India’s Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore worth of transactions between April and July this year, marking a remarkable 37% year-on-year increase. This surge solidifies UPI’s position as the world leader in digital payments, outpacing platforms like China’s Alipay, PayPal, and Brazil’s PIX.
According to data from global payments hub Paysecure, UPI handled 3,729.1 transactions per second during this period, a significant 58% jump from the 2,348 transactions per second recorded in 2022. In July alone, UPI transactions soared to a record Rs 20.6 lakh crore, the highest-ever for a single month. For three consecutive months, UPI’s transaction value remained above Rs 20 lakh crore.
Paysecure’s analysis of 40 top alternative payment methods globally highlighted India’s dominance in digital transactions. Notably, India has made over 40% of payments digitally, majorly using UPI.
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Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), expressed confidence in UPI’s growth potential. He Further projected that UPI could reach 100 billion transactions in the next 10-15 years, driven by credit growth. Notably, credit has already been introduced on UPI, with commercial details expected to be released soon.
Official figures reveal that UPI recorded 13.89 billion transactions in June, slightly down from 14.04 billion in May. A report by PwC India forecasts that UPI transactions will more than triple by 2028-29. It will reach from around 131 billion in 2023-24 to 439 billion, representing 91% of total retail digital transactions.
Additionally, RBI Governor Shaktikanta Das emphasized the global expansion of UPI at the ‘Global Fintech Fest’ in Mumbai this week. He stated that the RBI is now focusing on making “UPI and RuPay truly global.” The bank aims to deploy UPI-like infrastructure in foreign jurisdictions, enable QR code-based payment acceptance through UPI apps at international merchant locations, and interlink UPI with other countries’ Fast Payment Systems (FPS) for cross-border remittances.
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