India's Unified Payments Interface (UPI) has set a new global benchmark with a staggering ₹81 lakh crore in transactions for the period from April to July 2024. This figure represents a remarkable 37% increase compared to the previous year, underscoring UPI’s dominance in the global digital payments arena. According to data from global payments hub Paysecure, UPI has achieved a processing rate of 3,729.1 transactions per second—a substantial 58% surge from the 2,348 transactions per second recorded in 2022. This places UPI ahead of other leading digital payment platforms such as China’s Alipay, PayPal, and Brazil's PIX.

Record-Breaking Performance

In July 2024, UPI transactions exceeded ₹20.6 lakh crore, marking the highest monthly transaction value ever recorded for the platform. The value of UPI transactions remained above ₹20 lakh crore for three consecutive months, showcasing its growing acceptance and utilization across India. Paysecure’s examination of 40 top alternative payment methods globally highlights India’s leadership in digital transactions, with UPI being a major contributor.

Future Outlook and Projections

Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), anticipates that UPI has the potential to reach 100 billion transactions annually within the next 10-15 years, supported by ongoing credit growth. UPI has already integrated credit services, with further commercial details expected to be announced soon. The official figures for June 2024 show 13.89 billion transactions, slightly down from 14.04 billion in May. According to a report by consultancy firm PwC India, the number of UPI transactions is projected to more than triple from approximately 131 billion in 2023-24 to 439 billion by 2028-29, which will account for 91% of all retail digital transactions in India.

Global Expansion Plans

RBI Governor Shaktikanta Das emphasized the RBI’s commitment to making UPI and RuPay truly global. At the Global Fintech Fest in Mumbai, Das highlighted ongoing efforts to implement UPI-like infrastructure in other countries, facilitate QR code-based payment acceptance through UPI apps at international merchant locations, and link UPI with other countries’ Fast Payment Systems (FPS) for cross-border remittances.

Also Read : India's Forex Reserves Surge to Record High of USD 681.688 Billion

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX & Upstox.