(MENAFN- AsiaNet News) The Unified Payments Interface (UPI) has solidified its position as the world's leading digital payment platform by processing transactions worth nearly Rs 81 lakh crore during the April-July period of 2024, according to a recent report by global payments hub, Paysecure. This achievement represents a 37% year-over-year (YoY) growth, further cementing UPI's dominance in the global digital payments landscape.
UPI's impressive surge in transaction volume saw it processing an average of 3,729.1 transactions per second, marking a 58% increase compared to the 2,348 transactions per second recorded in 2022. This remarkable growth has enabled UPI to surpass major global payment platforms such as China's Alipay, PayPal, and Brazil's PIX in terms of the number of transactions processed.
In 2023, UPI handled a staggering 117.6 billion transactions, making it the highest in the world. Notably, July witnessed UPI processing Rs 20.6 lakh crore worth of transactions, setting a new record for the highest-ever monthly transaction value for the platform. This marked the third consecutive month that UPI transactions surpassed the Rs 20 lakh crore threshold.
The Paysecure report highlights that India is now leading the global digital payments space, with over 40% of all payments in the country being digital. UPI accounts for the majority of these transactions, playing a crucial role in India's rapid adoption of digital payments.
Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), expressed confidence in UPI's future growth, predicting that the platform could reach 100 billion transactions within the next decade. This growth is expected to be driven by the upcoming launch of credit facilities on UPI,
further enhancing its appeal to users.
While June saw a slight dip in UPI transaction volume to 13.89 billion from May's 14.04 billion, the outlook for UPI remains extremely positive. A report by PwC India forecasts that UPI transactions will experience a threefold increase from 131 billion in the 2023-24 fiscal year to 439 billion by 2028-29. This would account for a staggering 91% of all retail digital transactions in India.
UPI's success is not limited to India. The platform has been adopted in several other countries, including the UAE and Malaysia, where it is increasingly being used as a preferred payment method. The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has emphasized the RBI's focus on making UPI and RuPay global brands. This includes initiatives such as deploying UPI-like infrastructure in other countries, enabling QR code-based UPI payments at international merchants, and linking UPI with other nations' Fast Payment Systems.
With its unparalleled growth and adoption, UPI is not only revolutionizing digital payments in India but is also setting a global standard. As UPI continues to expand its reach, both domestically and internationally, it is poised to become a cornerstone of global digital financial infrastructure. The potential for UPI to drive digital transactions worldwide is immense, and its impact is expected to grow even further in the coming years, particularly with the upcoming introduction of credit on UPI and its increasing adoption in international markets.
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