Summary:

The Unified Payments Interface (UPI) has become the world's leading alternative payment mechanism, handling $964 billion (Rs. 80.8 lakh crore) from April to July 2024, marking a 37% year-on-year increase. In 2023, UPI processed 3,729.1 transactions per second, totaling 117.6 billion, surpassing systems such as Alipay, PayPal, and PIX. UPI transactions totaled $2.19 trillion in 2023, including a record $247 billion in July 2024.

UPI has evolved to include credit cards, prepaid wallets, and vouchers, expanding its user base from 300 million to over 400 million. This growth is attributed to improved interoperability and potential expansion among smartphone users. Mr. Rahul Jain, CFO of NTT Data Payments Services India, predicts that UPI's growth will triple in the next 2-3 years with new products and an increase in smartphone users. Globally, alternative payment methods (APMs) like Skrill, PIX, and Alipay are gaining popularity, reflecting a trend toward real-time payments. UPI, developed by NPCI and regulated by the RBI, has enhanced financial accessibility since its launch in 2016.

Source: IBEF 

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