Digital Payment Revolution: UPI Sees Explosive Growth with 60 Lakh New Users Monthly
New Delhi, [Date]: The Unified Payments Interface (UPI) continues its meteoric rise, adding up to 60 lakh new users every month, propelled by initiatives like RuPay credit cards on UPI and its international expansion.
Recent data from the National Payments Corporation of India (NPCI) reveals that UPI transactions surged 49% year-on-year to 13.9 billion in June, with transaction values reaching Rs 20.1 trillion, marking a 36% increase.
Average daily transactions hit 463 million, amounting to Rs 66,903 crore, highlighting UPI’s growing popularity and utility in daily transactions.
Praveena Rai, COO of NPCI, noted that the market share of RuPay credit cards has surged to 10% from 1% three years ago, underscoring its rapid adoption.
Speaking at a media event in New Delhi, Rai emphasized, “Every month, UPI continues to onboard 3 to 6 million new users,” indicating sustained expansion.
The success of UPI in India has spurred international collaborations, with UAE’s Al Maya Supermarket now accepting UPI-based payments, alongside deployments at iconic locations like the Eiffel Tower and Galeries Lafayette’s flagship store in Paris, ahead of the Paris Olympics.
Ajay Kumar Choudhary, non-executive chairman of NPCI, outlined ambitious targets, including achieving 1 billion UPI transactions daily in the near future, reflecting the platform’s exponential growth trajectory.
India’s drive towards a digital economy, coupled with a tech-savvy demographic, positions the fintech sector for unprecedented growth.
