India's UPI will now raise a chargeback in real time, and Tether has put $400 million behind lending on stablecoin rails

RBI Governor Sanjay Malhotra unveiled MyUPI and UPI Tap & Pay at the Global Fintech Fest in Mumbai on 10 September 2026[1][2]. MyUPI puts a user’s UPI transactions and AutoPay mandates from every bank and app in one view, and it adds automated chargeback processing that “enables real-time chargeback creation for eligible transactions, significantly reducing complaint resolution time”[1]. Business Today describes the same feature as real-time chargebacks for eligible failed or disputed transactions, and says MyUPI runs on FiMI, NPCI’s in-house small language model[2].

It also carries a Safety Switch, which lets a user ask for UPI debits on their account to be declined when they suspect it has been compromised, plus a way to unlink a mobile number from receiving payments[1]. Before a payment goes out, it shows context about the payee[1]. Neither report gives a date for when MyUPI reaches phones[1][2].

Reuters reported on 10 September that NPCI plans a registry for AI agents paying on UPI, and the report says liability for wrong or unauthorised payments will need to be addressed through regulation[3]. Whoever ends up carrying that liability, the money comes back through a chargeback. A chargeback raised in real time is the piece of plumbing a payment made by software will lean on hardest, because an agent that pays the wrong merchant at 2am cannot be told to ring the bank on Monday.

Tap & Pay drops the PIN up to Rs 5,000

UPI Tap & Pay pays by tapping an NFC-enabled phone on a compatible point-of-sale terminal, with no PIN up to Rs 5,000 and a PIN above it[1][2]. It needs no mobile data or Wi-Fi, because the payment rides on the terminal’s connection[1][2]. Business Today reports that it uses tokens rather than exposing the payer’s bank details or UPI ID[2].

Tether and Fasanara want up to $3 billion for small-business credit

Tether and Fasanara Capital launched StableFund on 9 September 2026, a private credit fund with $400 million of committed co-investment and a target of up to $3 billion from third-party institutions[4][5]. Fasanara, a London asset manager with more than $6 billion under management, runs it[4][5]. Tether co-sponsors the fund, originates loans and supplies what the release calls “settlement infrastructure, including on/off-ramp connectivity and treasury rail integration”[4]. The money goes into short-duration, asset-backed loans to small businesses and consumers through fintech platforms in more than 60 countries[4][5].

The release says the structure embeds USDT into small-business and consumer lending flows, and it does not say whether a borrower receives the loan in USDT or pays it back in USDT[4].