India’s UPI Records 44% YoY Growth, With ₹15.34 Lakh Crore Transactions In A Month
India’s Unified Payments Interface (UPI) has achieved a remarkable milestone, recording transactions worth ₹15.34 lakh crore in a single month, reflecting a 44% year-on-year growth.
This surge highlights UPI’s integral role in everyday transactions and its growing influence internationally. The UPI system enables seamless and secure digital transactions, revolutionizing the way Indians make payments.
During the month of July, UPI facilitated an astonishing 9.96 billion transactions, showcasing a 58% year-on-year increase.
This surge in popularity has led to UPI’s adoption being planned in France, allowing Indian tourists to make payments in rupees. This underlines UPI’s potential to revolutionize digital transactions across borders.
To further drive UPI adoption and awareness, the National Payments Corporation of India (NPCI) has launched the “UPI Chalega 3.0” campaign.
This campaign emphasizes the ease, safety, and swiftness of using UPI for transactions.
It educates users about various UPI features such as UPI LITE for swift low-value transactions, UPI AUTOPAY for secure recurring payments, and UPI Interoperability for seamless money transfers between UPI-enabled apps.
UPI’s impact on India’s digital payments landscape has been revolutionary. It has transformed how payments are made, and its success is evidenced by the increasing number of transactions and users.
UPI’s growth has led to it replacing traditional payment methods like debit cards for a variety of transactions, including merchant payments, utility payments, and even EMI payments.
Its seamless integration and user-friendly features have made it a preferred choice for digital payments in India.
17 countries have already adopted India’s UPI including -Bhutan, Nepal, Singapore, UAE, France, Oman, Sri Lanka, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, Japan and UK.
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India is also in talks with other countries, such as Australia, Canada, and the United States, to adopt UPI. The world is rapidly accepting UPI as it is a very secure, efficient, and easy-to-use payment system. It is boosting the digital economy in several countries.
