UPI records 9 billion transactions in May worth Rs 14.3 trillion
National Payments Corporation of India (NPCI), the governing body of Unified Payment Interface (UPI) - India's prominent digital payment network - has announced it touched a record high of Rs 14.3 trillion in terms of value and 9.41 billion in volume in May.
The numbers are a significant uptick from April when the platform recorded 8.89 billion transactions worth Rs 14.07 trillion.
Data released by the NPCI showed that approximately Rs 3.96 trillion worth of transactions took place in the final 10 days of May.
“Celebrating a milestone moment! We've crossed a phenomenal 9 billion transactions on UPI in the month of May’23, & it's all thanks to you, India! Together, we are shaping the future of payments. Let's continue this journey of growth and innovation!” NPCI tweeted.
According to several estimates, UPI is projected to account for 90 per cent of the digital payments over the next five years.
A recent report by PwC India titled 'The Indian Payments Handbook – 2022-27', has projected that UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27. In the 2022-23, UPI accounted for 75 per cent of the total transaction volume, signifying a massive shift towards digital payments.
With a compounded annual growth rate (CAGR) of 50 per cent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27.
UPI transactions, in particular, are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27.
UPI's introduction in India It was in 2016 that NPCI introduced the revolutionary UPI system. PhonePe and PayTM were some of the first platforms to integrate UPI into its system. A year later, several competitors followed the suit and since then, UPI has transformed into a behemoth that even foreign nations are looking to get their hands on.
Singapore and Bhutan have already adopted UPI, with a few more countries waiting to join the bandwagon.
One of the biggest USPs of UPI is its open architecture which allows seamless integration. Users can link their bank accounts directly and initiate transactions effortlessly.
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