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News: RBI announced UPI Tap and Pay, MyUPI and multicurrency foreign exchange facilities at the Global Fintech Fest 2026.

About UPI Tap and Pay

UPI Tap and Pay is a contactless payment facility.
- It allows users to make UPI payments by tapping an NFC-enabled smartphone on a compatible Point-of-Sale (PoS) terminal.
Technology used: It uses Near-Field Communication (NFC) technology, which enables nearby devices to exchange information wirelessly.
Working mechanism:
- Device requirement: Users need an NFC-enabled smartphone and a compatible PoS terminal at the merchant outlet.
- Payment process: Users unlock their smartphone and tap it on the PoS terminal, after which the payment is processed through the terminal’s internet connection.
- PIN requirement: Payments up to ₹5,000 can be made without entering a UPI PIN, while higher-value payments require a UPI PIN.
Key features of UPI Tap and Pay:
- QR-free payment: Users can make payments without scanning a QR code or entering payment details manually.
- No mobile data requirement: The user’s phone does not necessarily need an active mobile data connection during the transaction.
- Multiple account support: The facility supports regular UPI-linked accounts and RuPay credit cards linked to UPI.
- Contactless experience: It provides a payment experience similar to contactless card transactions.
- NFC dependency: Both the smartphone and merchant’s PoS terminal must support NFC and the new payment functionality.

MyUPI is an AI-powered platform.
- It provides users with a single view of their UPI transactions and AutoPay mandates.
Developed by: It has been developed by the National Payments Corporation of India (NPCI).
Powered by: It is powered by the Finance Model for India (FiMI) small language model.
Aim: It aims to provide greater control and security over UPI payments.
Key features of MyUPI:
- Safety Switch: It allows users to request rejection of UPI debit transactions if they suspect their account has been compromised.
- UPI Number Delink: It allows users to stop receiving UPI payments through their mobile number.
- Beneficiary information: It provides contextual information about beneficiaries before eligible payments.
- Transaction Replay: It allows users to recall and repeat an earlier transaction through any UPI app.

Multicurrency facility: RBI has introduced a multicurrency facility for foreign exchange services on Bharat Connect.
- It is being launched initially under a controlled user group (CUG).
Supported currencies: The facility will support the euro, British pound, Canadian dollar, Swiss franc and UAE dirham, expanding forex services beyond the US dollar.
Bharat Connect operator: NPCI Bharat BillPay Ltd operates Bharat Connect.
Forex integration: The forex facility is integrated with FX-Retail, which is operated by Clearcorp Dealing Systems (India) Ltd.
Future expansion: After assessment of the CUG phase, the multicurrency facility is proposed to be extended to more Bharat Connect channels and participating banks.