The Unified Payments Interface (UPI) is currently gaining up to 60 lakh new users each month as the increase in digital payments continues.
The RuPay credit card on UPI and the service’s international introduction have contributed to the incredible surge in UPI transactions.
The number of transactions on the UPI platform increased by 49% year over year to 13.9 billion in June, while the value of those transactions increased by 36% to Rs 20.1 trillion, according to the most recent data released by the National Payments Corporation of India (NPCI).
Additionally, there were 463 million transactions on average each day, with an average daily value of 66,903 crore.
RuPay credit cards now account for 10% of the market, up from just 1% three years ago, according to Praveena Rai, chief operating officer of the NPCI.
She stated that “Every month, UPI adds from 3 to 6 million users” while speaking at a media gathering in the nation’s capital.
The success of UPI in India has prompted international cooperation in a number of nations.
Al Maya Supermarket, situated in the United Arab Emirates, has said that all of its locations would now accept payments made via UPI.
Ajay Kumar Choudhary, non-executive chairman and independent director of NPCI, states that UPI has expanded internationally and that the India Stack flagship product is currently accessible at the Eiffel Tower in Paris, the flagship Galeries Lafayette store in Haussmann ahead of the Paris Olympics, and in some Middle Eastern countries.
Choudhary told IANS this week that NPCI has also set an ambitious goal to reach 1 billion UPI transactions daily in the upcoming years.
The population is youthful and tech-savvy, and the government’s quest for a digital economy will probably lead to the fintech industry reaching new heights.
