Fintech News · 16 October 2026 · 2 min read
In short: At Global Fintech Fest 2026, RBI Governor Sanjay Malhotra launched UPI Tap & Pay and announced MyUPI, an AI-powered help platform built by NPCI. Together they aim to make UPI faster at shops and safer when something goes wrong.
UPI Tap & Pay
- Unlock your NFC-enabled phone and tap it on an NFC card machine to pay.
- It works even if your phone has no internet, because the shop’s machine completes the payment.
- Payments up to ₹5,000 need no PIN. Above that, you enter your UPI PIN on the machine.
- It also works with RuPay credit cards linked to UPI.
MyUPI
- One view of all your UPI payments and AutoPay mandates, across banks and apps.
- A Safety Switch to ask for suspicious debits from your account to be declined.
- An option to stop your mobile number being used to receive UPI payments.
- More details about who you are paying, before you pay.
- Automatic chargebacks for eligible failed payments, and 24×7 help in several languages.
Good to know
No rollout date has been given yet. Whether you can use these features will depend on your bank, your UPI app and the shop’s card machine. Since tap payments under ₹5,000 need no PIN, keep a screen lock on your phone.