Fino Payments Bank's UPI transactions plummet over 50%
Fino Payments Bank is having a tough time lately—its UPI transactions dropped by over 50% between November 2025 and January 2026, going from 9.6 lakh to just 4.6 lakh.
The total value of these payments also fell from ₹83.5 crore to ₹46.6 crore, all while the bank faces tighter regulations and its CEO was recently arrested for alleged tax evasion.
Transition to payment aggregator model is hurting the bank
To keep up with new rules, Fino is moving from a traditional bank-led setup to acting as a payment aggregator, but this change has reduced digital revenue—halving digital earnings over multiple quarters (from ₹117 crore in Q4 FY25 to ₹62 crore in Q3 FY26).
Even though the number of active merchants dipped and then bounced back recently, ongoing regulatory pressure is still making it hard for the bank to grow and bring on new partners.