The Unified Payments Interface (UPI) has strengthened its position as the world’s leading digital payment platform, processing transactions worth nearly Rs 81 lakh crore during the April-July period of 2024, as reported by Paysecure. This represents a significant 37% year-over-year growth, with UPI handling an average of 3,729.1 transactions per second—a 58% increase from 2022. This surge has allowed UPI to surpass global payment giants like China’s Alipay and PayPal in transaction volume, with UPI handling a staggering 117.6 billion transactions in 2023 alone.
In July 2024, UPI set a new record by processing Rs 20.6 lakh crore in transactions, marking the highest-ever monthly value for the platform. This achievement underscores India’s leadership in the global digital payments landscape, with over 40% of all payments in the country now being digital. UPI plays a pivotal role in this shift, with the platform expected to continue its rapid growth. NPCI CEO Dilip Asbe anticipates that UPI could reach 100 billion transactions within the next decade, bolstered by the upcoming launch of credit facilities on the platform.
UPI’s success is also extending beyond India, with adoption in countries like the UAE and Malaysia. The Reserve Bank of India (RBI) is focused on making UPI and RuPay global brands, including initiatives to deploy UPI-like infrastructure internationally. As UPI continues to grow both domestically and internationally, it is poised to become a cornerstone of global digital financial infrastructure, with immense potential to drive digital transactions worldwide in the coming years.
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