UPI Transactions Surpass Rs 81 Lakh Cr: A Business News Update on Digital Payments
Significant Growth in UPI Transactions
NEW DELHI: Surpassing world's leading digital payments platforms, India's Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37% increase (year-on-year). According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second - a 58% surge over the 2,348 transactions every second registered in 2022.
Leading the Charge in Digital Payments
- UPI's dominance surpasses Alipay, PayPal, and Brazil's PIX in transaction numbers.
- In July, UPI transactions crossed Rs 20.6 lakh crore - the highest-ever during a month.
- The value of UPI transactions remains above Rs 20 lakh crore for three consecutive months.
Paysecure examined 40 of the top alternative payment methods from around the world to reveal this data. The findings show India leads in digital transactions, with over 40% of payments made digitally, and UPI being used for a majority of them.
The Future of UPI
According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to reach 100 billion transactions in the next 10-15 years, backed by credit growth. Credit has already been launched on UPI, with commercials releasing within a couple of weeks.
- Official figures show 13.89 billion transactions recorded on UPI in June.
- PwC India projects transactions jumping from 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91% of total retail digital transactions.
According to RBI Governor Shaktikanta Das, the apex bank is now focusing on expanding digital payments based on the encouraging response received from various jurisdictions.
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.