With a decent lead over other leading digital payment platforms in the world, India's UPI recorded nearly Rs 81 lakh crore in transactions from April to July this year, up 37 percent on-year.
According to recent data provided by the global payments hub Paysecure, it recorded 3,729.1 transactions per second, up 58 percent from 2,348 transactions a second in 2022. This number reportedly outstrips the transaction volumes for China's Alipay, PayPal, and Brazil's PIX.
In fact, the value of UPI breached the Rs 20.6 lakh crore-mark in July alone, a new monthly record. The total value of UPI transactions has now stayed above Rs 20 lakh crore for three successive months.
The analysis by Paysecure supporting this view listed 40 top alternative methods of paying worldwide and very strongly indicated the dominating position of India in digital transactions, where more than 40 percent of its payments are made digitally-with a heavy contribution from UPI.
The CEO of NPCI, Dilip Asbe, estimated that driven by credit growth, UPI could reach a billion transactions in the next ten to fifteen years. Credit features brought on to UPI said commercial details are expected to come anytime.
While UPI recorded 13.89 billion transactions in June, marginally lower than 14.04 billion seen in May, UPI transactions are expected to more than triple as it is expected to grow from around 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91 percent of overall retail digital transactions, according to the report titled 'Online merchants and fintech: a new world of collaboration' brought by PwC India.
Recently, the governor of RBI, Shaktikanta Das, has also announced that globalizing UPI and RuPay is the current focus of the Reserve Bank of India. The plans for deployment of the UPI-like systems internationally, allowing facility for QR code-based payments through UPI apps at merchant locations globally, and linking UPI with Fast Payment Systems of other countries for cross-border transactions, were delineated by Das in a recent Global Fintech Fest held at Mumbai.
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