Biometric UPI Is Here. PayPal Joins the Party.
Hey FinTech Fanatic!
India’s payments scene just leveled up again. Starting tomorrow, users can make UPI payments with their face or fingerprint — no PIN required.
The new biometric authentication, powered by Aadhaar, will make instant payments even faster and more secure.
The NPCI is showing it off at the Global FinTech Festival in Mumbai this week — where India is clearly flexing its payments muscle to the world.
Speaking of which… PayPal CEO Alex Chriss took the same stage and dropped a few big lines:
“Everywhere I go, India comes up.”
He announced UPI as the first payments system integrated into PayPal World, calling India central to PayPal’s global strategy — not as a competitor in domestic payments, but as a connector to the world.
From biometric UPI to PayPal’s global embrace, India isn’t just leading in FinTech — it’s exporting the future of it.
👇 Scroll down for more FinTech stories shaping the week, and I'll be back in your inbox tomorrow!
Cheers,
INSIGHTS
💳 Navigating the complex world of tokenization in retail payments.
Tokens can vary in format, but generally, they fall into three categories:
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PAYMENTS NEWS
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🇬🇧 How network tokenization can help fix failed subscription payments by Ecommpay. Ecommpay highlights that 7% of subscription payments fail on the first attempt, leading to costly involuntary churn, despite customers not intending to leave. Their network tokenization solution automatically updates payment information, helping merchants reduce churn and increase renewal success rates by up to 3%.
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🇮🇳 PayPal’s focus will remain on connecting India to the world rather than competing in the domestic payments market, Alex Chriss, CEO, said. He said India is playing a defining role in the global FinTech ecosystem, from remittances to commerce to technology, calling it a “critical market” for the company’s international strategy.
🇮🇳 India to roll out biometric authentication for instant digital payments. India will allow users to approve payments made through the popular domestic payments network, the Unified Payments Interface, using facial recognition and fingerprints. Authentications will be done using biometric data stored under the Government of India's unique identification system - Aadhar.
🇺🇸 FinTech Ramp launches fraud-fighting and bill payment AI agents. The agents help catch fraudulent invoices by evaluating 63 pieces of data. In addition to the fraud piece, the agents aim to automate tasks like confirming bank account numbers or coding the invoices to the proper expense category.
🇲🇦 Morocco moves closer to launching a central bank digital currency. Morocco is advancing plans to launch a central bank digital currency (CBDC), the e-Dirham, as part of a broader push to modernize its financial system and boost financial inclusion. Continue reading
🇮🇳 Zoho boosts its FinTech offering with POS and QR devices, along with a range of payment solutions including payout capabilities, virtual accounts for collections, and marketplace settlements. The launch enhances the company's footprint in the FinTech landscape, with innovative, end-to-end payment solutions.
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REGTECH NEWS
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DIGITAL BANKING NEWS
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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🇫🇷 TerraPay adopts stablecoin-native flows, powered by Fipto. This partnership enables Terrapay’s clients to fund directly in stablecoins and payout partners to receive them, where supported, in regions where stablecoins are allowed by regulators. The shift is already delivering treasury benefits and has helped reduce prefunding requirements.
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DONEDEAL FUNDING NEWS
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M&A
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MOVERS AND SHAKERS
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