UPI Leads the Digital Payments Revolution with Rs 81 Lakh Cr Transactions
The Rise of Digital Payments in India
Digital payments are redefining how transactions occur globally, with India's Unified Payments Interface (UPI) taking the lead. In the April-July period of this year, UPI achieved a remarkable milestone by processing nearly Rs 81 lakh crore transactions, reflecting a 37% year-on-year surge. According to Paysecure, UPI is now surpassing other prominent digital payment platforms such as Alipay and PayPal.
UPI's Unmatched Processing Capacity
With a striking 3,729.1 transactions processed per second, UPI has set a new standard in the digital payments sector. This rampant growth comes amidst an increasing inclination towards cashless transactions in India, with July alone witnessing transactions crossing Rs 20.6 lakh crore—the highest for any month.
Future Projections and Trends
- UPI is expected to handle up to 100 billion transactions within the next 10-15 years, driven by credit growth.
- Current forecasts suggest a threefold increase in UPI transactions, potentially reaching 439 billion by 2028-29.
- UPI now accounts for over 40% of all digital payments made in India.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.