The collaboration, established under the guidance of the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB), represents a key step in advancing cross-border payment connectivity between the two nations. It will enable residents to experience faster, more efficient, and cost-effective remittances, reflecting the shared vision to enhance digital financial inclusion and modernize cross-border transaction frameworks.

By linking UPI and Fawri+ service, the initiative aims to establish a strategic remittance corridor between India and Bahrain, enhancing convenience for the large Indian community in Bahrain, which constitutes nearly 30% of the country’s population. This collaboration will strengthen financial connectivity, enable transparent and secure real-time transfers, and deepen economic integration between the two nations.

Ritesh Shukla, MD & CEO, NPCI International, said, “We are delighted to partner with BENEFIT to enable secure, real-time remittances between India and Bahrain. We believe this collaboration will deepen financial connectivity, pave the way for further cross-border payment innovations, and contribute to promoting financial inclusion and shared economic growth that benefits individuals and businesses alike. The initiative will also serve the large Indian diaspora in Bahrain, making money transfers faster, safer, and more convenient.”

On this occasion, Abdulwahed AlJanahi, Chief Executive of BENEFIT, stated, “The signing of the linkage agreement with India’s NPCI International represents an important strategic milestone in strengthening Bahrain’s presence in the global digital financial landscape. The partnership underscores our commitment to delivering advanced digital payment services that contribute to supporting the national economy and expanding economic relations between Bahrain and India. The new service will enable citizens and residents in both countries to send and receive money instantly and securely, reflecting our continuous efforts to meet the growing demand for fast, reliable, and cross-border financial solutions.”

Once live, this partnership will pave the way for seamless and inclusive cross-border remittances between India and Bahrain, supporting the shared vision of both nations to enhance digital connectivity and build an efficient, real-time payment ecosystem.

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NEW DELHI: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended June 30, 2025, at their meeting held on Friday, July 25, 2025.

Performance Highlights Q1 FY26

• Total Revenue increased by 12% YoY at ₹ 5,035 Cr in Q1 FY26 v/s ₹ 4,483 Cr in Q1 FY25
• PAT at ₹ 556 Cr in Q1 FY26 v/s ₹ 594 Cr in Q1 FY25
• ROAA at 3.4% in Q1 FY26 v/s 4.1% in Q1 FY25
• ROAE at 15.8% in Q1 FY26 v/s 19.1% in Q1 FY25
• Capital Adequacy Ratio at 23.2%; Tier 1 at 17.9%

Business Highlights

• Cards-in-force grew by 10% YoY at 2.12 Cr as of Q1 FY26 v/s 1.92 Cr as of Q1 FY25
• New accounts volume at 873K in Q1 FY26 v/s 904K new accounts in Q1 FY25
• Spends grew by 21% YoY at ₹ 93,244 Cr in Q1 FY26 v/s ₹ 77,129 Cr in Q1 FY25
• Receivables grew by 7% YoY at ₹ 56,607 Cr in Q1 FY26 v/s ₹ 52,705 Cr in Q1 FY25
• Market share for Q1 FY26 Card-in-force is at 19.1% (Q1 FY25: 18.5%), Spends is at 16.6% (Q1 FY25: 15.9%), #2 for Cards-in-force and #3 for spends, in industry

Profit & Loss Account for the Quarter ended June 30, 2025

• Total income increased by 12% at ₹ 5,035 Cr in Q1 FY26 v/s ₹ 4,483 Cr in Q1 FY25. This movement was a result of the following key factors:
  • Interest income increased by 11% at ₹ 2,493 Cr in Q1 FY26 v/s ₹ 2,243 Cr in Q1 FY25
  • Fees and commission income was up by 13% at ₹ 2,384 Cr in Q1 FY26 v/s ₹ 2,115 Cr in Q1 FY25
• Finance costs increased by 6% at ₹ 813 Cr in Q1 FY26 v/s ₹ 767 Cr in Q1 FY25 due to higher receivables.
• Total Operating cost increased by 17% at ₹ 2,123 Cr in Q1 FY26 v/s ₹ 1,816 Cr in Q1 FY25
• Earnings before credit costs increased by 11% at ₹ 2,100 Cr in Q1 FY26 v/s ₹ 1,900 Cr in Q1 FY25
• Impairment losses & bad debts expenses increased by 23% at ₹ 1,352 Cr in Q1 FY26 v/s ₹ 1,101 Cr in Q1 FY25
• Profit after tax was down 6% at ₹ 556 Cr in Q1 FY26 v/s ₹ 594 Cr in Q1 FY25

Balance Sheet as of June 30, 2025

• Total Balance Sheet size as of June 30, 2025, has been ₹66,009 Cr as against ₹65,546 Cr as of March 31, 2025
• Total Gross Advances (Credit card receivables) as of June 30, 2025, were ₹56,607 Cr, as against ₹55,840 Cr as of March 31, 2025
• Net worth as of June 30, 2025, has been ₹14,413 Cr as against ₹13,853 Cr as of March 31, 2025

Asset Quality

The Gross non-performing assets were at 3.07% of gross advances as of June 30, 2025, as against 3.06% as of June 30, 2024. Net non-performing assets were at 1.42% as of June 30, 2025, as against 1.11% as of June 30, 2024.

Capital Adequacy

As per the capital adequacy norms issued by the RBI, the Company’s capital to risk ratio, consisting of Tier I and Tier II capita,l should not be less than 15% of its aggregate risk-weighted assets on – balance sheet and of the risk-adjusted value of off-balance sheet items. As of June 30, 2025, the Company’s CRAR was 23.2% compared to 20.6% as of June 30, 2024.

The Tier I capital in respect of an NBFC-ND-SI, at any point in time, can’t be less than 10%. Company’s Tier I capital was 17.9% as of June 30, 2025, compared to 16.8% as of June 30, 2024.

Rating

CRISIL Long Term          –              AAA/Stable

CRISIL Short Term        –              A1+

ICRA Long Term            –              AAA/Stable

ICRA Short Term           –              A1+

Summary Profit and Loss Statement (₹ Cr)

Summary Balance Sheet (₹ Cr)

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NEW DELHI: SBI Card, India’s largest pure-play credit card issuer, in partnership with PhonePe, announced the launch of PhonePe SBI Card today. This new co-branded credit card aims to provide a rewarding experience on everyday spending, crafted to serve the evolving financial needs of customers across India. The credit card comes in two variants, the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, catering to diverse customer preferences and lifestyle spending needs. Additionally, both variants of this contactless credit card are available on the RuPay and VISA payment networks, giving consumers the choice of the network that best suits their needs. The RuPay cards can be linked to UPI as well and can be used for transactions at millions of UPI merchants across the country. The VISA variant can be tokenised on PhonePe and used securely across a host of online merchants.

With the new PhonePe SBI Card, customers can earn reward points on various everyday transactions, including groceries, bill payments, travel bookings, utility payments, insurance premium payments, and more, across online and offline shopping platforms. PhonePe SBI Card SELECT BLACK cardholders can earn up to 10% value back as reward points on essential and frequent PhonePe in-app transactions. Customers can also earn up to 5% value back as reward points on all their online spending on other platforms.

Furthermore, the application process is integrated into the PhonePe app, where customers can easily apply for the PhonePe SBI Card through a digital application. Customers can make purchases using the PhonePe app and repay their credit card bill on the PhonePe platform.

Speaking on the launch, Salila Pande, MD & CEO, SBI Card, said,

Adding to this, Sameer Nigam, Co-founder & CEO at PhonePe, said,

The PhonePe SBI Card SELECT BLACK offers a ₹1,500 welcome e-gift voucher upon joining fee payment of ₹1,499. It provides up to 10% value back as reward points on PhonePe and Pincode app spends, up to 5% value back as reward points on all other online merchant spends, and 1% value back as reward points on all other eligible spends. The PhonePe SBI Card PURPLE offers a ₹500 welcome e-gift voucher upon joining fee payment of ₹499. It includes up to 3% value back as reward points on PhonePe and Pincode app spends, 2% value back as reward points on all other online transactions, and 1% value back as reward points on all other eligible spends. All these reward points can be redeemed to settle outstanding credit card bills or avail e-gift vouchers from the SBI Card redemption catalogue.  

In addition to rewards, both credit cards feature significant milestones and travel benefits. PhonePe SBI Card SELECT BLACK cardholders will receive a ₹5,000 travel voucher upon reaching ₹5,00,000 in annual spends. Customers can also enjoy four complimentary domestic lounge visits per year (one per quarter), along with Complimentary Priority Pass membership for international lounge access. The PhonePe SBI Card PURPLE offers a ₹3,000 travel voucher on achieving ₹3,00,000 in annual spends. Both credit cards also include a 1% fuel surcharge waiver.

Eligible customers can easily apply for the PhonePe SBI Card through a simple and seamless digital process, which will be rolled out to customers in a phased manner on the PhonePe app.

Key Highlights

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Insights from Dilip Modi, Founder & CEO, Spice Money, on the Surge in Digital Payments: Analyzing RBI Data

India is in the midst of a financial revolution, driven by the rapid rise of digital infrastructure, payments adoption, and data-driven credit enablement. The RBI’s Digital Payments Index, which rose 10.7% year-on-year to 493.22 as of March 2025, and the over 65,000 crore digital transactions amounting to ₹12,000 lakh crore recorded over the past six financial years, as recently mentioned in Parliament, are strong indicators of this transformation, highlighting the depth and scale of this transformation.

What is especially encouraging is that this growth is not confined to metros; it is reaching tier 2, 3, and rural areas, powered by targeted initiatives like the Payments Infrastructure Development Fund and collaborative efforts across government, RBI, NPCI, fintechs, and banks.

In parallel, we are also witnessing a fundamental shift in how credit is assessed and delivered. The launch of the New Digital Credit Assessment Model for MSMEs also signals the transition from traditional underwriting to real-time, data-driven evaluation.

Together, these developments mark a new chapter in India’s financial journey, one that is digital-first, inclusion-led, and innovation-driven. For the fintech industry and financial inclusion players like us, this is an unprecedented opportunity to unlock economic potential at the grassroots and build a truly inclusive digital India.

The post Dilip Modi’s Perspective on the Growth of Digital Payments in Light of RBI Statistics appeared first on NRI News.

As India’s financial ecosystem rapidly evolves with rising consumer expectations and regulatory advancements, co-operative banks face the dual challenge of modernizing legacy infrastructure while expanding their reach to underserved segments. This collaboration addresses these challenges head-on by equipping Cosmos Bank with a robust, future-ready digital payment stack.

The partnership will focus on strengthening Cosmos Bank’s capabilities across key areas, including:

Integrated payment Acceptance solutions

• Cutting-edge technology to enable seamless payment transaction experiences for customers.
• Tailored solutions catering to both payment and non-payment use cases.
• 360-degree data analytics to provide the bank with a real-time view of portfolio health.

Scalability and operational efficiency

• Scalable infrastructure to support growing transaction volumes and diversified customer needs without compromising performance.
• A host of Value-Added Services (VAS) to choose from.
• An experienced sales, relationship, and service team to manage customer expectations and minimize downtime.

Sheik Mohideen, Executive Vice-President at Worldline India, said: “We are delighted to partner with Cosmos Bank to empower their digital journey. At Worldline, we understand the unique payment challenges and are committed to delivering innovative, secure, and efficient payment experiences that drive long-term value.“

Arti Dhole, Joint Managing Director at Cosmos Co-operative Bank Ltd., said: “This collaboration not only enhances our payment infrastructure but also reaffirms our commitment to offering world-class banking experiences to our customers. In today’s fast-paced financial environment, staying ahead through innovation is key, and Worldline is the ideal partner to help us achieve that.“

This alliance reflects the shared vision of both organizations to promote digital innovation, financial inclusion, and customer-centric growth — paving the way for a more resilient and future-ready banking ecosystem.

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Mumbai: 19th May 2025: Paytm (One97 Communications Limited), India’s leading payments and financial services distribution company and the pioneer of mobile payments, QR codes, and Soundbox, has introduced a new privacy-focused addition to its payment experience, ‘Hide Payment’. This new capability allows individuals to privately hide and unhide selected transactions from their payment history, offering greater control over how their records are displayed, while keeping all transactions securely accessible whenever needed.

Designed in response to customer feedback, this addition addresses the need for greater discretion in managing everyday payments. Whether it’s a surprise gift, a late-night food order, a pharmacy visit, or a personal purchase from a local shop, ‘Hide Payment’ helps keep such transactions private or simply out of view. This helps keep surprises under wraps, personal expenses private, and lets a sweet indulgence stay unnoticed while on a diet, offering greater control over payment history without compromising accessibility.

Paytm spokesperson said, “Our focus has always been on understanding what our customers need, and that continues to guide our mobile payment innovations. With ‘Hide Payment’, we’re enabling individuals to hide and unhide transactions while maintaining privacy. It’s a thoughtful addition that brings more control and comfort to everyday payments.”

Steps to hide/unhide transactions in payment history on the Paytm app:

To hide a transaction:

1. Open the Paytm app and go to “Balance & History.”
2. Swipe left on the payment you wish to hide.
3. When the option appears, tap on “Hide.”
4. Confirm by selecting “Yes” on the confirmation prompt.
5. The payment will now be hidden from your payment history.

To unhide a transaction:

Open the Paytm app and go to the “Balance & History” section.
Tap the three-dot icon next to ‘Payment History’.
Select “View Hidden Payments” from the menu.
Enter your mobile handset’s access PIN or provide biometric (finger/face) verification to view the hidden payment
Swipe left on the transaction you wish to unhide, then tap on “Unhide”.
The transaction will now be visible again in your payment history.

Paytm, the pioneer of mobile payments in India, continues to innovate with consumer-centric products that enhance the payment experience. Recently, the company introduced the QR Widget for quick access to scan and pay, along with options to check UPI-linked bank account balance and download UPI statements in Excel and PDF formats directly from the app. Paytm also empowers users with UPI Lite for small-value transactions, RuPay Credit Card linking on UPI, and AutoPay for recurring payments. Further expanding its reach, Paytm now supports international UPI payments in the UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal, making payments easier for Indian travellers.

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With an extensive portfolio of omnichannel acquiring and issuing solutions, Phi Commerce is a Reserve Bank of India-licensed payment aggregator that has transformed the digital payments landscape in India. Its unified platform enables seamless transactions across online, in-store (PoS), and on-the-go channels, while its issuing solutions support end-to-end management of credit, debit, and prepaid cards. Phi Commerce’s partners include large enterprises, banks, and payment companies that use its solutions to drive scalability, speed, and efficiency in digital payments.

As part of this strategic collaboration, DGFT will exclusively distribute Phi Commerce’s solutions in Japan. The partnership is focused on adapting Phi Commerce’s unified payment platform to meet the specific needs of the Japanese market, creating a robust processing infrastructure for local card and payment companies. As part of the broader collaboration, Digital Garage has also extended a strategic investment through its group company, reinforcing its commitment to the partnership’s long-term success.

This partnership is built on two key pillars: cutting-edge technology and an established market reach. By combining Phi Commerce’s expertise in payments technology with DGFT’s deep understanding of the Japanese payments landscape, this partnership aims to transform digital payments in Japan, making them more seamless, scalable, and ready for the future. This partnership represents Phi Commerce’s commitment to global excellence, demonstrating the company’s readiness to take on new markets and drive innovation at scale.

“Under the Digital Garage Group strategy ‘DG FinTech Shift,’ DGFT has provided various payment solutions that support critical social infrastructure. Through the strategic partnership between the Digital Garage Group and Phi Commerce, DGFT aims to contribute to the business growth of a wider range of businesses by promoting the deployment of Phi Commerce’s solutions in Japan and accelerating its business toward the realization of a safe and secure cashless society. Additionally, Phi Commerce is located in Pune, the center of IT development in India, as is DGFT’s development organization, DG FutureTech India, and we look forward to strengthening our collaboration in terms of technology development,” Hiroshi Shino, Director, Digital Garage / President, DGFT, said.

“This partnership is a proud moment for Phi Commerce and a defining step in our global growth. Entering a sophisticated market like Japan is no small feat — it requires the right technology, the right partner, and the right approach. With DGFT, we have found a trusted collaborator who understands the local landscape deeply.  This also reflects the growing connection between India and Japan in advancing the digital economy. Together with DGFT, we aim to simplify and elevate the payments experience, creating real impact through shared expertise and innovation,” Jose Thattil, CEO and Co-Founder, Phi Commerce, said.

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According to the analysis, Pune ranked amongst the top five cities in terms of both digital payment volume and value. The city accounted for 11% of total transaction volume, up from 8% in H2 2023, and 10% of total transaction value, marking a significant year-on-year increase from 6%.

Bengaluru, New Delhi, Mumbai, and Hyderabad are the other cities that are in the top 5 list with the highest digital transactions.

Ramesh Narasimhan, Chief Executive Officer – Worldline India, said, “Pune’s digital prowess shines as it ranks among India’s top five cities for digital transactions, reflecting its rapid embrace of a cashless economy. This milestone highlights the city’s vibrant digital ecosystem, powered by a tech-savvy population, flourishing fintech landscape, and strong digital infrastructure. Pune’s widespread adoption of digital payments is not only simplifying everyday transactions but also driving financial inclusion and boosting economic development. At Worldline, we remain committed to fostering this transformation through secure, innovative, and inclusive payment solutions that empower businesses and consumers alike.”

Key Consumer Trends

In-store purchases remained strong, with the top-performing merchant categories including:

• Grocery stores
• Restaurants
• Service stations
• Clothing stores
• Government services
• Pharmacies and hospitals

These categories accounted for approximately 68% of the total in-store transaction volume and 53% of the total value.

Online transactions were driven by:

• E-commerce
• Gaming
• Utility payments
• Government services
• Financial services

These segments contributed to 81% of the total online transaction volume and 74% of the value.

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Walking on the path towards the Viksit Bharat 2047 initiative draws inspiration from the Central Bank Digital Currency (CBDC) model and the growing need to merge blockchain technology into real-world plots. Unlike traditional systems, BIMCOIN operates on a blockchain, offering decentralization, transparency, and programmable features like smart contracts.

BIMCOIN streamlines payments promotes transparency, and introduces advanced financial tools, ensuring enhanced security, fraud protection, and ethical practices. More than a payment solution, BIMCOIN serves as an educational tool, providing students with hands-on experience in blockchain technology, digital currencies, and real-world financial systems.

Dr. Prabina Rajib, Director, Bof IMTECH, said, “BIMCOIN is more than a payment solution, it is an educational instrument that facilitates our students with practical experience in blockchain technology and digital currencies, shaping their readiness for careers in fintech. This is a significant step in nurturing a culture of innovation and preparing future leaders to thrive in a digital economy. Aligning with Digital India Vision, the digital money leverages permissioned technology with advanced encryption, strict access controls, and data privacy protocols, ensuring the highest security standards.”

The pilot phase was a remarkable success, completing over 1,100 seamless transactions. Challenges, such as technical integration and user onboarding, were addressed through iterative testing and user training. The next phase includes additional rounds of close-net testing before campus-wide implementation. BIMTECH also plans to incorporate this technology into its academic syllabus through courses on blockchain, fintech, and digital innovation, further reinforcing its commitment to advancing education in financial technologies.

Inspired by its founders Late Basant Kumar Birla and Sarala Birla, BIMTECH pioneered innovative programs like PGDM, PGDM-International Business (IB), PGDM-Retail Management (RM), and PGDM-Insurance Business Management (IBM), nurturing individuals into global leaders. Also, BIMTECH is now AACSB accredited, joining the Ivy League of Top Globally Recognized B-Schools. Fostering a symbiotic relationship, the institute excels in management education, supported by its globally placed robust alumni network of over 8000 individuals.

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MUMBAI: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has announced a strategic partnership with Magnati, a leading payment solutions provider in the Middle East, to advance QR-based Unified Payments Interface (UPI) merchant payments via Magnati’s point-of-sale (POS) terminals in the UAE. The collaboration aims to expand the QR-based merchant payment network in the UAE by enabling more merchants to provide UPI as a payment method to Indian travelers.

UPI is recognized as one of the world’s most successful real-time payment systems, processing over 16 billion transactions in December 2024 alone. With this partnership, NIPL can provide seamless payment options to more than 12 million Indians traveling to Dubai and the UAE annually. It plugs an Indian solution into the global digital payments network and allows UAE merchants to cater to a growing Indian consumer base.

The partnership will initially offer UPI acceptance across Dubai Duty-Free, enhancing the shopping and payment experience for Indian tourists. It will further pave the way for future expansion across key merchant categories, including retail, hospitality, transport, and supermarkets.

Ritesh Shukla, Chief Executive Officer, of NPCI International said, “The partnership with Magnati is a strategic step towards expanding UPI acceptance in the UAE. It offers Indian travelers a seamless and familiar payment experience at premier destinations like Dubai Duty-Free. This collaboration aligns with our vision of providing Indians with a global digital payment acceptance network and enhancing their experience abroad. Furthermore, it paves the way for broader economic and cultural connections between India and the UAE.”

Salim Awan, Managing Director, Institutional Payments Solutions, Magnati, said, “With the NPCI International collaboration, Magnati has expanded its alternative payment channels network for Dubai Duty-Free as this partnership aims to bolster digital payments, facilitate cross-border payments and provide a seamless payment experience catering to the Indian travelers and NRIs. This collaboration exemplifies our commitment to innovative digital solutions and create value through a globally connected ecosystem.”

Ramesh Cidambi, Chief Executive Officer, of Dubai Duty-Free, said, “Magnati’s partnership strongly connects to its commitment to innovation and customer-centric solutions. By integrating UPI into its payment acceptance ecosystem, Magnati is demonstrating its position as a trusted partner for businesses across the UAE, enabling quick, hassle-free, and secure payment experiences for both merchants and customers.”

By expanding UPI acceptance into key markets like the UAE, NPCI International is showcasing India’s leadership in digital payment innovation on a global stage. It will set a benchmark for cross-border payment interoperability and help build stronger economic and cultural ties between India and the world.

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