Analysis

DPI Weekly Deep Dive — UPI Goes Global: From 23 Billion Monthly Transactions to 9 Countries | Week of June 1-7, 2026 Executive Summary The week of June 1-7, 2026 marks a watershed moment for India’s flagship Digital Public Infrastructure — the Unified Payments Interface (UPI). On June 2, NPCI released data showing UPI processed 23.2 billion transactions worth ₹29.90 lakh crore in May 2026, crossing the 23-billion monthly threshold for the first time. Just a day later, on June 3, NPCI International Payments Limited (NIPL) and Cambodia’s ACLEDA Bank launched UPI acceptance at over 4.5 million merchants across Cambodia through Bakong’s KHQR system, making Cambodia the ninth country to adopt UPI. 12 ...

DPI Weekly Deep Dive — UPI Record & New Rules | Week of April 13-19, 2026 Executive Summary India’s Unified Payments Interface (UPI) achieved an unprecedented milestone in March 2026, processing 22.64 billion transactions valued at ₹29.53 lakh crore—the highest monthly volume and value in the system’s decade-long history. This landmark achievement, representing 24% year-on-year growth in volume and 19% in value, underscores UPI’s position as the backbone of India’s digital payments ecosystem and the world’s largest real-time payment platform. 1 2 ...

DPI Weekly Deep Dive — RBI’s 2FA Mandate Reshapes Digital Payments | Week of April 6-12, 2026 Executive Summary India’s digital payments landscape underwent its most significant security transformation since UPI’s launch on April 1, 2026. The Reserve Bank of India’s Authentication Mechanisms for Digital Payment Transactions Directions, 2025 came into full effect, mandating two-factor authentication (2FA) for all domestic digital payments. This regulatory overhaul moves beyond the prevalent SMS-based OTP model to embrace biometrics, device binding, hardware tokens, and risk-based authentication—representing a fundamental shift in how 200+ billion annual digital transactions are secured.1 ...

DPI Weekly Deep Dive — India’s GCC FinTech Boom | Week of March 23-29, 2026 Executive Summary India’s Digital Public Infrastructure (DPI) has reached a pivotal inflection point. The week of March 23-29, 2026 sees European fintech giant Revolut announce plans to base approximately 40% of its global workforce in India by year-end, expanding its India Global Capability Centre (GCC) to 5,500 employees from the current 3,900.1 This announcement follows a broader trend: India’s GCCs have evolved from cost-optimization centers to innovation powerhouses, leveraging the country’s world-class digital payments infrastructure—UPI, RuPay, and Aadhaar—as the foundation for building global products. ...