UPI Transactions Surge: A Business News Breakdown

UPI Transactions Surpass Expectations

In a standout business news story, India's Unified Payments Interface (UPI) has processed nearly Rs 81 lakh crore transactions during the April-July period this year, reflecting an astonishing 37% increase year-over-year. This data, provided by global payments hub Paysecure, indicates that UPI consistently outperformed leading digital payment platforms worldwide.

Record-Breaking Performance

• UPI recorded 3,729.1 transactions per second, a 58% surge from last year.
• In July alone, UPI transactions exceeded Rs 20.6 lakh crore.
• Over three consecutive months, UPI values remained above Rs 20 lakh crore.

According to Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), UPI is projected to reach 100 billion transactions in the next 10-15 years due to ongoing credit growth initiatives. UPI's implementation on credit has already begun, with further commercial releases expected soon.

Future Projections for UPI

Data indicates that UPI will experience exceptional growth, with projections estimating its transaction volume to increase from approximately 131 billion in 2023-24 to 439 billion by 2028-29. This surge will represent 91% of total retail digital transactions in India.

As RBI Governor Shaktikanta Das notes, the positive response from various jurisdictions has prompted further exploration into UPI's potential within global digital payment frameworks.