UPI clocks 228.5 billion transactions in 2025, driving India’s digital payments boom

by Hansraj Agrawal | Apr 14, 2026 | Business

While UPI dominates everyday payments, credit cards are gaining in high-value transactions, and platforms like Bharat BillPay are driving growth in recurring payments.
| Photo Credit:
ALLEN EGENUSE J/THE HINDU

India’s digital payments ecosystem has witnessed a transformative year, with the Unified Payments Interface (UPI) processing a staggering 228.5 billion transactions in 2025, marking a 33% year-on-year increase, according to a report by Worldline. The total transaction value reached Rs 299.74 trillion, solidifying UPI’s position as the default payment method for everyday commerce in India, according to Worldline’s annual report, “India Digital Payments Report – Year 2025 in Review”.

UPI cements dominance in everyday payments

The report highlights India’s transition to a micro-transaction economy, where digital payments are replacing small-value cash purchases across categories, from neighbourhood retail to transport and everyday services.

The average ticket size (ATS) of UPI transactions continued to decline, indicating growing use for everyday purchases. Overall, UPI ATS fell 9% to Rs. 1,314, while merchant payments ATS dropped to Rs. 592, reflecting the digitisation of small-ticket purchases.

Rise of micro-transactions reshapes payment behaviour

UPI continues to dominate India’s payments landscape, with strong growth in both person-to-person (P2P) and person-to-merchant (P2M) transactions. P2M payments rose 34% to 143.82 billion, indicating UPI’s growing role in merchant payments.

Merchant acceptance infrastructure expanded significantly, with UPI QR codes increasing to 731.38 million, up 15% year-on-year, and PoS terminals growing to 11.48 million, also rising 15% from the previous year, according to the report.

Infrastructure expansion boosts adoption

While UPI dominates everyday payments, card usage continues to grow in high-value and online commerce. Credit card transactions increased 27% to 5.69 billion, while debit card volumes declined 23%, reflecting migration of small-value transactions to UPI, the report said. Online credit card payments reached Rs 14.53 trillion, reinforcing cards’ role in e-commerce and premium purchases.

Recurring payments gain traction across sectors

Recurring digital payments are gaining momentum, with transactions on Bharat BillPay reaching 3.05 billion in 2025, up 40% year-on-year, and Rs 14.84 trillion in value, representing a 93% increase.

The platform is seeing strong adoption across categories such as education fees, insurance payments, EMI repayments, and subscription services, signalling the rise of a “set-and-forget” digital payments model.

Ramesh Narasimhan, Chief Executive Officer, Worldline India, said, “India’s digital payments ecosystem is entering a new phase of maturity, where scale is being complemented by structure. As highlighted in our latest report, we are seeing distinct roles emerge across UPI, cards, and recurring payment platforms, supported by a rapidly expanding acceptance infrastructure.”

Published on April 14, 2026

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India’s gems and jewellery exports plunge 35% in March on weak demand

by Hansraj Agrawal | Apr 14, 2026 | Business

While exports of diamonds, gold jewellery, and lab-grown diamonds declined sharply, imports rose as the industry stocked up on raw materials in anticipation of a recovery.

Gems and jewellery exports from India plunged 35 per cent to $1.78 billion in March, as demand dipped due to the ongoing Iran war and disruptions in trade flows.

In contrast, imports increased by 17 per cent to $2.31 billion as the industry purchased additional raw materials, including gold and diamonds, in anticipation of a revival in demand, according to data from the Gem and Jewellery Export Promotion Council.

Cut and polished diamond exports were down 27 per cent at $839 million ($1.16 billion) due to weak global demand and a sharp drop in prices. The sudden price drop has led consumers to reduce fresh purchases in anticipation of further declines.

With the fall in prices, the industry’s cut and polished diamond imports increased over four times to $211 million ($51 million) on inventory rebuilding and an anticipated recovery in demand across key markets.

LGD shipments too down

Gold jewellery exports were down 48 per cent to $656 million ($ 1.26 billion) as high gold prices reduced overseas orders amid inventory adjustments and global economic uncertainty.

Polished lab-grown diamond (LGD) exports were down 28 per cent to $96 million ($132 million) due to weaker global retail demand, increased price competition and inventory correction in key export markets, leading to reduced shipment volumes.

Colin Shah, MD, Kama Jewellery, said it was a mixed bag for gemstone and jewellery exports, with silver and platinum jewellery showing robust growth owing to changing consumer preferences, but traditional metals such as gold jewellery, diamonds, and synthetic diamonds coming under pressure.

The rise in imports suggests deliberate stockpiling of raw materials in anticipation of a future revival in demand, he said.

Subdued fiscal

Gem and jewellery exports in FY’26 were down 3 per cent at $27.72 billion. Conversely, imports increased 17 per cent to $22.83 billion.

While global demand remained weak, imports increased substantially due to an industry-wide build-up of gold and diamond inventories.

Cut and polished diamond exports dipped 9 per cent to $12.16 billion ($13.29 billion) due to sustained weak demand and ongoing price corrections in the diamond industry.

Rough diamond imports were down 3 per cent at $10.48 billion ($10.77 billion) due to subdued global cutting demand and inventory optimisation.

Despite high prices, gold jewellery exports declined marginally to $11.36 billion ($11.37 billion), reflecting steady underlying demand offset by price amid global market fluctuations.

Silver jewellery exports increased 52 per cent to $1.47 billion due to strong global demand for affordable jewellery and higher consumer preference for silver as a cost-effective alternative to gold.

Published on April 14, 2026

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Q4 Results 14th Apr Highlights: ICICI Prudential Life Insurance Company PAT jumps in Q4, Eimco Elecon PAT declines, ICICI Pru AMC, Just Dial, Swaraj Engines in focus

by Hansraj Agrawal | Apr 14, 2026 | Business

Business people using pen,tablet,notebook are planning a marketing plan to improve the quality of their sales in the future. istock photo for BL
| Photo Credit:
Jirapong Manustrong

April 14, 2026 15:52

ICICI Pru Life Insurance Q4 results live: Financial metrics | Highlights from investor presentation

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April 14, 2026 15:51

ICICI Pru Life Insurance Q4 results live: Key highlights

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April 14, 2026 15:50

Q4 results live: Wipro to announce Q4 results on April 16
April 14, 2026 15:46

ICICI Pru Life Insurance Q4 results live: Product and distribution mix | FY26 highlights

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April 14, 2026 15:35

ICICI Prudential Life Insurance Q4 results live: Channel-wise growth

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April 14, 2026 15:32

ICICI Prudential Life Insurance Q4 results live: Key highlights (Investor presentation) | Product-wise growth

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April 14, 2026 15:31

ICICI Pru Life Insurance Q4 results live: Key highlights from investor presentation

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April 14, 2026 15:21

ICICI Prudential Life Insurance Company Q4 results live: KMP changes

ICICI Prudential Life Insurance Company board announced the resignation of Mr. Rajiv Adhikari w.e.f. May 31, 2026, and Mr Amit Palta w.e.f. Jun 01, 2026.

The board has appointed Mr. Amish Banker as chief distribution officer w.e.f. April 14, 2026.
April 14, 2026 14:55

ICICI Prudential Life Insurance Company Q4 results live: Profit jumps, dividend recommended

ICICI Prudential Life Insurance Company reported standalone net profit for the quarter ended March 2026 at Rs 608.81 crore, jumping 57.6% from Rs 386.29 crore in the same quarter last year.

In FY26, the PAT incresaed 34.5% y-o-y to Rs 1600.36 crore compared to Rs 1189.06 crore in the year-ago period.

Board recommended final dividend of Rs 1.65 per share.

On Monday, the stock closed flat at Rs 546.50 on the NSE.
April 14, 2026 14:39

Eimco Elecon (India) Q4 results live: Q4 profit declines, board announces dividend.

Eimco Elecon (India) reported net profit for the quarter ended March 2026 at Rs 6.36 crore compared to Rs 14.87 crore in the same quarter last year.

In FY26, the company recorded a profit of Rs 38.71 crore compared to Rs 48.91 crore in the year-ago eriod.

Board recommended dividend of Rs 4 per share for the year ended March 31, 2026.

The stock on Monday closed flat at Rs 1,760 on the NSE.
April 14, 2026 14:27

ICICI Pru AMC Q4 results live: FY26 PAT

Profit after tax for the year ended March 31, 2026 was ` 32,983 million as compared to ₹ 26,507 million for the year ended March 31, 2025.
April 14, 2026 14:16

ICICI Pru AMC Q4 results live: Operating profit up y-o-y

Operating Profit before tax of the company for the year ended March 31, 2026 was ` 41,706 million as compared to ₹ 32,362 million for the year ended March 31, 2025
April 14, 2026 14:10

ICICI Pru AMC Q4 results live: Key highlights

• MF QAAUM of ₹11,047.87 billion for the quarter ended March 31, 2026 with a market share of 13.5% as compared to ₹8,794.12 billion for the quarter ended March 31, 2025.

• QAAUM in Actively Managed stood at ₹9,206.15 billion for the quarter ended March 31, 2026 with a market share of 13.7% as compared to ₹7,552.29 billion for quarter ended March 31, 2025.

• QAAUM in Equity & Equity oriented schemes stood at ₹6,204.01 billion for the quarter ended March 31, 2026 with a market share of 14.2% as compared to ₹4,876.52 billion for quarter ended March 31, 2025.

• Equity-Oriented Hybrid QAAUM stood at ₹2,177.97 billion for the quarter ended March 31, 2026 with a market share of 26.7% as compared to ₹1,653.08 billion for quarter ended March 31, 2025.

• Alternates QAAUM stood at ₹729.95 billion for the quarter ended March 31,2026, which comprises of PMS QAAUM of ₹268.27 billion, AIF QAAUM of ₹170.33 billion and Assets under Advisory of ₹291.34 billion.

• Monthly systematic transactions for the month of March, 2026 rose to ` 51.04 billion as compared to ` 39.06 billion in the month of March, 2025.

• Over 1,14,000 empanelled distribution partners across MFDs, National Distributors and Banks, serviced through a total of 281 offices.

• Unique customers stood at 17.0 million as on March 31, 2026 as compared to 14.6 million as on March 31, 2025.
April 14, 2026 13:21

ICICI Pru AMC Q4 results live: SIP investments grew

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April 14, 2026 13:01

ICICI Pru AMC Q4 results live: QAAUM Split

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(Investor presentation)
April 14, 2026 12:46

ICICI Pru AMC Q4 results live: KEY HIGHLIGHTS | AUM growth

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(Investor presentation)
April 14, 2026 12:21

ICICI Pru AMC Q4 results live: KEY HIGHLIGHTS

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(Investor presentation)
April 14, 2026 12:16

ICICI Pru AMC Q4 results live: Dividend update

ICICI Prudential AMC’s board recommended a final dividend of Rs 12.40 per equity share to the equity shareholders of the Company, for the financial year ended March 31, 2026
April 14, 2026 12:15

Q4 results live : KEY RESULTS TO WATCH OUT FOR THE DAY

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April 14, 2026 10:15

Just Dial Q4 results live: Profit declines

Just Dial Q4 profit falls 36% to ₹100 cr, revenue sees modest growth

Despite the drop in profit, the company posted steady growth in revenue, with revenue from operations rising 6.2% year-on-year to ₹307.2 crore
April 14, 2026 09:37

Just Dial Q4 results live:

Just Dial reported net profit for the quarter ended March 2026 at Rs 100 crore compared to Rs 157.6 crore in the same quarter last year.

Revenue from operations for the said quarter stood at Rs 307.24 crore compared to Rs 289.2 crore in y-o-y.
April 14, 2026 09:29

ICICI Prudential AMC Q4 Live: Profit rises 10% to ₹763 crore on higher inflows

ICICI Prudential Asset Management Company reported a 10% rise in net profit for the March quarter, reaching ₹763 crore compared to ₹692 crore in the same period last year, driven by stronger inflows.

Revenue grew 20% to ₹1,517 crore from ₹1,269 crore. However, the company recorded a loss of ₹89 crore under other income, higher than the ₹51 crore loss a year ago, mainly due to mark-to-market losses.

Overall income increased by 8% to ₹1,428 crore, up from ₹1,320 crore in the corresponding quarter last year.

ICICI Prudential AMC Q4 profit rises 10% to ₹763 crore, AUM up 25%

ICICI Prudential AMC Q4 profit rises 10% to ₹763 crore; AUM jumps 25% and SIP inflows grow 31% despite mark-to-market losses impacting other income.

Published on April 14, 2026

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Paytm becomes majority Indian-owned and controlled company as domestic investors raise stake

by Hansraj Agrawal | Apr 14, 2026 | Business

One 97 Communications Ltd, which operates the Paytm brand, has become a majority Indian-owned and controlled company after domestic investors increased their stake to 50.3 per cent as of March-end 2026.

The shift marks a structural change in ownership for the fintech firm, with domestic shareholding rising steadily in recent quarters, reflecting growing investor confidence.

Domestic institutional investors raised their stake to a record 23.1 per cent in the March quarter, up 2.8 percentage points sequentially and 9.1 percentage points from a year earlier, according to regulatory filings.

Mutual funds led the increase, with their holdings climbing to 16.6 per cent from 14.3 per cent in the previous quarter, while the number of funds investing in the company rose to 41 from 36, with entities, such as Motilal Oswal Mutual Fund, Mirae Asset and Bandhan Mutual Fund, continuing to expand their shareholding.

Insurance companies also added to their positions, taking their combined stake to 5.1 per cent from about 4.8 per cent earlier, with players, such as Tata AIA Life Insurance and SBI Life Insurance, among those, increasing exposure.

The rise in domestic ownership comes alongside an improvement in operating performance. The company reported its third consecutive profitable quarter in the December quarter, posting a net profit of ₹225 crore, while revenue rose 20 per cent year-on-year to ₹2,194 crore.

EBITDA stood at ₹156 crore, with margins at 7 per cent. The company’s merchant base also continued to expand, with subscription merchants crossing 1.44 crore, up 24 per cent over the year.

Brokerages have noted improving fundamentals, with Bank of America upgrading the stock, citing stronger monetisation and profitability, particularly in merchant payments and lending. Bernstein also highlighted the company’s revenue advantage in the merchant business and maintained a positive view on its earnings trajectory.

BofA recently upgraded Paytm, citing its leadership in higher-monetisation segments and improving profitability trajectory.

The brokerage said Paytm is “strong in B2B” and “is ahead in its monetisation journey with a more diversified business mix and better margins,” driven by strength in merchant payments and lending. It maintained a ‘Buy’ rating on favourable risk-reward with a ₹1,380 target price.

Bernstein also highlighted Paytm’s monetisation advantage, noting that its merchant revenues are roughly twice that of its nearest competitor despite similar merchant payment volumes, and said the company is further along the profitability curve. It has ascribed an outperform rating to the stock.

Published on April 14, 2026

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Russia restricts helium exports as global supply tightens amid Middle East tensions

by Hansraj Agrawal | Apr 14, 2026 | Business

Helium is a critical input in fibre optics and semiconductor manufacturing, raising concerns over potential disruptions to key technology sectors.
| Photo Credit:
REUTERS

Russia has imposed temporary export controls on helium to maintain a stable ‌supply to the domestic market, where the gas is mainly used in ⁠the production of fibre optics, the government said in a statement on Tuesday.

The war in the Middle ‌East has tightened the supply of the gas, which is also used ‌in several key stages of chipmaking, including ‌cooling, ⁠leak detection and precision manufacturing processes.

The ⁠decree added helium to a list of commodities whose export outside the Eurasian Economic Union (EEU) requires special permission by top government ‌officials. The new export regime will be in force until the end of 2027.

Russia is the third-largest global producer of helium, ‌a byproduct of natural gas processing, accounting for around 8% of the global production, according to Gazprombank’s analysts. ⁠At home, helium is important for the production of fibre optics, increasingly used by the army ‌to control drones.

However, Russia trails far behind the United States and Qatar, with the Middle Eastern country producing over one-third of the global supply in 2025.

Earlier this month, Russian Prime Minister Mikhail Mishustin said that ‌global supply disruptions caused by the war in the Middle East have opened up new trade opportunities for Russia, but price ⁠stability in the domestic market remains a ⁠priority.

He mentioned helium among commodities whose exports Russia can increase. Gazprom’s Amur ‌Gas Processing Plant in the Far East is the biggest producer of helium in Russia

Published on April 14, 2026

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360 ONE Asset raises ₹2,000 crore for PIPE strategy targeting listed companies

by Hansraj Agrawal | Apr 14, 2026 | Business

Anup Maheshwari, Co-founder and CIO, 360 ONE Asset

360 ONE Asset said it has secured ₹2,000 crore in investor commitments for its Private Investment in Public Equity (PIPE) strategy, signalling a strong appetite for structured capital opportunities in listed Indian companies.

The firm said the PIPE strategy would provide investors with exposure to high-potential opportunities while retaining the liquidity advantages of public markets. It also seeks to address the growing demand for patient, long-term capital to support companies in areas such as growth expansion, governance improvements, and balance-sheet optimisation.

The strategy is designed to bridge private-market discipline with public-market access, targeting investments in listed and late-stage firms. The fund aims to unlock value through a combination of structured capital deployment, active engagement with management, and disciplined exit strategies.

Anup Maheshwari, Co-founder and CIO, said the response reflects investor confidence in both the strategy and the firm’s ability to execute transactions at scale. He added that the approach leverages the convergence of private and public market investing to generate value.

Charanjit Singh, Fund Manager, noted that the strategy will remain fundamentally driven and engagement-focused, with investments spanning block deals and anchor placements. The portfolio will remain unindexed, with an emphasis on generating attractive risk-adjusted returns while preserving liquidity flexibility for investors.

The PIPE route also offers companies a faster, more flexible capital-raising alternative to traditional initial public offerings or follow-on issues. In addition to capital, companies may benefit from institutional partnerships that bring governance expertise and long-term strategic support.

360 ONE Asset manages approximately $11 billion across public and private markets, including private equity, credit, and real assets.

Published on April 14, 2026

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