The Reserve Bank of India (RBI) has officially launched UPI Tap & Pay at the Global Fintech Fest 2026, marking a significant advancement in India's digital payments ecosystem. As reported by Rediff Moneynews, RBI Governor Sanjay Malhotra unveiled the feature on Thursday, building on the National Payments Corporation of India's (NPCI) introduction of UPI Biometric Authentication at GFF 2025. According to Business Standard, UPI Tap and Pay is a contactless payment facility that allows users to make UPI payments by tapping their NFC-enabled smartphone on a compatible point-of-sale (PoS) terminal. The feature uses near-field communication (NFC) technology, which enables devices kept in proximity to exchange information wirelessly, reducing the need to manually fill in the information. The facility supports different types of accounts, including regular UPI-linked accounts and RuPay credit cards linked to UPI, with users able to make payments at compatible PoS terminals without having to scan a QR code or enter payment details manually. For transactions of up to ₹5,000, users can make payments without entering their UPI PIN. For amounts above ₹5,000, the user will have to enter the UPI PIN on the PoS terminal. The product is currently backed by 32 banks, 15 UPI applications, eight acquirers and aggregators, and 18 payment service providers, as reported by The Hindu BusinessLine. The feature does not require the user's phone to have mobile internet connectivity, as the transaction can use the POS terminal's internet connection, significantly expanding accessibility across various environments.
The second major launch is MyUPI, an AI companion designed to provide comprehensive support to UPI users with significantly expanded capabilities. According to Rediff Moneynews, MyUPI is an AI-powered platform built on NPCI's Small Language Model (FiMI) as part of an expanded UPI Help framework. The platform provides users with a single view of their UPI transactions and AutoPay mandates across banks and UPI applications. As reported by Business Standard, MyUPI is designed to provide users with a single view of their UPI transactions and AutoPay mandates across different banks and UPI applications. The platform introduces a Safety Switch that allows users to request the decline of UPI debit transactions in cases of suspected compromise, as well as UPI Number Delink, which enables users to delink their mobile number for receiving UPI payments. The feature also offers payee context-based information, giving users additional information about a beneficiary before a transaction is completed. Additionally, MyUPI includes a 'Pay Again' function for repeat payments and enables users to raise complaints directly through their UPI app without separate bank approaches, with automated complaint filing in natural language. The platform provides 24x7 multilingual support and self-service capabilities through a user-friendly interface, with transaction status tracking capabilities built-in. For eligible transactions, it will support automated chargeback processing, potentially reducing complaint resolution time and improving operational efficiency.
NPCI has introduced Safety Switch for UPI, a feature that allows users to delink their UPI numbers for enhanced security and control. According to Rediff Moneynews, MyUPI includes automated chargeback processing designed to enable real-time chargeback creation for eligible transactions, potentially reducing complaint resolution time and improving operational efficiency. The feature also includes mobile number de-linking from UPI IDs and a safety switch to instantly pause all UPI debits, giving users comprehensive control over their payment permissions. As per The Hindu BusinessLine, My UPI includes merchant trust check before payments, ensuring users have verified information before completing transactions. MyUPI also introduces Transaction Replay, which will allow users to recall and repeat past transactions through any UPI application, providing additional convenience and control over payment history. The Safety Switch enables users to request that UPI debit transactions be declined in case they suspect some suspicious activity, providing an additional layer of security beyond the standard PIN verification process.
According to Reuters, UPI processed 24.51 billion transactions worth ₹29.82 trillion ($314.21 billion) in August, demonstrating the platform's continued growth and reliability. The platform has achieved remarkable milestones, with UPI currently processing 24 billion transactions a month, as reported by The Hindu BusinessLine. Biometric-authenticated UPI transactions crossed 6.29 billion as of August 31, 2026, signalling growing adoption of faster and device-native authentication methods, as reported by ETBFSI. The Unified Payments Interface (UPI) is the world's largest retail fast-payment system by transaction volume, according to a 2025 IMF report. As per The Hindu BusinessLine, UPI currently processes 24 billion transactions a month, with 592 million transactions settling on time, and 49 billion total transactions already completed. The platform has seen $700 billion transacted via biometrics alone, showcasing the growing adoption of advanced authentication methods. Groceries and other low-value purchases are anticipated to be among the first uses of agentic payments on UPI, which would enable AI agents to conduct small, frequent digital payments without requiring consumers to approve each transaction. According to Reuters, the technology may eventually enable agents to carry out more complicated instructions, such as making investments when prices surpass predetermined limits or purchasing goods when discounts reach a particular level.
SEBI Chairman Tuhin Kanta Pandey announced the launch of Demat 2.0 at the Global Fintech Fest 2026, marking a significant milestone in India's financial infrastructure modernization. As reported by NDTV Profit, Demat 2.0 is a pilot project on tokenisation of corporate bonds, enabling atomic settlement that allows instant transaction. The announcement was made jointly by RBI Governor Sanjay Malhotra and SEBI Chairman Tuhin Kanta Pandey at the Global Fintech Fest. Demat 2.0 is connected to RBI's wholesale CBDC through Unified Market Interface (UMI) of Reserve Bank of India. The new market infrastructure enables atomic settlement, i.e., the bond and the money move instantaneously, improving transaction efficiency in the securities market. The bond is created as a digital token on a distributed ledger — a shared electronic record maintained simultaneously by market infrastructure institutions using Distributed Ledger Technology (DLT). As per SEBI, asset servicing, including interest payments and redemption, can be handled automatically through smart contracts written into the ledger. On the shared ledger, the details of bondholder are visible to all authorised institutions at once, and payment reaches the bondholders' CBDC wallets on the due date. Three companies (REC, L&T, and IIFL) have issued tokenised bonds so far, aggregating ₹1,025 crore. The pilot is being taken forward in phases, with issuances under the first phase currently ongoing.
