The Weekly Wrap: all you need to know by Friday COB | Oct 10th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

PayU, India’s diversified FinTech platform, launched UPI NXT Stack, marking its strategic foray into India’s rapidly growing UPI ecosystem following its recent acquisition of the majority stake in Mindgate Solutions.

The two flagship UPI products – UPI NXT and TPAP NXT – aim to deliver speed, reliability, and customisation for merchants across various sectors. This initiative complements PayU’s growth strategy and vision of driving the next generation of digital payments innovations for better customer experience and accelerating the global adoption of ‘Made in India’ platforms.

PayU UPI NXT

UPI NXT is designed to address some of the most common challenges in digital payments, such as payment failures during peak traffic, delayed refunds, and complex integration processes. The platform introduces a dedicated acquiring switch capable of supporting over 10,000 transactions per second (TPS) with a 99.87% success rate. It also offers zero-redirection payments and instant refunds with a 99.99% success rate, ensuring smooth, reliable user experiences.

In addition, UPI NXT provides the fastest payment confirmations in its class and a streamlined onboarding system, enabling merchants to go live quickly and securely. The result is a more efficient, resilient payment ecosystem built for high-volume merchants and dynamic digital businesses.

PayU TPAP NXT

TPAP NXT enables businesses to integrate full-scale UPI payment capabilities through three flexible deployment approaches—each tailored to different business needs. It offers fully customisable APIs, certified SDKs, and hybrid SDKs, giving companies the freedom to design and control their UPI payment experiences.

The platform supports key UPI functionalities, including custom Virtual Payment Address (VPA) creation, Person-to-Person (P2P) transfers, and merchant payments. It also brings in advanced UPI options such as Autopay and One-Time Mandates, empowering businesses to enhance convenience, automation, and recurring payment experiences for their users.

Deals of the week

• Ripple expands into Bahrain through partnership with Bahrain Fintech Bay
• PayU and Mindgate launch UPI NXT stack to expand presence in India’s UPI ecosystem
• Ebix, 1SilverBullet launch plug-and-play connector platform for InsurTech and FinTech
• Wibmo launches advanced biometric authentication for banks
• nCino powers Baghdadi Capital’s international expansion into Spain
• Raise Financial Services raises $120m to fuel AI and investing innovation
• Tuum partners with Bank CenterCredit to launch BaaS platform
• Skaleet and Tesselate deploy new Core Banking Solution for Benelux-based European Bank
• Finseta deploys AccessPay’s SWIFT connectivity for global payments

Be on the lookout for

Nominations Closed!!

The IBSi Global FinTech Innovation Awards 2025, set to take place on 21st November in Mumbai, will once again spotlight the most disruptive and transformative achievements in banking and financial technology. Now in its seventh year, the awards honour innovation across high-impact categories such as Core Banking, Digital Lending, AI/ML, and GenAI.

After a record-breaking 2024 edition—which drew 400+ submissions from 155 banks and 90 tech vendors—the upcoming awards are poised to set an even higher benchmark. Expect broader global participation, richer insights into bank–tech collaboration, and a data-driven judging process powered by IBS Intelligence’s proprietary research and analytics.

Beyond trophies, winners benefit from year-long visibility through editorial features, thought leadership opportunities, and industry event integrations—making this a platform not just for recognition, but for continued growth and influence.

The stage is set, nominations are in—now the countdown begins to GFIA 2025. Stay tuned as we celebrate the innovators reshaping the future of global FinTech.