UPI sets new record with nearly 8.7 billion transactions; March alone witnesses 60% surge

By polsonnewss@gmail.com

In March, the Unified Payments Interface (UPI) platform witnessed a year-on-year growth of 60% with 8.7 billion transactions, as reported by the National Payments Corporation of India (NPCI).

The total valuation for Unified Payments Interface transactions reached a staggering Rs. 14.05 trillion. While February saw a dip in transaction volume to 7.5 billion and transaction value to Rs. 12.35 trillion,

March witnessed a surge with a total transaction value of Rs. 14.01 trillion. The most popular method of conducting Unified Payments Interface transactions is by linking a bank account in any UPI-enabled application, accounting for more than 99.9% of the total Unified Payments Interface transactions.

At a recent event, Dilip Asbe, CEO of the NPCI, announced that the Unified Payments Interface (UPI) has the capacity to process 1 billion transactions daily. Currently, UPI conducts over 30 million transactions on a daily average.

The Reserve Bank of India’s integration of RuPay credit cards and the use of prepaid payment instruments to facilitate purchases is expected to aid in the growth of UPI transactions.

However, PPI transactions exceeding Rs 2000 are subject to an interchange fee of up to 1.1 percent, which was implemented by NPCI on April 1st. On the other hand, typical UPI payments for account-to-bank account transfers using Unified Payments Interface accounts will not incur any charges for consumers.

The National Payments Corporation of India’s (NPCI) Unified Payments Interface digital payment system is all set for global expansion with efforts to enable cross-border transactions. India’s UPI, known for its ease of use and reliability, is becoming increasingly popular worldwide. .

Launched in 2016, Unified Payments Interface has transformed the payment landscape and has become one of the most widely used digital payment systems in India. NPCI created UPI as an immediate payment mechanism, and India accounts for 40% of the world’s total real-time digital payments, leading to reduced financial transfer and remittance costs.

The integration of the PayNow and UPI payment systems will enable instant money transfer between residents in India and Singapore. The UPI payment system is also expanding its capability to enable incoming international tourists from G20 countries to make merchant payments.

Furthermore, non-resident Indians (NRIs) in select foreign countries will soon be able to conduct transactions on UPI systems without the need for an Indian cell number.

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India’s digital payment systems, including Unified Payments Interface and RuPay, have expanded their reach globally to countries such as Singapore, the United Arab Emirates, Oman, Saudi Arabia, Malaysia, France, the BENELUX markets of Belgium, the Netherlands, and Luxembourg, as well as Switzerland. Additionally, India has signed Memorandums of Understanding with 13 countries that intend to use the UPI interface for digital payments.

To facilitate the expansion, NPCI International Payments Limited (NIPL), a fully owned subsidiary of the National Payments Corporation of India (NPCI), has forged partnerships with multiple countries to create a vast acceptance network for RuPay and UPI. This network enables Indian travelers to make payments through these channels in their destination countries. NIPL was established in April 2020 with the aim of deploying Unified Payments Interface and RuPay payment systems outside of India, and these global alliances support the initiative.

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