At the Global Fintech Fest 2026, India's fintech sector showcased its leap into AI, tokenisation, and quantum computing, while RentoMojo’s IPO drew significant investor interest amid a wave of major fintech product announcements.
- UPI evolves with AI-powered features and NFC-based payments
- RentoMojo IPO oversubscribed 4.7X driven by NIIs and retail investors
- Swish raises $24M to expand ultra-fast food delivery in Indian cities
What happened
The second day of India’s Global Fintech Fest 2026 was marked by several announcements focused on the integration of artificial intelligence into fintech infrastructure. RBI Governor Sanjay Malhotra introduced UPI Tap & Pay, an NFC-enabled payment method, and unveiled MyUPI, an AI-led platform that offers a consolidated transaction overview. These developments signify a push to evolve India’s UPI from a basic payment system into an AI-driven experience for users.
Alongside these announcements, leading fintech companies launched new products to enhance financial services. Mahindra Finance expanded AI voice assistance, Yes Bank and Open introduced technology to reduce payment failures, and Navi joined IndusInd Bank to strengthen UPI processing. Additionally, GNANI AI launched Artha, an AI-powered platform tailored for banking, financial services, and insurance sectors. The day also saw regulatory signals on tokenisation frameworks for corporate bonds, indicating growing acceptance of tokenised assets.
Why it matters
The RBI’s emphasis on AI and tokenisation reflects India's intent to harness emerging technologies both to expand financial inclusion beyond urban centers and to improve trust and security in fintech services. By promoting AI-powered tools and new payment methods, India aims to create a more accessible and efficient financial ecosystem catering to MSMEs and consumers across smaller towns.
The high appetite for RentoMojo’s IPO, which was oversubscribed 4.71 times largely due to strong institutional and retail demand, signals robust investor confidence in asset rental business models and fintech-supported consumer services. Meanwhile, Swish’s $24 million funding round underscores continued investment interest in ultra-fast food delivery, despite industry challenges, pointing to evolving consumer demand for convenience and rapid service in Indian urban markets.
What to watch next
Stakeholders will be closely monitoring how the new AI-powered UPI features and tokenisation frameworks develop in regulatory implementation and market adoption. The effectiveness of these innovations in reducing friction, enhancing data security, and broadening user bases beyond metros will be a key indicator of fintech’s next growth phase in India.
Investors will also watch RentoMojo’s post-IPO trajectory, particularly how it leverages fresh capital to scale operations and navigate market competition. Additionally, Swish’s expansion plans to increase kitchen networks and enter new cities will test the sustainability of ultra-fast food delivery amid evolving consumer habits and profitability pressures.