# Npci

As AI reshapes payments, security needs the industry in the room

Big Breaking: NPCI sets MDR on UPI transactions above Rs 2,000 at 0.4%

The NPCI framework also proposes a flat Rs 5 MDR on UPI transactions above Rs 2,000 for specified merchant categories.

The MCC mayhem: HDFC Bank enters the scene; PayU sues banks; Razorpay prepares to contest IRF claims [Exclusive]

What began as a one-off dispute in which ICICI Bank quietly initiated interchange reimbursement fee (IRF) claims over MCC misuse is now turning into an industry-wide contest.

NPCI FY26 revenue up 22% to Rs 4,240 crore, profit drops

NPCI’s surplus (profit) declined 32% to Rs 991 crore in FY26 from Rs 1,461 crore in the previous fiscal.

Govt notifies rules on UPI MDR; NPCI expected to issue circular in two weeks

The government has, however, specified that banks and other system providers cannot impose any charge on RuPay-powered debit cards and UPI payments of up to Rs 2,000.

UPI in Aug: Digital gold purchases value tick up

The overall value of merchant category-wise purchases via UPI fell to Rs 8.95 lakh crore in August from Rs 9.07 lakh crore in July, even as transaction volumes rose.

UPI in July: Securities transactions jump, digital gold purchases dip

The value of securities brokers and dealer transactions via the unified payments interface (UPI) jumped 21.01% month-on-month to Rs 73,752.37 crore in July from Rs 60,945.24 crore in June.

UPI in June: Overall merchant payments fall, digital gold purchase value climbs

Online marketplaces saw growth both in terms of volume and value in June 2026, according to NPCI data.

NPCI chief Dilip Asbe appointed to Swift's global supervisory board

Asbe's appointment received shareholder approval at Swift's recent annual general meeting and is expected to receive regulatory clearance in October.

Razorpay partners with NBBL to launch mobile-first NetBanking solution

Existing Razorpay merchants can access the feature without any additional integration, as it is already available through the company's checkout ecosystem.

ARIFAC launched to boost India’s fight against money laundering and terror financing

The platform's secretariat will be jointly managed by the Payments Council of India (PCI) and the Fintech Convergence Council (FCC).

UPI in May: Broker, digital gold transaction value fall

The total value of merchant category-wise purchases through the Unified Payments Interface (UPI) increased to Rs 8.72 lakh crore across 14,721.30 million transactions in May 2026.

The MCC loophole: How it grew into a Rs 3,000 crore problem

The story behind ICICI Bank's interchange recovery effort starts with merchant category codes and the economics they shape.

Money & Machines: Project UPI Meta is back; A case for industrial AI

Read about Project UPI Meta (a story with backstory). Also, we write how Industrial AI is beginning to move from experimentation to scaled deployment in India’s manufacturing sector.

UPI in April: Digital gold purchases value drop over 20%

UPI transactions across merchant categories witnessed a marginal decline in April 2026, with the total transaction volume slipping month-on-month to 14,110.22 million from 14,180.46 million in March.

The Economics of Gandhi

In this edition of Money & Machines, we look to our Father of our Nation Mahatma Gandhi as the country remembered him on his birth anniversary on October 2.

Money & Machines: Regulators, Reel Stars, Real Money. And 'All Inclusive' — Inside GFF 2025

In today’s edition of Money & Machines, we bring to you the honest opinions, critical notes and the whispers gathered on the sidelines of biggest fintech “mela" in the world.

UPI’s Zero-MDR (Illusion) Model is Cracking – Who’s Really Paying the Price?

While the government insists UPI is free, hidden charges, unsustainable incentives, and industry frustrations tell a different story.

UPI frauds: 6.32 lakh fraud cases worth Rs 485 crore in April-September

According to the data revealed by the Ministry of Finance in a reply to Parliament, UPI fraud incidents surged by 85% in FY24.

Sachin Bansal's Navi overtakes Cred as fourth largest UPI player

Flipkart Group’s UPI app super.money also witnessed surge in its number of transactions in October to 50 million.