India’s online payments platform, unified payments interface (UPI) achieved a remarkable milestone by crossing 10 billion transactions in August with a total number of transactions reaching a record 10.58 billion.
According to the National Payments Corporation of India (NPCI), which manages the real-time payments system, UPI transactions surged 67% year-on-year, raising the total transaction amount 47% year-on-year to ₹15.76 lakh crore in August.
In July, UPI transactions of 9.96 billion were recorded, while the transaction amount stood at ₹15.34 lakh crore. The system saw 9.34 billion transactions in June 2023 with a total transaction amount of ₹14.75 lakh crore.
After its huge success in the domestic market, India is in talks with other countries to take the payment system global, especially in developing countries. The country also showcased the UPI system at the G20 meetings, enabling the delegates to experience real-time transactions over the phone. India’s neighbours Nepal and Bhutan have adopted the UPI system, while the payment system is expected to be operationalised in Sri Lanka soon.
India also entered into a partnership with Singapore to link the payment systems for an easier flow of remittances. The country is helping build digital infrastructure and platforms for partner countries and enter into commercial linkages and partnerships with existing financial platforms to make payments for Indian travellers and migrants easier.