Explore the latest news, in-depth reports, and executive analysis tagged with #Upi.
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]](/upload/theheadandtale.com/2026/09/1789475840_7b2f2e1ea7_mcc_misuse_2.jpg)
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’s surplus (profit) declined 32% to Rs 991 crore in FY26 from Rs 1,461 crore in the previous fiscal.
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.
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.
The funding round also saw participation from angel investors Afsar Ahmad, Jani Pasha, and Arpit Dave.
The MoU will initially remain valid for three years and can be renewed through mutual agreement.
The funding round also saw participation from Sharad Sanghi, Antler India, Sandeep Singhal and Paula Mariwala.
The service is powered by the Bharat Connect (BBPS) network and provides access to 22,722 billers across 30 categories.
PharmEasy's comeback followed a costly Thyrocare bet, founder's cash-outs, and a founder-investor deal outside the captable.
The service will be available on select devices from Nokia, HMD, Lava International, and Itel Mobile, with more handset partnerships expected in the coming months.
The company also plans to continue hiring senior bankers and investment specialists as it scales the new platform.
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.
The court said police can freeze bank accounts during an investigation without prior Magistrate approval, while also upholding scrutiny of Jar’s digital-gold business under criminal law.
In addition, the company raised Rs 110 crore in debt from IDFC and Axis Bank.
The investment round also saw participation from prominent angel investors including Abhishek Goyal (Tracxn) and Mekin Maheshwari (Flipkart).
MobiKwik and Lendbox struck a deal where MobiKwik gave up Rs 24 cr in income for Q1 FY25, and in return, Lendbox waived Rs 42 cr in facilitation fees. These adjustments impacted MobiKwik's current quarter's revenue and expenses.
According to the data revealed by the Ministry of Finance in a reply to Parliament, UPI fraud incidents surged by 85% in FY24.
Flipkart Group’s UPI app super.money also witnessed surge in its number of transactions in October to 50 million.
