NPCI Expands UPI and Rupay Globally, Sets New Transaction Records

The National Payments Corporation of India (NPCI) is expanding the Unified Payments Interface (UPI) and Rupay services globally. As of now, UPI is already available in seven countries, including France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius, and Nepal. Additionally, agreements have been signed with Namibia, Trinidad and Tobago, and Peru to introduce these payment systems. Discussions are also underway with 10 other countries to introduce the service, marking a major step toward UPI’s global growth. 

Dilip Asbe, Managing Director and CEO of NPCI shared that commercial agreements have been finalized with these countries, though full implementation might take a few weeks. He further mentioned that talks are ongoing with 10 more countries to expand the reach of UPI and Rupay.

Key Stats and Developments

• Global Expansion: UPI and Rupay are currently active in 7 countries, with 3 more in the pipeline.
• Transaction Growth: UPI hit a record with over 500 million daily transactions in September, a significant rise from 483 million in August.
• Transaction Value: UPI processed 15.04 billion transactions in September, valued at ₹20.64 lakh crore.
• UPI Lite: To facilitate low-value transactions, UPI Lite has been introduced, and the limits for transactions have recently been increased.

Asbe also emphasized that UPI’s transaction failures have drastically reduced since its inception. The technical decline rate, which was 8-10% in 2016, has dropped to 0.7-0.8% in 2024. He added that UPI Lite is specifically designed for small-ticket payments, and it now allows users to complete transactions without needing a UPI pin.

This expansion continues to make UPI a key player in the global payment landscape, providing easier and more reliable access to digital payments worldwide.