New Delhi, July 20: The Unified Payments Interface (UPI) is witnessing unprecedented growth, adding up to 60 lakh new users each month. This surge is largely attributed to the integration of RuPay credit cards with UPI and the expansion of the service in international markets.
Recent data from the National Payments Corporation of India (NPCI) shows a significant increase in UPI transactions. In June, the platform recorded a 49% year-on-year rise in the number of transactions, reaching 13.9 billion. The transaction value also saw a 36% increase, amounting to Rs 20.1 trillion. On average, there were 463 million transactions daily, with a daily transaction value of Rs 66,903 crore.
Praveena Rai, the Chief Operating Officer of NPCI, highlighted the growing market share of RuPay credit cards, which has surged to 10% from just 1% three years ago. At a recent media event in the national capital, she noted, "Every month, UPI adds from 3 to 6 million users."
UPI's success story in India has sparked global collaborations. Al Maya Supermarket in the UAE has announced the acceptance of UPI-based payments across its outlets.
According to Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of NPCI, UPI has extended its reach to iconic locations like the Eiffel Tower in Paris and Galeries Lafayette's flagship store in Haussmann, ahead of the Paris Olympics. Additionally, UPI is now operational in several Middle Eastern countries.
Choudhary revealed NPCI's ambitious goal of achieving 1 billion UPI transactions per day in the coming years. This target aligns with the government's push towards a digital economy, bolstered by a young and tech-savvy population poised to drive the fintech sector to new heights.
