Business

India Emerges as Global Leader in Rapid Digital Payments Through UPI, According to IMF

Published

11 months ago

July 13, 2025

India is now at the forefront of global digital payments, primarily due to the impressive growth of the Unified Payments Interface (UPI), as highlighted in the latest fintech report from the International Monetary Fund (IMF).

Titled “Growing Retail Digital Payments: The Value of Interoperability,” the report underscores India’s digital evolution, declaring that UPI has emerged as the world’s largest retail fast payment system by transaction volume.

“India now leads in fast payments globally,” the IMF remarked, noting that the success of this system is rooted in its interoperability, which facilitates seamless transactions among various payment providers and banks.

The report also indicated a decline in the use of traditional payment methods such as debit and credit cards, as a growing number of consumers and businesses prefer the convenience and speed offered by UPI. It highlighted a significant shift towards digital payments, suggesting a structural move towards a cashless economy.

“UPI exemplifies how interoperable systems can foster widespread adoption of digital payments and enhance financial inclusion,” the note stated, encouraging other nations to consider similar open-loop infrastructures to boost their digital economies.

IMF fintech notes provide actionable insights for policymakers regarding emerging financial technology trends. India’s impressive success in digital payments, particularly through UPI, has attracted interest from various countries contemplating similar platforms or partnerships, further establishing India as a global fintech leader.

Developed by the National Payments Corporation of India (NPCI), UPI allows for real-time inter-bank transactions via mobile devices. Since its inception in 2016, UPI has experienced exponential growth, currently managing over 18 billion transactions monthly, according to the IMF.

However, NPCI data indicates a slight decline in UPI transaction volumes in June, ending at 18.40 billion. Projections suggest that UPI transactions could reach 1 billion per day by FY27, with UPI anticipated to represent 90% of total retail digital payment volumes in the next five years, according to a report by PwC India.

Business

Opendoor Shuts Down India Operations, 250 Employees Affected

Published

1 week ago

June 11, 2026

Namma Kudla

Business: US-based real estate technology company Opendoor has decided to close its operations in India. The move will impact nearly 250 employees.

CEO Kaz Nejatian said the company is bringing operational roles closer to its customers in the United States. He explained that most of Opendoor’s customers are based in America.

The company said the decision is not related to the performance of its India team. Nejatian praised the employees for their hard work and contributions.

Affected workers will receive severance pay, job placement support, and other assistance. A small number of employees will stay temporarily to help with the transition.

Opendoor said it will continue focusing on simplifying operations and improving efficiency with new technology and AI.

Business

Domestic LPG Cylinder Price Increased by Rs 29

Published

2 weeks ago

June 7, 2026

Namma Kudla

New Delhi: The price of domestic LPG cooking gas cylinders has been increased by Rs 29 across India. This is the second price hike in the last three months.

The increase comes as global energy prices continue to rise due to the ongoing conflict in the Middle East.

After the revision, a domestic LPG cylinder now costs Rs 942 in Delhi, Rs 941.40 in Mumbai, Rs 968 in Kolkata, and Rs 957.50 in Chennai. In Bengaluru, the new price is Rs 944.50 per cylinder.

The government said the cost of supplying LPG has increased significantly. However, subsidies under the Pradhan Mantri Ujjwala Yojana continue to help over 10 crore beneficiaries.

Petrol, diesel, and CNG prices have also increased in recent weeks as global fuel markets remain volatile.

Business

Honda Begins Delivery of 2026 City Hybrid

Published

2 weeks ago

June 3, 2026

Namma Kudla

Business: Honda Cars India has started delivering the new 2026 Honda City Hybrid to customers. The first car was handed over at a dealership in Bengaluru.

Honda President and CEO Takashi Nakajima attended the special delivery event. Other senior company officials were also present.

The first customer received a Crystal Black Pearl Honda City Hybrid. The car was delivered with a symbolic key and a gift hamper.

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The updated City comes with new features such as ventilated front seats and a 360-degree camera. It also offers wireless Apple CarPlay, Android Auto, and a sunroof.

The sedan is available with petrol and strong-hybrid powertrain options. Honda claims the hybrid version delivers a mileage of 27.26 kmpl.

The Honda City competes with the Volkswagen Virtus, Skoda Slavia, and Hyundai Verna in India.