In a remarkable achievement, the mobile payments platform Unified Payments Interface (UPI) has crossed a staggering 11.4 billion (1,140 crore) transactions in October. This milestone sets a new record, with the total transaction value exceeding Rs 17.6 lakh crore.
The data from the National Payments Corporation of India (NPCI), which operates the real-time payments platform, reveals that UPI has witnessed an impressive 55 percent year-on-year growth in terms of transaction volume and a substantial 42 percent growth in transaction value.
In the preceding month of September, UPI recorded 10.56 billion transactions, and it first crossed the 10 billion mark in August. This rapid expansion underscores the increasing preference for UPI as a seamless mobile payment method, enabling real-time transactions.
The Ministry of Electronics and Information Technology (Meity) celebrated this achievement on social media, highlighting the convenience of real-time mobile payments through UPI.Dilip Asbe, the CEO and MD of NPCI, envisions a remarkable 10x growth in credit users, especially with fintechs’ active participation. Additionally, he anticipates that UPI will become an integral part of cross-border transactions in at least 50 percent of the world’s top 30 markets or countries.
The future looks bright for UPI as it aims for a big goal of 2 billion daily transactions by 2030. To reach this, it plans to work closely with fintech companies and enable more credit transactions. This shows that UPI is becoming increasingly important in the world of digital payments.
