Sentinel Digital Desk
Unified Payments Interface (UPI) processed nearly ₹81 lakh crore in transactions from April to July this year, surpassing global digital payment platforms like Alipay, PayPal, and Brazil’s PIX. This marks a 37% increase in transaction value compared to the previous year.
UPI processed 3,729.1 transactions per second in 2023, a significant 58% surge from 2,348 transactions per second in 2022. With these numbers, UPI has outpaced global leaders in the digital payments space.
UPI processed 117.6 billion transactions in 2023, the highest globally. July 2023 saw UPI transactions reaching ₹20.6 lakh crore, marking the highest-ever monthly transaction value, surpassing ₹20 lakh crore for the third consecutive month.
Over 40% of payments in India are now digital, with UPI accounting for the majority. A PwC India report predicts UPI transactions will triple from 131 billion in 2023-24 to 439 billion by 2028-29, representing 91% of all retail digital transactions.
NPCI CEO Dilip Asbe envisions UPI reaching 100 billion transactions in the next decade, driven by innovations like credit on UPI. Despite a slight dip in June 2023, UPI’s growth trajectory remains strong.
UPI has expanded beyond India, now being used in countries like UAE and Malaysia. RBI is focused on making UPI and RuPay global, with initiatives to deploy UPI-like infrastructure abroad and enable QR code-based UPI payments at international merchants.