India’s Unified Payments Interface (UPI) processed nearly ₹81 lakh crore worth of transactions in the April-July period this year, marking a staggering 37 per cent (year-on-year) increase and outpacing all major digital payments platforms in the world. According to the latest data from global payments hub Paysecure, UPI processed 3,729.1 transactions per second, a 58 per cent increase from the 2,348 transactions per second recorded in 2022, surpassing China’s Alipay, Paypal and Brazil’s PIX in number of transactions, the data showed.
In July, UPI transactions surpassed Rs 20.6 trillion, the highest value ever recorded in a month. The value of UPI transactions remained above Rs 20 trillion for three consecutive months. Paysecure examined 40 of the leading alternative payment methods from around the world to reveal this data.
The results showed that India is a global leader in digital transactions, with over 40 per cent of payments made digitally and using UPI for most of them.
According to Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), UPI has the potential to reach 100 billion transactions in the next 10 to 15 years, backed by credit growth. Credit has already been launched on UPI and the announcements will be rolled out in a couple of weeks.
Official figures show that 13.89 billion transactions were recorded on UPI in June, up from 14.04 billion in May. According to a report by consultancy firm PwC India, the number of transactions on UPI is expected to more than triple from about 131 billion in 2023-24 to 439 billion in 2028-29, accounting for 91% of total retail digital transactions.
According to RBI Governor Shaktikanta Das, based on the encouraging response received from various jurisdictions, the central bank is now focusing on making “UPI and RuPay truly global.”
At the ‘Global Fintech Fest’ in Mumbai this week, he said that rolling out UPI-like infrastructure in foreign jurisdictions, facilitating acceptance of QR code-based payments through UPI apps at international merchant locations and interconnecting UPI with Fast Payment Systems (FPS) of other countries for cross-border remittances are on top of his agenda.
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