Axis Bank, in collaboration with Freecharge, has introduced India’s first gold-backed credit line on the UPI platform. This innovative offering enables MSMEs, merchants, and self-employed individuals to access instant overdraft facilities against gold, with seamless repayments via UPI and a 100% digital journey.
In July 2025, PhonePe extended its dominance in the UPI ecosystem with a commanding 46.7% market share, followed by Google Pay at 36.2%. Paytm held 7.1%, while other players accounted for the remaining 10%.
The National Payments Corporation of India (NPCI) has announced the removal of the UPI peer-to-peer (P2P) 'Collect Request' feature starting October 1, 2025, in a bid to curb financial frauds and enhance user security. Here’s what it means for UPI app users.
State Bank of India (SBI) has announced that its UPI services will be temporarily unavailable on August 6, 2025, due to scheduled maintenance. Customers are advised to plan their transactions in advance to avoid disruptions.
The Commercial Taxes Department of Karnataka has stated that individuals or entities making UPI transactions exceeding ₹20 lakh for services or ₹40 lakh for goods annually may be liable to register under GST. This move aims to track unregistered businesses and bring high-volume digital sellers into the formal tax net.
