After growing consistently month after month, Unified Payments Interface (UPI) transactions have hit a new milestone of 10 billion plus.
In the month of August, the number of UPI transactions hit 10.58 billion, reflecting 61 percent growth. The transaction amount during the same month hit ₹15.76 lakh crore, reflecting 47 percent year-on-year growth.
The continuous spike in the number and volume of digital transactions is indicative of the confidence and trust reposed by lay customers in India.
UPI has become a common payment facility among street vendors, dhaba owners, vegetable sellers, and others.
And it is because of the stupendous success of UPI in India that it was expanded beyond geographical boundaries.
During his two-day visit to France, Prime Minister Narendra Modi announced that Indians will be able to use UPI from Eiffel Tower.
Earlier this year, India’s UPI and Singapore’s PayNow were linked to allow users in either country to make cross-border transactions.
When Germany’s Federal Minister for Digital and Transport Volker Wissing came to India some time ago, he transferred a small amount to a vegetable vendor through UPI, a photo of which was shared by German Embassy India’s official handle on X.
The recent milestone of achieving 10-billion mark is understandably being lauded by the fintech players all around.
Rahul Tandon, Chief Product Officer, Safexpay, says, “Surpassing the remarkable milestone of 10 billion transactions, the trajectory of UPI's growth stands testament to the digital revolution that has reshaped India’s financial landscape. UPI has redefined real-time payments worldwide.”
Mandar Agashe, Founder & MD, Sarvatra Technologies, says, “The journey of UPI has been one of innovation, collaboration, and empowerment. UPI has also played an instrumental role in bridging the financial inclusion gap in Tier II towns. It has become an indispensable habit in the lives of countless Indians who are transacting digitally today."
Riding on the UPI’s widespread success, industry experts seem hopeful of future innovations in the digital payment space.
“UPI’s remarkable journey has set the stage for even greater innovations and transformative possibilities, shaping the future of India's financial landscape with unparalleled convenience and accessibility," says Karan Mehta, Co-Founder & CTO, Ring, a digital payments app.