatives are included, alongside RBI officials. Chaired by the RBI Governor, the board will meet at least twice a year to monitor digital payments, including UPI, net banking, cards, and wallets. PRB aims to enhance security, prevent fraud, and ensure transparent digital transactions. Users will now have better protection and more confidence while making payments.

RBI Forms Payments Regulatory Board to Strengthen Oversight

UPI&nbsp;saw 31 per cent transaction count growth (year-on-year) at 19.63 billion in the month of September&nbsp;— with 21 per cent growth in transaction amount at Rs 24.90 lakh crore, the National Payments Corporation of India (NPCI) data showed.

UPI transactions see 31% growth at 19.63 billion in September: NPCI data

The Reserve Bank of India (RBI) has constituted the Payments Regulatory Board (PRB), replacing the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS). The move, effective from May 9, 2025, strengthens oversight of the country's rapidly expanding digital payments landscape.

RBI forms Payments Regulatory Board to oversee digital payment systems

PhonePe’s biometric UPI rollout enables secure, one-touch payments up to Rs 5,000, replacing PIN-based friction with hardware-grade fingerprint and facial recognition.

India’s cash in circulation has hit a record Rs 40 lakh crore despite the rapid growth of UPI payments, according to an SBI research report. The rise is being driven by higher consumption, lower interest rates, and the replacement of Rs 2,000 notes with smaller denominations.

The Union Budget 2026 has an outlay of Rs 2,000 crore for UPI and RuPay platform transactions for FY27, a nearly 10 per cent decrease over the previous year. Some analysts view this as a "U-turn" in the central support for the country's digital payments ecosystem. Here's what users need to know. 

Highlighting the role of leadership in institution building,Infosys founder N. R. Narayana Murthy stressed that values must be demonstrated through action, not rhetoric.

Referring to suggestions that UPI payments could be held temporarily before settlement, Tewari said there have been suggestions from a few quarters.

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UPI

The End of the PIN: Why PhonePe’s biometric authentication for UPI payments is the future

UPI is booming, yet India’s cash in circulation just hit a record high — Here’s why

Rs 2,000-crore UPI subsidy offers policy support, but no permanent fix? 4 challenges for digital payment apps

RBI made UPI a public good by keeping it low cost and accessible: Infosys founder Narayana Murthy

UPI freeze mechanism must come from RBI, NPCI: SBI’s Ashwini Kumar Tewari

BSBD accounts to get big upgrade from April 1, 2026? RBI announces new rules — No Minimum Balance, No Hidden Charges

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