Fintech Brief — July 24, 2026

NPCI Developing Offline UPI Tap-to-Pay for Transactions Up to ₹2,000

The National Payments Corporation of India (NPCI) is building an offline UPI payment system that will enable tap-to-pay transactions of up to ₹2,000 using preloaded UPI Lite balances, without requiring an active internet connection. The move targets transit hubs, underground metro stations, and areas with poor connectivity where digital payments currently stall.

This comes as UPI closes FY 2025-26 with staggering numbers: 241.6 billion transactions worth over ₹308 lakh crore (approximately $3.7 trillion), a 30% volume growth over the previous fiscal. March 2026 alone saw a record 22.6 billion transactions worth ₹29.53 lakh crore. The platform is now live across 12 countries, including France, Singapore, and the UAE, cementing its position as the world’s largest real-time retail payment system by volume. Source: Moneycontrol

However, the growth story has nuances. Value growth slowed to 18.5% in FY26 (down from 30% in FY25), as adoption reaches lower economic strata where transaction sizes are smaller. Merchant payments make up 62% of volume but only about 27% of value — person-to-person transfers still dominate in value terms. Fintechs continue to push for MDR reintroduction to build sustainable revenue models rather than relying on government subsidies. Source: Indian Express / PIB

ServiceNow Pumps $40 Million into Businessnext at $700 Million Valuation

Global enterprise software firm ServiceNow has invested $40 million in Businessnext, valuing the Indian banking SaaS platform at $700 million. The investment will fund autonomous operations and private AI solutions for financial services.

Businessnext, which powers digital journeys for over 65,000 bank branches and serves 1 billion end customers globally, has been aggressively building AI agent capabilities for banking — including service AI agents that automate up to 80% of routine service requests and fraud prevention agents. The ServiceNow partnership signals growing enterprise appetite for AI-native banking infrastructure in India, where 63% of senior bankers plan to deploy AI agents. Source: Economic Times

JPMorgan to Hire 1,000 Tech Professionals in India Despite AI Disruption

JPMorgan Chase is set to hire around 1,000 technology professionals for its India global capability centres (GCCs), focusing on cloud architecture, cybersecurity, and AI data pipelines — even as the bank acknowledges AI has reduced staffing needs by 30-40% in some divisions.

The hiring underscores India’s growing role as the tech backbone for global banking. JPMorgan is also building Asia’s largest GCC campus in Mumbai’s Powai — a 2 million sq ft facility expected to house ~30,000 professionals by 2029. India’s GCC ecosystem continues to attract billions in investment as global banks double down on the country’s engineering talent pool. Source: HR Katha

Infosys Names Ashiss Kumar Dash as Next CEO, Trims Growth Guidance

Infosys reported Q1 FY27 results that missed revenue expectations — ₹48,211 crore revenue (up 14% YoY but below street estimates) — and trimmed its full-year revenue growth guidance to 1.5-3.0% from 1.5-3.5%, citing cautious client spending amid AI-driven disruption. Net profit at ₹7,769 crore was up 12% YoY but down 8.6% sequentially.

The board named three-decade veteran Ashiss Kumar Dash as CEO designate, effective April 2027, succeeding Salil Parekh. AI services now account for 8.2% of revenue (up from 5.5% in Q3 FY26), with large deal bookings at $3.6 billion. The muted guidance reflects a broader pattern: AI is simultaneously creating new revenue streams while compressing traditional IT services demand. Source: Reuters