Unified Payments Interface (UPI) in India has set a new benchmark in digital transactions, processing nearly ₹81 lakh crore from April to July 2023. This remarkable figure represents a 37% increase year-over-year (YoY) and positions UPI ahead of major global digital payment platforms.
Record-Breaking Transaction Numbers
According to Paysecure, UPI has achieved a staggering 3,729.1 transactions per second, marking a 58% increase from the previous year’s 2,348 transactions per second. This surge in transaction volume has allowed UPI to surpass leading platforms such as China’s Alipay, PayPal, and Brazil’s PIX in transaction counts.
In 2023 alone, UPI processed 117.6 billion transactions, the highest globally. July 2023 saw UPI reaching a peak monthly transaction value of ₹20.6 lakh crore, making it the highest ever recorded, surpassing ₹20 lakh crore for the third consecutive month.
India’s Digital Payment Leadership
A report by Paysecure reveals that India is leading the world in digital transactions, with over 40% of payments being digital and UPI playing a major role. Despite a slight dip in UPI transactions from 14.04 billion in May to 13.89 billion in June, forecasts from PwC India anticipate a dramatic increase. UPI transactions are projected to grow threefold from 131 billion in 2023-24 to 439 billion by 2028-29, potentially comprising 91% of all retail digital transactions.
UPI’s Global Expansion
UPI’s influence is not confined to India. It is being adopted in countries like the UAE and Malaysia. Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the RBI’s efforts to globalise UPI and RuPay. Initiatives include deploying UPI-like infrastructure abroad, enabling QR code-based UPI payments at international merchants, and linking UPI with other countries’ fast payment systems.
