With the rise of digital payments like UPI, tokenization, and AI-powered transactions, the annual volume of digital payments processed in India surpassed Rs.18,500 lakh crore in FY2024. The expansion of convenience that comes with digital payments, however, has led to an increase in threats, phishing attacks and card-not-present fraud, among others, which are all becoming increasingly sophisticated at an alarming rate. Card Payment fraud losses around the globe has reached $34 billion in 2023, and…
In today’s digital economy, securely verifying a user’s bank account is essential before initiating payouts, disbursing loans, or completing refunds. With increasing regulatory scrutiny and fraud risk, Bank Account Verification APIs have become a critical component of any fintech, lending, payroll, or gig platform stack. This guide walks developers through everything they need to know to integrate, secure, and scale a bank account verification API — from authentication and data formats to fraud prevention and…
In FY24, India processed Rs.2,830 lakh crore in digital payment volume, which included a total of 20,849 crore transactions, accounting for 99.7% of all digital volume. UPI was by far the largest payment method, accounting for 17,221 crore transactions worth over Rs.247 lakh crore, according to the RBI Payment Systems Report, and far exceeding the Rs.2.3 lakh crore referenced. Due to new verification loopholes, payment fraud increased five times to reach almost Rs.1,457 crore (29,082…
Although you have a solid employment background with an income that is able to consistently meet your debts, pay your bills on time, and have a good credit score (the last time you checked it was on your CIBIL report), when you applied for a loan, it was denied for “no reason.” You were not given any indications that your loan would not be approved, nor were you made aware of any issues that might…
Opening a current account in India might seem straightforward, but for many businesses and professionals, it’s anything but. As of June 2025, India’s banks together service over 56 crore accounts, meaning that every confusing term sheet, unclear balance rule, or hidden fee can impact millions of businesses and professionals. In this guide, we break down everything you need to know about business banking accounts, how they work, who needs one, what documents are required, and…
India is a predominantly cash-based economy, which has seen considerable improvements in the form of Bank branches and ATMs that have been digitized. These upgrades and new technologies have successfully improved user experience while simultaneously allowing banks to optimize their resources without impacting their efficiency. The Reserve Bank of India has asked all banks, ATM networks and white-label ATM operators to provide interoperable cardless cash withdrawal (ICCW) at their ATMs, with NPCI facilitating UPI integration…