Synopsis of the News:
- During the month of August, UPI transactions reached an impressive 10.58 billion, showcasing a remarkable 61 percent surge compared to the previous month.
- As reported by the NPCI, the total transaction volume for August witnessed a substantial year-on-year increase of 47 percent, totaling ₹15.76 lakh crore.
- Street vendors, dhaba proprietors, vegetable merchants, and various other individuals have widely embraced UPI as a prevalent payment solution.
India’s robust unified payments interface (UPI) achieved an impressive milestone by surpassing 10 billion transactions within a month. In August, the total number of UPI transactions reached an unprecedented 10.58 billion. According to the National Payments Corporation of India (NPCI), the entity overseeing the real-time payments system, UPI transactions experienced a remarkable 67 percent year-on-year surge to reach 10.58 billion in August.
Union Telecom Minister Ashwini Vaishnaw enthusiastically welcomed this achievement, tweeting, “Digital India achieves a new record. UPI payment transactions crossed the 10 billion mark in August 23.”
As per NPCI data, the total transaction volume witnessed a 47 percent year-on-year increase, reaching ₹15.76 lakh crore in August.
In comparison, July saw 9.96 billion UPI transactions with a transaction amount of ₹15.34 lakh crore. In June 2023, the UPI payments system recorded 9.34 billion transactions, totaling ₹14.75 lakh crore.
NPCI also celebrated this milestone, tweeting, “Drumroll, please! UPI has just shattered records with an astonishing 10 billion-plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let’s keep the momentum going and continue to revolutionize the way we make transactions with UPI.”
Prime Minister Narendra Modi expressed his appreciation for the achievement, commending the people of India for embracing digital advancements and showcasing their skills. He shared his enthusiasm by tweeting, “This is exceptional news! It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come,” while reposting the NPCI’s announcement.
Global Expansion Plans for UPI
The remarkable success of UPI in India has paved the way for its expansion beyond national borders. Following its successful adoption in the domestic market, India is actively exploring opportunities to take the UPI payment system global, particularly in developing countries. India has even showcased the UPI system at G20 meetings, allowing delegates to experience real-time transactions through their phones.
NPCI officials have outlined two key strategies-
- Building digital infrastructure and platforms for partner countries and forming commercial linkages.
- Partnerships with existing financial platforms to facilitate payments for Indian travelers and migrants.
Neighboring countries like Nepal and Bhutan have already adopted the UPI system, which is expected to be operationalized in Sri Lanka soon. India has also partnered with Singapore to establish a seamless flow of remittances through linked payment systems.
Earlier this year, a groundbreaking development occurred as India’s UPI system and Singapore’s PayNow were interconnected, enabling users in both countries to engage in cross-border transactions seamlessly.
During a two-day trip to France, Prime Minister Narendra Modi revealed that Indians would now have the capability to utilize UPI even from the iconic Eiffel Tower. On a previous visit to India by Germany’s Federal Minister for Digital and Transport, Volker Wissing, he conducted a small transaction with a vegetable vendor using UPI. A photograph capturing this moment was shared by the official German Embassy India’s social media handle, X.