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The National Payments Corporation of India launched UPI Tap & Pay and the AI-powered My UPI platform on 10 September 2026 at the Global Fintech Fest 2026 in Mumbai; the launch was performed by RBI Governor Sanjay Malhotra.
UPI Tap & Pay is an NFC-based contactless payment at Point-of-Sale terminals: the user unlocks the phone and taps, without opening a UPI app, and transactions up to Rs 5,000 need no UPI PIN.
The phone does not need active mobile data - the transaction rides on the PoS terminal's internet connection.
My UPI gives a single view of UPI transactions and AutoPay mandates across banks and apps, and adds a Safety Switch to block UPI debits, mobile-number unlinking and real-time automated chargebacks.
The RBI also opened a multicurrency foreign exchange facility on Bharat Connect in a closed user group, covering the Euro, British Pound, Canadian Dollar, Swiss Franc and UAE Dirham besides the US Dollar.
Umbrella organisation for retail payments and settlement systems in India; operates UPI, IMPS, RuPay, NACH, FASTag (NETC), BHIM and AePS
Regulator of payment and settlement systems; Governor Sanjay Malhotra launched UPI Tap & Pay and My UPI and announced the Bharat Connect forex facility
NPCI subsidiary that operates Bharat Connect, on which the multicurrency foreign exchange facility has been launched in a closed user group
Operates FX-Retail, the retail foreign exchange platform with which Bharat Connect's multicurrency facility is interoperable
Gives the RBI the authority to regulate and supervise payment systems in India; UPI and every other NPCI-run system operates under authorisation granted under this Act.
NPCI is incorporated as a not-for-profit company under this provision, promoted by the RBI and the Indian Banks' Association (it was originally set up under the corresponding Section 25 of the Companies Act, 1956).
A short-range wireless standard that lets two devices exchange data when held within a few centimetres of each other. In UPI Tap & Pay the phone carries the payment credential and the PoS terminal supplies the internet link.
Simple Analogy: Like a metro smart card - hold it close, and the gate reads it.
General Awareness > Banking and Financial Awareness - payment systems, NPCI products, RBI
GS Paper III > Indian Economy - banking, digital payments and financial inclusion
General Awareness > Economy and Current Affairs
Consider the following statements: 1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country. 2. NPCI has launched RuPay, a card payment scheme. Which of the statements given above is/are correct?
Answer: Both 1 and 2
Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)'?
Answer: Mobile wallets will not be necessary for online payments.
Which one of the following best describes the term "Merchant Discount Rate" sometimes seen in news?
Answer: The charge to a merchant by a bank for accepting payments from his customers through the bank's debit cards.
With reference to digital payments, consider the following statements: 1. BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account. 2. While a chip-pin debit card has four factors of authentication, BHIM app has only two factors of authentication. Which of the statements given above is/are correct?
Answer: 1 only
NFC-based contactless UPI payment at a PoS terminal, PIN-less up to Rs 5,000
Finance Model for India - NPCI's custom small language model, on which the My UPI conversational platform is built
NPCI Bharat BillPay Limited's platform, now carrying a multicurrency foreign exchange facility in a closed user group
A standing instruction on UPI that lets a merchant debit a user's account for recurring payments