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India’s UPI surpasses world’s leading digital payment platforms with this ‘record’

Unified Payments Interface, or UPI, processed nearly Rs 81 lakh crore transactions in the April-July period this year, surpassing world’s leading digital payments platforms, a report has said. This transaction number converts to a 37% increase on a year-over-year (YoY) basis.
As per global payments hub Paysecure, UPI processed 3,729.1 transactions per second, which is a 58% surge over the 2,348 transactions every second registered in 2022.With this data, UPI surpassed China’s Alipay, Paypal and Brazil’s PIX in the number of transactions processed.

UPI’s monthly and yearly records

Paysecure also added that UPI processed 117.6 billion transactions in 2023 – the highest in the world. In July, UPI processed Rs 20.6 lakh crore worth of transactions – marking the highest-ever monthly transaction value for UPI, surpassing the Rs 20 lakh crore mark for the third consecutive month.
A Paysecure analysis of global payment methods revealed that India is leading the world in digital transactions, with over 40% of payments being digital and UPI accounting for the majority.
National Payments Corporation of India (NPCI) CEO Dilip Asbe believes UPI has the potential to reach 100 billion transactions in the next decade or so, driven by the upcoming launch of credit on UPI.
While June saw a slight dip in UPI transaction volume to 13.89 billion compared to May’s 14.04 billion, a PwC India report forecasts a threefold increase in UPI transactions from 131 billion in 2023-24 to 439 billion by 2028-29, representing 91% of all retail digital transactions.

UPI going global

UPI has been adopted as a means of making payments not only in India but also various other countries like UAE and Malaysia. RBI Governor Shaktikanta Das stated that the RBI is focused on making UPI and RuPay global, highlighting initiatives like deploying UPI-like infrastructure abroad, enabling QR code-based UPI payments at international merchants, and linking UPI with other countries’ Fast Payment Systems.

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