The Unified Payments Interface crossed the milestone of 9 billion monthly transactions in May. According to the National Payments Corporation of India, UPI recorded a total of 9.41 billion (941 crore) transactions during the month.
The total amount of the UPI transactions for May was Rs 14.30 lakh crore, up 37% from the previous year. As per NPCI, the overall volume of transactions also registered a growth of 58% year-on-year.
According to available data, UPI recorded 8 billion transactions in January this year, followed by 7.5 billion in February, 8.7 billion in March, and 8.89 billion in April. The data also showed that in FY23, the payment system processed a total of 83 billion transactions, amounting to a value of Rs 139 lakh crore.
A PwC India estimate says UPI transactions are expected to exceed 1 billion per day by 2026-27, accounting for 90% of retail digital payments in the nation.
News18 recently reported that about 35-40 nations are in negotiations with India to adopt UPI for digital payments. Japan was the latest to say earlier this month that it was considering joining the UPI system.
Bhutan, Malaysia, the United Arab Emirates, Nepal, France, the United Kingdom, Russia, Oman, Qatar, Australia, Thailand, Saudi Arabia, Singapore, Malaysia, Thailand, Vietnam, Cambodia, South Korea, and Bahrain are among the nations that have reportedly expressed interest in the digital payments system.
UPI provides services from hundreds of banks and mobile payment applications. The platform has been used by FinTech, banks, and telecom operators, who have further boosted its expansion through QR code placements at merchant point-of-sale. Overall, observers say UPI has been a revolution for the whole economy due to its rapid adoption.
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