The National Payments Corporation of India (NPCI) on Monday (October 28) stated that three years after the launch of the payments platform, Unified payments interface (UPI) transactions have crossed the 1 Billion gauge.
The number of transactions saw a 4.5% hike in October as compared to September. Talking about the value of transactions, UPI registered INR 1,61,456.56 Cr in September against INR 1,54,504.89 Cr worth transactions in August. However NPCI has not yet released the official data for October 2019 .But the news of the milestone was declared by NPCI’s CEO Dilip Asbe in ET report.
According to Asbe, UPI also assert to have crossed 100 Million users, making it the rapid adoption payments systems in the world. The NPCI now have made a strategy to take UPI global by expanding to Singapore and the UAE. Acceptance of UPI in India will drive the future of UPI across other geographies as well he concluded.
The execution of UPI in other countries is assumed to solve problems faced by Indians travelling abroad due to currency conversion and non-availability of credit or debit cards.
According to reports, NPCI is working to permit this feature within the time period of six months. In previous week NPCI also launched updated version of Bharat Interface for Money (BHIM). By 2023, India’s digital payments industry is assumed to grow to $1 Trillion. The value of digital payments will probably leap from 10% to 25% by 2023, According to NITI Aayog’s Digital Payments.