UPI Sets Global Standard with Record Transactions and Rapid Growth!
India`s Unified Payments Interface (UPI) has set a new global standard by processing nearly ₹81 lakh crore in transactions from April to July this year, reflecting a 37% year-over-year growth. According to Paysecure, UPI managed 3,729.1 transactions per second during this period, a 58% increase from last year`s 2,348 transactions per second, surpassing competitors such as Alipay, PayPal, and Brazil’s PIX.
In July, UPI transactions surpassed ₹20.6 lakh crore, setting a new record for the highest monthly value ever achieved. UPI has maintained transaction volumes above ₹20 lakh crore for three consecutive months.
The report underscores India`s leadership in digital payments, with over 40% of transactions occurring digitally, primarily through UPI. Dilip Asbe, CEO of NPCI, projects that UPI could reach 100 billion transactions within the next 10-15 years, driven by rising credit growth. Additional commercial details are expected soon.
In June, UPI recorded 13.89 billion transactions, a slight decrease from May`s 14.04 billion. PwC India forecasts that UPI transactions will surge from 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91% of retail digital transactions.
At the Global Fintech Fest, RBI Governor Shaktikanta Das announced plans to globalize UPI and RuPay. This includes implementing UPI-like systems internationally, enabling QR code payments through UPI apps at foreign merchants, and linking UPI with other countries` fast payment systems for cross-border remittances.
