UPI has become India’s favourite mode of digital payment. Its users are increasing day-by-day and foreign experts are also taking interest in the technology. However, as per a recent report by the National Payments Corporation of India (NPCI), the number of Unified Payments Interface (UPI) transactions fell by 1 percent (month-on-month) to 1,330 crore in April, down from 1,344 crore seen in March.
However, on a year-on-year basis, the transaction count increased by 50 percent. According to data from the National Payments Corporation of India (NPCI), the transaction volume in April was Rs 19.64 lakh crore, down from Rs 19.78 lakh crore in March. However, it soared 40 percent year-on-year.
In February, transaction count and volume were seen at 1,210 crore and Rs 18.28 lakh crore, respectively, while in January, it was 1,220 crore and Rs 18.41 lakh crore, respectively.
In 2023, the number of UPI transactions increased by almost 60 percent (year-on-year) to a record 11,768 crore, while the total value of UPI transactions grew by over 40 percent (year-on-year) to Rs 182.84 lakh crore.
Meanwhile, the National Payments Corporation of India (NPCI) has launched a new entity, NPCI International Payments Limited (NIPL), with the approval of the Reserve Bank of India (RBI). The objective of this move is to enable the deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India. The NIPL acceptance network for RuPay and UPI will allow Indian travellers to use these payment channels in their destination country. Currently, UPI is available in six countries, which are Bhutan, Mauritius, Singapore, Sri Lanka, UAE, and France.
If you are travelling to any of the countries mentioned above or want to make payments to any merchant based in these countries, you can activate UPI International on your UPI app. We have a step-by-step guide available on how to activate UPI international on PhonePe, Google Pay, and BHIM.
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Inputs from IANS
