UPI Surpasses Global Platforms in Digital Payments Transactions

UPI Transactions Reach Unprecedented Heights

In a remarkable display of efficiency, India's Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore in transactions during the April-July period this year, marking a staggering 37% increase year-on-year, as reported by global payments hub Paysecure.

Record-Breaking Transaction Rates

UPI has outperformed renowned digital payment platforms globally, achieving a rate of 3,729.1 transactions per second, a remarkable 58% rise over last year’s figures. The findings indicate that UPI transactions in July alone surpassed Rs 20.6 lakh crore, establishing a record for the highest monthly transactions.

• UPI transactions above Rs 20 lakh crore for three consecutive months.
• India accounts for over 40% of digital payment transactions globally.

Future Prospects and Predictions

With expectations to reach 100 billion transactions in the next decade and a half, UPI is poised for significant growth, supported by increasing credit expansion. Dilip Asbe, CEO of NPCI, highlights that UPI’s commercial aspects will further bolster this expansion with the introduction of credit features within weeks.

Industry Insights

According to a PwC report, the number of UPI transactions is projected to triple from approximately 131 billion in 2023-24 to 439 billion by 2028-29, encompassing up to 91% of total retail digital transactions. As noted by RBI Governor Shaktikanta Das, the regulatory focus is on broadening UPI’s reach based on positive responses from various jurisdictions.