Tag: UPI

TechPulse

10 Years of PhonePe: A Decade of Building for Bharat

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

PhonePe recently marked a significant milestone, completing ten years in India’s fintech ecosystem and celebrating a decade of innovation, growth and impact. Since its inception, the company has played a pivotal role in transforming the way India transacts and manages money, steadily expanding financial access across urban and rural Bharat alike.

In 2025, PhonePe crossed a major milestone by surpassing 600 million registered users, reinforcing its position as a cornerstone of India’s digital economy. The year focused strongly on deepening trust and improving accessibility with the introduction of features such as UPI Circle, which enables delegated payments for trusted contacts, and PhonePe Protect, a robust security framework designed to safeguard users against fraudulent transactions.

Strengthening its support for merchants, PhonePe introduced Made-in-India solutions like the SmartSpeaker and SmartPOD, helping small and medium businesses embrace digital payments with ease. Through the Udyam Assist initiative, launched in partnership with SIDBI, PhonePe became one of the first institutions to enable digital-first integration for MSMEs, streamlining their access to formal credit and financial services.

For consumers, the platform expanded beyond payments by launching affordable protection products such as Home Insurance and Health Insurance, aimed at India’s “Missing Middle.” PhonePe also unlocked liquidity through innovative lending solutions, including Loan Against Mutual Funds, ensuring essential financial services are accessible to a wider population.

Reflecting on the journey, Sameer Nigam, Founder and CEO of PhonePe, said that despite how far the company has come, the most exciting part is that the summit is still not in sight. He highlighted the passion of the teams behind PhonePe and noted that the journey continues to be meaningful and energising as the company builds for the future.

Rahul Chari, Founder and CTO, expressed pride in what PhonePe has built over the past decade, acknowledging the goodwill and support received from the industry and the wider ecosystem. He emphasised that building something people truly believe in is what turns an idea into real impact.

Over the years, PhonePe has consistently redefined the Indian fintech landscape through industry-first innovations. From Digital Gold and Mutual Funds to making Insurance and Stock Broking accessible to the masses, the platform has evolved into a comprehensive financial ecosystem. Key milestones include the PhonePe Business app for merchants, Merchant Lending, Credit Line on UPI, Cross-Border UPI, UPI Lite, and the 2024 launch of the Indus Appstore, Share.Market and secured lending platforms.

By relocating its domicile to India in 2022 and steadily expanding into credit and wealth management, PhonePe has moved beyond being a payments utility to becoming an integral part of India’s financial fabric, ensuring that access to protection, investment and credit continues to reach every citizen as it builds for Bharat.

Finance

Axis Bank Launches India’s First Gold-Backed Credit Line on UPI via Freecharge

Tanisha Cardozo

Axis Bank, one of India’s largest private sector banks, has announced a groundbreaking new offering in collaboration with Freecharge: India’s first gold-backed credit line on the Unified Payments Interface (UPI). This pioneering product is set to redefine how secured credit is accessed in India, particularly for micro, small and medium enterprises (MSMEs), self-employed professionals, and merchants operating across urban and rural markets.

The offering enables users to avail instant credit against their gold holdings, transforming an age-old asset into a dynamic financial tool for modern digital use. The standout feature of the product is its integration with UPI, making both transactions and repayments simple, fast, and accessible from any UPI-enabled app, including Freecharge. Customers only pay interest on the utilized credit amount, ensuring a cost-effective way to manage cash flow, address urgent liquidity needs, or fuel business growth.

Existing Axis Bank customers with gold loan eligibility can avail this credit line through a completely digital journey, removing the need for physical branch visits after onboarding. The product is designed for seamless digital interaction—users can borrow and repay in real-time through UPI, with clear visibility into their credit line usage.

Speaking at the launch, Munish Sharda, Executive Director at Axis Bank, highlighted the innovation, stating that combining the trust of gold with the flexibility of UPI positions this product as a landmark in digital lending. It underlines Axis Bank’s commitment to expanding financial inclusion and pioneering secure credit solutions in the digital age.

This launch also aligns with the National Payments Corporation of India (NPCI)’s recent guidelines permitting credit lines on UPI, opening up new avenues for banks and fintech players to collaborate and deliver accessible credit. Sohini Rajola, Executive Director – Growth at NPCI, noted that the infrastructure now in place allows financial institutions to build simplified and secure digital credit products that are scalable across India.

With Axis Bank’s expertise in credit and its vast branch network, coupled with Freecharge’s fintech innovation and digital-first approach, this new offering brings together the best of traditional finance and modern technology. It provides an innovative, trusted, and user-friendly credit solution, significantly raising the standard for digital lending in the country.

This marks a significant step forward in India’s journey toward inclusive, technology-driven financial services, and opens new possibilities for individuals and businesses to unlock the value of their assets instantly, anytime, anywhere.

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

allycaralgoa

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