EPFO Launches 2025 Update: Instantly Withdraw PF via UPI

The Employees’ Provident Fund Organization (EPFO) is set to roll out a major upgrade in 2025, revolutionizing how over 7 crore members access their PF funds. Under the new system, subscribers may soon be able to withdraw PF instantly through UPI or ATMs, eliminating delays and simplifying the process.

What’s Changing?

Currently, PF withdrawals require submitting a claim, which can take days or even weeks. The upcoming update aims to eliminate claim filing altogether by linking EPF accounts with UPI IDs or bank accounts, enabling real-time access to funds.

How Will upi -Based Withdrawals Work?

Once launched, users will be able to:

  • Log into the EPFO portal
  • Choose ‘Withdraw via UPI
  • Enter their UPI ID and amount
  • Confirm the transaction
    No documents or long waiting periods will be needed.

Additionally, the Labour Ministry is exploring ATM-based withdrawals, allowing PF access like a regular bank transaction—provided the EPF account is bank-linked.

Auto-Settlement & Claim Cap Raised

EPFO had earlier introduced auto-settlement during COVID-19, processing claims up to ₹1 lakh in 3 days. This limit has now been raised to ₹5 lakh to support urgent needs like medical emergencies, weddings, or housing.

Security Measures in Place

Despite not being a licensed bank, EPFO will partner with fintech providers to ensure secure transactions, featuring:

  • Two-factor authentication
  • Aadhaar and DigiLocker integration
  • End-to-end encryption

Traditional vs UPI Withdrawal: A Comparison

MethodProcessing TimeAvailability
Traditional2–4 weeksLimited hours
UPIUnder 1 minute24/7 access

What Members Should Do :

To take full advantage of the new system :

  • Link your Aadhaar, UPI ID, and bank details with your EPFO account.

This major upgrade aligns with the Digital India mission, aiming to boost transparency, convenience, and financial accessibility for millions.

Slice Launches India’s First UPI-Only Bank Branch in Bengaluru

Fintech innovator slice has launched its first UPI-powered physical bank branch in Koramangala, Bengaluru, along with an ATM that accepts cash deposits and withdrawals via UPI. This move aims to redefine traditional banking by turning it from a routine necessity into a seamless, tech-driven experience.

The new branch marks a major milestone in slice’s mission to revolutionize credit and banking access across India. Customers can walk into the branch for instant account openings, explore banking products through self-service kiosks, and transact using the UPI-integrated ATM—all designed to maximize speed, ease, and accessibility.

Slice UPI Credit Card: No Fees, More Rewards

As part of the launch, slice introduced the slice UPI credit card, which carries no joining or annual fees. Linked to a credit line, it enables customers to make UPI payments or scan QR codes just like a regular debit UPI transaction—while enjoying the benefits of credit.

Key features include:

  • Up to 3% cashback on all spends
  • Slice in 3: Convert any purchase into three interest-free EMIs instantly

This product builds on slice’s larger vision to democratize credit in India by leveraging the power of UPI, which has already enabled digital payments for over 400 million users.

A Shift from Fintech to Full-Stack Banking

Unlike many fintech companies that depend on partner banks, slice owns its entire banking infrastructure—from core systems to underwriting engines—allowing full control over the customer experience.

Satish Kumar Kalra, MD & CEO of slice, stated:

“In my 40 years of banking, I’ve witnessed many milestones—but this feels like a revolution. With credit on UPI and full-stack control, we’re reimagining what banking can be for every Indian.”

Expanding Footprint and Vision

While slice has roots in Northeast India, this physical expansion to Bengaluru marks the next phase of its growth story. The company aims to address the credit needs of 300 million customers and merchants, many of whom have never accepted credit cards before.

“The real opportunity is enabling safe, scalable credit at the point of sale, through a mobile-first approach, while lowering cash handling costs with slice UPI ATMs. We believe this is the path to making essential banking services viable for a billion Indians.”

The Future of Banking Begins Today

Slice’s UPI-first branch delivers:

  • Complete UPI integration at every touchpoint
  • Self-service digital kiosks
  • Instant customer onboarding
  • UPI-enabled ATMs for cash deposits and withdrawals.

NRIs Can Now Use UPI in India Without an Indian Phone Number

IDFC First Bank Enables UPI Access for NRIs Using International Mobile Numbers

IDFC First Bank has introduced a new UPI (Unified Payments Interface) feature that allows Non-Resident Indians (NRIs) to make digital payments in India using their international mobile numbers linked to NRE and NRO accounts—eliminating the need for an Indian SIM card.

Previously, UPI access was restricted to users with Indian mobile numbers, limiting NRIs’ ability to perform seamless digital transactions such as bill payments and money transfers. With this update, NRIs can now participate in India’s UPI ecosystem using global mobile numbers.

The service is currently live for customers from six countries: United States, United Kingdom, United Arab Emirates, Canada, Australia, and Singapore. Eligible users can activate UPI services through IDFC First Bank’s mobile app or by visiting a branch. After completing verification, they can conduct transactions via any UPI-enabled platform—including QR code payments and direct transfers—just like domestic users.

This rollout supports the Reserve Bank of India’s broader initiative to globalize India’s digital payment infrastructure. It is expected to benefit NRIs by simplifying tasks such as sending remittances, managing investments, and handling real estate or utility expenses in India.

Looking ahead, IDFC First Bank plans to expand this facility to more countries and enhance its digital offerings for NRIs with features like investment tracking, utility bill payments, and EMI processing via UPI.

Budget 2025 Cuts Digital Payment Incentives

The lack of revenue generated from processing Unified Payments Interface (UPI) transactions, combined with a recent reduction in government subsidies aimed at promoting these transactions, has raised concerns across the digital payments industry. Industry stakeholders are now left wondering whether the reduced incentives will be enough to sustain the momentum of UPI’s widespread adoption, or if the government is paving the way for the introduction of a fee structure for UPI transactions in the near future.

The Union Budget 2025 has left the digital payment sector in a state of uncertainty by remaining largely silent on the subsidies that benefit banks, financial technology (fintech) firms, and other players in the payments ecosystem. The government’s decision to cut the financial year 2026 (FY26) budget allocation for promoting peer-to-merchant (P2M) UPI transactions and RuPay debit card payments has further amplified these concerns.

While UPI has revolutionized digital payments in India, making it more accessible and affordable for millions of users, the government’s reduced financial commitment signals a potential shift in its approach to funding and incentivizing the sector. The growing reliance on UPI as a primary payment mode has raised questions about its sustainability without substantial government support.

This budgetary reduction has led many to speculate whether the government is considering alternative funding mechanisms for UPI transactions, such as the introduction of transaction fees or a more comprehensive fee structure for digital payments. Such a shift would mark a significant change in the current model, which has been largely driven by incentives to both consumers and merchants, encouraging the adoption of UPI for everyday transactions.

As the industry grapples with these changes, fintech firms, banks, and payment providers will have to reassess their business models and the viability of scaling UPI-driven services without government subsidies. Meanwhile, users could face the potential of additional fees if the government moves towards a more fee-based structure in the coming years, leaving them questioning the future of India’s most popular digital payment system.

What is UIP and How to use it?

What is a UPI ID?

A UPI (Unified Payments Interface) ID is a unique identifier used to make digital payments and send/receive money via the UPI system. It is a combination of your name or chosen alias and the domain name (usually the payment service provider), like an email address. For example: yourname@upi, or mobile number@upi.

UPI IDs allow for seamless, instant transactions between banks using smartphones, without needing to share sensitive bank account details. You can link your UPI ID to your bank account and use it for various payment services like sending money, paying bills, or making online purchases.

How to Create a UPI Account?

To create a UPI account, follow these steps:

1. Choose a UPI-enabled App:

2. Install the App:

  • Download and install any of the above apps from the Google Play Store (for Android) or Apple App Store (for iOS).

3. Set Up Your UPI Account:

  • Open the app: Launch the UPI app you’ve downloaded.
  • Register: You’ll need to sign up by providing your mobile number (the one linked to your bank account).
  • Verify your number: An OTP (One Time Password) will be sent to your phone to verify your number.
  • Link your bank account: Choose your bank from the list and link it to your UPI account. The app will verify your bank details.
  • Create a UPI PIN: Set a 4 or 6-digit UPI PIN (this is required for authorizing transactions).

4. Create a UPI ID:

  • During the setup process, you’ll be asked to create your UPI ID. You can usually choose something simple, like:
    • Yourname@upi
    • Mobile number@upi
    • Custom name@upi (if available)
  • The ID should be easy to remember and unique to you.

5. Complete Setup:

  • After verifying your details and setting your UPI PIN, your account will be ready to use.
  • You can now start using your UPI ID to send/receive payments.

6. Make Transactions:

  • To send money, simply enter the recipient’s UPI ID or mobile number, enter the amount, and authenticate with your UPI PIN.
  • Similarly, you can receive money by sharing your UPI ID with others.

Countries Where UPI is Available:

India

  • UPI was launched in India in 2016 and is the primary digital payment system used in the country.

Nepal

  • In 2021, UPI was expanded to Nepal through a partnership with the Nepal Payment Systems.

United Arab Emirates (UAE)

  • UPI payments were launched in the UAE in 2023, allowing Indian workers to send remittances using UPI.

Singapore

  • UPI was integrated into Singapore’s payment ecosystem, allowing users to make payments using UPI IDs.

Bhutan

  • Bhutan adopted UPI in 2020, enabling seamless transactions across both countries.

Other Countries

  • UK, Canada, Saudi Arabia, Malaysia, and USA have started pilot projects or partnerships allowing UPI payments, especially for international remittances.

Conclusion:

Creating a UPI account is easy and allows you to make digital payments conveniently and securely. Make sure your mobile number is linked to your bank account, and choose a reliable UPI app to get started.

During this Festival of Lights, UPI set off the brightest fireworks

This Diwali, the celebration extended beyond traditional lights and fireworks to a record-breaking surge in digital transactions. On October 31, the Unified Payments Interface (UPI), India’s digital payment platform, witnessed an impressive 644 million transactions in a single day. This volume was more than 20% higher than UPI‘s usual daily average of around 510-520 million transactions.

The data, shared by the National Payments Corporation of India (NPCI), which manages the UPI system, highlights how the holiday season drove a massive increase in digital transactions. UPI’s rapid, real-time payment capabilities made it a popular choice for festive shopping and gifting across the country, contributing to the platform’s extraordinary numbers on Diwali.

This unprecedented spike underscores the growing adoption of digital payments in India, as more people are embracing the convenience and security of cashless transactions. From neighborhood stores to online shopping sites, the festival of lights this year was powered not only by traditional cheer but also by the swift, secure flow of digital currency—making UPI a significant part of modern Diwali celebrations.

According to industry data, the surge in e-commerce transactions—spanning everything from pet products and books to new digital media subscriptions and holiday bookings—drove a significant rise in online payments.

Throughout the festive season leading up to Diwali, online retailers and digital payment platforms experienced strong sales. This momentum was particularly notable on Dhanteras, October 29, when the National Payments Corporation of India (NPCI) recorded 565 million UPI transactions. The trend continued the following day, with 546 million transactions on October 30.

The steady increase in digital transactions underscored the role of online shopping in this year’s festive celebrations, with UPI playing a central part in facilitating smooth and secure payments.

Protect Yourself from Rising UPI Scams: Key Tips and Prevention Measures

UPI (Unified Payments Interface) scams are on the rise, with fraudulent activities targeting unsuspecting users who make digital transactions. The Ministry of Finance recorded over 95,000 fraud cases related to UPI in 2022-23, a significant increase from previous years​. This highlights the growing risk associated with digital payments, despite UPI’s ease and convenience.

How UPI Scams Work

Scammers often use tactics like sending a small amount of money to the target and then contacting them to claim it was a mistake. Victims are then pressured to send back a larger amount, unknowingly completing the scam by entering their UPI PIN​

Phishing, voice phishing (vishing), and other social engineering methods are also common in these schemes​

Steps to Protect Yourself from UPI Frauds

  1. Verify UPI IDs: Always double-check the UPI ID before making payments. Avoid typing the ID manually; instead, use QR codes to minimize errors​.
  2. Be Cautious with Public Wi-Fi: Never use UPI apps on unsecured public Wi-Fi networks, as they can expose you to cyberattacks​.
  3. Enhance Phone Security: Use strong, unique passwords for your UPI and other banking apps. Enable multi-factor authentication (MFA) for an extra layer of security.
  4. Report Fraud Immediately: If you fall victim to a scam, contact your UPI provider and file a complaint with the National Payments Corporation of India (NPCI) or the Cybercrime portal​.

By staying vigilant and adopting these precautionary measures, you can protect yourself from becoming a victim of UPI scams. For more details, always stay updated with the latest online fraud prevention strategies.

Everything NRIs Need to Know About Using UPI for Digital Payments in India


Sure, here’s a rewritten version of the article in English:

Unified Payments Interface (UPI) has made digital payments easier and faster for everyone, including Non-Resident Indians (NRIs). However, there are certain things that NRIs need to keep in mind before using UPI.

To use UPI, NRIs need to have an Indian mobile number registered with their bank account. Additionally, their bank account should be linked to their Aadhaar card or PAN card. This is necessary to complete the Know Your Customer (KYC) process, which is mandatory for all UPI users.

NRIs can use UPI to make payments to Indian residents and businesses, and also to other NRIs who have a UPI ID. To make a payment, they need to download a UPI-enabled mobile app and create a UPI ID, which is a unique identifier for their bank account. They can then link their bank account to their UPI ID and start making payments.

However, NRIs need to keep in mind that there are certain limits on the amount they can transfer through UPI. For example, they can transfer up to Rs 1 lakh per day using UPI, and up to Rs 2 lakh per day using UPI 2.0. Additionally, some UPI apps may have their own transaction limits, so NRIs should check with their bank or the app provider for details.

In conclusion, NRIs can use UPI to make digital payments in India, but they need to ensure that their bank account is linked to their Aadhaar or PAN card, and that they are aware of the transaction limits.

PhonePe Introduces UPI Lite Support for Hassle-Free Payments Without a PIN

PhonePe, the popular digital payments platform in India, has introduced UPI Lite support, enabling users to make payments without the need for a UPI PIN. This move is aimed at providing a more seamless and hassle-free payment experience for users.

With UPI Lite, PhonePe users can now make payments up to Rs 5,000 per day without entering their UPI PIN. This feature will be particularly useful for those who find it difficult to remember their UPI PIN or those who frequently make small payments.

To use this feature, users need to set up a transaction limit for UPI Lite payments in the PhonePe app. The transaction limit can be set between Rs 1 and Rs 5,000. Once the limit is set, users can make payments up to the limit without the need for a UPI PIN.

PhonePe is one of the most popular digital payments platforms in India, with over 350 million registered users. The platform supports various payment modes, including UPI, debit cards, credit cards, and wallets.

The introduction of UPI Lite support is expected to further enhance the user experience on the platform, making it more convenient and user-friendly. This move also aligns with the Indian government’s push for digital payments and cashless transactions.

NPCI announces 1.1% fee on UPI transactions via wallets, other payment modes remain free

As digital payments become more popular, the National Payments Corporation of India (NPCI) has announced that UPI transactions via wallet will attract a fee of 1.1%, while other payments will remain free. This move is aimed at encouraging users to make direct UPI payments rather than using wallets, which often have higher transaction fees. In this article, we will explore the implications of this announcement and what it means for digital payments in India.

What is UPI?

Unified Payments Interface (UPI) is a real-time payment system developed by NPCI, which facilitates inter-bank transactions by instantly transferring funds between two bank accounts on a mobile platform. UPI has become one of the most popular digital payment systems in India, with over 3 billion transactions in August 2021 alone.

Why has NPCI introduced a fee on UPI transactions via wallets?

The NPCI’s decision to introduce a fee on UPI transactions via wallets is aimed at encouraging users to make direct UPI payments rather than using wallets. Wallets often charge higher transaction fees than UPI, which makes direct UPI payments more cost-effective for users. By encouraging users to make direct UPI payments, the NPCI hopes to increase the adoption of UPI as the preferred mode of digital payment in India.

What does this mean for digital payments in India?

This announcement by NPCI is a significant step towards making UPI the preferred mode of digital payment in India. With the introduction of a fee on UPI transactions via wallets, users will have a greater incentive to make direct UPI payments. This move is likely to increase the adoption of UPI and reduce the dependence on wallets.

The NPCI’s decision to keep other payments free is also a significant development, as it ensures that users are not deterred from making digital payments due to transaction fees. This move is likely to boost the overall adoption of digital payments in India.

Conclusion:

The NPCI’s decision to introduce a fee on UPI transactions via wallets is a significant step towards making UPI the preferred mode of digital payment in India. With the introduction of a fee, users will have a greater incentive to make direct UPI payments, which is likely to increase the adoption of UPI and reduce the dependence on wallets. This move is also likely to boost the overall adoption of digital payments in India.