The Unified Payments Interface crossed the milestone of 9 billion monthly transactions in May, according to the National Payments Corporation of India (NPCI).
The UPI recorded a total of 9.41 billion (941 crores) transactions during the month, NPCI said.
“Celebrating a milestone moment! We’ve crossed a phenomenal #9billion transactions on UPI in the month of May’23, & it’s all thanks to you, India! Together, we are shaping the future of payments. Let’s continue this journey of growth and innovation!,” NPCI tweeted.
Celebrating a milestone moment! We’ve crossed a phenomenal #9billion transactions on UPI in the month of May’23, & it’s all thanks to you, India! Together, we are shaping the future of payments. Let’s continue this journey of growth and innovation! #DigitalPayments #ThankYouIndia pic.twitter.com/wPaYoLSdA4
— NPCI (@NPCI_NPCI) June 1, 2023
According to available data, UPI recorded 8 billion transactions in January this year, followed by 7.5 billion in February, 8.7 billion in March, and 8.89 billion in April. The data also showed that in FY23, the payment system processed a total of 83 billion transactions, amounting to a value of Rs 139 lakh crore, News 18 reported.
News 18 cited estimates of PwC India that say UPI transactions are expected to exceed 1 billion per day by 2026-27, accounting for 90% of retail digital payments in the nation.
UPI provides services from hundreds of banks and mobile payment applications. The platform has been used by FinTech, banks, and telecom operators, who have further boosted its expansion through QR code placements at merchant point-of-sale. Overall, observers say UPI has been a revolution for the whole economy due to its rapid adoption.
News18 recently reported that about 35-40 nations are in negotiations with India to adopt UPI for digital payments. Japan was the latest to say earlier this month that it was considering joining the UPI system.
Bhutan, Malaysia, the United Arab Emirates, Nepal, France, the United Kingdom, Russia, Oman, Qatar, Australia, Thailand, Saudi Arabia, Singapore, Malaysia, Thailand, Vietnam, Cambodia, South Korea, and Bahrain are among the nations that have reportedly expressed interest in the digital payments system.
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