Tag: digital payments

Finance

HDFC Bank Integrates Digital Rupee (e₹) into SmartGateway Payment Platform

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

HDFC Bank has announced the integration of the Reserve Bank of India’s Central Bank Digital Currency, the Digital Rupee (e₹), into its online merchant payment platform, SmartGateway, marking a significant step in expanding India’s digital payments ecosystem. The move enables merchants to offer customers a secure, sovereign-backed digital payment option directly within the HDFC Bank checkout experience.

With this integration, merchants using SmartGateway can now accept payments through the Digital Rupee at zero transaction cost, in addition to existing payment modes such as UPI, cards, and net banking. The enhancement is designed to provide customers with a seamless payment experience that is instant, secure, and free of intermediary charges.

As of December 2025, HDFC Bank is among the pilot banks participating in the RBI’s CBDC initiative, servicing approximately 8.45 lakh registered Digital Rupee wallets. The bank continues to see steady adoption, with nearly 13,000 to 15,000 new wallets being added every month, reflecting growing consumer and merchant confidence in the emerging digital currency.

For merchants, zero-cost acceptance of CBDC presents a future-ready payment option that offers improved settlement certainty and reduced operational overheads by eliminating intermediaries. For consumers, the Digital Rupee combines the convenience and speed associated with UPI with the added trust and assurance of an RBI-backed sovereign digital currency, ensuring fast and secure transactions.

By enabling CBDC acceptance on SmartGateway, HDFC Bank is expanding the choice of digital payment options available to customers while extending the benefits of the Digital Rupee to a broader base of businesses. The initiative underscores the bank’s digital-first approach and its continued focus on innovation in the payments space.

This integration further reinforces HDFC Bank’s commitment to supporting India’s transition towards a cash-light, inclusive digital economy, while positioning SmartGateway as a comprehensive and future-ready payment platform aligned with the country’s evolving financial landscape.

Business

Ministry of Tourism & Mastercard Sign MoU to Elevate India as a Global Tourism Hotspot

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The Ministry of Tourism (MoT), Government of India, has joined hands with Mastercard in a strategic two-year Memorandum of Understanding (MoU) aimed at strengthening India’s global positioning as a premier tourism destination. This wide-ranging collaboration focuses on showcasing India’s diverse cultural, spiritual, natural, and culinary heritage to domestic and international travelers through Mastercard’s global marketing platforms — most notably its iconic Priceless™ program.

As part of the initiative, curated experiences will be brought to priceless.com, beginning with Goa, followed by exceptional cultural and spiritual journeys in Varanasi and rural Andhra Pradesh. Many more destinations are expected to be added, providing travellers with access to immersive, authentic, and rare experiences.

Shri Gajendra Singh Shekhawat, Honourable Minister of Tourism, emphasized India’s vast tourism potential, reaffirming the government’s mission to present India’s stories in innovative ways. He highlighted the role of corporate partnerships in amplifying India’s global outreach.

Mastercard brings its global marketing expertise, secure digital payment network, and multi-market influence to the collaboration. Through Priceless™, the company aims to spotlight India’s diverse heritage while also supporting the development of safe and seamless digital payment practices across the tourism ecosystem.

Raja Rajamannar, Chief Marketing & Communications Officer, Mastercard, said the initiative intends to bring India’s remarkable stories “closer to travellers everywhere,” while ensuring unforgettable and authentic experiences.

Gautam Aggarwal, President, India & South Asia, Mastercard, added that strengthening digital payments—especially in remote regions—would boost the tourism value chain and drive economic participation across local communities.

Under the MoU, Mastercard will operate as the Knowledge Partner, while the Ministry of Tourism will identify strategic travel corridors and support collaborations with the Archaeological Survey of India (ASI), Ministry of Culture, and State Tourism Boards.

Beyond tourist engagement, the 24-month MoU will focus on:

  • Encouraging secure and responsible digital payment practices
  • Expanding seamless payment acceptance nationwide
  • Supporting the introduction of innovative, co-branded tourism-linked payment products

The partnership signals a significant step in India’s efforts to build world-class travel experiences while strengthening economic opportunities across the tourism sector.

Finance

UPI Market Share in July 2025: PhonePe Leads the Digital Payments Race

Tanisha Cardozo

India’s UPI (Unified Payments Interface) ecosystem continues to grow rapidly, and July 2025 data shows a clear winner emerging in the digital payments race.

According to the latest numbers, PhonePe has secured a commanding 46.7% share of the UPI transaction volume, reaffirming its position as India’s leading payments app. Google Pay remains a strong contender at 36.2%, while Paytm trails at 7.1%. The remaining 10% is split among smaller players in the ecosystem, including banks’ own UPI apps and emerging fintech platforms.

📌 Key Highlights:

  • PhonePe leads the market with seamless integration and broad merchant support.
  • Google Pay remains a preferred choice for many due to its clean interface and strong brand trust.
  • Paytm continues to hold relevance but faces stiff competition from the top two players.
  • The “Others” category—at 10%—includes apps like Amazon Pay, BHIM, CRED, and banking apps.

India’s digital payment space is increasingly consolidated, with PhonePe and Google Pay collectively holding over 80% of the market. This duopoly reflects consumer preferences for reliability, cashback incentives, and a smooth user experience.

As UPI adoption deepens across tier-2 and tier-3 cities, players that innovate on ease of use and ecosystem integration will continue to thrive.

Business

UPI Alert: P2P ‘Collect Request’ Feature to Be Discontinued from October 1, 2025

Tanisha Cardozo

If you frequently use apps like PhonePe, Google Pay, or Paytm for sending or receiving money, there’s a major update you need to be aware of.

In a circular dated July 29, the National Payments Corporation of India (NPCI) has announced that the P2P “Collect Request” feature on UPI platforms will be discontinued from October 1, 2025.

What Is the P2P Collect Request Feature?

This feature allows UPI users to send a payment request to another user, often used to remind friends or family to share bills or pending payments. However, it has become a significant vector for scams and phishing attempts.

Fraudsters commonly use this to trick users into accepting fake requests under the pretense of emergencies or professional roles, leading to unauthorized debits from the victim’s account.

Why Is It Being Removed?

Despite a ₹2,000 limit per transaction, fraud cases have continued. NPCI has decided to remove the feature entirely for P2P payments to improve user safety.

From October 1, 2025, you’ll only be able to send money via:

✅ QR code scanning
✅ Selecting the contact number manually
✅ Entering the UPI PIN for authorization

Will Merchant Transactions Be Affected?

No. UPI collect requests from verified merchants like Flipkart, Amazon, Swiggy, and IRCTC will remain unaffected.
Users will still have to approve the request and enter their UPI PIN to complete the transaction, maintaining security protocols.

Key Takeaways for Users:

  • ❌ P2P UPI collect requests will stop from October 1, 2025
  • ✅ Continue using QR codes and contact-based UPI transfers
  • 🔒 The move aims to significantly reduce fraud risks
  • 🛍️ Merchant transactions will still function normally
Human Interest

SBI to Temporarily Suspend UPI Services on August 6 Due to Maintenance

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Mumbai | August 5, 2025 — The State Bank of India (SBI) has officially announced a temporary suspension of UPI services on August 6, 2025, citing scheduled maintenance and system upgrades.

This means that customers using SBI’s YONO, YONO Lite, BHIM SBI Pay, or any third-party UPI apps linked to SBI accounts may face disruption in services such as money transfers, QR payments, and bill payments.

SBI’s Official Statement:

“We regret the inconvenience caused and appreciate your understanding as we work towards improving our digital infrastructure.”

What You Should Do:

  • Complete urgent transactions before August 6
  • Keep alternative payment methods ready
  • Avoid relying solely on UPI during the downtime

This proactive measure comes as part of SBI’s ongoing efforts to upgrade its systems and enhance user experience. No timeline has been shared for the restoration yet, but normal services are expected to resume within the day.

📖 Stay updated at allycaral.com