India's Unified Payments Interface (UPI) processed nearly ₹ 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year) and surpassing all world's leading digital payments platforms. According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China's Alipay, Paypal and Brazil's PIX in the number of transactions, the data showed.
In July, UPI transactions crossed ₹ 20.6 lakh crore — the highest ever during a month. UPI transactions' value remained above ₹ 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 showed that India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.
According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to touch 100 billion transactions in the next 10-15 years backed by credit growth. Credit has already been launched on UPI and the commercials would be released within in a couple of weeks.
Official figures show that as many as 13.89 billion transactions were recorded on UPI in June up from 14.04 billion in May. According to consultancy firm PwC India report, the number of transactions on UPI is expected to jump more than 3-fold from about 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91 per cent of total retail digital transactions.
According to RBI Governor Shaktikanta Das, based on the encouraging response received from several jurisdictions, the apex bank is now focusing on making "UPI and RuPay truly global".
At the ‘Global Fintech Fest' in Mumbai this week, he said that the deployment of UPI-like infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at international merchant locations, and interlinking UPI with Fast Payment Systems (FPS) of other countries for cross-border remittances are on top of their agenda.
