This edition of EnFin captures how fintech conversations are moving into a more advanced phase. UPI’s global expansion, agentic AI in payments, rural and offline access, cybersecurity, responsible financial AI and emerging technology risks all came into focus. Through EnFin, we bring these developments together so you can stay updated on what is shaping digital finance.
Apple Pay Launches in India
Apple Pay has launched in India for iPhone, iPad and Apple Watch users, with Mac support coming soon. At launch, Axis Bank-issued Visa and Mastercard credit cards can be added, enabling secure contactless and online payments across supported merchants nationwide.
Originally posted by Apple
Supreme Court Questions Legal Basis of 0.4% UPI MDR, Seeks Explanation From RBI and NPCI
The Supreme Court has asked the government, RBI and NPCI to explain the legal basis of the 0.4% UPI MDR on select payments above ₹2,000. The court refused an interim stay but sought clarity on the charge’s nature and authority.
Originally posted by The Hindu
India and Qatar Discuss Wider UPI Use as Bilateral Investment Treaty Talks Advance
India and Qatar discussed wider UPI use as talks progressed on a pending bilateral investment treaty. The discussion also covered Qatar’s investment engagement with India, including infrastructure opportunities, as both countries look to deepen trade, payments and financial cooperation further.
Originally posted by Moneycontrol
Traders Withdraw October 2 ‘No UPI Day’ Call After Meeting FM Sitharaman
Trader bodies withdrew their October 2 “No UPI Day” call after meeting Finance Minister Nirmala Sitharaman. The protest had been planned over proposed MDR on select UPI payments, but associations said their concerns would receive due consideration by government authorities.
Originally posted by Moneycontrol
NSE Gets SEBI Approval to Launch Corporate Bond Index Futures
NSE has received SEBI’s no-objection certificate to launch corporate bond index futures. The product is still subject to RBI approval, but it could help participants manage corporate bond market risk and improve price discovery in India’s debt markets significantly ahead.
Originally posted by The Economic Times
RBI Amends FEMA Rules for Export and Import of Goods and Services
RBI has amended FEMA rules for export and import of goods and services. The changes reduce export proceeds realisation timelines and allow authorised dealers to handle specified legacy export-import and merchanting trade transactions without needing RBI approval in certain cases.
Originally posted by SCC Online
UPI Transactions Rise 23% to 24.07 Billion in September
UPI transactions rose 23% year-on-year to 24.07 billion in September, while transaction value increased 18% to ₹29.37 lakh crore. Daily averages also stayed strong, with UPI processing around 802 million transactions and nearly ₹97,913 crore in value every day nationwide.
Originally posted by DD News
NPCI Introduces 0.4% MDR on UPI Payments Above ₹2,000
NPCI has introduced a 0.4% MDR on select UPI P2M payments above ₹2,000, effective October 15, 2026. Small merchants, P2P transfers and transactions up to ₹2,000 remain exempt, keeping most everyday UPI usage free for consumers and small vendors overall.
Originally posted by The Hindu
Credit Card-linked UPI Exempt From New 0.4% MDR
The government clarified that credit card-linked UPI transactions, including RuPay credit cards and pre-sanctioned credit lines, are exempt from the new 0.4% MDR framework. The charge applies only to direct bank account-to-merchant UPI payments above ₹2,000 under the new rules.
Originally posted by Inshorts
Union Cabinet Approves Raising EPFO Wage Ceiling From ₹15,000 to ₹25,000 per Month
The Union Cabinet has approved raising the EPFO mandatory wage ceiling from ₹15,000 to ₹25,000 per month. The move is expected to bring around 51 lakh more employees under EPFO coverage, widening social security access for salaried workers across sectors.
Originally posted by The Hindu
RBI Proposes Freezing Only Disputed Amounts in Suspected Cyber Fraud Cases
RBI has proposed a framework where banks freeze only the disputed transaction amount in suspected cyber fraud cases, instead of the full account. Customers will get time to explain flagged transfers, while banks must escalate unresolved cases to police authorities.
Originally posted by News On AIR
Kamlesh Chandra Varshney’s Term as SEBI Whole-time Member Extended Till August 2029
Kamlesh Chandra Varshney’s term as SEBI whole-time member has been extended till August 2029, or until further orders. Serving since September 2023, he handles key departments including corporate finance and surveillance, giving SEBI continuity in senior regulatory leadership and oversight.
Originally posted by Moneycontrol
Global Payment Gateway Market Projected to Reach $310 Billion by 2035
The global payment gateway market is projected to grow from $45.2 billion in 2025 to $310 billion by 2035, according to SNS Insider. Growth is being driven by e-commerce, mobile payments, fraud prevention, embedded finance and omnichannel commerce worldwide across sectors.
Originally posted by GlobeNewswire
NPCI Sets 0.02% MDR on UPI Payments for Mutual Funds and Stocks
NPCI has set a 0.02% MDR for UPI payments made to mutual funds, brokers, dealers and investment platforms, capped at ₹300 per transaction. This rate is lower than the standard 0.4% MDR for select merchant payments above ₹2,000 from October.
Originally posted by The Economic Times
SEBI Freezes ₹28 Crore in Alleged Futures and Options Trading Manipulation Case
SEBI has frozen ₹28.12 crore in alleged gains in a futures and options manipulation case involving linked entities. The regulator said the strategy used cross-segment trades to influence prices and has barred the parties from derivatives trading during further investigation.
Originally posted by Moneycontrol
PM Modi Urges Fintech Sector to Take UPI Global and Cut Remittance Costs
PM Modi urged fintechs to expand UPI globally and connect it with payment systems in countries with large Indian communities or trade links. He said wider UPI acceptance could help reduce remittance costs and make cross-border money transfers faster for Indians.
Originally posted by The New Indian Express
Agentic AI Comes to Digital Payments as NPCI Launches AiNxt and ATOM
NPCI launched AiNxt and ATOM at Global Fintech Fest 2026 to bring agentic AI into digital payments. AiNxt helps build enterprise AI agents, while ATOM supports onboarding, integration, change management and certification workflows across payment ecosystem partners and banks securely.
Originally posted by CNBC-TV18
UPI Still Has Big Growth Potential, but Rural and Offline Access Need Work, Says NPCI CTO
NPCI CTO Vishal Anand Kanvaty said UPI still has significant growth potential, especially in rural areas and offline payments. While UPI has scaled sharply, improving access for users with limited connectivity remains important for the next phase of adoption across India.
Originally posted by The Economic Times
PM Modi Urges Fintechs to Strengthen Cybersecurity and Consumer Protection
PM Modi asked fintech companies to strengthen cybersecurity, ethical data protection and consumer safeguards as financial technology enters a more advanced phase. He also suggested a fintech consumer protection index to build greater trust between users, regulators and industry players.
Originally posted by Inc42
Maharashtra Can Build the Next Breakthrough in Responsible Financial AI, Says CM Fadnavis at GFF
Maharashtra CM Devendra Fadnavis said Mumbai can become a testing ground for responsible financial AI. Speaking at GFF 2026, he said the next phase of digital finance should move beyond access and give users greater agency over financial decisions ahead.
Originally posted by The Economic Times
RBI Deputy Governor Flags Speed, Concentration and Opacity as Key Fintech Risks
RBI Deputy Governor Rohit Jain flagged speed, concentration and opacity as key fintech risks. He said AI and emerging technologies can make finance faster and cheaper, but automated decisions, common technology providers and opaque models may create new vulnerabilities overall.
Originally posted by The Economic Times
Global Fintech Fest 2026 Wraps Up Today in Mumbai
Global Fintech Fest 2026 concluded in Mumbai after bringing together policymakers, regulators, financial institutions, fintech companies and technology providers. This year’s discussions focused on agentic AI, tokenisation, quantum technologies, secure digital payments, responsible innovation and broader financial inclusion across markets.
Originally posted by The Economic Times
NPCI May Let AI Agents Make UPI Payments With User-set Limits
NPCI may launch a Unified Agent Protocol that lets AI agents make low-value UPI payments within user-set rules and limits. The framework could use UPI Circle and Reserve Pay, starting with routine purchases before expanding to smarter commerce use cases.
Originally posted by Inc42
Small Merchants Face Payment Disruption Risk as RBI Re-KYC Deadline Nears
Millions of small merchants may face payment disruption as RBI’s September 15 re-KYC deadline approaches. Industry estimates suggest 30-35% of small offline QR merchants could miss the timeline, while payment aggregators race to verify existing merchant records before payments are paused.
Originally posted by Moneycontrol
Indians Can Now Make UPI Payments in Uzbekistan
Indian travellers can now make UPI payments in Uzbekistan by scanning UZQR codes. NPCI International has partnered with Uzbekistan’s National Interbank Processing Centre, expanding UPI acceptance to retail, hospitality and service outlets while strengthening India-Uzbekistan digital payment cooperation for travellers.
Originally posted by ET TravelWorld
UPI Volumes Hit Record High With 24.51 Billion Transactions in August
UPI recorded a new high in August with 24.51 billion transactions worth ₹29.82 lakh crore. Transaction volume rose 3.6% from July’s 23.66 billion, while smaller-ticket payments continued driving growth across everyday digital payment use cases in India at scale nationwide.
Originally posted by The Economic Times
RBI Appoints Suman Ray as Executive Director From September 1
RBI appointed Suman Ray as Executive Director from September 1, 2026. He will look after DICGC and the Premises Department. Ray was earlier Maharashtra Regional Director and has over three decades of central banking experience across multiple functions at RBI.
Originally posted by Business Standard
NPCI May Make UPI AutoPay Mandates Portable Across Apps
NPCI may allow UPI AutoPay mandates to become portable across apps and payment service providers. The move could reduce user lock-in, help merchants switch providers more easily, and support competition as recurring UPI payments continue to grow sharply across banks.
Originally posted by Entrackr
SEBI Sets Up Task Force to Tackle AI-driven Cyber Threats
SEBI has set up a dedicated task force to tackle AI-driven cyber threats in the securities market. The move aims to strengthen cybersecurity preparedness as market participants face more sophisticated digital risks from automation, fraud and emerging technologies across trading systems.
Originally posted by News On AIR
Payment Aggregators Seek Fixed Direct Share of UPI MDR
Payment aggregators are seeking a fixed and direct share of any future UPI MDR. However, fee arrangements may mainly cover banks and UPI app providers, since aggregators are not direct UPI network participants under the current structure today itself.
Originally posted by Business Standard
That brings this edition of EnFin to a close. The larger theme is clear: fintech is moving beyond access and speed into intelligence, trust and responsible scale. We’ll keep tracking these developments and bringing you the key updates in the weeks ahead.
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